N-CSRS 1 d12960dncsrs.htm THE PRUDENTIAL SERIES FUND The Prudential Series Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

 

Investment Company Act file number:    811-03623
Exact name of registrant as specified in charter:    The Prudential Series Fund
Address of principal executive offices:    655 Broad Street, 17th Floor
   Newark, New Jersey 07102
Name and address of agent for service:    Andrew R. French
   655 Broad Street, 17th Floor
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    800-225-1852
Date of fiscal year end:    12/31/2021
Date of reporting period:    06/30/2021

Item 1 – Reports to Stockholders

 

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The Prudential Series Fund

 

 

SEMIANNUAL REPORT    June 30, 2021    

 

 

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Based on the variable contract you own or the portfolios you invested in, you may receive additional reports for other portfolios. Please refer to your variable annuity or variable life insurance contract prospectus to determine which portfolios are available to you.

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

The accompanying financial statements as of June 30, 2021, 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. Please refer to your variable annuity or variable life insurance contract prospectus to determine which supplements are applicable to you.

PSF Global Portfolio

PSF International Growth Portfolio

PSF Mid-Cap Growth Portfolio

PSF Natural Resources Portfolio

PSF PGIM 50/50 Balanced Portfolio

PSF PGIM Flexible Managed Portfolio

PSF PGIM Government Income Portfolio

PSF PGIM Government Money Market Portfolio

PSF PGIM High Yield Bond Portfolio

PSF PGIM Jennison Blend Portfolio

PSF PGIM Jennison Focused Blend Portfolio

PSF PGIM Jennison Growth Portfolio

PSF PGIM Jennison Value Portfolio

PSF PGIM Total Return Bond Portfolio

PSF Small-Cap Stock Index Portfolio

PSF Small-Cap Value Portfolio

PSF Stock Index Portfolio

 

 

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The Prudential Series Fund may offer three classes of shares in each portfolio: Class I, Class II and Class III. Class I and Class III shares are sold to separate accounts of The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey (collectively, Prudential) as investment options under variable life insurance and variable annuity contracts (Contracts). Class I shares are also sold to separate accounts of insurance companies not affiliated with Prudential where Prudential has assumed responsibility for the administration of contracts issued through such nonaffiliated insurance companies for the same types of Contracts. (A separate account keeps the assets supporting certain insurance contracts separate from the general assets and liabilities of the insurance company.) Class II shares are offered only to separate accounts of non-Prudential insurance companies for the same types of Contracts.

The Prudential Series Fund

Table of Contents

 

  

Semiannual Report

  

June 30, 2021

 

  ∎  

LETTER TO CONTRACT OWNERS

 

  ∎  

PRESENTATION OF PORTFOLIO HOLDINGS

 

  ∎  

FEES AND EXPENSES

 

  ∎  

FINANCIAL REPORTS

 

Section A   Schedule of Investments and Financial Statements   
  Glossary    A1   
  PSF Global Portfolio    A2   
  PSF International Growth Portfolio    A10   
  PSF Mid-Cap Growth Portfolio    A16   
  PSF Natural Resources Portfolio    A21   
  PSF PGIM 50/50 Balanced Portfolio    A25   
  PSF PGIM Flexible Managed Portfolio    A60   
  PSF PGIM Government Income Portfolio    A92   
  PSF PGIM Government Money Market Portfolio    A101   
  PSF PGIM High Yield Bond Portfolio    A105   
  PSF PGIM Jennison Blend Portfolio    A125   
  PSF PGIM Jennison Focused Blend Portfolio    A130   
  PSF PGIM Jennison Growth Portfolio    A135   
  PSF PGIM Jennison Value Portfolio    A139   
  PSF PGIM Total Return Bond Portfolio    A144   
  PSF Small-Cap Stock Index Portfolio    A176   
  PSF Small-Cap Value Portfolio    A189   
  PSF Stock Index Portfolio    A196   
Section B   Notes to Financial Statements      
Section C   Financial Highlights      

 

  ∎  

APPROVAL OF ADVISORY AGREEMENTS

 

 

 

 

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

The Prudential Series Fund

Letter to Contract Owners

 

  

Semiannual Report

  

June 30, 2021

 

∎  

DEAR CONTRACT OWNER

At Prudential, our primary objective is to help investors achieve and maintain long-term financial success. Despite today’s uncertainties, we remain strong and ready to serve and support you. This Prudential Series Fund 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

Timothy S. Cronin

President,

The Prudential Series Fund

July 31, 2021

The Prudential Series Fund

Presentation of Portfolio Holdings — unaudited

 

   

June 30, 2021

 

  PSF Global Portfolio

 

  Ten Largest Holdings   Line of Business   Country     % of Net Assets  
  Microsoft Corp.   Software   United States     2.2%  
  Alphabet, Inc. (Class C Stock)   Interactive Media & Services   United States     1.8%  
  PayPal Holdings, Inc.   IT Services   United States     1.4%  
  NXP Semiconductors NV   Semiconductors & Semiconductor Equipment   China     1.4%  
  Thermo Fisher Scientific, Inc.   Life Sciences Tools & Services   United States     1.4%  
  Intuitive Surgical, Inc.   Health Care Equipment & Supplies   United States     1.3%  
  Mastercard, Inc. (Class A Stock)   IT Services   United States     1.3%  
  Intuit, Inc.   Software   United States     1.3%  
  Wells Fargo & Co.   Banks   United States     1.2%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail   United States     1.2%  

 

  PSF International Growth Portfolio

 

  Ten Largest Holdings   Line of Business   Country     % of Net Assets  
  LVMH Moet Hennessy Louis Vuitton SE   Textiles, Apparel & Luxury Goods   France     2.8%  
  Adyen NV, 144A   IT Services   Netherlands     2.7%  
  ASML Holding NV   Semiconductors & Semiconductor Equipment   Netherlands     2.2%  
  MercadoLibre, Inc.   Internet & Direct Marketing Retail   Argentina     2.1%  
  Sea Ltd., ADR   Entertainment   Taiwan     2.1%  
  Straumann Holding AG   Health Care Equipment & Supplies   Switzerland     1.8%  
  Techtronic Industries Co. Ltd.   Machinery   Hong Kong     1.8%  
  Shopify, Inc. (Class A Stock)   IT Services   Canada     1.7%  
  Wuxi Biologics Cayman, Inc., 144A   Life Sciences Tools & Services   China     1.6%  
  L’Oreal SA   Personal Products   France     1.6%  

 

  PSF Mid-Cap Growth Portfolio    
  Ten Largest Holdings   Line of Business     % of Net Assets  
  Roku, Inc.   Entertainment     2.4%  
  Generac Holdings, Inc.   Electrical Equipment     2.0%  
  Dexcom, Inc.   Health Care Equipment & Supplies     1.9%  
  Trane Technologies PLC   Building Products     1.7%  
  Match Group, Inc.   Interactive Media & Services     1.6%  
  HubSpot, Inc.   Software     1.6%  
  Agilent Technologies, Inc.   Life Sciences Tools & Services     1.5%  
  Zebra Technologies Corp. (Class A Stock)   Electronic Equipment, Instruments & Components     1.5%  
  Crowdstrike Holdings, Inc. (Class A Stock)   Software     1.4%  
  Entegris, Inc.   Semiconductors & Semiconductor Equipment     1.4%  

 

 

 

 

 

 

 

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, 2021

 

  PSF Natural Resources Portfolio

 

  Ten Largest Holdings   Line of Business   Country     % of Net Assets  
  Exxon Mobil Corp.   Integrated Oil & Gas   United States     5.2%  
  Chevron Corp.   Integrated Oil & Gas   United States     5.1%  
  ConocoPhillips   Oil & Gas Exploration & Production   United States     5.0%  
  Valero Energy Corp.   Oil & Gas Refining & Marketing   United States     3.9%  
  Marathon Petroleum Corp.   Oil & Gas Refining & Marketing   United States     3.5%  
  Rio Tinto PLC   Diversified Metals & Mining   Australia     3.3%  
  BHP Group Ltd.   Diversified Metals & Mining   Australia     3.0%  
  Royal Dutch Shell PLC (Class B Stock)   Integrated Oil & Gas   Netherlands     3.0%  
  Diamondback Energy, Inc.   Oil & Gas Exploration & Production   United States     2.7%  
  Schlumberger NV   Oil & Gas Equipment & Services   United States     2.6%  

 

  PSF PGIM 50/50 Balanced Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Apple, Inc.   Technology Hardware, Storage & Peripherals     3.2%  
  Microsoft Corp.   Software     3.0%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     2.2%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     1.2%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     1.1%  
  Alphabet, Inc. (Class C Stock)   Interactive Media & Services     1.0%  
  Berkshire Hathaway, Inc. (Class B Stock)   Diversified Financial Services     0.8%  
  Tesla, Inc.   Automobiles     0.8%  
  NVIDIA Corp.   Semiconductors & Semiconductor Equipment     0.7%  
  JPMorgan Chase & Co.   Banks     0.7%  

 

  PSF PGIM Flexible Managed Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Microsoft Corp.   Software     4.2%  
  Apple, Inc.   Technology Hardware, Storage & Peripherals     3.3%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     2.8%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     1.8%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     1.5%  
  Alphabet, Inc. (Class C Stock)   Interactive Media & Services     1.4%  
  Johnson & Johnson   Pharmaceuticals     1.1%  
  UnitedHealth Group, Inc.   Health Care Providers & Services     1.1%  
  Adobe, Inc.   Software     0.9%  
  JPMorgan Chase & Co.   Banks     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, 2021

 

  PSF PGIM Government Income Portfolio

 

  Credit Quality     % of Total Investments  
  AAA     99.3%  
  AA     0.6%  
  NR     -0.2%  
  Cash/Cash Equivalents     0.3%  
  Total Investments     100.0%  

 

  PSF PGIM Government Money Market Portfolio

 

  Ten Largest Holdings   Interest Rate   Maturity Date     % of Net Assets  
  Federal Home Loan Bank   0.284%   10/28/2021     4.3%  
  U.S. Treasury Bills   0.061%   07/22/2021     4.0%  
  U.S. Cash Management Bills   0.046%   07/20/2021     3.9%  
  U.S. Cash Management Bills   0.043%   07/27/2021     3.2%  
  U.S. Treasury Bills   0.030%   11/26/2021     3.1%  
  U.S. Treasury Bills   0.035%   11/12/2021     3.0%  
  Federal Home Loan Bank   0.024%   09/13/2021     2.5%  
  Federal Home Loan Bank   0.071%   08/04/2021     2.4%  
  Federal National Mortgage Assoc.   0.150%   12/03/2021     2.2%  
  Federal Farm Credit Bank   0.080%   05/13/2022     2.2%  

Holdings reflect only short-term investments.

 

  PSF PGIM High Yield Bond Portfolio

 

  Credit Quality     % of Total Investments  
  BBB     1.3%  
  BB     33.4%  
  B     37.0%  
  CCC     19.0%  
  CC     0.5%  
  NR     5.0%  
  Cash/Cash Equivalents     3.8%  
  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, 2021

 

  PSF PGIM Jennison Blend Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Apple, Inc.   Technology Hardware, Storage & Peripherals     3.7%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     3.6%  
  Microsoft Corp.   Software     3.4%  
  Tesla, Inc.   Automobiles     3.0%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     2.9%  
  Shopify, Inc. (Canada) (Class A Stock)   IT Services     2.7%  
  ConocoPhillips   Oil, Gas & Consumable Fuels     2.6%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     2.3%  
  NVIDIA Corp.   Semiconductors & Semiconductor Equipment     2.3%  
  Adobe, Inc.   Software     1.8%  

 

  PSF PGIM Jennison Focused Blend Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Microsoft Corp.   Software     4.5%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     4.3%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     3.7%  
  Shopify, Inc. (Canada) (Class A Stock)   IT Services     2.9%  
  Eli Lilly & Co.   Pharmaceuticals     2.8%  
  Tesla, Inc.   Automobiles     2.7%  
  ConocoPhillips   Oil, Gas & Consumable Fuels     2.7%  
  Goldman Sachs Group, Inc. (The)   Capital Markets     2.5%  
  NVIDIA Corp.   Semiconductors & Semiconductor Equipment     2.4%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     2.3%  

 

  PSF PGIM Jennison Growth Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     7.1%  
  Tesla, Inc.   Automobiles     4.9%  
  Shopify, Inc. (Canada) (Class A Stock)   IT Services     4.7%  
  Apple, Inc.   Technology Hardware, Storage & Peripherals     4.5%  
  NVIDIA Corp.   Semiconductors & Semiconductor Equipment     4.4%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     4.0%  
  Microsoft Corp.   Software     3.9%  
  Adobe, Inc.   Software     3.4%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     2.9%  
  Alphabet, Inc. (Class C Stock)   Interactive Media & Services     2.8%  

 

 

 

 

 

 

 

 

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, 2021

 

  PSF PGIM Jennison Value Portfolio
  Ten Largest Holdings   Line of Business   % of Net Assets 
  JPMorgan Chase & Co.   Banks   3.4% 
  Goldman Sachs Group, Inc. (The)   Capital Markets   2.7% 
  Bank of America Corp.   Banks   2.7% 
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services   2.5% 
  General Motors Co.   Automobiles   2.5% 
  Chevron Corp.   Oil, Gas & Consumable Fuels   2.4% 
  ConocoPhillips   Oil, Gas & Consumable Fuels   2.2% 
  PNC Financial Services Group, Inc. (The)   Banks   2.1% 
  Walt Disney Co. (The)   Entertainment   2.1% 
  Johnson Controls International PLC   Building Products   2.0% 

 

  PSF PGIM Total Return Bond Portfolio

 

  Credit Quality     % of Total Investments  
  AAA     39.8%  
  AA     8.8%  
  A     12.3%  
  BBB     21.3%  
  BB     8.1%  
  B     3.5%  
  CCC     1.3%  
  NR     4.0%  
  Cash/Cash Equivalents     0.9%  
  Total Investments     100.0%  

 

  PSF Small-Cap Stock Index Portfolio
  Ten Largest Holdings   Line of Business   % of Net Assets 
  GameStop Corp. (Class A Stock)   Specialty Retail   1.1% 
  Omnicell, Inc.   Health Care Technology   0.6% 
  Macy’s, Inc.   Multiline Retail   0.5% 
  Saia, Inc.   Road & Rail   0.5% 
  iShares Core S&P Small-Cap ETF   Exchange-Traded Funds   0.5% 
  NeoGenomics, Inc.   Life Sciences Tools & Services   0.5% 
  MicroStrategy, Inc. (Class A Stock)   Software   0.5% 
  Chart Industries, Inc.   Machinery   0.5% 
  3D Systems Corp.   Technology Hardware, Storage & Peripherals   0.5% 
  Power Integrations, Inc.   Semiconductors & Semiconductor Equipment   0.5% 

 

 

 

 

 

 

 

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

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.

The Prudential Series Fund

Presentation of Portfolio Holdings — unaudited (continued)

 

   

June 30, 2021

 

  PSF Small-Cap Value Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Avient Corp.   Chemicals     1.3%  
  Rexnord Corp.   Machinery     1.1%  
  Adient PLC   Auto Components     1.0%  
  KBR, Inc.   Professional Services     0.9%  
  Tenet Healthcare Corp.   Health Care Providers & Services     0.9%  
  WESCO International, Inc.   Trading Companies & Distributors     0.9%  
  PennyMac Mortgage Investment Trust   Mortgage Real Estate Investment Trusts (REITs)     0.9%  
  Resideo Technologies, Inc.   Building Products     0.9%  
  Healthcare Realty Trust, Inc.   Equity Real Estate Investment Trusts (REITs)     0.8%  
  South State Corp.   Banks     0.8%  

 

  PSF Stock Index Portfolio

 

  Ten Largest Holdings   Line of Business     % of Net Assets  
  Apple, Inc.   Technology Hardware, Storage & Peripherals     5.8%  
  Microsoft Corp.   Software     5.5%  
  Amazon.com, Inc.   Internet & Direct Marketing Retail     3.9%  
  Facebook, Inc. (Class A Stock)   Interactive Media & Services     2.2%  
  Alphabet, Inc. (Class A Stock)   Interactive Media & Services     2.0%  
  Alphabet, Inc. (Class C Stock)   Interactive Media & Services     1.9%  
  Berkshire Hathaway, Inc. (Class B Stock)   Diversified Financial Services     1.4%  
  Tesla, Inc.   Automobiles     1.4%  
  NVIDIA Corp.   Semiconductors & Semiconductor Equipment     1.3%  
  JPMorgan Chase & Co.   Banks     1.3%  

 

 

 

 

 

 

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

Fees and Expenses — unaudited

 

   

June 30, 2021

 

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, 2021 through June 30, 2021.

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, 2021		    Ending
Account Value
June 30, 2021		    Annualized Expense
Ratio based on the
Six-Month Period		    Expenses Paid
During the
Six-Month Period*
 
PSF Global (Class I)    Actual    $1,000.00    $1,132.10    0.75%    $3.96
   Hypothetical    $1,000.00    $1,021.08    0.75%    $3.76
 
PSF Global (Class III)    Actual**    $1,000.00    $1,023.50    1.00%    $1.83
   Hypothetical    $1,000.00    $1,019.84    1.00%    $5.01
 
PSF International Growth (Class I)    Actual    $1,000.00    $1,088.10    1.01%    $5.23
   Hypothetical    $1,000.00    $1,019.79    1.01%    $5.06
 
PSF International Growth (Class II)    Actual    $1,000.00    $1,086.00    1.41%    $7.29
   Hypothetical    $1,000.00    $1,017.80    1.41%    $7.05
 
PSF Mid-Cap Growth (Class I)    Actual    $1,000.00    $1,084.90    0.65%    $3.36
   Hypothetical    $1,000.00    $1,021.57    0.65%    $3.26
 
PSF Mid-Cap Growth (Class II)    Actual    $1,000.00    $1,082.50    1.05%    $5.42
   Hypothetical    $1,000.00    $1,019.59    1.05%    $5.26
 
PSF Mid-Cap Growth (Class III)    Actual**    $1,000.00    $1,008.40    0.90%    $1.63
   Hypothetical    $1,000.00    $1,020.33    0.90%    $4.51
 
PSF Natural Resources (Class I)    Actual    $1,000.00    $1,194.30    0.52%    $2.83
   Hypothetical    $1,000.00    $1,022.22    0.52%    $2.61
 
PSF Natural Resources (Class II)    Actual    $1,000.00    $1,191.90    0.92%    $5.00
   Hypothetical    $1,000.00    $1,020.23    0.92%    $4.61
 
PSF Natural Resources (Class III)    Actual**    $1,000.00    $1,051.60    0.76%    $1.41
   Hypothetical    $1,000.00    $1,021.03    0.76%    $3.81
 
PSF PGIM 50/50 Balanced (Class I)    Actual    $1,000.00    $1,071.20    0.58%    $2.98
   Hypothetical    $1,000.00    $1,021.92    0.58%    $2.91

The Prudential Series Fund

Fees and Expenses — unaudited (continued)

 

   

June 30, 2021

 

The Prudential Series Fund Portfolios    Beginning
Account Value
January 1, 2021		    Ending
Account Value
June 30, 2021		    Annualized Expense
Ratio based on the
Six-Month Period		    Expenses Paid
During the
Six-Month  Period*
 
PSF PGIM 50/50 Balanced (Class III)    Actual**    $1,000.00    $1,019.30    0.83%    $1.52
   Hypothetical    $1,000.00    $1,020.68    0.83%    $4.16
 
PSF PGIM Flexible Managed (Class I)    Actual    $1,000.00    $1,102.60    0.62%    $3.23
   Hypothetical    $1,000.00    $1,021.72    0.62%    $3.11
 

PSF PGIM Flexible Managed

(Class III)

    Actual**    $1,000.00    $1,017.70    0.87%    $1.59
   Hypothetical    $1,000.00    $1,020.48    0.87%    $4.36
 

PSF PGIM Government Income

(Class I)

    Actual    $1,000.00    $   975.90    0.50%    $2.45
   Hypothetical    $1,000.00    $1,022.32    0.50%    $2.51
 

PSF PGIM Government Income

(Class III)

    Actual**    $1,000.00    $   999.30    0.73%    $1.32
   Hypothetical    $1,000.00    $1,021.17    0.73%    $3.66
 

PSF PGIM Government Money

Market (Class I)

    Actual    $1,000.00    $1,000.00    0.07%    $0.35
   Hypothetical    $1,000.00    $1,024.45    0.07%    $0.35
 

PSF PGIM Government Money

Market (Class III)

    Actual    $1,000.00    $1,000.00    0.07%    $0.35
   Hypothetical    $1,000.00    $1,024.45    0.07%    $0.35
 
PSF PGIM High Yield Bond (Class I)    Actual    $1,000.00    $1,058.30    0.57%    $2.91
   Hypothetical    $1,000.00    $1,021.97    0.57%    $2.86
 
PSF PGIM High Yield Bond (Class III)    Actual**    $1,000.00    $1,020.30    0.82%    $1.50
   Hypothetical    $1,000.00    $1,020.73    0.82%    $4.11
 
PSF PGIM Jennison Blend (Class I)    Actual    $1,000.00    $1,120.60    0.46%    $2.42
   Hypothetical    $1,000.00    $1,022.51    0.46%    $2.31
 
PSF PGIM Jennison Blend (Class II)    Actual    $1,000.00    $1,118.50    0.86%    $4.52
   Hypothetical    $1,000.00    $1,020.53    0.86%    $4.31
 
PSF PGIM Jennison Blend (Class III)    Actual**    $1,000.00    $1,040.50    0.71%    $1.31
   Hypothetical    $1,000.00    $1,021.27    0.71%    $3.56
 

PSF PGIM Jennison Focused Blend

(Class I)

    Actual    $1,000.00    $1,114.80    0.84%    $4.40
   Hypothetical    $1,000.00    $1,020.63    0.84%    $4.21
 

PSF PGIM Jennison Focused Blend

(Class II)

    Actual    $1,000.00    $1,112.60    1.24%    $6.50
   Hypothetical    $1,000.00    $1,018.65    1.24%    $6.21
 

PSF PGIM Jennison Focused Blend

(Class III)

    Actual**    $1,000.00    $1,024.70    1.09%    $2.00
   Hypothetical    $1,000.00    $1,019.39    1.09%    $5.46
 
PSF PGIM Jennison Growth (Class I)    Actual    $1,000.00    $1,101.30    0.62%    $3.23
   Hypothetical    $1,000.00    $1,021.72    0.62%    $3.11
 
PSF PGIM Jennison Growth (Class II)    Actual    $1,000.00    $1,099.10    1.02%    $5.31
   Hypothetical    $1,000.00    $1,019.74    1.02%    $5.11
 

PSF PGIM Jennison Growth

(Class III)

    Actual**    $1,000.00    $1,055.10    0.87%    $1.62
   Hypothetical    $1,000.00    $1,020.48    0.87%    $4.36
 
PSF PGIM Jennison Value (Class I)    Actual    $1,000.00    $1,177.00    0.42%    $2.27
   Hypothetical    $1,000.00    $1,022.71    0.42%    $2.11
 
PSF PGIM Jennison Value (Class II)    Actual    $1,000.00    $1,174.90    0.82%    $4.42
   Hypothetical    $1,000.00    $1,020.73    0.82%    $4.11
 
PSF PGIM Jennison Value (Class III)    Actual**    $1,000.00    $1,025.70    0.67%    $1.23
   Hypothetical    $1,000.00    $1,021.47    0.67%    $3.36
 
PSF PGIM Total Return Bond (Class I)    Actual    $1,000.00    $   989.20    0.43%    $2.12
   Hypothetical    $1,000.00    $1,022.66    0.43%    $2.16

The Prudential Series Fund

Fees and Expenses — unaudited (continued)

 

    June 30, 2021

 

The Prudential Series Fund Portfolios    Beginning
Account Value
January 1, 2021		    Ending
Account Value
June 30, 2021		    Annualized Expense
Ratio based on the
Six-Month Period		    Expenses Paid
During the
Six-Month  Period*
 

PSF PGIM Total Return Bond

(Class III)

    Actual**    $1,000.00    $1,016.30    0.68%    $1.24
   Hypothetical    $1,000.00    $1,021.42    0.68%    $3.41
 
PSF Small-Cap Stock Index (Class I)    Actual    $1,000.00    $1,233.00    0.38%    $2.10
   Hypothetical    $1,000.00    $1,022.91    0.38%    $1.91
 
PSF Small-Cap Stock Index (Class III)    Actual**    $1,000.00    $1,019.60    0.63%    $1.15
   Hypothetical    $1,000.00    $1,021.67    0.63%    $3.16
 
PSF Small-Cap Value (Class I)    Actual    $1,000.00    $1,198.30    0.98%    $5.34
   Hypothetical    $1,000.00    $1,019.93    0.98%    $4.91
 
PSF Stock Index (Class I)    Actual    $1,000.00    $1,150.60    0.29%    $1.55
   Hypothetical    $1,000.00    $1,023.36    0.29%    $1.45
 
PSF Stock Index (Class III)    Actual**    $1,000.00    $1,029.80    0.54%    $0.99
   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, 2021, and divided by the 365 days in the Portfolio’s fiscal year ending December 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.

** “Actual” expenses are calculated using the 66-day period ended June 30, 2021 due to the Class inception date on April 26, 2021.

 
   Glossary    
  

 

The following abbreviations are used in the Portfolios’ descriptions:

 

AUD

  

Australian Dollar

BRL

  

Brazilian Real

CAD

  

Canadian Dollar

CLP

  

Chilean Peso

COP

  

Colombian Peso

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

BBR — New Zealand Bank Bill Rate

BBSW — Australian Bank Bill Swap Reference Rate

BROIS — Brazil Overnight Index Swap

BUBOR — Budapest Interbank Offered Rate

CDX — Credit Derivative Index

CLO — Collateralized Loan Obligation

CLOIS — Sinacofi Chile Interbank Rate Average

COOIS — Colombia Overnight Interbank Reference Rate

CPI — Consumer Price Index

CVA — Certificate Van Aandelen (Bearer)

CVT — Convertible Security

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

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)

JIBAR — Johannesburg Interbank Agreed Rate

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

M — Monthly payment frequency for swaps

MASTR — Morgan Stanley Structured Asset Security

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

NSA — Non-Seasonally Adjusted

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

RSP — Savings Shares

S — Semiannual payment frequency for swaps

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

WIBOR — Warsaw Interbank Offered Rate

 

 

SEE NOTES TO FINANCIAL STATEMENTS

 

A1

 
   PSF GLOBAL PORTFOLIO    
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

LONG-TERM INVESTMENTS — 98.2%

 

COMMON STOCKS — 97.8%

 

   

Argentina — 0.2%

      

MercadoLibre, Inc.*

      1,690      $ 2,632,665  
     

 

 

  

Australia — 1.4%

      

AGL Energy Ltd.

      66,200        407,236  

Aristocrat Leisure Ltd.

      132,872        4,297,851  

Australia & New Zealand Banking Group Ltd.

      37,400        791,367  

Beach Energy Ltd.

      395,200        368,974  

BHP Group Ltd.

      29,300        1,073,077  

CSL Ltd.

      8,481        1,817,836  

Fortescue Metals Group Ltd.

      201,900        3,549,692  

Harvey Norman Holdings Ltd.

      196,000        806,961  

Inghams Group Ltd.

      268,900        804,993  

Metcash Ltd.

      412,500        1,237,832  

Perenti Global Ltd.

      432,300        217,479  

Qantas Airways Ltd.*

      225,300        789,211  

Rio Tinto Ltd.

      20,600        1,966,214  

Service Stream Ltd.

      343,700        224,504  

St. Barbara Ltd.

      343,600        440,571  

Stockland, REIT

      279,500        975,368  

Super Retail Group Ltd.

      105,600        1,027,679  
     

 

 

  
        20,796,845  
     

 

 

  

Austria — 0.3%

      

BAWAG Group AG, 144A*

      20,500        1,097,835  

OMV AG

      33,700        1,930,849  

Wienerberger AG

      26,400        1,019,143  
     

 

 

  
        4,047,827  
     

 

 

  

Belgium — 0.2%

      

Bekaert SA

      22,500        1,001,738  

Telenet Group Holding NV

      23,500        886,814  

UCB SA

      15,000        1,564,563  
     

 

 

  
        3,453,115  
     

 

 

  

Brazil — 0.1%

      

Yara International ASA

      18,800        990,013  
     

 

 

  

Canada — 2.1%

      

Canadian National Railway Co.

      41,691        4,398,811  

Magna International, Inc.

      63,909        5,920,530  

Shopify, Inc. (Class A Stock)*

      11,777        17,205,961  

TC Energy Corp.(a)

      82,124        4,066,780  
     

 

 

  
        31,592,082  
     

 

 

  

China — 2.7%

      

Alibaba Group Holding Ltd.*

      180,244        5,094,802  

China Resources Cement Holdings Ltd.

      1,042,000        990,712  

Kingboard Holdings Ltd.

      216,000        1,198,818  

Lee & Man Paper Manufacturing Ltd.

      1,049,000        798,725  

NetEase, Inc.

      181,825        4,133,719  

NXP Semiconductors NV

      99,932        20,558,011  

TAL Education Group, ADR*

      53,579        1,351,798  

Tencent Holdings Ltd.

      69,800        5,264,131  

Wilmar International Ltd.

      203,400        684,270  

Wuxi Biologics Cayman, Inc., 144A*

      33,000        604,494  
     

 

 

  
            40,679,480  
     

 

 

  
         Shares              Value      

COMMON STOCKS (continued)

 

Denmark — 1.2%

      

Chr Hansen Holding A/S

      19,415      $ 1,753,154  

Coloplast A/S (Class B Stock)

      19,562        3,213,278  

D/S Norden A/S

      32,500        1,035,004  

Danske Bank A/S

      61,200        1,078,820  

DFDS A/S*

      11,300        638,007  

DSV Panalpina A/S

      14,010        3,271,093  

Jyske Bank A/S*

      19,600        950,180  

Novo Nordisk A/S (Class B Stock)

      46,966        3,935,783  

Orsted A/S, 144A

      16,586        2,346,085  
     

 

 

  
        18,221,404  
     

 

 

  

Finland — 0.4%

      

Neste OYJ

      51,792        3,175,546  

Nordea Bank Abp

      83,600        931,879  

Valmet OYJ

      41,500        1,814,934  
     

 

 

  
        5,922,359  
     

 

 

  

France — 4.6%

      

Airbus SE*

      51,639        6,658,982  

Arkema SA

      11,900        1,496,144  

AXA SA

      54,100        1,373,926  

BNP Paribas SA

      28,200        1,767,285  

Bouygues SA

      27,600        1,021,308  

Capgemini SE

      5,300        1,019,588  

Carrefour SA

      89,600        1,767,318  

Cie de Saint-Gobain

      15,800        1,043,721  

Cie Generale des Etablissements Michelin SCA

      9,600        1,531,778  

CNP Assurances

      55,200        941,637  

Credit Agricole SA

      78,500        1,101,370  

Faurecia SE

      1,269        62,391  

L’Oreal SA

      8,157        3,642,848  

LVMH Moet Hennessy Louis Vuitton SE

      10,734        8,429,891  

Natixis SA

      146,400        695,291  

Nexity SA

      13,100        656,291  

Orange SA(a)

      140,000        1,598,651  

Rubis SCA(a)

      15,500        690,007  

Safran SA

      37,807        5,242,758  

Sanofi

      45,700        4,796,287  

Sartorius Stedim Biotech

      6,177        2,927,656  

Societe BIC SA

      15,900        1,105,702  

Societe Generale SA

      28,600        846,024  

Sopra Steria Group SACA

      7,100        1,367,647  

Teleperformance

      6,024        2,449,960  

TotalEnergies SE

      58,800        2,663,332  

TotalEnergies SE, ADR(a)

      250,130        11,320,884  
     

 

 

  
            68,218,677  
     

 

 

  

Germany — 2.2%

      

Allianz SE

      6,300        1,571,992  

Aurubis AG

      10,800        1,003,243  

Bayer AG

      23,300        1,418,408  

Bayerische Motoren Werke AG

      12,500        1,326,349  

Daimler AG

      17,600        1,573,854  

Deutsche Lufthansa AG*(a)

      54,200        612,440  

Deutsche Post AG

      50,800        3,459,756  

Deutsche Telekom AG

      59,200        1,252,222  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A2

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Germany (cont’d.)

      

Fresenius SE & Co. KGaA

      25,700      $ 1,341,830  

HOCHTIEF AG(a)

      11,400        877,396  

Infineon Technologies AG

      118,438        4,768,406  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

      4,500        1,234,441  

Rational AG

      3,078        2,792,782  

Rheinmetall AG

      12,300        1,217,216  

Siltronic AG(a)

      8,900        1,482,859  

TeamViewer AG, 144A*

      58,485        2,205,539  

United Internet AG

      24,700        1,009,348  

Volkswagen AG

      8,600        2,831,946  
     

 

 

  
        31,980,027  
     

 

 

  

Hong Kong — 0.7%

      

AIA Group Ltd.

      328,200        4,088,185  

PAX Global Technology Ltd.

      933,000        1,078,407  

Skyworth Group Ltd.*

      793,433        222,696  

Tongda Group Holdings Ltd.*

      8,180,000        501,157  

WH Group Ltd., 144A

      1,971,500        1,771,990  

Xinyi Glass Holdings Ltd.

      428,000        1,748,470  

Yue Yuen Industrial Holdings Ltd.*

      296,500        734,985  
     

 

 

  
                10,145,890  
     

 

 

  

India — 0.6%

      

HDFC Bank Ltd., ADR*

      53,429        3,906,728  

Reliance Industries Ltd., 144A, GDR

      82,083        4,651,423  
     

 

 

  
        8,558,151  
     

 

 

  

Ireland — 0.4%

      

ICON PLC*

      1,229        254,047  

Kingspan Group PLC

      41,273        3,903,571  

Ryanair Holdings PLC, ADR*

      23,259        2,516,856  
     

 

 

  
        6,674,474  
     

 

 

  

Israel — 0.1%

      

Check Point Software Technologies Ltd.*(a)

      9,500        1,103,235  
     

 

 

  

Italy — 0.4%

      

A2A SpA

      546,200        1,117,702  

Enel SpA

      173,400        1,615,773  

Leonardo SpA*

      97,000        786,881  

Mediobanca Banca di Credito Finanziario SpA*

      87,600        1,023,673  

Pirelli & C SpA, 144A

      171,800        997,883  

UnipolSai Assicurazioni SpA(a)

      253,700        738,924  
     

 

 

  
        6,280,836  
     

 

 

  

Japan — 5.4%

      

Air Water, Inc.

      52,700        811,931  

Aozora Bank Ltd.

      36,000        807,650  

Asahi Intecc Co. Ltd.

      42,900        1,025,489  

Astellas Pharma, Inc.

      167,000        2,908,647  

Brother Industries Ltd.

      44,300        883,042  

Credit Saison Co. Ltd.

      42,600        521,623  

Dai-ichi Life Holdings, Inc.

      39,900        733,328  

Daikin Industries Ltd.

      18,600        3,463,612  

Daiwa House Industry Co. Ltd.

      31,900        957,604  
     Shares      Value  

COMMON STOCKS (continued)

 

Japan (cont’d.)

      

DTS Corp.

      30,500      $ 725,450  

EDION Corp.

      63,900        623,874  

Haseko Corp.

      53,900        737,622  

Hazama Ando Corp.

      85,900        632,108  

Hitachi Ltd.

      35,700                2,038,818  

Honda Motor Co. Ltd.

      61,600        1,965,481  

Hoya Corp.

      27,600        3,641,262  

Isuzu Motors Ltd.

      78,200        1,030,751  

ITOCHU Corp.

      71,400        2,039,259  

Itoham Yonekyu Holdings, Inc.

      72,200        464,790  

Japan Airlines Co. Ltd.*

      35,700        769,298  

Japan Aviation Electronics Industry Ltd.

      46,000        813,614  

Kaneka Corp.

      9,900        399,621  

KDDI Corp.

      98,800        3,078,061  

Keiyo Bank Ltd. (The)

      76,500        280,591  

Keyence Corp.

      8,700        4,390,980  

Lintec Corp.

      30,000        651,361  

M3, Inc.

      17,100        1,242,021  

Marubeni Corp.

      173,200        1,510,731  

Matsumotokiyoshi Holdings Co. Ltd.

      23,800        1,050,092  

Medipal Holdings Corp.

      30,600        584,330  

Mitsubishi Chemical Holdings Corp.

      82,800        696,859  

Mitsubishi Gas Chemical Co., Inc.

      26,000        552,120  

Mitsubishi HC Capital, Inc.

      305,400        1,639,369  

Mitsubishi UFJ Financial Group, Inc.

      214,300        1,156,801  

Mitsui & Co. Ltd.

      56,300        1,270,506  

Mitsui Chemicals, Inc.

      42,400        1,468,970  

Mizuho Financial Group, Inc.

      73,620        1,053,157  

Nihon M&A Center, Inc.

      71,400        1,845,476  

Nippon Telegraph & Telephone Corp.

      107,900        2,807,819  

Nishi-Nippon Financial Holdings, Inc.

      48,600        277,704  

Nisshin Oillio Group Ltd. (The)

      21,400        591,450  

Nomura Holdings, Inc.

      270,700        1,383,369  

Nomura Real Estate Holdings, Inc.

      38,100        964,775  

Obayashi Corp.

      97,500        777,139  

ORIX Corp.

      79,000        1,334,244  

Rengo Co. Ltd.

      134,300        1,119,748  

Resona Holdings, Inc.

      366,600        1,413,005  

Sankyu, Inc.

      18,100        784,832  

Sawai Group Holdings Co. Ltd.

      14,300        637,655  

Seino Holdings Co. Ltd.

      72,500        928,905  

Shionogi & Co. Ltd.

      16,600        864,891  

Shiseido Co. Ltd.

      23,900        1,756,926  

SKY Perfect JSAT Holdings, Inc.

      151,000        550,690  

SMC Corp.

      5,500        3,248,124  

Sompo Holdings, Inc.

      20,100        742,293  

Sumitomo Heavy Industries Ltd.

      32,300        894,856  

Sumitomo Mitsui Financial Group, Inc.

      40,900        1,406,918  

Taisei Corp.

      19,200        631,340  

Teijin Ltd.

      67,300        1,026,761  

Toagosei Co. Ltd.

      28,700        291,839  

Toho Holdings Co. Ltd.

      12,400        199,188  

Tokuyama Corp.

      26,500        540,611  

Towa Pharmaceutical Co. Ltd.

      28,200        686,223  

Toyota Motor Corp.

      15,730        1,374,230  

Tsubakimoto Chain Co.

      17,000        486,248  

Ube Industries Ltd.

      41,500        841,871  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A3

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

Japan (cont’d.)

      

Yokohama Rubber Co. Ltd. (The)

      62,000      $ 1,332,799  
     

 

 

  
        80,362,752  
     

 

 

  

Netherlands — 1.5%

      

ABN AMRO Bank NV, 144A, CVA*

      45,300        547,757  

Adyen NV, 144A*

      1,749        4,281,553  

Aegon NV(a)

      215,700        897,572  

ASML Holding NV

      7,779        5,361,103  

ASR Nederland NV

      21,200        819,737  

ING Groep NV

      93,300        1,238,136  

Koninklijke Ahold Delhaize NV

      95,900        2,849,470  

NN Group NV

      27,800        1,314,032  

Royal Dutch Shell PLC
(Class B Stock)

      96,500        1,874,993  

Signify NV, 144A

      37,900        2,403,019  
     

 

 

  
        21,587,372  
     

 

 

  

New Zealand — 0.1%

      

Air New Zealand Ltd.*

      485,600        526,532  

Fisher & Paykel Healthcare Corp. Ltd.

      72,410        1,576,758  
     

 

 

  
        2,103,290  
     

 

 

  

Norway — 0.3%

      

DNB ASA

      53,600        1,168,940  

Equinor ASA

      41,200        876,174  

Leroy Seafood Group ASA

      71,800        630,402  

TOMRA Systems ASA

      41,188        2,279,312  
     

 

 

  
        4,954,828  
     

 

 

  

Singapore — 0.2%

      

DBS Group Holdings Ltd.

      62,300        1,391,269  

Venture Corp. Ltd.

      79,500        1,138,282  
     

 

 

  
        2,529,551  
     

 

 

  

South Africa — 0.2%

      

Anglo American PLC

      48,300        1,933,178  

Investec PLC

      79,700        320,566  
     

 

 

  
        2,253,744  
     

 

 

  

Spain — 0.7%

      

Amadeus IT Group SA*

      58,263        4,101,561  

Banco Santander SA*

      390,156        1,493,616  

Enagas SA

      18,000        416,397  

Endesa SA(a)

      37,700        915,920  

Mapfre SA(a)

      494,400        1,047,032  

Repsol SA(a)

      117,700        1,477,497  

Telefonica SA

      176,500        825,745  
     

 

 

  
            10,277,768  
     

 

 

  

Sweden — 1.5%

      

Atlas Copco AB (Class A Stock)

      76,063        4,667,196  

Boliden AB

      35,400        1,364,667  

Hexagon AB (Class B Stock)

      335,223        4,970,891  

Nibe Industrier AB (Class B Stock)

      282,492        2,974,651  

Securitas AB (Class B Stock)

      65,700        1,037,299  

Skanska AB (Class B Stock)

      31,100        825,109  

SKF AB (Class B Stock)

      70,400        1,794,772  

Swedbank AB (Class A Stock)

      27,700        515,841  

Swedish Orphan Biovitrum AB*

      51,000        930,527  
         Shares              Value      

COMMON STOCKS (continued)

 

Sweden (cont’d.)

      

Volvo AB (Class B Stock)(a)

      113,600      $ 2,741,950  
     

 

 

  
        21,822,903  
     

 

 

  

Switzerland — 2.8%

      

Adecco Group AG

      25,100        1,710,058  

Baloise Holding AG

      6,000        936,448  

Credit Suisse Group AG

      136,900        1,436,775  

Helvetia Holding AG

      7,600        818,815  

Lonza Group AG

      7,192        5,109,128  

Novartis AG

      37,100        3,381,634  

Partners Group Holding AG

      2,966        4,499,591  

Roche Holding AG

      17,900        6,744,487  

Sika AG

      9,682        3,178,020  

Straumann Holding AG

      3,754        5,993,198  

Swiss Life Holding AG

      4,900        2,383,614  

Temenos AG

      16,588        2,673,065  

UBS Group AG

      166,700        2,552,769  
     

 

 

  
            41,417,602  
     

 

 

  

Taiwan — 0.6%

      

Sea Ltd., ADR*

      9,154        2,513,688  

Taiwan Semiconductor Manufacturing Co. Ltd.

      284,000        6,070,804  
     

 

 

  
        8,584,492  
     

 

 

  

United Kingdom — 4.6%

      

3i Group PLC

      92,900        1,513,846  

Ashtead Group PLC

      69,491        5,167,583  

Aviva PLC

      197,000        1,106,854  

Babcock International Group PLC*

      113,300        455,964  

BAE Systems PLC

      419,100        3,036,551  

Barclays PLC

      373,500        888,250  

Barratt Developments PLC

      61,900        595,363  

Bellway PLC

      23,200        1,045,693  

British American Tobacco PLC

      75,200        2,921,557  

BT Group PLC*

      455,900        1,227,313  

Centrica PLC*

      457,200        326,384  

CK Hutchison Holdings Ltd.

      205,000        1,595,447  

Compass Group PLC*

      126,036        2,656,999  

Crest Nicholson Holdings PLC*

      143,814        841,818  

Diageo PLC

      55,060        2,649,907  

Dialog Semiconductor PLC*

      14,700        1,144,443  

Experian PLC

      96,172        3,713,518  

GlaxoSmithKline PLC

      248,900        4,894,645  

Go-Ahead Group PLC (The)*

      34,500        540,196  

Halma PLC

      58,604        2,189,228  

Imperial Brands PLC

      56,400        1,215,981  

International Consolidated Airlines Group SA*

      150,000        360,516  

J Sainsbury PLC

      458,700        1,727,026  

Keller Group PLC

      48,200        533,536  

Kingfisher PLC

      357,200        1,808,300  

Legal & General Group PLC

      302,800        1,081,171  

Lloyds Banking Group PLC

      1,666,000        1,080,149  

London Stock Exchange Group PLC

      35,336        3,898,528  

Marks & Spencer Group PLC*

      279,900        569,003  

Micro Focus International PLC

      73,300        555,180  

Paragon Banking Group PLC

      105,900        754,207  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A4

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

United Kingdom (cont’d.)

      

Premier Foods PLC*

      357,756      $ 547,929  

QinetiQ Group PLC

      88,900        424,573  

Redrow PLC

      77,600        661,346  

Rentokil Initial PLC

      310,744        2,129,336  

Segro PLC, REIT

      209,436        3,172,260  

Spirax-Sarco Engineering PLC

      14,117        2,656,720  

Tate & Lyle PLC

      141,000        1,444,182  

Taylor Wimpey PLC

      263,400        580,257  

Tesco PLC

      482,592        1,489,196  

Trainline PLC, 144A*

      340,676        1,386,891  

Vistry Group PLC

      39,822        648,281  

Wm Morrison Supermarkets PLC

      291,000        998,288  
     

 

 

  
            68,234,415  
     

 

 

  

United States — 62.3%

      

AbbVie, Inc.

      63,808        7,187,333  

Adobe, Inc.*

      28,986        16,975,361  

Alphabet, Inc. (Class C Stock)*

      10,350        25,940,412  

Amazon.com, Inc.*

      5,297        18,222,527  

Ameren Corp.

      58,618        4,691,785  

American International Group, Inc.

      259,850        12,368,860  

Anthem, Inc.

      20,195        7,710,451  

Applied Materials, Inc.

      75,534        10,756,042  

Atlassian Corp. PLC (Class A Stock)*

      7,808        2,005,563  

Autodesk, Inc.*

      56,070        16,366,833  

AvalonBay Communities, Inc., REIT

      17,807        3,716,143  

Bank of America Corp.

      213,479        8,801,739  

Becton, Dickinson & Co.

      29,651        7,210,827  

Boeing Co. (The)*

      15,480        3,708,389  

Brown-Forman Corp. (Class B Stock)

      137,925        10,336,099  

Bunge Ltd.

      49,044        3,832,789  

Caterpillar, Inc.

      20,257        4,408,531  

CF Industries Holdings, Inc.

      125,842        6,474,571  

Charles Schwab Corp. (The)

      122,961        8,952,790  

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

      134,917        10,754,234  

Chubb Ltd.

      64,058        10,181,378  

Cigna Corp.

      7,659        1,815,719  

Cintas Corp.

      37,716        14,407,512  

Cisco Systems, Inc.

      93,274        4,943,522  

Citrix Systems, Inc.

      38,713        4,539,873  

Coca-Cola Co. (The)

      76,219        4,124,210  

Comcast Corp. (Class A Stock)

      126,916        7,236,750  

Conagra Brands, Inc.

      130,186        4,736,167  

ConocoPhillips

      106,640        6,494,376  

Costco Wholesale Corp.

      24,931        9,864,449  

Cummins, Inc.

      15,978        3,895,596  

CVS Health Corp.

      76,266        6,363,635  

Danaher Corp.

      30,092        8,075,489  

Dexcom, Inc.*

      35,291        15,069,257  

Edison International

      42,592        2,462,669  

Edwards Lifesciences Corp.*

      138,759        14,371,270  

Elanco Animal Health, Inc.*

      135,095        4,686,446  

Electronic Arts, Inc.

      96,076        13,818,611  

Entergy Corp.

      36,814        3,670,356  

Equitable Holdings, Inc.

      167,207        5,091,453  

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

      47,107        14,983,795  

Exxon Mobil Corp.

      97,761        6,166,764  

Fifth Third Bancorp

      217,251        8,305,506  
         Shares              Value      

COMMON STOCKS (continued)

 

United States (cont’d.)

      

Fiserv, Inc.*

      31,500      $ 3,367,035  

Fortune Brands Home & Security, Inc.

      11,653        1,160,755  

Fox Corp. (Class B Stock)

      82,072        2,888,934  

General Electric Co.

      1,312,331          17,663,975  

Gilead Sciences, Inc.

      28,285        1,947,705  

Goldman Sachs Group, Inc. (The)

      13,835        5,250,798  

Hologic, Inc.*

      58,552        3,906,589  

Huntington Bancshares, Inc.

      125,200        1,786,604  

IDEX Corp.

      49,396        10,869,590  

Illinois Tool Works, Inc.

      18,712        4,183,255  

International Flavors & Fragrances, Inc.

      40,143        5,997,364  

International Paper Co.

      199,871        12,254,091  

Intuit, Inc.

      38,051        18,651,459  

Intuitive Surgical, Inc.*

      21,477        19,751,108  

Johnson & Johnson

      46,908        7,727,624  

JPMorgan Chase & Co.

      35,319        5,493,517  

Kimberly-Clark Corp.

      35,056        4,689,792  

Kohl’s Corp.(a)

      48,580        2,677,244  

L3Harris Technologies, Inc.

      52,578        11,364,735  

Las Vegas Sands Corp.*

      65,827        3,468,425  

Lululemon Athletica, Inc.*

      33,500        12,226,495  

Marsh & McLennan Cos., Inc.

      41,675        5,862,839  

Mastercard, Inc. (Class A Stock)

      52,908        19,316,182  

Match Group, Inc.*

      91,051        14,681,974  

Medtronic PLC

      75,663        9,392,048  

Merck & Co., Inc.

      61,493        4,782,311  

MetLife, Inc.

      168,616        10,091,668  

Microsoft Corp.

      121,605        32,942,794  

Morgan Stanley

      126,080        11,560,275  

News Corp. (Class A Stock)

      171,679        4,424,168  

NextEra Energy, Inc.

      65,761        4,818,966  

Nielsen Holdings PLC

      106,461        2,626,393  

PayPal Holdings, Inc.*

      71,106        20,725,977  

Perrigo Co. PLC(a)

      67,549        3,097,122  

Pfizer, Inc.

      113,066        4,427,665  

Philip Morris International, Inc.

      72,371        7,172,690  

Pinterest, Inc. (Class A Stock)*

      100,879        7,964,397  

Pioneer Natural Resources Co.

      19,211        3,122,172  

QUALCOMM, Inc.

      66,437        9,495,840  

Rockwell Automation, Inc.

      12,477        3,568,671  

Roper Technologies, Inc.

      25,649        12,060,160  

SBA Communications Corp., REIT

      45,516        14,505,949  

Sempra Energy

      48,254        6,392,690  

ServiceNow, Inc.*

      25,164        13,828,876  

Sherwin-Williams Co. (The)

      53,179        14,488,618  

Signature Bank

      17,550        4,311,157  

Southern Co. (The)

      190,860        11,548,939  

Southwest Airlines Co.*

      73,119        3,881,888  

State Street Corp.

      9,375        771,375  

Stellantis NV

      74,557        1,469,283  

Stericycle, Inc.*

      32,860        2,351,133  

TE Connectivity Ltd.

      31,773        4,296,027  

Texas Instruments, Inc.

      39,987        7,689,500  

Thermo Fisher Scientific, Inc.

      39,774        20,064,790  

TJX Cos., Inc. (The)

      102,631        6,919,382  

Tyson Foods, Inc. (Class A Stock)

      86,470        6,378,027  

United Parcel Service, Inc. (Class B Stock)

      71,591        14,888,780  

Veeva Systems, Inc. (Class A
Stock)*

      36,824        11,450,423  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A5

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

United States (cont’d.)

      

Walmart, Inc.

      32,885      $ 4,637,443  

Walt Disney Co. (The)*

      32,698        5,747,327  

Wells Fargo & Co.

      404,757        18,331,444  

Welltower, Inc., REIT

      52,395        4,354,024  

Weyerhaeuser Co., REIT

      236,661        8,145,872  

Zimmer Biomet Holdings, Inc.

      34,518        5,551,185  

Zoetis, Inc.

      79,061        14,733,808  
     

 

 

  
        921,925,428  
     

 

 

  

TOTAL COMMON STOCKS
(cost $883,205,151)

 

          1,447,351,225  
     

 

 

  

PREFERRED STOCKS — 0.4%

 

Germany — 0.2%

      

Porsche Automobil Holding SE (PRFC)

      22,730        2,440,938  
     

 

 

  

United States — 0.2%

 

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

      18,231        975,541  

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

      2,497        133,989  

Sempra Energy, Series B, CVT, 6.750%, Maturing 07/15/21

      5,748        567,730  

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

      34,946        1,769,316  
     

 

 

  
        3,446,576  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $4,861,363)

 

      5,887,514  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $888,066,514)

 

      1,453,238,739  
     

 

 

  

SHORT-TERM INVESTMENTS — 3.9%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond Fund(wa)

      22,916,531        22,916,531  
         Shares              Value      

AFFILIATED MUTUAL FUNDS (continued)

 

PGIM Institutional Money Market Fund (cost $34,824,485; includes $34,822,529 of cash collateral for securities on
loan)(b)(wa)

      34,863,130      $ 34,842,212  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $57,741,016)

 

      57,758,743  
     

 

 

  

TOTAL INVESTMENTS—102.1%
(cost $945,807,530)

 

      1,510,997,482  

Liabilities in excess of other assets — (2.1)%

 

      (31,365,706 ) 
     

 

 

  

NET ASSETS — 100.0%

 

    $   1,479,631,776  
     

 

 

  

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 $33,233,282; cash collateral of $34,822,529 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Argentina

    $ 2,632,665      $ —        $—  

Australia

      —          20,796,845          —  

Austria

      —        4,047,827          —  

Belgium

      —        3,453,115          —  

Brazil

      —        990,013          —  

Canada

      31,592,082        —          —  

China

        21,909,809        18,769,671          —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A6

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Long-Term Investments (continued)

         

Common Stocks (continued)

         

Denmark

    $ —      $ 18,221,404        $—    

Finland

      —        5,922,359        —  

France

      11,320,884        56,897,793        —  

Germany

      —        31,980,027        —  

Hong Kong

      —        10,145,890        —  

India

      3,906,728        4,651,423        —  

Ireland

      2,770,903        3,903,571        —  

Israel

      1,103,235        —        —  

Italy

      —        6,280,836        —  

Japan

      —        80,362,752        —  

Netherlands

      —        21,587,372        —  

New Zealand

      —        2,103,290        —  

Norway

      —        4,954,828        —  

Singapore

      —        2,529,551        —  

South Africa

      —        2,253,744        —  

Spain

      —        10,277,768        —  

Sweden

      —        21,822,903        —  

Switzerland

      —        41,417,602        —  

Taiwan

      2,513,688        6,070,804        —  

United Kingdom

      —        68,234,415        —  

United States

      920,456,145        1,469,283        —  

Preferred Stocks

         

Germany

      —        2,440,938        —  

United States

      3,446,576        —        —  

Short-Term Investments

         

Affiliated Mutual Funds

      57,758,743        —        —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 1,059,411,458      $ 451,586,024        $—    
  

 

 

     

 

 

     

 

 

  

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, 2021 were as follows:

Software

      7.5 % 

Health Care Equipment & Supplies

      6.7  

Banks

      5.5  

IT Services

      4.8  

Pharmaceuticals

      4.7  

Semiconductors & Semiconductor Equipment

      4.5  

Insurance

      4.3  

Affiliated Mutual Funds (2.4% represents investments purchased with collateral from securities on loan)

      3.9  

Interactive Media & Services

      3.7  

Oil, Gas & Consumable Fuels

      3.2  

Machinery

      3.0  

Capital Markets

      3.0  

Chemicals

      2.7  

Equity Real Estate Investment Trusts (REITs)

      2.5  

Internet & Direct Marketing Retail

      2.4  

Industrial Conglomerates

      2.3  

Aerospace & Defense

      2.0  

Electric Utilities

      2.0  

Life Sciences Tools & Services

      1.9  

Entertainment

      1.8  

Food & Staples Retailing

      1.8  

Commercial Services & Supplies

      1.6  

Textiles, Apparel & Luxury Goods

      1.5 % 

Electronic Equipment, Instruments & Components

      1.5  

Air Freight & Logistics

      1.4  

Food Products

      1.3  

Personal Products

      1.3  

Beverages

      1.2  

Health Care Providers & Services

      1.1  

Media

      1.0  

Automobiles

      1.0  

Building Products

      0.9  

Containers & Packaging

      0.9  

Health Care Technology

      0.9  

Metals & Mining

      0.9  

Professional Services

      0.9  

Multi-Utilities

      0.8  

Biotechnology

      0.8  

Hotels, Restaurants & Leisure

      0.8  

Tobacco

      0.8  

Specialty Retail

      0.7  

Trading Companies & Distributors

      0.7  

Auto Components

      0.7  

Airlines

      0.6  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A7

 
  

PSF GLOBAL PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Diversified Telecommunication Services

      0.6 % 

Diversified Financial Services

      0.5  

Road & Rail

      0.5  

Electrical Equipment

      0.4  

Construction & Engineering

      0.4  

Household Durables

      0.3  

Communications Equipment

      0.3  

Household Products

      0.3  

Multiline Retail

      0.3  

Wireless Telecommunication Services

      0.2  

Real Estate Management & Development

      0.2  

Construction Materials

      0.2  

Marine

      0.1  

Diversified Consumer Services

      0.1 % 

Technology Hardware, Storage & Peripherals

      0.1  

Thrifts & Mortgage Finance

      0.1  

Gas Utilities

      0.0 * 

Paper & Forest Products

      0.0 * 

Consumer Finance

      0.0 * 
  

 

 

  
     102.1  

Liabilities in excess of other assets

      (2.1 ) 
  

 

 

  
     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

      $ 33,233,282      $ (33,233,282 )     $ —
    

 

 

       

 

 

      

 

 

  

 

 

(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, 2021

 

ASSETS   

Investments at value, including securities on loan of $33,233,282:

   

Unaffiliated investments (cost $888,066,514)

    $ 1,453,238,739  

Affiliated investments (cost $57,741,016)

      57,758,743  

Foreign currency, at value (cost $2,217,471)

      2,183,349  

Receivable for investments sold

      3,326,623  

Tax reclaim receivable

      2,120,752  

Dividends and interest receivable

      1,534,589  

Receivable from affiliate

      15,325  

Receivable for Portfolio shares sold

      10,882  

Prepaid expenses

      2,231  
  

 

 

  

Total Assets

      1,520,191,233  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      34,822,529  

Payable for investments purchased

      3,634,520  

Payable to affiliate

      895,076  

Management fee payable

      865,739  

Accrued expenses and other liabilities

      188,139  

Payable for Portfolio shares purchased

      152,456  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      18  
  

 

 

  

Total Liabilities

      40,559,457  
  

 

 

  

NET ASSETS

    $ 1,479,631,776  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 1,479,631,776  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $1,479,545,461 / 27,192,398 outstanding shares of beneficial interest

    $ 54.41  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $86,315 / 1,587 outstanding shares of beneficial interest

    $ 54.38  
  

 

 

  
Net Asset Values Per Share may not recalculate due to rounding.   

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $1,119,325 foreign withholding tax, of which $195,169 is reimbursable by an affiliate)

    $ 13,439,981  

Income from securities lending, net (including affiliated income of $4,111)

      78,558  

Affiliated dividend income

      18,037  
  

 

 

  

Total income

      13,536,576  
  

 

 

  
EXPENSES   

Management fee

      5,335,871  

Distribution fee—Class III

      24  

Custodian and accounting fees

      131,367  

Shareholders’ reports

      46,027  

Audit fee

      14,869  

Trustees’ fees

      12,673  

Legal fees and expenses

      11,157  

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

      5,297  

Miscellaneous

      29,737  
  

 

 

  

Total expenses

      5,587,022  

Less: Fee waivers and/or expense reimbursement

      (258,256 ) 
  

 

 

  

Net expenses

      5,328,766  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      8,207,810  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(3,839))

      71,737,684  

Foreign currency transactions

      (4,399 ) 
  

 

 

  
     71,733,285  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(358))

      98,272,547  

Foreign currencies

      (113,274 ) 
  

 

 

  
     98,159,273  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      169,892,558  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 178,100,368  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		     Year Ended
December 31, 2020		  
INCREASE (DECREASE) IN NET ASSETS     
OPERATIONS     

Net investment income (loss)

    $ 8,207,810     $ 11,999,429  

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

      71,733,285       96,903,741  

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

      98,159,273       74,773,343  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      178,100,368       183,676,513  
  

 

 

    

 

 

  
PORTFOLIO SHARE TRANSACTIONS     

Portfolio shares sold

      9,349,769       15,803,644  

Portfolio shares purchased

      (84,867,507 )      (86,119,207 ) 
  

 

 

    

 

 

  

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

      (75,517,738 )      (70,315,563 ) 
  

 

 

    

 

 

  
TOTAL INCREASE (DECREASE)      102,582,630       113,360,950  
NET ASSETS:     

Beginning of period

      1,377,049,146       1,263,688,196  
  

 

 

    

 

 

  

End of period

    $ 1,479,631,776     $ 1,377,049,146  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A9

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

LONG-TERM INVESTMENTS — 99.1%

 

   

COMMON STOCKS — 97.8%

      

Argentina — 2.1%

      

MercadoLibre, Inc.*

      1,453      $     2,263,469  
     

 

 

  

Australia — 0.9%

      

Aristocrat Leisure Ltd.

      22,578        730,304  

CSL Ltd.

      1,441        308,867  
     

 

 

  
        1,039,171  
     

 

 

  

Austria — 0.5%

      

BAWAG Group AG, 144A*

      10,365        555,076  
     

 

 

  

Belgium — 0.3%

      

KBC Group NV

      3,604        274,540  
     

 

 

  

Canada — 2.4%

      

Canadian National Railway Co.

      7,084        747,432  

Shopify, Inc. (Class A Stock)*

      1,278        1,867,132  
     

 

 

  
        2,614,564  
     

 

 

  

China — 7.0%

      

Alibaba Group Holding Ltd.*

      30,616        865,396  

Bilibili, Inc., ADR*(a)

      4,202        511,972  

Contemporary Amperex Technology Co. Ltd. (Class A Stock)*

      9,500        786,377  

Meituan (Class B Stock), 144A*

      7,836        323,593  

NetEase, Inc.

      30,925        703,068  

NXP Semiconductors NV

      3,849        791,816  

Shenzhou International Group Holdings Ltd.

      8,200        206,825  

TAL Education Group, ADR*

      9,104        229,694  

Tencent Holdings Ltd.

      19,280        1,454,046  

Wuxi Biologics Cayman, Inc., 144A*

      98,560        1,805,422  
     

 

 

  
        7,678,209  
     

 

 

  

Denmark — 2.2%

      

Chr Hansen Holding A/S

      3,281        296,271  

Coloplast A/S (Class B Stock)

      3,324        546,004  

DSV Panalpina A/S

      2,381        555,922  

Novo Nordisk A/S (Class B Stock)

      7,980        668,730  

Orsted A/S, 144A

      2,818        398,605  
     

 

 

  
        2,465,532  
     

 

 

  

Finland — 0.9%

      

Neste OYJ

      8,801        539,620  

Nordea Bank Abp

      42,482        473,541  
     

 

 

  
        1,013,161  
     

 

 

  

France — 13.1%

      

Air Liquide SA(a)

      1,515        265,807  

Airbus SE*

      8,594        1,108,218  

Arkema SA

      2,083        261,888  

Dassault Systemes SE

      3,701        899,139  

Hermes International

      526        767,989  

Kering SA

      1,555        1,364,452  

L’Oreal SA

      3,922        1,751,532  

LVMH Moet Hennessy Louis Vuitton SE

      3,914        3,073,840  

Pernod Ricard SA

      6,777        1,505,415  

Remy Cointreau SA

      2,591        535,269  

Safran SA

      6,424        890,827  
     Shares      Value  

COMMON STOCKS (continued)

      

France (cont’d.)

      

Sartorius Stedim Biotech

      1,050      $ 497,659  

Teleperformance

      2,674        1,087,515  

TotalEnergies SE

      9,000        407,653  
     

 

 

  
        14,417,203  
     

 

 

  

Germany — 4.5%

      

adidas AG

      1,696        632,670  

Brenntag SE

      6,351        592,144  

Deutsche Boerse AG

      1,465        256,023  

Gerresheimer AG

      6,702        742,064  

Infineon Technologies AG

      20,125        810,248  

Rational AG

      523        474,537  

SAP SE

      714        100,586  

SAP SE, ADR

      4,718        662,690  

Scout24 AG, 144A*

      4,348        366,792  

TeamViewer AG, 144A*

      9,884        372,738  
     

 

 

  
        5,010,492  
     

 

 

  

Hong Kong — 2.9%

      

AIA Group Ltd.

      98,400        1,225,708  

Techtronic Industries Co. Ltd.

      114,062        1,990,810  
     

 

 

  
        3,216,518  
     

 

 

  

India — 1.9%

      

HDFC Bank Ltd., ADR*

      9,372        685,280  

Infosys Ltd., ADR(a)

      29,648        628,241  

Reliance Industries Ltd., 144A, GDR

      14,059        796,686  
     

 

 

  
        2,110,207  
     

 

 

  

Ireland — 3.2%

      

AerCap Holdings NV*

      6,637        339,881  

CRH PLC

      18,936        959,288  

ICON PLC*

      207        42,789  

Kerry Group PLC (Class A Stock)

      4,327        603,848  

Kingspan Group PLC

      7,013        663,284  

Ryanair Holdings PLC, ADR*

      3,952        427,646  

Smurfit Kappa Group PLC

      9,612        523,389  
     

 

 

  
        3,560,125  
     

 

 

  

Israel — 1.6%

      

Check Point Software Technologies
Ltd.*(a)

      5,399        626,986  

Wix.com Ltd.*

      3,803        1,103,935  
     

 

 

  
        1,730,921  
     

 

 

  

Italy — 2.0%

      

Brunello Cucinelli SpA*(a)

      12,999        763,566  

Ferrari NV

      4,740        976,897  

Nexi SpA, 144A*

      19,677        430,370  
     

 

 

  
        2,170,833  
     

 

 

  

Japan — 9.2%

      

Asahi Intecc Co. Ltd.

      7,300        174,500  

Bridgestone Corp.

      12,000        547,346  

Daikin Industries Ltd.

      5,100        949,700  

Fujitsu Ltd.

      1,900        355,994  

GMO Payment Gateway, Inc.

      4,345        564,181  

Hoya Corp.

      8,900        1,174,175  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A10

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

      

Japan (cont’d.)

      

Keyence Corp.

      3,102      $ 1,565,611  

M3, Inc.

      2,900        210,635  

Menicon Co. Ltd.

      8,639        602,815  

Nihon M&A Center, Inc.

      12,100        312,749  

Otsuka Corp.

      7,600        398,921  

Sanwa Holdings Corp.

      33,400        409,984  

SCSK Corp.

      6,000        357,476  

Shiseido Co. Ltd.

      4,300        316,100  

SMC Corp.

      900        531,511  

Sony Group Corp.

      2,900        280,718  

Subaru Corp.

      14,800        292,693  

Terumo Corp.

      9,600        388,993  

Tokio Marine Holdings, Inc.

      7,400        340,412  

Toyota Motor Corp.

      4,700        410,609  
     

 

 

  
          10,185,123  
     

 

 

  

Luxembourg — 0.7%

      

Eurofins Scientific SE*

      7,123        815,577  
     

 

 

  

Netherlands — 6.9%

      

Adyen NV, 144A*

      1,206        2,952,288  

Argenx SE, ADR*

      1,936        582,872  

ASML Holding NV

      3,511        2,419,698  

Heineken NV

      6,402        776,310  

Koninklijke DSM NV

      1,521        284,262  

Koninklijke Philips NV

      12,311        610,527  
     

 

 

  
        7,625,957  
     

 

 

  

New Zealand — 0.3%

      

Fisher & Paykel Healthcare Corp. Ltd.

      12,304        267,925  
     

 

 

  

Norway — 0.4%

      

TOMRA Systems ASA

      6,999        387,319  
     

 

 

  

Singapore — 0.4%

      

DBS Group Holdings Ltd.

      21,664        483,795  
     

 

 

  

Spain — 0.6%

      

Amadeus IT Group SA*

      9,900        696,934  
     

 

 

  

Sweden — 3.2%

      

Assa Abloy AB (Class B Stock)

      22,131        668,084  

Atlas Copco AB (Class A Stock)

      12,925        793,073  

Autoliv, Inc.(a)

      3,645        356,335  

Evolution AB, 144A

      2,196        348,204  

Hexagon AB (Class B Stock)

      56,959        844,623  

Nibe Industrier AB (Class B Stock)

      48,000        505,441  
     

 

 

  
        3,515,760  
     

 

 

  

Switzerland — 10.0%

      

Alcon, Inc.

      4,194        294,533  

Givaudan SA

      194        903,664  

Julius Baer Group Ltd.

      6,688        437,644  

Lonza Group AG

      1,861        1,322,036  

Novartis AG

      6,688        609,606  

Partners Group Holding AG

      732        1,110,486  

Roche Holding AG

      2,786        1,049,728  

SGS SA

      129        398,645  

SIG Combibloc Group AG*

      26,936        733,845  

Sika AG

      1,636        537,001  

Sonova Holding AG

      1,596        601,326  

Straumann Holding AG

      1,273        2,032,323  
     Shares      Value  

COMMON STOCKS (continued)

      

Switzerland (cont’d.)

      

Temenos AG

      2,818      $ 454,105  

UBS Group AG

      35,346        541,273  
     

 

 

  
        11,026,215  
     

 

 

  

Taiwan — 4.2%

      

Sea Ltd., ADR*

      8,230        2,259,958  

Taiwan Semiconductor Manufacturing Co. Ltd.

      48,000        1,026,051  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      11,029        1,325,245  
     

 

 

  
        4,611,254  
     

 

 

  

United Kingdom — 12.4%

      

Abcam PLC*

      18,076        346,386  

Ashtead Group PLC

      22,941        1,705,969  

Barratt Developments PLC

      28,198        271,212  

Bunzl PLC

      25,364        837,007  

Compass Group PLC*

      21,416        451,477  

DCC PLC

      9,217        755,819  

Diageo PLC

      19,622        944,360  

Electrocomponents PLC

      25,376        361,725  

Experian PLC

      16,342        631,018  

Fevertree Drinks PLC

      10,357        369,680  

Halma PLC

      9,958        371,994  

London Stock Exchange Group PLC

      10,571        1,166,271  

Prudential PLC

      28,855        548,068  

Reckitt Benckiser Group PLC

      7,558        669,906  

RELX PLC

      27,172        720,844  

Rentokil Initial PLC

      52,802        361,819  

Rightmove PLC

      28,408        254,815  

Segro PLC, REIT

      35,588        539,040  

Smith & Nephew PLC

      16,415        356,530  

Spirax-Sarco Engineering PLC

      2,399        451,475  

St. James’s Place PLC

      17,373        354,687  

Trainline PLC, 144A*

      57,873        235,601  

Unilever PLC

      8,925        522,535  

Weir Group PLC (The)*

      17,878        459,527  
     

 

 

  
        13,687,765  
     

 

 

  

United States — 3.7%

      

Aon PLC (Class A Stock)

      2,098        500,919  

Atlassian Corp. PLC (Class A Stock)*

      5,571        1,430,967  

Ferguson PLC

      6,164        858,123  

Lululemon Athletica, Inc.*

      1,219        444,898  

QIAGEN NV*

      5,245        253,753  

Schneider Electric SE

      4,036        635,866  
     

 

 

  
        4,124,526  
     

 

 

  

Uruguay — 0.3%

      

Dlocal Ltd.*(a)

      6,704        352,161  
     

 

 

  

TOTAL COMMON STOCKS
(cost $62,053,258)

         107,900,332  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A11

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

PREFERRED STOCK — 1.3%

      

Germany

      

Sartorius AG (PRFC)

      2,618      $ 1,365,331  
     

 

 

  

(cost $250,952)

      

TOTAL LONG-TERM INVESTMENTS
(cost $62,304,210)

 

      109,265,663  
     

 

 

  

SHORT-TERM INVESTMENTS — 2.0%

 

   

AFFILIATED MUTUAL FUNDS — 1.8%

 

   

PGIM Core Ultra Short Bond
Fund(wa)

      230,791        230,791  

PGIM Institutional Money Market Fund (cost $1,775,800; includes $1,775,558 of cash collateral for securities on loan)(b)(wa)

      1,780,210        1,779,142  
     

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $2,006,591)

         2,009,933  
     

 

 

  

UNAFFILIATED FUND — 0.2%

      

BlackRock Liquidity FedFund, (Institutional Shares)

      259,339        259,339  
     

 

 

  

(cost $259,339)

      

TOTAL SHORT-TERM INVESTMENTS
(cost $2,265,930)

         2,269,272  
     

 

 

  

TOTAL INVESTMENTS—101.1%
(cost $64,570,140)

         111,534,935  

Liabilities in excess of other assets — (1.1)%

 

      (1,229,905 ) 
     

 

 

  

NET ASSETS — 100.0%

       $   110,305,030  
     

 

 

  

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 $1,706,826; cash collateral of $1,775,558 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Argentina

    $   2,263,469      $ —        $—    

Australia

      —        1,039,171        —  

Austria

      —        555,076        —  

Belgium

      —        274,540        —  

Canada

      2,614,564        —        —  

China

      1,533,482        6,144,727        —  

Denmark

      —        2,465,532        —  

Finland

      —        1,013,161        —  

France

      —          14,417,203        —  

Germany

      662,690        4,347,802        —  

Hong Kong

      —        3,216,518        —  

India

      1,313,521        796,686        —  

Ireland

      810,316        2,749,809        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A12

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Level 1        Level 2        Level 3  

Investments in Securities (continued)

               

Assets (continued)

               

Long-Term Investments (continued)

               

Common Stocks (continued)

               

Israel

      $ 1,730,921        $ —          $—    

Italy

        —          2,170,833          —  

Japan

        —          10,185,123          —  

Luxembourg

        —          815,577          —  

Netherlands

        582,872          7,043,085          —  

New Zealand

        —          267,925          —  

Norway

        —          387,319          —  

Singapore

        —          483,795          —  

Spain

        —          696,934          —  

Sweden

        356,335          3,159,425          —  

Switzerland

        —          11,026,215          —  

Taiwan

        3,585,203          1,026,051          —  

United Kingdom

        —          13,687,765          —  

United States

        2,630,537          1,493,989          —  

Uruguay

        352,161          —          —  

Preferred Stock

               

Germany

        —          1,365,331          —  

Short-Term Investments

               

Affiliated Mutual Funds

        2,009,933          —          —  

Unaffiliated Fund

        259,339          —          —  
    

 

 

       

 

 

       

 

 

  

Total

      $ 20,705,343        $ 90,829,592          $—    
    

 

 

       

 

 

       

 

 

  

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, 2021 were as follows:

IT Services

      8.8 % 

Health Care Equipment & Supplies

      7.5  

Textiles, Apparel & Luxury Goods

      6.6  

Semiconductors & Semiconductor Equipment

      5.7  

Life Sciences Tools & Services

      4.9  

Trading Companies & Distributors

      4.3  

Machinery

      4.2  

Software

      4.2  

Beverages

      3.8  

Capital Markets

      3.5  

Entertainment

      3.3  

Internet & Direct Marketing Retail

      3.2  

Building Products

      3.0  

Professional Services

      3.0  

Electronic Equipment, Instruments & Components

      2.5  

Personal Products

      2.4  

Insurance

      2.3  

Chemicals

      2.3  

Banks

      2.2  

Pharmaceuticals

      2.1  

Interactive Media & Services

      1.8  

Aerospace & Defense

      1.8  

Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan)

      1.8  

Oil, Gas & Consumable Fuels

      1.6  

Automobiles

      1.6 % 

Hotels, Restaurants & Leisure

      1.5  

Electrical Equipment

      1.3  

Containers & Packaging

      1.2  

Biotechnology

      1.1  

Construction Materials

      0.9  

Auto Components

      0.8  

Industrial Conglomerates

      0.7  

Commercial Services & Supplies

      0.7  

Road & Rail

      0.7  

Household Products

      0.6  

Food Products

      0.5  

Air Freight & Logistics

      0.5  

Equity Real Estate Investment Trusts (REITs)

      0.5  

Household Durables

      0.4  

Airlines

      0.4  

Electric Utilities

      0.3  

Diversified Consumer Services

      0.2  

Health Care Technology

      0.2  

Unaffiliated Fund

      0.2  
  

 

 

  
     101.1  

Liabilities in excess of other assets

      (1.1 ) 
  

 

 

  
     100.0 % 
  

 

 

  

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A13

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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

      $ 1,706,826      $ (1,706,826 )     $ —
    

 

 

       

 

 

      

 

 

  

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A14

 
  

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $1,706,826:

   

Unaffiliated investments (cost $62,563,549)

    $ 109,525,002  

Affiliated investments (cost $2,006,591)

      2,009,933  

Foreign currency, at value (cost $65,248)

      64,612  

Receivable for investments sold

      377,943  

Tax reclaim receivable

      319,922  

Receivable for Portfolio shares sold

      180,666  

Dividends receivable

      67,030  

Receivable from affiliate

      755  

Prepaid expenses

      767  
  

 

 

  

Total Assets

      112,546,630  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      1,775,558  

Payable for investments purchased

      146,071  

Payable to affiliate

      138,105  

Accrued expenses and other liabilities

      106,508  

Management fee payable

      70,084  

Payable for Portfolio shares purchased

      4,232  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      39  

Administration fee payable

      23  
  

 

 

  

Total Liabilities

      2,241,600  
  

 

 

  

NET ASSETS

    $ 110,305,030  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 110,305,030  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $110,115,956 / 8,255,118 outstanding shares of beneficial interest

    $ 13.34  
  

 

 

  

Class II:

   

Net asset value and redemption price per share, $189,074 / 14,814 outstanding shares of beneficial interest

    $ 12.76  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Unaffiliated dividend income (net of $82,076 foreign withholding tax, of which $10,432 is reimbursable by an affiliate)

    $ 674,655  

Income from securities lending, net (including affiliated income of $1,905)

      3,317  

Affiliated dividend income

      562  
  

 

 

  

Total income

      678,534  
  

 

 

  

EXPENSES

   

Management fee

      447,874  

Distribution fee—Class II

      228  

Administration fee—Class II

      137  

Custodian and accounting fees

      72,126  

Audit fee

      15,612  

Shareholders’ reports

      15,585  

Legal fees and expenses

      8,933  

Trustees’ fees

      5,397  

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

      5,297  

Miscellaneous

      13,480  
  

 

 

  

Total expenses

      584,669  

Less: Fee waivers and/or expense reimbursement

      (52,124 ) 
  

 

 

  

Net expenses

      532,545  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      145,989  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $271)

      5,186,305  

Foreign currency transactions

      (7,245 ) 
  

 

 

  
     5,179,060  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(1,184))

      3,716,435  

Foreign currencies

      (8,013 ) 
  

 

 

  
     3,708,422  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      8,887,482  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 9,033,471  
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		     Year Ended
December 31, 2020		  

INCREASE (DECREASE) IN NET ASSETS

     

OPERATIONS

     

Net investment income (loss)

    $ 145,989     $ 38,409  

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

      5,179,060       8,925,584  

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

      3,708,422       16,525,818  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      9,033,471       25,489,811  
  

 

 

    

 

 

  

PORTFOLIO SHARE TRANSACTIONS

     

Portfolio shares sold

      2,687,020       5,403,610  

Portfolio shares purchased

      (4,752,702 )      (13,300,644 ) 
  

 

 

    

 

 

  

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

      (2,065,682 )      (7,897,034 ) 
  

 

 

    

 

 

  

TOTAL INCREASE (DECREASE)

      6,967,789       17,592,777  

NET ASSETS:

     

Beginning of period

      103,337,241       85,744,464  
  

 

 

    

 

 

  

End of period

    $ 110,305,030     $ 103,337,241  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A15

 
  

PSF MID-CAP GROWTH PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

LONG-TERM INVESTMENTS — 98.1%

 

COMMON STOCKS

 

Aerospace & Defense — 0.4%

      

HEICO Corp. (Class A Stock)

      14,568      $ 1,809,054  
     

 

 

  

Airlines — 1.5%

      

Delta Air Lines, Inc.*

      98,061        4,242,119  

Frontier Group Holdings, Inc.*(a)

      98,864        1,684,642  
     

 

 

  
        5,926,761  
     

 

 

  

Banks — 2.0%

      

First Republic Bank

      17,530        3,281,090  

Signature Bank

      8,616        2,116,520  

SVB Financial Group*

      5,144        2,862,276  
     

 

 

  
        8,259,886  
     

 

 

  

Beverages — 0.7%

      

Constellation Brands, Inc. (Class A Stock)

      12,456        2,913,334  
     

 

 

  

Biotechnology — 5.4%

      

Agios Pharmaceuticals, Inc.*(a)

      48,740        2,686,061  

Alnylam Pharmaceuticals, Inc.*

      21,907        3,713,675  

Exact Sciences Corp.*

      32,355        4,022,050  

Exelixis, Inc.*

      104,391        1,902,004  

Horizon Therapeutics PLC*

      50,002        4,682,187  

Ionis Pharmaceuticals, Inc.*(a)

      20,847        831,587  

Neurocrine Biosciences, Inc.*

      21,740        2,115,737  

Seagen, Inc.*

      13,119        2,071,228  
     

 

 

  
            22,024,529  
     

 

 

  

Building Products — 3.5%

      

Fortune Brands Home & Security, Inc.

      41,136        4,097,557  

Trane Technologies PLC

      37,498        6,904,882  

Trex Co., Inc.*(a)

      32,890        3,361,687  
     

 

 

  
            14,364,126  
     

 

 

  

Capital Markets — 3.9%

      

Affiliated Managers Group, Inc.

      12,195        1,880,591  

Blackstone Group, Inc. (The)(a)

      29,678        2,882,921  

Charles Schwab Corp. (The)

      45,854        3,338,630  

Evercore, Inc. (Class A Stock)

      18,274        2,572,431  

MarketAxess Holdings, Inc.

      5,528        2,562,725  

MSCI, Inc.

      4,962        2,645,143  
     

 

 

  
            15,882,441  
     

 

 

  

Commercial Services & Supplies — 1.5%

 

   

ACV Auctions, Inc. (Class A Stock)*

      31,160        798,631  

Copart, Inc.*

      40,528        5,342,806  
     

 

 

  
        6,141,437  
     

 

 

  

Construction & Engineering — 0.8%

 

Quanta Services, Inc.

      35,492        3,214,510  
     

 

 

  

Consumer Finance — 0.7%

      

Discover Financial Services

      25,733        3,043,957  
     

 

 

  

Diversified Consumer Services — 0.6%

 

Bright Horizons Family Solutions, Inc.*

      16,881        2,483,364  
     

 

 

  

Electrical Equipment — 2.8%

      

AMETEK, Inc.

      25,255        3,371,542  
     Shares      Value  

COMMON STOCKS (continued)

      

Electrical Equipment (cont’d.)

      

Generac Holdings, Inc.*

      19,420      $ 8,062,213  
     

 

 

  
            11,433,755  
     

 

 

  

Electronic Equipment, Instruments & Components — 4.4%

 

Itron, Inc.*

      24,631        2,462,607  

Keysight Technologies, Inc.*

      28,934        4,467,699  

Littelfuse, Inc.

      11,690        2,978,495  

Trimble, Inc.*

      25,537        2,089,693  

Zebra Technologies Corp. (Class A Stock)*

      11,046        5,848,747  
     

 

 

  
        17,847,241  
     

 

 

  

Entertainment — 4.0%

      

Roku, Inc.*

      21,041        9,663,079  

Spotify Technology SA*

      14,621        4,029,401  

Take-Two Interactive Software, Inc.*

      14,792        2,618,480  
     

 

 

  
        16,310,960  
     

 

 

  

Food Products — 0.3%

      

Oatly Group AB, ADR*(a)

      55,821        1,365,382  
     

 

 

  

Health Care Equipment & Supplies — 4.8%

 

Align Technology, Inc.*

      3,464        2,116,504  

Cooper Cos., Inc. (The)

      8,577        3,398,808  

Dexcom, Inc.*

      18,509        7,903,343  

Insulet Corp.*(a)

      13,180        3,618,042  

ResMed, Inc.

      10,611        2,615,823  
     

 

 

  
            19,652,520  
     

 

 

  

Health Care Providers & Services — 3.7%

 

Acadia Healthcare Co., Inc.*

      35,086        2,201,646  

Amedisys, Inc.*

      10,444        2,558,049  

Centene Corp.*

      44,146        3,219,568  

Cigna Corp.

      15,641        3,708,012  

McKesson Corp.

      17,739        3,392,406  
     

 

 

  
            15,079,681  
     

 

 

  

Health Care Technology — 0.8%

      

Teladoc Health, Inc.*(a)

      19,027        3,164,000  
     

 

 

  

Hotels, Restaurants & Leisure — 4.3%

      

Airbnb, Inc. (Class A Stock)*

      6,854        1,049,622  

Aramark

      62,664        2,334,234  

Booking Holdings, Inc.*

      893        1,953,964  

Chipotle Mexican Grill, Inc.*

      2,080        3,224,707  

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

      71,880        3,749,980  

Las Vegas Sands Corp.*

      53,619        2,825,185  

Royal Caribbean Cruises Ltd.*(a)

      29,846        2,545,267  
     

 

 

  
            17,682,959  
     

 

 

  

Household Durables — 1.5%

      

Garmin Ltd.

      19,168        2,772,460  

Helen of Troy Ltd.*(a)

      14,694        3,351,995  
     

 

 

  
        6,124,455  
     

 

 

  

Insurance — 0.5%

      

Progressive Corp. (The)

      20,617        2,024,796  
     

 

 

  

Interactive Media & Services — 4.0%

      

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

      32,505        1,872,288  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A16

 
  

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

      

Interactive Media & Services (cont’d.)

      

Match Group, Inc.*

      41,555      $ 6,700,744  

Pinterest, Inc. (Class A Stock)*

      51,634        4,076,504  

Zillow Group, Inc. (Class C Stock)*(a)

      30,967        3,784,787  
     

 

 

  
        16,434,323  
     

 

 

  

Internet & Direct Marketing Retail — 0.5%

 

   

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

      25,660        2,045,359  
     

 

 

  

IT Services — 3.4%

      

Affirm Holdings, Inc.*(a)

      16,873        1,136,396  

Global Payments, Inc.

      21,440        4,020,858  

MongoDB, Inc.*(a)

      9,855        3,562,780  

Okta, Inc.*

      15,591        3,814,806  

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

      4,870        1,177,566  
     

 

 

  
        13,712,406  
     

 

 

  

Leisure Products — 0.5%

      

Brunswick Corp.

      22,260        2,217,541  
     

 

 

  

Life Sciences Tools & Services — 3.4%

      

Agilent Technologies, Inc.

      41,661        6,157,912  

Maravai LifeSciences Holdings, Inc. (Class A Stock)*

      70,216        2,930,114  

Mettler-Toledo International, Inc.*

      3,403        4,714,312  
     

 

 

  
        13,802,338  
     

 

 

  

Machinery — 2.3%

      

Ingersoll Rand, Inc.*

      76,097        3,714,295  

ITT, Inc.

      34,331        3,144,376  

Stanley Black & Decker, Inc.

      12,823        2,628,587  
     

 

 

  
        9,487,258  
     

 

 

  

Media — 0.5%

      

Discovery, Inc. (Class C Stock)*

      69,722        2,020,543  
     

 

 

  

Metals & Mining — 0.7%

      

Freeport-McMoRan, Inc.

      82,308        3,054,450  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.6%

      

EOG Resources, Inc.

      28,254        2,357,514  
     

 

 

  

Pharmaceuticals — 1.9%

      

Catalent, Inc.*

      26,588        2,874,694  

Jazz Pharmaceuticals PLC*

      15,309        2,719,491  

Royalty Pharma PLC (Class A Stock)(a)

      50,590        2,073,684  
     

 

 

  
        7,667,869  
     

 

 

  

Professional Services — 3.3%

      

Booz Allen Hamilton Holding Corp.

      46,378        3,950,478  

CoStar Group, Inc.*

      17,680        1,464,258  

Equifax, Inc.

      19,084        4,570,809  

IHS Markit Ltd.

      31,052        3,498,318  
     

 

 

  
        13,483,863  
     

 

 

  

Road & Rail — 2.2%

      

Lyft, Inc. (Class A Stock)*

      62,431        3,775,827  

Old Dominion Freight Line, Inc.

      19,738        5,009,504  
     

 

 

  
        8,785,331  
     

 

 

  

Semiconductors & Semiconductor Equipment — 8.5%

 

Advanced Micro Devices, Inc.*

      31,590        2,967,249  
     Shares      Value  

COMMON STOCKS (continued)

      

Semiconductors & Semiconductor Equipment (cont’d.)

 

Cree, Inc.*(a)

      21,586      $ 2,113,917  

Entegris, Inc.(a)

      46,083        5,666,826  

Lam Research Corp.

      7,013        4,563,359  

Marvell Technology, Inc.

      48,922        2,853,620  

Microchip Technology, Inc.(a)

      30,071        4,502,832  

SolarEdge Technologies, Inc.*

      16,290        4,502,067  

Teradyne, Inc.

      37,660        5,044,934  

Xilinx, Inc.

      17,064        2,468,137  
     

 

 

  
        34,682,941  
     

 

 

  

Software — 12.4%

      

Avalara, Inc.*

      13,983        2,262,449  

Bill.com Holdings, Inc.*

      10,875        1,992,083  

Cadence Design Systems, Inc.*

      34,806        4,762,157  

Confluent, Inc. (Class A Stock)*

      1,302        61,845  

Coupa Software, Inc.*

      10,326        2,706,548  

Crowdstrike Holdings, Inc. (Class A Stock)*

      22,722        5,710,266  

DocuSign, Inc.*

      16,823        4,703,206  

Five9, Inc.*

      23,216        4,257,582  

HubSpot, Inc.*

      11,427        6,658,741  

RingCentral, Inc. (Class A Stock)*

      12,759        3,707,510  

Synopsys, Inc.*

      16,211        4,470,832  

Trade Desk, Inc. (The) (Class A
Stock)*(a)

      62,080        4,802,509  

UiPath, Inc. (Class A Stock)*

      14,600        991,778  

Zscaler, Inc.*

      16,379        3,538,847  
     

 

 

  
        50,626,353  
     

 

 

  

Specialty Retail — 5.3%

      

Burlington Stores, Inc.*

      12,958        4,172,346  

CarMax, Inc.*(a)

      25,038        3,233,658  

National Vision Holdings, Inc.*(a)

      43,349        2,216,434  

O’Reilly Automotive, Inc.*

      5,431        3,075,087  

Tractor Supply Co.

      26,026        4,842,398  

Ulta Beauty, Inc.*

      11,672        4,035,827  
     

 

 

  
        21,575,750  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

 

   

Lululemon Athletica, Inc.*

      6,131        2,237,631  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $254,545,467)

 

      400,940,618  
     

 

 

  
SHORT-TERM INVESTMENTS — 15.3%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond Fund(wa)

      7,515,341        7,515,341  

PGIM Institutional Money Market
Fund (cost $55,134,422; includes
$55,131,707 of cash collateral for
securities on loan)(b)(wa)

      55,218,627        55,185,496  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $62,649,763)

 

      62,700,837  
     

 

 

  

TOTAL INVESTMENTS — 113.4%
(cost $317,195,230)

 

      463,641,455  

Liabilities in excess of other assets — (13.4)%

 

      (54,838,419 ) 
     

 

 

  

NET ASSETS — 100.0%

       $ 408,803,036  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A17

 
  

PSF MID-CAP GROWTH PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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

 

*

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $53,326,578; cash collateral of $55,131,707 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ 1,809,054        $—          $—    

Airlines

      5,926,761        —        —  

Banks

      8,259,886        —        —  

Beverages

      2,913,334        —        —  

Biotechnology

      22,024,529        —        —  

Building Products

      14,364,126        —        —  

Capital Markets

      15,882,441        —        —  

Commercial Services & Supplies

      6,141,437        —        —  

Construction & Engineering

      3,214,510        —        —  

Consumer Finance

      3,043,957        —        —  

Diversified Consumer Services

      2,483,364        —        —  

Electrical Equipment

      11,433,755        —        —  

Electronic Equipment, Instruments & Components

      17,847,241        —        —  

Entertainment

      16,310,960        —        —  

Food Products

      1,365,382        —        —  

Health Care Equipment & Supplies

      19,652,520        —        —  

Health Care Providers & Services

      15,079,681        —        —  

Health Care Technology

      3,164,000        —        —  

Hotels, Restaurants & Leisure

      17,682,959        —        —  

Household Durables

      6,124,455        —        —  

Insurance

      2,024,796        —        —  

Interactive Media & Services

      16,434,323        —        —  

Internet & Direct Marketing Retail

      2,045,359        —        —  

IT Services

      13,712,406        —        —  

Leisure Products

      2,217,541        —        —  

Life Sciences Tools & Services

      13,802,338        —        —  

Machinery

      9,487,258        —        —  

Media

      2,020,543        —        —  

Metals & Mining

      3,054,450        —        —  

Oil, Gas & Consumable Fuels

      2,357,514        —        —  

Pharmaceuticals

      7,667,869        —        —  

Professional Services

      13,483,863        —        —  

Road & Rail

      8,785,331        —        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A18

 
   PSF MID-CAP GROWTH PORTFOLIO  (CONTINUED)  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Long-Term Investments (continued)

         

Common Stocks (continued)

         

Semiconductors & Semiconductor Equipment

    $ 34,682,941        $—          $—    

Software

      50,626,353        —        —  

Specialty Retail

      21,575,750        —        —  

Textiles, Apparel & Luxury Goods

      2,237,631        —        —  

Short-Term Investments

         

Affiliated Mutual Funds

      62,700,837        —        —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 463,641,455        $—          $—    
  

 

 

     

 

 

     

 

 

  

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, 2021 were as follows:

Affiliated Mutual Funds (13.5% represents investments purchased with collateral from securities on loan)

      15.3 % 

Software

      12.4  

Semiconductors & Semiconductor Equipment

      8.5  

Biotechnology

      5.4  

Specialty Retail

      5.3  

Health Care Equipment & Supplies

      4.8  

Electronic Equipment, Instruments & Components

      4.4  

Hotels, Restaurants & Leisure

      4.3  

Interactive Media & Services

      4.0  

Entertainment

      4.0  

Capital Markets

      3.9  

Health Care Providers & Services

      3.7  

Building Products

      3.5  

Life Sciences Tools & Services

      3.4  

IT Services

      3.4  

Professional Services

      3.3  

Electrical Equipment

      2.8  

Machinery

      2.3  

Road & Rail

      2.2  

Banks

      2.0  

Pharmaceuticals

      1.9  

 

Commercial Services & Supplies

      1.5 % 

Household Durables

      1.5  

Airlines

      1.5  

Construction & Engineering

      0.8  

Health Care Technology

      0.8  

Metals & Mining

      0.7  

Consumer Finance

      0.7  

Beverages

      0.7  

Diversified Consumer Services

      0.6  

Oil, Gas & Consumable Fuels

      0.6  

Textiles, Apparel & Luxury Goods

      0.5  

Leisure Products

      0.5  

Internet & Direct Marketing Retail

      0.5  

Insurance

      0.5  

Media

      0.5  

Aerospace & Defense

      0.4  

Food Products

      0.3  
  

 

 

  
     113.4  

Liabilities in excess of other assets

      (13.4 ) 
  

 

 

  
     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:

 

Description

    Gross Market
Value of
Recognized
Assets/(Liabilities)		    Collateral
Pledged/(Received)(1)		    Net
Amount

Securities on Loan

    $53,326,578    $(53,326,578)    $—
  

 

   

 

   

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A19

 
  

PSF MID-CAP GROWTH PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $53,326,578:

   

Unaffiliated investments (cost $254,545,467)

    $ 400,940,618  

Affiliated investments (cost $62,649,763)

      62,700,837  

Cash

      12,843  

Receivable for investments sold

      856,788  

Dividends receivable

      55,355  

Tax reclaim receivable

      14,688  

Prepaid expenses

      16,843  
  

 

 

  

Total Assets

      464,597,972  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      55,131,707  

Payable for investments purchased

      259,951  

Management fee payable

      195,033  

Accrued expenses and other liabilities

      114,687  

Payable for Portfolio shares purchased

      82,413  

Payable to affiliate

      10,061  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      67  

Administration fee payable

      37  
  

 

 

  

Total Liabilities

      55,794,936  
  

 

 

  

NET ASSETS

    $ 408,803,036  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 408,803,036  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $408,432,275 / 13,600,208 outstanding shares of beneficial interest

    $ 30.03  
  

 

 

  

Class II:

   

Net asset value and redemption price per share, $308,028 / 11,024 outstanding shares of beneficial interest

    $ 27.94  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $62,733 / 2,090 outstanding shares of beneficial interest

    $ 30.02  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Unaffiliated dividend income (net of $108 foreign withholding tax)

    $ 697,706  

Income from securities lending, net (including affiliated income of $11,050)

      37,785  

Affiliated dividend income

      3,734  
  

 

 

  

Total income

      739,225  
  

 

 

  

EXPENSES

   

Management fee

      1,172,040  

Distribution fee—Class II

      389  

Distribution fee—Class III

      7  

Administration fee—Class II

      233  

Custodian and accounting fees

      31,160  

Shareholders’ reports

      26,187  

Audit fee

      14,875  

Legal fees and expenses

      9,462  

Trustees’ fees

      7,008  

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

      5,297  

Miscellaneous

      11,592  
  

 

 

  

Total expenses

      1,278,250  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      (539,025 ) 
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON

INVESTMENT TRANSACTIONS

 

 

Net realized gain (loss) on investment transactions (including affiliated of $(4,217))

      36,361,447  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(2,039))

      (3,964,360 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      32,397,087  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 31,858,062  
  

 

 

  
 
STATEMENTS OF CHANGES IN NET ASSETS (unaudited)         
     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ (539,025 )     $ (456,313 )

Net realized gain (loss) on investment transactions

        36,361,447       44,796,196

Net change in unrealized appreciation (depreciation) on investments

        (3,964,360 )       80,524,571
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        31,858,062       124,864,454
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        15,457,288       21,356,366

Portfolio shares purchased

        (20,956,231 )       (44,027,064 )
    

 

 

      

 

 

  

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

        (5,498,943 )       (22,670,698 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        26,359,119       102,193,756

NET ASSETS:

         

Beginning of period

        382,443,917       280,250,161
    

 

 

      

 

 

  

End of period

      $ 408,803,036     $ 382,443,917
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A20

 
   PSF NATURAL RESOURCES  PORTFOLIO  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

LONG-TERM INVESTMENTS — 100.0%

 

COMMON STOCKS

 

   

Agricultural Products — 0.7%

 

Darling Ingredients, Inc.*

      44,205      $ 2,983,838  
     

 

 

  

Automobile Manufacturers — 0.6%

 

Ford Motor Co.*

      189,745        2,819,611  
     

 

 

  

Building Products — 1.0%

 

Johnson Controls International PLC

      67,825        4,654,830  
     

 

 

  

Commodity Chemicals — 0.6%

 

LG Chem Ltd. (South Korea)

      3,360        2,545,187  
     

 

 

  

Construction & Engineering — 0.9%

 

Quanta Services, Inc.

      46,170        4,181,617  
     

 

 

  

Copper — 3.5%

 

First Quantum Minerals Ltd. (Zambia)

      239,929        5,529,825  

Freeport-McMoRan, Inc.

      274,990        10,204,879  
     

 

 

  
        15,734,704  
     

 

 

  

Diversified Chemicals — 1.0%

 

Chemours Co. (The)

      125,955        4,383,234  
     

 

 

  

Diversified Metals & Mining — 7.1%

 

BHP Group Ltd. (Australia)

      358,863        13,142,920  

Glencore PLC (Australia)*

      832,830        3,587,733  

Rio Tinto PLC (Australia)

      176,146        14,584,170  
     

 

 

  
        31,314,823  
     

 

 

  

Electrical Components & Equipment — 5.3%

 

Eaton Corp. PLC

      31,335        4,643,220  

Generac Holdings, Inc.*

      20,525        8,520,954  

Plug Power, Inc.*(a)

      128,640        4,398,202  

Sunrun, Inc.*(a)

      105,575        5,888,973  
     

 

 

  
            23,451,349  
     

 

 

  

Electronic Components — 1.1%

 

Samsung SDI Co. Ltd. (South Korea)

      7,845        4,884,576  
     

 

 

  

Fertilizers & Agricultural Chemicals — 0.8%

 

Sociedad Quimica y Minera de Chile SA (Chile), ADR

      72,200        3,417,226  
     

 

 

  

Gold — 3.6%

 

Barrick Gold Corp. (Canada)(a)

      240,280        4,968,990  

Newcrest Mining Ltd. (Australia)

      225,721        4,305,639  

Newmont Corp.

      83,550        5,295,399  

Wheaton Precious Metals Corp. (Brazil)

      35,052        1,545,048  
     

 

 

  
        16,115,076  
     

 

 

  

Heavy Electrical Equipment — 0.8%

 

Siemens Gamesa Renewable Energy SA (Spain)

      56,410        1,886,222  

TPI Composites, Inc.*

      37,600        1,820,592  
     

 

 

  
        3,706,814  
     

 

 

  

Industrial Gases — 5.4%

 

Air Liquide SA (France)

      31,867        5,591,065  

Air Products & Chemicals, Inc.

      24,805        7,135,902  

Linde PLC (United Kingdom)

      38,295        11,071,085  
     

 

 

  
        23,798,052  
     

 

 

  
         Shares              Value      

COMMON STOCKS (continued)

 

Industrial Machinery — 1.1%

 

Chart Industries, Inc.*

      32,415      $ 4,742,963  
     

 

 

  

Integrated Oil & Gas — 21.0%

 

BP PLC (United Kingdom), ADR

      418,500            11,056,770  

Chevron Corp.

      215,665        22,588,752  

Equinor ASA (Norway)

      445,485        9,473,841  

Exxon Mobil Corp.

      368,305        23,232,679  

Royal Dutch Shell PLC (Netherlands)(Class B Stock)

      676,300        13,140,496  

Suncor Energy, Inc. (Canada)

      140,979        3,376,627  

TotalEnergies SE (France), ADR(a)

      229,145        10,371,103  
     

 

 

  
        93,240,268  
     

 

 

  

Oil & Gas Equipment & Services — 4.8%

 

Baker Hughes Co.(a)

      435,070        9,950,051  

Schlumberger NV

      357,455        11,442,134  
     

 

 

  
        21,392,185  
     

 

 

  

Oil & Gas Exploration & Production — 16.2%

 

ConocoPhillips

      367,306        22,368,935  

Devon Energy Corp.

      308,045        8,991,834  

Diamondback Energy, Inc.

      125,795        11,810,892  

EOG Resources, Inc.

      66,760        5,570,454  

Hess Corp.

      110,455        9,644,931  

Marathon Oil Corp.

      215,340        2,932,931  

Pioneer Natural Resources Co.

      64,098        10,417,207  
     

 

 

  
        71,737,184  
     

 

 

  

Oil & Gas Refining & Marketing — 8.5%

 

Marathon Petroleum Corp.

      258,115        15,595,309  

Neste OYJ (Finland)

      81,831        5,017,341  

Valero Energy Corp.

      218,862        17,088,744  
     

 

 

  
        37,701,394  
     

 

 

  

Oil & Gas Storage & Transportation — 7.6%

 

Cheniere Energy, Inc.*

      51,805        4,493,566  

Kinder Morgan, Inc.

      478,090        8,715,581  

ONEOK, Inc.

      103,400        5,753,176  

TC Energy Corp. (Canada)(a)

      93,114        4,607,625  

Williams Cos., Inc. (The)

      389,205        10,333,393  
     

 

 

  
        33,903,341  
     

 

 

  

Precious Metals & Minerals — 0.0%

 

Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (original cost $1,102,975; purchased 11/27/07)*^(f)

      129,100        23,216  
     

 

 

  

Renewable Electricity — 1.2%

 

Sunnova Energy International, Inc.*(a)

      136,000        5,121,760  
     

 

 

  

Semiconductor Equipment — 2.6%

 

Enphase Energy, Inc.*

      37,840        6,948,559  

SolarEdge Technologies, Inc.*

      15,910        4,397,047  
     

 

 

  
        11,345,606  
     

 

 

  

Semiconductors — 0.5%

 

First Solar, Inc.*(a)

      22,995        2,081,277  
     

 

 

  

Specialty Chemicals — 3.3%

 

Albemarle Corp.

      43,375        7,306,953  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A21

 
   PSF NATURAL RESOURCES PORTFOLIO  (CONTINUED)  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

 

         Shares              Value      

COMMON STOCKS (continued)

 

Specialty Chemicals (cont’d.)

 

Livent Corp.*(a)

      128,025      $ 2,478,564  

Shin-Etsu Chemical Co. Ltd. (Japan)

      27,800        4,648,630  
     

 

 

  
            14,434,147  
     

 

 

  

Steel — 0.8%

 

Vale SA (Brazil), ADR

      154,540        3,525,057  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $314,483,921)

 

      443,239,335  
     

 

 

  
SHORT-TERM INVESTMENTS — 8.3%

 

   
AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond
Fund(wa)

      554,318        554,318  

PGIM Institutional Money Market Fund (cost $36,322,558; includes $36,320,048 of cash collateral for securities on
loan)(b)(wa)

      36,364,296        36,342,478  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $36,876,876)

 

      36,896,796  
     

 

 

  

TOTAL INVESTMENTS—108.3%
(cost $351,360,797)

 

      480,136,131  

Liabilities in excess of other assets — (8.3)%

 

      (36,676,792 ) 
     

 

 

  

NET ASSETS — 100.0%

 

    $ 443,459,339  
     

 

 

  

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

 

*

Non-income producing security.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $23,216 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 $35,401,802; cash collateral of $36,320,048 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the original cost of such security is $1,102,975. The value of $23,216 is 0.0% 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.

 

 

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, 2021 in valuing such portfolio securities:

 

         Level 1              Level 2          Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Australia

    $ —      $ 35,620,462      $ —  

Brazil

      5,070,105        —        —  

Canada

      12,953,242        —        —  

Chile

      3,417,226        —        —  

Finland

      —        5,017,341        —  

France

      10,371,103        5,591,065        —  

Japan

      —        4,648,630        —  

Netherlands

      —        13,140,496        —  

Norway

      —        9,473,841        —  

South Africa

      —        —        23,216  

South Korea

      —        7,429,763        —  

Spain

      —        1,886,222        —  

United Kingdom

      22,127,855        —        —  

United States

      300,938,943        —        —  

Zambia

      5,529,825        —        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A22

 
   PSF NATURAL RESOURCES PORTFOLIO  (CONTINUED)  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Level 1              Level 2          Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Short-Term Investments

         

Affiliated Mutual Funds

    $ 36,896,796      $ —      $ —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 397,305,095      $ 82,807,820      $ 23,216  
  

 

 

     

 

 

     

 

 

  

Country Classification:

The country classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of June 30, 2021 were as follows:

 

United States (including 8.2% of collateral for securities on loan)

      76.2 % 

Australia

      8.1  

United Kingdom

      5.0  

France

      3.6  

Netherlands

      3.0  

Canada

      2.9  

Norway

      2.1  

South Korea

      1.7  

Zambia

      1.2  

Brazil

      1.1  

Finland

      1.1 % 

Japan

      1.1  

Chile

      0.8  

Spain

      0.4  

South Africa

      0.0 * 
  

 

 

  
     108.3  

Liabilities in excess of other assets

      (8.3 ) 
  

 

 

  
     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

        $ 35,401,802        $ (35,401,802 )      $ —
      

 

 

         

 

 

       

 

 

  

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A23

 
   PSF NATURAL RESOURCES PORTFOLIO  (CONTINUED)  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $35,401,802:

   

Unaffiliated investments (cost $314,483,921)

    $ 443,239,335  

Affiliated investments (cost $36,876,876)

      36,896,796  

Foreign currency, at value (cost $2,071)

      2,061  

Tax reclaim receivable

      944,730  

Dividends receivable

      404,176  

Receivable for Portfolio shares sold

      33,711  

Receivable from affiliate

      1,467  

Prepaid expenses

      1,092  
  

 

 

  

Total Assets

      481,523,368  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      36,320,048  

Payable to affiliate

      719,861  

Payable for investments purchased

      664,643  

Management fee payable

      162,635  

Accrued expenses and other liabilities

      138,039  

Payable for Portfolio shares purchased

      46,365  

Distribution fee payable

      7,164  

Administration fee payable

      4,294  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      38,064,029  
  

 

 

  

NET ASSETS

    $ 443,459,339  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 443,459,339  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $408,836,243 / 12,527,466 outstanding shares of beneficial interest

    $ 32.64  
  

 

 

  

Class II:

   

Net asset value and redemption price per share, $34,563,733 / 1,106,400 outstanding shares of beneficial interest

    $ 31.24  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $59,363 / 1,820 outstanding shares of beneficial interest

    $ 32.62  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

 

INCOME

   

Unaffiliated dividend income (net of $154,722 foreign withholding tax, of which $10,267 is reimbursable by an affiliate)

    $ 6,459,861  

Income from securities lending, net (including affiliated income of $14,534)

      133,729  

Affiliated dividend income

      1,388  
  

 

 

  

Total income

      6,594,978  
  

 

 

  

EXPENSES

   

Management fee

      962,848  

Distribution fee—Class II

      42,415  

Distribution fee—Class III

      18  

Administration fee—Class II

      25,448  

Shareholders’ reports

      45,371  

Custodian and accounting fees

      43,203  

Audit fee

      14,484  

Legal fees and expenses

      9,464  

Trustees’ fees

      7,023  

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

      5,297  

Miscellaneous

      14,394  
  

 

 

  

Total expenses

      1,169,965  

Less: Fee waivers and/or expense reimbursement

      (17,117 ) 
  

 

 

  

Net expenses

      1,152,848  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      5,442,130  
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON

INVESTMENT AND FOREIGN CURRENCY

TRANSACTIONS

 

 

 

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(3,617)) (net of foreign capital gains taxes $(88,814))

      67,718,586  

Foreign currency transactions

      (4,931 ) 
  

 

 

  
     67,713,655  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $115)

      702,085  

Foreign currencies

      (7,688 ) 
  

 

 

  
     694,397  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      68,408,052  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 73,850,182  
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 5,442,130     $ 7,278,252

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

        67,713,655       (34,800,100 )

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

        694,397       67,213,184
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        73,850,182       39,691,336
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        6,928,473       18,902,478

Portfolio shares purchased

        (21,572,182 )       (56,008,630 )
    

 

 

      

 

 

  

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

        (14,643,709 )       (37,106,152 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        59,206,473       2,585,184

NET ASSETS:

         

Beginning of period

        384,252,866       381,667,682
    

 

 

      

 

 

  

End of period

      $ 443,459,339     $ 384,252,866
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A24

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
LONG-TERM INVESTMENTS — 89.3%

 

COMMON STOCKS — 54.4%      

Aerospace & Defense — 0.9%

      

Boeing Co. (The)*

      22,350      $ 5,354,166  

General Dynamics Corp.

      9,500        1,788,470  

Howmet Aerospace, Inc.*

      15,080        519,808  

Huntington Ingalls Industries, Inc.

      1,900        400,425  

L3Harris Technologies, Inc.

      8,670        1,874,020  

Lockheed Martin Corp.

      10,120        3,828,902  

Northrop Grumman Corp.

      6,362        2,312,142  

Raytheon Technologies Corp.

      62,755        5,353,629  

Teledyne Technologies, Inc.*

      1,960        820,907  

Textron, Inc.

      9,800        673,946  

TransDigm Group, Inc.*

      2,300        1,488,767  
     

 

 

  
        24,415,182  
     

 

 

  

Air Freight & Logistics — 0.4%

      

C.H. Robinson Worldwide, Inc.

      5,800        543,286  

Deutsche Post AG (Germany)

      6,002        408,769  

Expeditors International of Washington, Inc.

      7,300        924,180  

FedEx Corp.

      10,080        3,007,166  

SG Holdings Co. Ltd. (Japan)

      3,600        94,430  

United Parcel Service, Inc. (Class B Stock)

      29,600        6,155,912  

Yamato Holdings Co. Ltd. (Japan)

      2,900        82,498  
     

 

 

  
        11,216,241  
     

 

 

  

Airlines — 0.1%

      

Alaska Air Group, Inc.*

      4,900        295,519  

American Airlines Group, Inc.*(a)

      25,100        532,371  

Delta Air Lines, Inc.*

      25,500        1,103,130  

Southwest Airlines Co.*

      24,300        1,290,087  

United Airlines Holdings, Inc.*(a)

      12,400        648,396  
     

 

 

  
        3,869,503  
     

 

 

  

Auto Components — 0.1%

      

Aisin Corp. (Japan)

      400        17,157  

Aptiv PLC*

      11,100        1,746,363  

BorgWarner, Inc.

      9,600        465,984  

Sumitomo Electric Industries Ltd. (Japan)

      1,600        23,668  
     

 

 

  
        2,253,172  
     

 

 

  

Automobiles — 1.0%

      

Bayerische Motoren Werke AG (Germany)

      1,749        185,583  

Daimler AG (Germany)

      4,512        403,479  

Ford Motor Co.*

      159,785        2,374,405  

General Motors Co.*

      52,600        3,112,342  

Isuzu Motors Ltd. (Japan)

      7,500        98,857  

Mazda Motor Corp. (Japan)*

      2,100        19,782  

Stellantis NV

      2,124        41,851  

Tesla, Inc.*

      31,710        21,553,287  

Toyota Motor Corp. (Japan)

      1,700        148,518  

Volkswagen AG (Germany)

      65        21,404  

Yamaha Motor Co. Ltd. (Japan)

      7,900        214,498  
     

 

 

  
            28,174,006  
     

 

 

  
     Shares      Value  
COMMON STOCKS (continued)

 

Banks — 2.4%

      

Australia & New Zealand Banking Group Ltd. (Australia)

      5,797      $ 122,662  

Bank Hapoalim BM (Israel)*

      2,380        19,110  

Bank Leumi Le-Israel BM (Israel)*

      2,970        22,556  

Bank of America Corp.

      311,341        12,836,589  

BNP Paribas SA (France)

      5,669        355,274  

Chiba Bank Ltd. (The) (Japan)

      36,300        219,520  

Citigroup, Inc.

      85,835        6,072,826  

Citizens Financial Group, Inc.

      17,800        816,486  

Comerica, Inc.

      5,600        399,504  

Commonwealth Bank of Australia (Australia)

      4,709        353,906  

Credit Agricole SA (France)

      9,888        138,731  

DBS Group Holdings Ltd. (Singapore)

      15,100        337,210  

DNB ASA (Norway)

      10,487        228,707  

Fifth Third Bancorp

      29,021        1,109,473  

First Republic Bank

      7,400        1,385,058  

Huntington Bancshares, Inc.

      56,736        809,623  

Japan Post Bank Co. Ltd. (Japan)

      1,400        11,795  

JPMorgan Chase & Co.

      125,545        19,527,269  

KBC Group NV (Belgium)

      384        29,252  

KeyCorp

      39,300        811,545  

M&T Bank Corp.

      5,400        784,674  

Mitsubishi UFJ Financial Group, Inc. (Japan)

      28,600        154,384  

Mizuho Financial Group, Inc. (Japan)

      4,920        70,382  

National Australia Bank Ltd. (Australia)

      6,699        132,144  

Nordea Bank Abp (Finland)

      25,783        287,400  

Oversea-Chinese Banking Corp. Ltd. (Singapore)

      7,000        62,367  

People’s United Financial, Inc.

      15,300        262,242  

PNC Financial Services Group, Inc. (The)

      17,633        3,363,671  

Regions Financial Corp.

      37,703        760,847  

Resona Holdings, Inc. (Japan)

      4,000        15,417  

Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)

      3,021        39,053  

Sumitomo Mitsui Financial Group, Inc. (Japan)

      4,000        137,596  

SVB Financial Group*

      2,300        1,279,789  

Svenska Handelsbanken AB (Sweden) (Class A Stock)

      3,245        36,696  

Truist Financial Corp.

      55,101        3,058,106  

U.S. Bancorp

      56,085        3,195,162  

United Overseas Bank Ltd. (Singapore)

      2,300        44,337  

Wells Fargo & Co.

      169,064        7,656,909  

Westpac Banking Corp. (Australia)

      4,664        90,372  

Zions Bancorp NA

      6,350        335,661  
     

 

 

  
            67,374,305  
     

 

 

  

Beverages — 0.8%

      

Brown-Forman Corp. (Class B Stock)

      7,775        582,658  

Carlsberg A/S (Denmark) (Class B Stock)

      195        36,372  

Coca-Cola Co. (The)

      159,201        8,614,366  

Coca-Cola HBC AG (Russia)*

      420        15,243  

Constellation Brands, Inc. (Class A Stock)

      7,000        1,637,230  

Diageo PLC (United Kingdom)

      3,698        177,976  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A25

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Beverages (cont’d.)

      

Kirin Holdings Co. Ltd. (Japan)

      1,700      $ 33,127  

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

      7,300        391,937  

Monster Beverage Corp.*

      15,100        1,379,385  

PepsiCo, Inc.

      56,907        8,431,910  
     

 

 

  
        21,300,204  
     

 

 

  

Biotechnology — 1.0%

      

AbbVie, Inc.

      72,701        8,189,041  

Alexion Pharmaceuticals, Inc.*

      9,000        1,653,390  

Amgen, Inc.

      23,837        5,810,269  

Biogen, Inc.*

      6,360        2,202,277  

Gilead Sciences, Inc.

      51,300        3,532,518  

Incyte Corp.*

      7,500        630,975  

Regeneron Pharmaceuticals, Inc.*

      4,340        2,424,063  

Vertex Pharmaceuticals, Inc.*

      10,700        2,157,441  
     

 

 

  
            26,599,974  
     

 

 

  

Building Products — 0.3%

      

A.O. Smith Corp.

      5,600        403,536  

AGC, Inc. (Japan)

      400        16,778  

Allegion PLC

      3,833        533,937  

Carrier Global Corp.

      32,802        1,594,177  

Cie de Saint-Gobain (France)

      4,482        296,073  

Fortune Brands Home & Security, Inc.

      5,900        587,699  

Geberit AG (Switzerland)

      76        57,077  

Johnson Controls International PLC

      29,622        2,032,958  

Kingspan Group PLC (Ireland)

      303        28,658  

Lixil Corp. (Japan)

      600        15,486  

Masco Corp.

      10,900        642,119  

Nibe Industrier AB (Sweden) (Class B Stock)

      2,970        31,274  

Trane Technologies PLC

      9,900        1,822,986  

Xinyi Glass Holdings Ltd. (Hong Kong)

      52,000        212,431  
     

 

 

  
        8,275,189  
     

 

 

  

Capital Markets — 1.7%

      

3i Group PLC (United Kingdom)

      5,126        83,530  

Ameriprise Financial, Inc.

      4,820        1,199,602  

Amundi SA (France), 144A

      128        11,307  

Bank of New York Mellon Corp. (The)

      33,358        1,708,930  

BlackRock, Inc.

      5,850        5,118,574  

Cboe Global Markets, Inc.

      4,500        535,725  

Charles Schwab Corp. (The)

      61,050        4,445,050  

CME Group, Inc.

      14,700        3,126,396  

Daiwa Securities Group, Inc. (Japan)

      40,000        219,951  

Franklin Resources, Inc.(a)

      10,100        323,099  

Goldman Sachs Group, Inc. (The)

      14,300        5,427,279  

Intercontinental Exchange, Inc.

      22,955        2,724,759  

Invesco Ltd.

      13,800        368,874  

Julius Baer Group Ltd. (Switzerland)

      3,770        246,698  

MarketAxess Holdings, Inc.

      1,620        751,016  

Moody’s Corp.

      6,650        2,409,761  

Morgan Stanley

      61,819        5,668,184  

MSCI, Inc.

      3,400        1,812,472  

Nasdaq, Inc.

      5,000        879,000  

Northern Trust Corp.

      8,900        1,029,018  
     Shares      Value  
COMMON STOCKS (continued)

 

Capital Markets (cont’d.)

      

Partners Group Holding AG (Switzerland)

      47      $ 71,302  

Raymond James Financial, Inc.

      5,200        675,480  

S&P Global, Inc.

      9,860        4,047,037  

SBI Holdings, Inc. (Japan)

      400        9,483  

Schroders PLC (United Kingdom)

      4,358        211,780  

St. James’s Place PLC (United Kingdom)

      1,116        22,784  

Standard Life Aberdeen PLC (United Kingdom)

      4,050        15,230  

State Street Corp.

      14,300        1,176,604  

T. Rowe Price Group, Inc.(a)

      9,300        1,841,121  

UBS Group AG (Switzerland)

      22,476        344,187  
     

 

 

  
            46,504,233  
     

 

 

  

Chemicals — 1.0%

      

Air Products & Chemicals, Inc.

      9,100        2,617,888  

Akzo Nobel NV (Netherlands)

      400        49,507  

Albemarle Corp.

      4,700        791,762  

Arkema SA (France)

      130        16,345  

BASF SE (Germany)

      1,887        149,040  

Celanese Corp.

      5,000        758,000  

CF Industries Holdings, Inc.

      8,900        457,905  

Corteva, Inc.

      30,247        1,341,455  

Covestro AG (Germany), 144A

      3,724        241,305  

Dow, Inc.

      30,347        1,920,358  

DuPont de Nemours, Inc.

      21,947        1,698,917  

Eastman Chemical Co.

      5,700        665,475  

Ecolab, Inc.

      10,200        2,100,894  

Evonik Industries AG (Germany)

      440        14,788  

FMC Corp.

      5,600        605,920  

International Flavors & Fragrances, Inc.

      10,100        1,508,940  

Linde PLC (United Kingdom)

      21,500        6,215,650  

LyondellBasell Industries NV (Class A Stock)

      10,500        1,080,135  

Mitsubishi Chemical Holdings Corp. (Japan)

      2,000        16,832  

Mitsubishi Gas Chemical Co., Inc. (Japan)

      600        12,741  

Mitsui Chemicals, Inc. (Japan)

      400        13,858  

Mosaic Co. (The)

      14,100        449,931  

PPG Industries, Inc.

      9,700        1,646,769  

Sherwin-Williams Co. (The)

      10,050        2,738,123  

Tosoh Corp. (Japan)

      9,500        164,258  
     

 

 

  
        27,276,796  
     

 

 

  

Commercial Services & Supplies — 0.2%

 

   

Brambles Ltd. (Australia)

      2,993        25,779  

Cintas Corp.

      3,600        1,375,200  

Copart, Inc.*

      8,400        1,107,372  

Dai Nippon Printing Co. Ltd. (Japan)

      400        8,454  

Republic Services, Inc.

      8,965        986,240  

Rollins, Inc.(a)

      8,600        294,120  

Securitas AB (Sweden) (Class B Stock)

      663        10,468  

Waste Management, Inc.

      15,942        2,233,633  
     

 

 

  
        6,041,266  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A26

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Communications Equipment — 0.4%

 

Arista Networks, Inc.*

      2,400      $ 869,544  

Cisco Systems, Inc.

      172,800        9,158,400  

F5 Networks, Inc.*

      2,600        485,316  

Juniper Networks, Inc.

      12,000        328,200  

Motorola Solutions, Inc.

      6,989        1,515,565  

Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)

      4,150        52,207  
     

 

 

  
        12,409,232  
     

 

 

  

Construction & Engineering — 0.0%

      

Kajima Corp. (Japan)

      800        10,162  

Quanta Services, Inc.

      6,100        552,477  

Skanska AB (Sweden) (Class B Stock)

      437        11,594  
     

 

 

  
        574,233  
     

 

 

  

Construction Materials — 0.1%

      

HeidelbergCement AG (Germany)

      115        9,876  

Holcim Ltd. (Switzerland)*

      3,376        203,064  

Martin Marietta Materials, Inc.

      2,600        914,706  

Vulcan Materials Co.

      5,600        974,792  
     

 

 

  
        2,102,438  
     

 

 

  

Consumer Finance — 0.4%

      

American Express Co.

      27,100        4,477,733  

Capital One Financial Corp.

      19,161        2,964,015  

Discover Financial Services

      12,540        1,483,357  

Synchrony Financial

      21,572        1,046,673  
     

 

 

  
        9,971,778  
     

 

 

  

Containers & Packaging — 0.2%

      

Amcor PLC

      61,450        704,217  

Avery Dennison Corp.

      3,400        714,816  

Ball Corp.

      13,400        1,085,668  

International Paper Co.

      16,473        1,009,959  

Packaging Corp. of America

      3,800        514,596  

Sealed Air Corp.

      6,700        396,975  

Smurfit Kappa Group PLC (Ireland)

      476        25,919  

Westrock Co.

      10,444        555,830  
     

 

 

  
        5,007,980  
     

 

 

  

Distributors — 0.1%

      

Genuine Parts Co.

      5,900        746,173  

LKQ Corp.*

      11,700        575,874  

Pool Corp.

      1,700        779,722  
     

 

 

  
        2,101,769  
     

 

 

  

Diversified Financial Services — 0.8%

 

Berkshire Hathaway, Inc. (Class B Stock)*

      78,230        21,741,682  

Industrivarden AB (Sweden) (Class C Stock)

      323        11,826  

M&G PLC (United Kingdom)

      5,329        16,918  
     

 

 

  
            21,770,426  
     

 

 

  

Diversified Telecommunication Services — 0.7%

 

   

AT&T, Inc.

      294,036        8,462,356  

BT Group PLC (United Kingdom)*

      18,031        48,541  

Deutsche Telekom AG (Germany)

      3,551        75,112  
     Shares      Value  
COMMON STOCKS (continued)

 

Diversified Telecommunication Services (cont’d.)

 

Elisa OYJ (Finland)

      297      $ 17,737  

Koninklijke KPN NV (Netherlands)

      7,037        22,016  

Lumen Technologies, Inc.(a)

      37,179        505,263  

Nippon Telegraph & Telephone Corp. (Japan)

      5,400        140,521  

Proximus SADP (Belgium)

      330        6,371  

Swisscom AG (Switzerland)

      294        168,017  

Telecom Italia SpA (Italy)

      21,280        10,578  

Telecom Italia SpA (Italy), RSP

      22,010        11,707  

Telefonica SA (Spain)

      11,160        52,211  

Telstra Corp. Ltd. (Australia)

      8,608        24,337  

Verizon Communications, Inc.

      170,176        9,534,961  
     

 

 

  
        19,079,728  
     

 

 

  

Electric Utilities — 0.9%

      

Alliant Energy Corp.(a)

      10,200        568,752  

American Electric Power Co., Inc.

      20,360        1,722,252  

Chubu Electric Power Co., Inc. (Japan)

      1,200        14,658  

CK Infrastructure Holdings Ltd. (Hong Kong)

      1,500        8,949  

Duke Energy Corp.

      31,161        3,076,214  

Edison International

      15,900        919,338  

Endesa SA (Spain)

      8,223        199,777  

Enel SpA (Italy)

      16,295        151,840  

Entergy Corp.

      8,200        817,540  

Evergy, Inc.

      9,000        543,870  

Eversource Energy

      13,900        1,115,336  

Exelon Corp.

      39,913        1,768,545  

FirstEnergy Corp.

      21,406        796,517  

Fortum OYJ (Finland)

      9,624        265,626  

Iberdrola SA (Spain)

      12,489        152,264  

Kansai Electric Power Co., Inc. (The) (Japan)

      1,400        13,363  

NextEra Energy, Inc.

      80,100        5,869,728  

NRG Energy, Inc.

      10,000        403,000  

Pinnacle West Capital Corp.

      4,700        385,259  

Power Assets Holdings Ltd. (Hong Kong)

      2,500        15,344  

PPL Corp.

      30,500        853,085  

Red Electrica Corp. SA (Spain)

      9,854        183,169  

Southern Co. (The)

      43,200        2,614,032  

SSE PLC (United Kingdom)

      2,211        46,127  

Tohoku Electric Power Co., Inc. (Japan)

      900        7,046  

Xcel Energy, Inc.

      22,310        1,469,783  
     

 

 

  
            23,981,414  
     

 

 

  

Electrical Equipment — 0.3%

      

ABB Ltd. (Switzerland)

      11,420        388,149  

AMETEK, Inc.

      9,700        1,294,950  

Eaton Corp. PLC

      16,337        2,420,817  

Emerson Electric Co.

      24,500        2,357,880  

Generac Holdings, Inc.*

      2,700        1,120,905  

Legrand SA (France)

      306        32,429  

Mitsubishi Electric Corp. (Japan)

      3,700        53,648  

Rockwell Automation, Inc.

      5,000        1,430,100  

Schneider Electric SE

      2,237        352,436  
     

 

 

  
        9,451,314  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A27

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Electronic Equipment, Instruments & Components — 0.3%

 

Amphenol Corp. (Class A Stock)

      24,600      $ 1,682,886  

CDW Corp.

      5,950        1,039,167  

Corning, Inc.

      31,200        1,276,080  

Ibiden Co. Ltd. (Japan)

      200        10,780  

IPG Photonics Corp.*

      1,700        358,309  

Keysight Technologies, Inc.*

      7,600        1,173,516  

Shimadzu Corp. (Japan)

      500        19,337  

TE Connectivity Ltd.

      13,600        1,838,856  

Trimble, Inc.*

      10,000        818,300  

Zebra Technologies Corp. (Class A Stock)*

      2,230        1,180,763  
     

 

 

  
        9,397,994  
     

 

 

  

Energy Equipment & Services — 0.1%

      

Baker Hughes Co.(a)

      29,598        676,906  

Halliburton Co.

      34,700        802,264  

NOV, Inc.*

      14,100        216,012  

Schlumberger NV

      55,924        1,790,127  

Tenaris SA

      1,020        11,172  
     

 

 

  
        3,496,481  
     

 

 

  

Entertainment — 1.1%

      

Activision Blizzard, Inc.

      31,600        3,015,904  

Capcom Co. Ltd. (Japan)

      400        11,711  

Electronic Arts, Inc.

      11,900        1,711,577  

Konami Holdings Corp. (Japan)

      3,000        179,506  

Live Nation Entertainment, Inc.*

      6,000        525,540  

Netflix, Inc.*

      18,210        9,618,704  

Nintendo Co. Ltd. (Japan)

      600        347,981  

Take-Two Interactive Software, Inc.*

      4,700        831,994  

Walt Disney Co. (The)*

      74,682        13,126,855  
     

 

 

  
            29,369,772  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.3%

 

Alexandria Real Estate Equities, Inc.

      5,380        978,837  

American Tower Corp.

      18,560        5,013,798  

AvalonBay Communities, Inc.

      5,775        1,205,185  

Boston Properties, Inc.(a)

      6,000        687,540  

Crown Castle International Corp.

      17,700        3,453,270  

Dexus (Australia)*

      2,288        18,272  

Digital Realty Trust, Inc.

      11,600        1,745,336  

Duke Realty Corp.

      15,100        714,985  

Equinix, Inc.

      3,704        2,972,830  

Equity Residential

      14,000        1,078,000  

Essex Property Trust, Inc.

      2,650        795,026  

Extra Space Storage, Inc.

      5,700        933,774  

Federal Realty Investment Trust(a)

      2,700        316,359  

Goodman Group (Australia)

      18,356        291,149  

Healthpeak Properties, Inc.

      21,500        715,735  

Host Hotels & Resorts, Inc.*

      26,682        455,995  

Iron Mountain, Inc.(a)

      11,502        486,765  

Japan Metropolitan Fund Investment Corp. (Japan)

      18        19,430  

Japan Real Estate Investment Corp. (Japan)

      2        12,305  

Kimco Realty Corp.(a)

      16,700        348,195  

Link REIT (Hong Kong)

      4,100        39,675  
     Shares      Value  
COMMON STOCKS (continued)

 

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

 

Mid-America Apartment Communities, Inc.

      4,900      $ 825,258  

Prologis, Inc.

      30,277        3,619,010  

Public Storage

      6,320        1,900,361  

Realty Income Corp.(a)

      15,300        1,021,122  

Regency Centers Corp.

      6,500        416,455  

SBA Communications Corp.

      4,600        1,466,020  

Simon Property Group, Inc.

      13,693        1,786,663  

Stockland (Australia)

      72,605        253,369  

UDR, Inc.

      11,300        553,474  

Ventas, Inc.

      15,318        874,658  

Vornado Realty Trust(a)

      6,325        295,188  

Welltower, Inc.

      17,000        1,412,700  

Weyerhaeuser Co.

      29,918        1,029,777  
     

 

 

  
        37,736,516  
     

 

 

  

Food & Staples Retailing — 0.7%

      

Carrefour SA (France)

      1,080        21,302  

Costco Wholesale Corp.

      18,300        7,240,761  

Etablissements Franz Colruyt NV (Belgium)

      848        47,498  

ICA Gruppen AB (Sweden)

      210        9,779  

J Sainsbury PLC (United Kingdom)

      3,648        13,735  

Kesko OYJ (Finland) (Class B Stock)

      528        19,518  

Koninklijke Ahold Delhaize NV (Netherlands)

      9,594        285,066  

Kroger Co. (The)(a)

      31,892        1,221,782  

Seven & i Holdings Co. Ltd. (Japan)

      1,600        76,472  

Sysco Corp.

      20,800        1,617,200  

Tesco PLC (United Kingdom)

      26,808        82,725  

Walgreens Boots Alliance, Inc.

      29,400        1,546,734  

Walmart, Inc.

      57,100        8,052,242  
     

 

 

  
            20,234,814  
     

 

 

  

Food Products — 0.5%

      

Ajinomoto Co., Inc. (Japan)

      1,000        25,978  

Archer-Daniels-Midland Co.

      22,726        1,377,196  

Campbell Soup Co.(a)

      7,900        360,161  

Conagra Brands, Inc.

      20,100        731,238  

General Mills, Inc.

      25,000        1,523,250  

Hershey Co. (The)

      6,300        1,097,334  

Hormel Foods Corp.(a)

      11,100        530,025  

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

      4,600        596,022  

Kellogg Co.(a)

      10,100        649,733  

Kraft Heinz Co. (The)

      26,417        1,077,285  

Lamb Weston Holdings, Inc.

      6,100        492,026  

McCormick & Co., Inc.

      10,140        895,565  

Mondelez International, Inc. (Class A Stock)

      58,453        3,649,805  

Nestle SA (Switzerland)

      4,179        520,626  

NH Foods Ltd. (Japan)

      200        7,787  

Orkla ASA (Norway)

      22,383        228,335  

Tate & Lyle PLC (United Kingdom)

      7,241        74,165  

Tyson Foods, Inc. (Class A Stock)

      12,400        914,624  

WH Group Ltd. (Hong Kong), 144A

      20,000        17,976  

Wilmar International Ltd. (China)

      67,600        227,417  
     

 

 

  
        14,996,548  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A28

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Gas Utilities — 0.0%

 

Atmos Energy Corp.(a)

      5,300      $ 509,383  

Enagas SA (Spain)

      527        12,191  

Osaka Gas Co. Ltd. (Japan)

      800        14,889  

Snam SpA (Italy)

      10,531        60,812  
     

 

 

  
        597,275  
     

 

 

  

Health Care Equipment & Supplies — 1.9%

 

Abbott Laboratories

      72,700        8,428,111  

ABIOMED, Inc.*

      1,860        580,524  

Align Technology, Inc.*

      3,000        1,833,000  

Baxter International, Inc.

      20,900        1,682,450  

Becton, Dickinson & Co.

      12,210        2,969,350  

Boston Scientific Corp.*

      58,567        2,504,325  

Cooper Cos., Inc. (The)

      2,040        808,391  

Danaher Corp.

      26,200        7,031,032  

DENTSPLY SIRONA, Inc.

      8,600        544,036  

Dexcom, Inc.*

      4,000        1,708,000  

DiaSorin SpA (Italy)

      48        9,070  

Edwards Lifesciences Corp.*

      25,500        2,641,035  

GN Store Nord A/S (Denmark)

      252        22,055  

Hologic, Inc.*

      10,800        720,576  

Hoya Corp. (Japan)

      800        105,544  

IDEXX Laboratories, Inc.*

      3,600        2,273,580  

Intuitive Surgical, Inc.*

      4,920        4,524,629  

Medtronic PLC

      55,590        6,900,387  

ResMed, Inc.

      6,000        1,479,120  

Sonova Holding AG (Switzerland)

      510        192,153  

STERIS PLC

      3,850        794,255  

Stryker Corp.

      13,700        3,558,301  

Teleflex, Inc.

      2,000        803,580  

West Pharmaceutical Services, Inc.

      3,200        1,149,120  

Zimmer Biomet Holdings, Inc.

      8,500        1,366,970  
     

 

 

  
            54,629,594  
     

 

 

  

Health Care Providers & Services — 1.4%

 

AmerisourceBergen Corp.

      6,300        721,287  

Amplifon SpA (Italy)

      266        13,139  

Anthem, Inc.

      10,200        3,894,360  

Cardinal Health, Inc.

      12,050        687,935  

Centene Corp.*

      23,750        1,732,087  

Cigna Corp.

      14,600        3,461,222  

CVS Health Corp.

      54,183        4,521,030  

DaVita, Inc.*

      3,300        397,419  

Fresenius Medical Care AG & Co. KGaA (Germany)

      2,017        167,802  

Fresenius SE & Co. KGaA (Germany)

      4,007        209,211  

HCA Healthcare, Inc.

      11,100        2,294,814  

Henry Schein, Inc.*

      6,000        445,140  

Humana, Inc.

      5,450        2,412,824  

Laboratory Corp. of America Holdings*

      4,200        1,158,570  

McKesson Corp.

      6,630        1,267,921  

Medipal Holdings Corp. (Japan)

      10,800        206,234  

Quest Diagnostics, Inc.

      5,500        725,835  

Sonic Healthcare Ltd. (Australia)

      5,701        164,527  

UnitedHealth Group, Inc.

      38,860        15,561,098  

Universal Health Services, Inc. (Class B Stock)

      3,400        497,862  
     

 

 

  
        40,540,317  
     

 

 

  
     Shares      Value  
COMMON STOCKS (continued)

 

Health Care Technology — 0.0%

 

Cerner Corp.

      12,300      $ 961,368  
     

 

 

  

Hotels, Restaurants & Leisure — 1.1%

      

Booking Holdings, Inc.*

      1,720        3,763,515  

Caesars Entertainment, Inc.*

      8,200        850,750  

Carnival Corp.*(a)

      31,600        832,976  

Chipotle Mexican Grill, Inc.*

      1,170        1,813,898  

Darden Restaurants, Inc.

      5,450        795,645  

Domino’s Pizza, Inc.

      1,600        746,384  

Evolution AB (Sweden), 144A

      1,688        267,654  

Expedia Group, Inc.*

      5,850        957,703  

Hilton Worldwide Holdings, Inc.*

      11,300        1,363,006  

La Francaise des Jeux SAEM (France), 144A

      1,594        93,888  

Las Vegas Sands Corp.*

      13,300        700,777  

Marriott International, Inc. (Class A Stock)*

      10,928        1,491,891  

McDonald’s Corp.

      30,800        7,114,492  

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

      1,500        66,210  

MGM Resorts International

      15,900        678,135  

Norwegian Cruise Line Holdings
Ltd.*(a)

      13,800        405,858  

Penn National Gaming, Inc.*

      5,700        435,993  

Royal Caribbean Cruises Ltd.*(a)

      8,700        741,936  

Starbucks Corp.

      48,500        5,422,785  

Tabcorp Holdings Ltd. (Australia)

      4,464        17,371  

Wynn Resorts Ltd.*(a)

      4,300        525,890  

Yum! Brands, Inc.

      12,400        1,426,372  
     

 

 

  
            30,513,129  
     

 

 

  

Household Durables — 0.3%

      

Barratt Developments PLC (United Kingdom)

      22,403        215,475  

D.R. Horton, Inc.

      13,500        1,219,995  

Electrolux AB (Sweden) (Class B Stock)

      450        12,512  

Garmin Ltd.

      6,100        882,304  

Husqvarna AB (Sweden) (Class B Stock)

      1,631        21,713  

Iida Group Holdings Co. Ltd. (Japan)

      10,100        260,206  

Leggett & Platt, Inc.(a)

      5,400        279,774  

Lennar Corp. (Class A Stock)

      11,100        1,102,785  

Mohawk Industries, Inc.*

      2,540        488,163  

Newell Brands, Inc.

      13,814        379,471  

NVR, Inc.*

      150        745,995  

Panasonic Corp. (Japan)

      4,700        54,327  

Persimmon PLC (United Kingdom)

      658        27,058  

PulteGroup, Inc.

      11,322        617,842  

Sekisui House Ltd. (Japan)

      1,300        26,632  

Sony Group Corp. (Japan)

      2,700        261,358  

Whirlpool Corp.

      2,726        594,322  
     

 

 

  
        7,189,932  
     

 

 

  

Household Products — 0.7%

      

Church & Dwight Co., Inc.

      10,500        894,810  

Clorox Co. (The)(a)

      5,400        971,514  

Colgate-Palmolive Co.

      35,100        2,855,385  

Henkel AG & Co. KGaA (Germany)

      198        18,251  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A29

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Household Products (cont’d.)

 

Kimberly-Clark Corp.

      13,900      $ 1,859,542  

Procter & Gamble Co. (The)

      101,125        13,644,796  

Reckitt Benckiser Group PLC (United Kingdom)

      700        62,045  
     

 

 

  
            20,306,343  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.0%

 

AES Corp. (The)

      26,600        693,462  

Electric Power Development Co. Ltd. (Japan)

      4,500        64,323  
     

 

 

  
        757,785  
     

 

 

  

Industrial Conglomerates — 0.7%

      

3M Co.

      23,900        4,747,257  

CK Hutchison Holdings Ltd. (United Kingdom)

      5,000        38,913  

DCC PLC (United Kingdom)

      628        51,498  

General Electric Co.

      358,230        4,821,776  

Hitachi Ltd. (Japan)

      2,000        114,220  

Honeywell International, Inc.

      28,712        6,297,977  

Roper Technologies, Inc.

      4,320        2,031,264  

Siemens AG (Germany)

      173        27,426  
     

 

 

  
        18,130,331  
     

 

 

  

Insurance — 1.0%

      

Aflac, Inc.

      26,300        1,411,258  

Ageas SA/NV (Belgium)

      4,320        239,594  

AIA Group Ltd. (Hong Kong)

      7,000        87,195  

Allianz SE (Germany)

      843        210,348  

Allstate Corp. (The)

      12,500        1,630,500  

American International Group, Inc.

      35,239        1,677,376  

Aon PLC (Class A Stock)(a)

      9,400        2,244,344  

Arthur J. Gallagher & Co.

      8,200        1,148,656  

Assicurazioni Generali SpA (Italy)

      2,319        46,577  

Assurant, Inc.

      2,500        390,450  

Chubb Ltd.

      18,486        2,938,165  

Cincinnati Financial Corp.

      6,437        750,683  

Dai-ichi Life Holdings, Inc. (Japan)

      5,900        108,437  

Everest Re Group Ltd.

      1,840        463,698  

Gjensidige Forsikring ASA (Norway)

      421        9,298  

Globe Life, Inc.

      3,825        364,331  

Hartford Financial Services Group, Inc. (The)

      15,000        929,550  

Japan Post Holdings Co. Ltd. (Japan)*

      3,200        26,220  

Japan Post Insurance Co. Ltd. (Japan)

      500        9,261  

Legal & General Group PLC (United Kingdom)

      63,787        227,756  

Lincoln National Corp.

      7,318        459,863  

Loews Corp.

      9,775        534,204  

Marsh & McLennan Cos., Inc.

      20,800        2,926,144  

Medibank Private Ltd. (Australia)

      5,662        13,432  

MetLife, Inc.

      31,250        1,870,312  

NN Group NV (Netherlands)

      5,746        271,598  

Poste Italiane SpA (Italy), 144A

      19,839        262,305  

Principal Financial Group, Inc.

      10,600        669,814  

Progressive Corp. (The)

      24,000        2,357,040  

Swiss Life Holding AG (Switzerland)

      53        25,782  

Travelers Cos., Inc. (The)

      10,435        1,562,224  
     Shares      Value  
COMMON STOCKS (continued)

 

Insurance (cont’d.)

 

Unum Group

      6,610      $ 187,724  

W.R. Berkley Corp.

      5,700        424,251  

Willis Towers Watson PLC

      5,340        1,228,307  
     

 

 

  
            27,706,697  
     

 

 

  

Interactive Media & Services — 3.4%

      

Alphabet, Inc. (Class A Stock)*

      12,390        30,253,778  

Alphabet, Inc. (Class C Stock)*

      11,803        29,582,095  

Auto Trader Group PLC (United Kingdom), 144A*

      1,230        10,782  

Facebook, Inc. (Class A Stock)*

      98,830        34,364,180  

REA Group Ltd. (Australia)

      100        12,728  

Twitter, Inc.*

      32,500        2,236,325  
     

 

 

  
        96,459,888  
     

 

 

  

Internet & Direct Marketing Retail — 2.3%

 

   

Amazon.com, Inc.*

      17,650        60,718,824  

eBay, Inc.

      26,800        1,881,628  

Etsy, Inc.*

      5,200        1,070,368  

HelloFresh SE (Germany)*

      906        88,303  

Zalando SE (Germany), 144A*

      282        34,165  

ZOZO, Inc. (Japan)

      400        13,566  
     

 

 

  
        63,806,854  
     

 

 

  

IT Services — 2.8%

      

Accenture PLC (Class A Stock)

      26,200        7,723,498  

Adyen NV (Netherlands), 144A*

      37        90,576  

Akamai Technologies, Inc.*

      7,000        816,200  

Automatic Data Processing, Inc.

      17,600        3,495,712  

Broadridge Financial Solutions, Inc.

      5,000        807,650  

Capgemini SE (France)

      319        61,368  

Cognizant Technology Solutions Corp. (Class A Stock)

      21,900        1,516,794  

DXC Technology Co.*

      10,428        406,066  

Fidelity National Information Services, Inc.

      25,400        3,598,418  

Fiserv, Inc.*

      24,300        2,597,427  

FleetCor Technologies, Inc.*

      3,400        870,604  

Fujitsu Ltd. (Japan)

      1,700        318,521  

Gartner, Inc.*

      3,800        920,360  

Global Payments, Inc.

      12,277        2,302,428  

International Business Machines Corp.

      36,900        5,409,171  

Jack Henry & Associates, Inc.(a)

      3,100        506,881  

Mastercard, Inc. (Class A Stock)

      35,950        13,124,985  

Paychex, Inc.

      13,100        1,405,630  

PayPal Holdings, Inc.*

      48,300        14,078,484  

SCSK Corp. (Japan)

      3,600        214,486  

VeriSign, Inc.*

      4,300        979,067  

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

      69,700        16,297,254  

Western Union Co. (The)

      15,510        356,265  
     

 

 

  
        77,897,845  
     

 

 

  

Leisure Products — 0.0%

      

Hasbro, Inc.

      5,100        482,052  

Shimano, Inc. (Japan)

      700        166,424  
     

 

 

  
        648,476  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A30

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Life Sciences Tools & Services — 0.7%

 

Agilent Technologies, Inc.

      12,514      $ 1,849,694  

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

      900        579,861  

Charles River Laboratories International, Inc.*

      2,160        799,027  

Eurofins Scientific SE (Luxembourg)*

      2,412        276,172  

Illumina, Inc.*

      6,000        2,839,260  

IQVIA Holdings, Inc.*

      7,900        1,914,328  

Mettler-Toledo International, Inc.*

      1,000        1,385,340  

PerkinElmer, Inc.

      4,500        694,845  

Sartorius Stedim Biotech (France)

      139        65,881  

Thermo Fisher Scientific, Inc.

      16,340        8,243,040  

Waters Corp.*

      2,600        898,586  
     

 

 

  
            19,546,034  
     

 

 

  

Machinery — 0.9%

      

Amada Co. Ltd. (Japan)

      1,200        12,160  

Atlas Copco AB (Sweden) (Class A Stock)

      1,397        85,719  

Atlas Copco AB (Sweden) (Class B Stock)

      754        39,715  

Caterpillar, Inc.

      22,600        4,918,438  

CNH Industrial NV (United Kingdom)

      2,107        35,036  

Cummins, Inc.

      6,200        1,511,622  

Deere & Co.

      12,880        4,542,905  

Dover Corp.

      5,900        888,540  

Epiroc AB (Sweden) (Class A Stock)

      1,385        31,604  

Epiroc AB (Sweden) (Class B Stock)

      784        15,412  

FANUC Corp. (Japan)

      400        96,453  

Fortive Corp.

      14,150        986,821  

GEA Group AG (Germany)

      323        13,093  

IDEX Corp.

      3,210        706,361  

Illinois Tool Works, Inc.

      11,800        2,638,008  

Ingersoll Rand, Inc.*

      14,600        712,626  

Kubota Corp. (Japan)

      2,200        44,530  

Makita Corp. (Japan)

      400        18,828  

MINEBEA MITSUMI, Inc. (Japan)

      700        18,504  

MISUMI Group, Inc. (Japan)

      600        20,285  

Nabtesco Corp. (Japan)

      300        11,329  

Otis Worldwide Corp.

      16,701        1,365,641  

PACCAR, Inc.

      14,143        1,262,263  

Parker-Hannifin Corp.

      5,465        1,678,356  

Pentair PLC(a)

      6,577        443,882  

Sandvik AB (Sweden)

      6,528        166,981  

Schindler Holding AG (Switzerland)

      71        20,772  

SKF AB (Sweden) (Class B Stock)

      750        19,120  

SMC Corp. (Japan)

      200        118,114  

Snap-on, Inc.

      2,400        536,232  

Spirax-Sarco Engineering PLC (United Kingdom)

      153        28,794  

Stanley Black & Decker, Inc.

      6,597        1,352,319  

Techtronic Industries Co. Ltd. (Hong Kong)

      7,000        122,176  

Volvo AB (Sweden) (Class A Stock)

      442        10,988  

Volvo AB (Sweden) (Class B Stock)

      2,997        72,338  

Westinghouse Air Brake Technologies Corp.

      7,251        596,757  
     Shares      Value  
COMMON STOCKS (continued)

 

Machinery (cont’d.)

 

Xylem, Inc.

      7,600      $ 911,696  
     

 

 

  
            26,054,418  
     

 

 

  

Marine — 0.0%

      

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

      6        16,704  

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

      90        259,320  

Kuehne + Nagel International AG (Switzerland)

      102        34,932  

Nippon Yusen KK (Japan)

      400        20,307  
     

 

 

  
        331,263  
     

 

 

  

Media — 0.7%

      

Charter Communications, Inc. (Class A Stock)*(a)

      5,860        4,227,697  

Comcast Corp. (Class A Stock)

      187,780        10,707,215  

CyberAgent, Inc. (Japan)

      900        19,278  

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

      6,400        196,352  

Discovery, Inc. (Class C Stock)*(a)

      11,800        341,964  

DISH Network Corp. (Class A Stock)*

      9,017        376,911  

Fox Corp. (Class A Stock)

      13,600        504,968  

Fox Corp. (Class B Stock)

      5,733        201,802  

Interpublic Group of Cos., Inc. (The)

      14,531        472,112  

News Corp. (Class A Stock)

      15,975        411,676  

News Corp. (Class B Stock)

      4,800        116,880  

Omnicom Group, Inc.

      9,200        735,908  

Publicis Groupe SA (France)

      1,060        67,867  

ViacomCBS, Inc. (Class B Stock)

      24,330        1,099,716  
     

 

 

  
        19,480,346  
     

 

 

  

Metals & Mining — 0.3%

      

ArcelorMittal SA (Luxembourg)

      8,083        250,163  

BHP Group Ltd. (Australia)

      6,240        228,532  

BHP Group PLC (Australia)

      11,455        339,372  

BlueScope Steel Ltd. (Australia)

      987        16,364  

Boliden AB (Sweden)

      2,169        83,615  

Evraz PLC (Russia)

      8,554        70,401  

Fortescue Metals Group Ltd. (Australia)

      17,134        301,240  

Freeport-McMoRan, Inc.

      59,388        2,203,889  

Newcrest Mining Ltd. (Australia)

      1,120        21,364  

Newmont Corp.

      32,900        2,085,202  

Norsk Hydro ASA (Norway)

      2,565        16,412  

Nucor Corp.

      12,800        1,227,904  

Rio Tinto Ltd. (Australia)

      705        67,290  

Rio Tinto PLC (Australia)

      5,004        414,311  

Sumitomo Metal Mining Co. Ltd. (Japan)

      400        15,645  
     

 

 

  
        7,341,704  
     

 

 

  

Multiline Retail — 0.3%

      

Dollar General Corp.

      10,100        2,185,539  

Dollar Tree, Inc.*

      9,665        961,667  

Next PLC (United Kingdom)*

      276        30,107  

Target Corp.

      20,800        5,028,192  

Wesfarmers Ltd. (Australia)

      2,342        103,941  
     

 

 

  
        8,309,446  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A31

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Multi-Utilities — 0.4%

 

Ameren Corp.

      10,500      $ 840,420  

CenterPoint Energy, Inc.

      23,900        586,028  

CMS Energy Corp.

      12,100        714,868  

Consolidated Edison, Inc.

      14,300        1,025,596  

Dominion Energy, Inc.

      33,415        2,458,342  

DTE Energy Co.

      8,200        1,062,720  

E.ON SE (Germany)

      4,661        53,986  

NiSource, Inc.

      15,200        372,400  

Public Service Enterprise Group, Inc.

      20,600        1,230,644  

Sempra Energy

      12,819        1,698,261  

WEC Energy Group, Inc.

      12,913        1,148,611  
     

 

 

  
        11,191,876  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.4%

 

APA Corp.

      13,914        300,960  

Cabot Oil & Gas Corp.

      14,200        247,932  

Chevron Corp.

      79,122        8,287,238  

ConocoPhillips

      55,419        3,375,017  

Devon Energy Corp.(a)

      22,900        668,451  

Diamondback Energy, Inc.

      7,500        704,175  

ENEOS Holdings, Inc. (Japan)

      44,400        186,241  

EOG Resources, Inc.

      23,900        1,994,216  

Equinor ASA (Norway)

      1,985        42,214  

Exxon Mobil Corp.

      173,699        10,956,933  

Hess Corp.

      11,300        986,716  

Kinder Morgan, Inc.

      78,598        1,432,842  

Lundin Energy AB (Sweden)

      723        25,659  

Marathon Oil Corp.

      28,782        392,011  

Marathon Petroleum Corp.

      26,619        1,608,320  

Occidental Petroleum Corp.

      33,704        1,053,924  

OMV AG (Austria)

      4,685        268,428  

ONEOK, Inc.

      18,500        1,029,340  

Phillips 66

      17,838        1,530,857  

Pioneer Natural Resources Co.

      9,550        1,552,066  

Repsol SA (Spain)

      3,172        39,818  

Royal Dutch Shell PLC (Netherlands) (Class A Stock)

      8,420        169,049  

Royal Dutch Shell PLC (Netherlands) (Class B Stock)

      6,280        122,020  

TotalEnergies SE (France)

      5,236        237,163  

Valero Energy Corp.

      16,700        1,303,936  

Washington H Soul Pattinson & Co. Ltd. (Australia)

      3,024        76,624  

Williams Cos., Inc. (The)

      48,100        1,277,055  
     

 

 

  
            39,869,205  
     

 

 

  

Paper & Forest Products — 0.0%

      

Mondi PLC (Austria)

      1,014        26,818  
     

 

 

  

Personal Products — 0.1%

      

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

      9,500        3,021,760  

L’Oreal SA (France)

      495        221,063  

Unilever PLC (United Kingdom)

      9,077        531,254  
     

 

 

  
        3,774,077  
     

 

 

  

Pharmaceuticals — 2.0%

      

Astellas Pharma, Inc. (Japan)

      3,600        62,701  

AstraZeneca PLC (United Kingdom)

      621        74,657  
     Shares      Value  
COMMON STOCKS (continued)

 

Pharmaceuticals (cont’d.)

 

Bayer AG (Germany)

      1,021      $ 62,154  

Bristol-Myers Squibb Co.

      92,770            6,198,891  

Catalent, Inc.*

      7,000        756,840  

Chugai Pharmaceutical Co. Ltd. (Japan)

      700        27,670  

Eli Lilly & Co.

      32,800        7,528,256  

GlaxoSmithKline PLC (United Kingdom)

      10,828        212,934  

Hikma Pharmaceuticals PLC (Jordan)

      367        12,414  

Ipsen SA (France)

      2,296        238,997  

Johnson & Johnson

      108,458        17,867,371  

Merck & Co., Inc.

      103,533        8,051,761  

Merck KGaA (Germany)

      264        50,638  

Novartis AG (Switzerland)

      4,242        386,655  

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

      3,644        305,370  

Ono Pharmaceutical Co. Ltd. (Japan)

      800        17,842  

Organon & Co.*

      10,353        313,282  

Otsuka Holdings Co. Ltd. (Japan)

      3,300        136,774  

Perrigo Co. PLC

      5,100        233,835  

Pfizer, Inc.

      230,470        9,025,205  

Roche Holding AG (Switzerland)

      1,435        540,689  

Sanofi (France)

      4,420        463,886  

Shionogi & Co. Ltd. (Japan)

      1,900        98,994  

Sumitomo Dainippon Pharma Co. Ltd. (Japan)

      7,100        148,896  

Takeda Pharmaceutical Co. Ltd. (Japan)

      3,300        110,497  

UCB SA (Belgium)

      252        26,285  

Viatris, Inc.

      46,386        662,856  

Zoetis, Inc.

      19,500        3,634,020  
     

 

 

  
            57,250,370  
     

 

 

  

Professional Services — 0.2%

      

Adecco Group AG (Switzerland)

      2,370        161,468  

Equifax, Inc.

      5,200        1,245,452  

IHS Markit Ltd.

      15,300        1,723,698  

Jacobs Engineering Group, Inc.

      5,600        747,152  

Leidos Holdings, Inc.

      5,700        576,270  

Nielsen Holdings PLC

      13,200        325,644  

Persol Holdings Co. Ltd. (Japan)

      400        7,900  

Randstad NV (Netherlands)

      3,076        235,718  

Recruit Holdings Co. Ltd. (Japan)

      2,200        108,000  

Robert Half International, Inc.

      4,700        418,159  

SGS SA (Switzerland)

      5        15,451  

Teleperformance (France)

      38        15,454  

Verisk Analytics, Inc.

      6,700        1,170,624  
     

 

 

  
        6,750,990  
     

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc. (Class A Stock)*

      13,700        1,174,501  

CK Asset Holdings Ltd. (Hong Kong)

      4,500        31,021  

Daito Trust Construction Co. Ltd. (Japan)

      100        10,935  

Daiwa House Industry Co. Ltd. (Japan)

      1,200        36,023  

Deutsche Wohnen SE (Germany)

      708        43,330  

Fastighets AB Balder (Sweden) (Class B Stock)*

      221        13,862  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A32

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Real Estate Management & Development (cont’d.)

 

Henderson Land Development Co. Ltd. (Hong Kong)

      3,000      $ 14,214  

Mitsubishi Estate Co. Ltd. (Japan)

      2,400        38,700  

Sino Land Co. Ltd. (Hong Kong)

      4,000        6,303  

Sumitomo Realty & Development Co. Ltd. (Japan)

      600        21,442  

Sun Hung Kai Properties Ltd. (Hong Kong)

      10,000        148,819  

Swire Pacific Ltd. (Hong Kong) (Class A Stock)

      1,500        10,171  

Swiss Prime Site AG (Switzerland)

      156        15,486  
     

 

 

  
        1,564,807  
     

 

 

  

Road & Rail — 0.5%

      

CSX Corp.

      93,900        3,012,312  

J.B. Hunt Transport Services, Inc.

      3,600        586,620  

Kansas City Southern

      3,800        1,076,806  

Nippon Express Co. Ltd. (Japan)

      200        15,261  

Norfolk Southern Corp.

      10,400        2,760,264  

Old Dominion Freight Line, Inc.

      3,965        1,006,317  

Union Pacific Corp.

      27,560        6,061,271  
     

 

 

  
            14,518,851  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.1%

 

Advanced Micro Devices, Inc.*

      49,900        4,687,107  

Advantest Corp. (Japan)

      400        35,903  

Analog Devices, Inc.(a)

      15,158        2,609,601  

Applied Materials, Inc.

      37,700        5,368,480  

ASM International NV (Netherlands)

      284        93,818  

ASML Holding NV (Netherlands)

      891        614,056  

Broadcom, Inc.

      16,960        8,087,206  

Enphase Energy, Inc.*

      5,400        991,602  

Intel Corp.

      167,600        9,409,064  

KLA Corp.

      6,350        2,058,733  

Lam Research Corp.

      5,970        3,884,679  

Maxim Integrated Products, Inc.

      10,900        1,148,424  

Microchip Technology, Inc.

      11,100        1,662,114  

Micron Technology, Inc.*

      46,100        3,917,578  

Monolithic Power Systems, Inc.

      1,800        672,210  

NVIDIA Corp.

      25,590        20,474,559  

NXP Semiconductors NV (China)

      11,600        2,386,352  

Qorvo, Inc.*

      4,707        920,925  

QUALCOMM, Inc.

      46,700        6,674,831  

Skyworks Solutions, Inc.

      6,800        1,303,900  

STMicroelectronics NV (Switzerland)

      506        18,422  

Teradyne, Inc.

      6,800        910,928  

Texas Instruments, Inc.

      37,900        7,288,170  

Tokyo Electron Ltd. (Japan)

      900        389,916  

Xilinx, Inc.

      10,100        1,460,864  
     

 

 

  
        87,069,442  
     

 

 

  

Software — 4.7%

      

Adobe, Inc.*

      19,700        11,537,108  

ANSYS, Inc.*

      3,700        1,284,122  

Autodesk, Inc.*

      9,100        2,656,290  

Cadence Design Systems, Inc.*

      11,400        1,559,748  

Citrix Systems, Inc.

      5,000        586,350  

Dassault Systemes SE (France)

      270        65,595  
     Shares      Value  
COMMON STOCKS (continued)

 

Software (cont’d.)

 

Fortinet, Inc.*

      5,700      $ 1,357,683  

Intuit, Inc.

      11,280        5,529,118  

Microsoft Corp.

      310,120        84,011,508  

NortonLifeLock, Inc.

      24,178        658,125  

Oracle Corp.

      75,750        5,896,380  

Paycom Software, Inc.*

      2,020        734,209  

PTC, Inc.*

      4,300        607,418  

salesforce.com, Inc.*

      38,250        9,343,327  

SAP SE (Germany)

      3,704        521,808  

ServiceNow, Inc.*

      8,070        4,434,869  

Synopsys, Inc.*

      6,300        1,737,477  

Tyler Technologies, Inc.*

      1,750        791,648  
     

 

 

  
            133,312,783  
     

 

 

  

Specialty Retail — 1.2%

      

Advance Auto Parts, Inc.

      2,800        574,392  

AutoZone, Inc.*

      950        1,417,609  

Best Buy Co., Inc.

      9,425        1,083,686  

CarMax, Inc.*(a)

      6,900        891,135  

Chow Tai Fook Jewellery Group Ltd. (China)

      7,000        16,046  

Gap, Inc. (The)

      7,000        235,550  

Home Depot, Inc. (The)

      44,050        14,047,104  

Industria de Diseno Textil SA (Spain)

      2,261        79,722  

JD Sports Fashion PLC (United Kingdom)

      901        11,487  

Kingfisher PLC (United Kingdom)

      49,004        248,079  

L Brands, Inc.

      9,906        713,826  

Lowe’s Cos., Inc.

      29,300        5,683,321  

O’Reilly Automotive, Inc.*

      3,000        1,698,630  

Ross Stores, Inc.

      14,600        1,810,400  

Shimamura Co. Ltd. (Japan)

      2,200        211,291  

TJX Cos., Inc. (The)

      49,100        3,310,322  

Tractor Supply Co.

      4,900        911,694  

Ulta Beauty, Inc.*

      2,400        829,848  

USS Co. Ltd. (Japan)

      2,400        41,855  

Yamada Holdings Co. Ltd. (Japan)

      2,300        10,627  
     

 

 

  
        33,826,624  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.3%

 

Apple, Inc.

      646,240        88,509,030  

Brother Industries Ltd. (Japan)

      5,600        111,626  

Canon, Inc. (Japan)

      11,100        250,763  

Hewlett Packard Enterprise Co.

      50,648        738,448  

HP, Inc.

      52,248        1,577,367  

Logitech International SA (Switzerland)

      2,201        266,729  

NetApp, Inc.

      9,100        744,562  

Ricoh Co. Ltd. (Japan)

      1,400        15,691  

Seagate Technology Holdings PLC (Ireland)

      8,200        721,026  

Seiko Epson Corp. (Japan)

      2,800        49,252  

Western Digital Corp.*

      12,803        911,189  
     

 

 

  
        93,895,683  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.4%

 

   

Burberry Group PLC (United Kingdom)*

      874        25,053  

Hanesbrands, Inc.

      12,500        233,375  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A33

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Textiles, Apparel & Luxury Goods (cont’d.)

 

Hermes International (France)

      72      $ 105,124  

LVMH Moet Hennessy Louis Vuitton SE (France)

      715        561,521  

NIKE, Inc. (Class B Stock)

      51,900        8,018,031  

Pandora A/S (Denmark)

      196        26,351  

PVH Corp.*

      2,800        301,252  

Ralph Lauren Corp.

      2,100        247,401  

Swatch Group AG (The) (Switzerland)

      77        5,085  

Tapestry, Inc.*

      10,900        473,932  

Under Armour, Inc. (Class A Stock)*

      7,500        158,625  

Under Armour, Inc. (Class C Stock)*

      7,374        136,935  

VF Corp.

      13,100        1,074,724  
     

 

 

  
        11,367,409  
     

 

 

  

Tobacco — 0.4%

      

Altria Group, Inc.

      76,000        3,623,680  

British American Tobacco PLC (United Kingdom)

      10,470        406,765  

Imperial Brands PLC (United Kingdom)

      1,916        41,309  

Japan Tobacco, Inc. (Japan)

      12,300        232,113  

Philip Morris International, Inc.

      63,700        6,313,307  

Swedish Match AB (Sweden)

      26,980        230,274  
     

 

 

  
        10,847,448  
     

 

 

  

Trading Companies & Distributors — 0.2%

 

Ashtead Group PLC (United Kingdom)

      860        63,952  

Brenntag SE (Germany)

      3,047        284,091  

Fastenal Co.

      23,500        1,222,000  

Ferguson PLC

      2,136        297,364  

ITOCHU Corp. (Japan)

      2,500        71,403  

Marubeni Corp. (Japan)

      9,400        81,991  

Mitsui & Co. Ltd. (Japan)

      13,000        293,367  

Sumitomo Corp. (Japan)

      1,800        24,189  

Toyota Tsusho Corp. (Japan)

      2,100        99,592  

United Rentals, Inc.*

      3,000        957,030  

W.W. Grainger, Inc.

      1,840        805,920  
     

 

 

  
        4,200,899  
     

 

 

  

Water Utilities — 0.0%

      

American Water Works Co., Inc.

      7,400        1,140,562  
     

 

 

  

Wireless Telecommunication Services — 0.1%

 

KDDI Corp. (Japan)

      1,400        43,616  

SoftBank Corp. (Japan)

      6,000        78,481  

SoftBank Group Corp. (Japan)

      3,300        230,218  

T-Mobile US, Inc.*

      23,900        3,461,437  

Vodafone Group PLC (United Kingdom)

      115,847        195,450  
     

 

 

  
        4,009,202  
     

 

 

  

TOTAL COMMON STOCKS
(cost $359,225,221)

             1,530,808,599  
     

 

 

  

EXCHANGE-TRADED FUNDS — 0.3%

 

   

iShares Core S&P 500 ETF(a)

      16,650        7,158,168  

iShares MSCI EAFE ETF(a)

      1,759        138,750  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(cost $4,157,969)

 

      7,296,918  
     

 

 

  
     Shares      Value  

PREFERRED STOCKS — 0.1%

 

Automobiles — 0.0%

 

Bayerische Motoren Werke AG (Germany) (PRFC)

      75      $ 6,742  

Volkswagen AG (Germany) (PRFC)

      692        173,899  
     

 

 

  
        180,641  
     

 

 

  

Banks — 0.0%

      

Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40

      20,000        558,000  
     

 

 

  

Capital Markets — 0.1%

      

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

      30,000        902,700  
     

 

 

  

Household Products — 0.0%

      

Henkel AG & Co. KGaA (Germany) (PRFC)

      797        84,187  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $1,472,245)

             1,725,528  
     

 

 

  

 

Interest

Rate

  

Maturity
Date

        Principal
Amount
(000)#		         

ASSET-BACKED SECURITIES — 7.0%

 

   

Automobiles — 1.8%

 

AmeriCredit Automobile Receivables Trust,

 

Series 2019-01, Class B

 

   

3.130%

   02/18/25        600        612,827  

Series 2019-01, Class C

      

3.360%

   02/18/25        700        727,244  

Series 2019-02, Class C

      

2.740%

   04/18/25        1,400        1,449,416  

Series 2019-03, Class C

      

2.320%

   07/18/25        2,300        2,370,506  

Series 2020-02, Class C

      

1.480%

   02/18/26        400        405,673  

Series 2020-03, Class C

      

1.060%

   08/18/26        700        704,950  

Series 2021-02, Class C

      

1.010%

   01/19/27        900        905,335  

Avis Budget Rental Car Funding AESOP LLC,

 

   

Series 2018-02A, Class A, 144A

      

4.000%

   03/20/25        1,100        1,188,130  

Series 2019-02A, Class A, 144A

      

3.350%

   09/22/25        2,000        2,144,945  

Series 2019-03A, Class A, 144A

      

2.360%

   03/20/26        2,700        2,824,955  

Series 2020-01A, Class A, 144A

      

2.330%

   08/20/26        1,300        1,354,780  

Series 2021-01A, Class A, 144A

      

1.380%

   08/20/27        2,200        2,196,527  

CarMax Auto Owner Trust,

 

Series 2021-02, Class C

      

1.340%

   02/16/27        800        799,949  

Ford Auto Securitization Trust (Canada),

 

Series 2019-BA, Class A2, 144A

      

2.321%

   10/15/23        CAD          982        799,724  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A34

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Automobiles (cont’d.)

 

Ford Credit Auto Owner Trust,

 

Series 2018-01, Class A, 144A

 

3.190%

      07/15/31           2,700      $ 2,912,793  

Series 2019-01, Class A, 144A

 

3.520%

      07/15/30           3,300        3,544,916  

Series 2020-01, Class A, 144A

 

2.040%

      08/15/31           2,500        2,594,771  

Series 2020-02, Class A, 144A

 

1.060%

      04/15/33           4,400        4,395,099  

GM Financial Consumer Automobile Receivables Trust,

 

Series 2018-04, Class C

 

3.620%

      06/17/24           300        311,300  

Hertz Vehicle Financing III LP,

 

Series 2021-02A, Class A, 144A

 

1.680%

      12/27/27           1,300        1,298,265  

Hertz Vehicle Financing LLC,

 

Series 2021-01A, Class A, 144A

 

1.210%

      12/26/25           1,500        1,499,190  

OneMain Direct Auto Receivables Trust,

 

Series 2018-01A, Class A, 144A

 

3.430%

      12/16/24           1,036        1,040,183  

Series 2019-01A, Class A, 144A

 

3.630%

      09/14/27           4,100        4,419,076  

Santander Drive Auto Receivables Trust,

 

Series 2020-02, Class C

 

1.460%

      09/15/25           600        606,761  

Series 2020-03, Class C

 

1.120%

      01/15/26           1,800        1,815,927  

Series 2020-04, Class C

 

1.010%

      01/15/26           1,100        1,106,380  

Series 2021-01, Class C

 

0.750%

      02/17/26           2,100        2,098,884  

Series 2021-02, Class C

 

0.900%

      06/15/26           1,500        1,502,416  

Series 2021-02, Class D

 

1.350%

      07/15/27           2,000        2,001,975  
           

 

 

  
                      49,632,897  
           

 

 

  

Collateralized Loan Obligations — 3.9%

 

Anchorage Capital CLO Ltd. (Cayman Islands),

 

Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)

 

1.612%(c)

      07/22/32           2,500        2,500,364  

ArrowMark Colorado Holdings (Cayman Islands),

 

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)

 

1.464%(c)

      07/15/29           500        500,000  

Balboa Bay Loan Funding Ltd. (Cayman Islands),

 

Series 2021-01A, Class A, 144A

 

0.000%(cc)

      07/20/34           2,500        2,501,017  

Benefit Street Partners CLO Ltd. (Cayman Islands),

 

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

 

1.054%(c)

      07/15/29           1,000        998,954  

BNPP AM Euro CLO BV (Netherlands),

 

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        2,073,472  

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Brookside Mill CLO Ltd. (Cayman Islands),

 

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

 

1.010%(c)

      01/17/28           521      $ 520,875  

Carlyle Euro CLO Ltd. (Ireland),

 

Series 2017-02A, Class A1R, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%)

 

0.630%(c)

      08/15/30        EUR        5,000                5,921,125  

CBAM Ltd. (Cayman Islands),

 

Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)

 

1.548%(c)

      10/20/32           4,000        4,002,194  

CIFC Funding Ltd. (Cayman Islands),

 

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

 

1.390%(c)

      10/17/31           7,000        7,000,311  

CVC Cordatus Loan Fund (Ireland),

 

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

 

0.850%(c)

      05/24/32        EUR        1,750        2,072,636  

Series 14A, Class A2R, 144A

 

1.250%

      05/24/32        EUR        3,800        4,502,338  

Galaxy CLO Ltd. (Cayman Islands),

 

Series 2018-29A, Class A, 144A, 3 Month LIBOR + 0.790% (Cap N/A, Floor 0.000%)

 

0.946%(c)

      11/15/26           485        484,641  

Greenwood Park CLO Ltd. (Cayman Islands),

 

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

 

1.194%(c)

      04/15/31           1,000        999,043  

HPS Loan Management Ltd. (Cayman Islands),

 

Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

 

1.504%(c)

      07/22/32           2,500        2,500,440  

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

 

1.176%(c)

      02/05/31           248        248,435  

ICG US CLO Ltd. (Cayman Islands),

 

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

 

1.330%(c)

      10/19/28           6,667        6,665,459  

Jamestown CLO Ltd. (Cayman Islands),

 

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

 

1.658%(c)

      04/20/32           4,750        4,763,196  

Jefferson Mill CLO Ltd. (Cayman Islands),

 

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

 

1.363%(c)

      10/20/31           4,237        4,234,817  

Madison Park Funding Ltd. (Cayman Islands),

 

Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

 

1.198%(c)

      01/20/29           3,457        3,454,649  

MidOcean Credit CLO (Cayman Islands),

 

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

 

1.306%(c)

      04/21/31           3,458        3,458,647  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A35

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

Mountain View CLO Ltd. (Cayman Islands),

 

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

 

1.304%(c)

      07/15/31                        2,500      $         2,499,514  

OCP CLO Ltd. (Cayman Islands),

 

Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)

 

1.518%(c)

      07/20/32           7,000        7,001,569  

Octagon Investment Partners 31 LLC (Cayman Islands),

 

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

 

1.238%(c)

      07/20/30           2,500        2,496,927  

OZLM Ltd. (Cayman Islands),

 

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

 

1.270%(c)

      04/17/31           2,956        2,951,676  

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

 

1.436%(c)

      10/30/30           742        741,996  

Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)

 

1.578%(c)

      07/20/32           2,500        2,500,405  

Palmer Square CLO Ltd. (Cayman Islands),

 

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

 

1.288%(c)

      07/20/30           5,000        5,000,866  

Regatta Funding Ltd. (Cayman Islands),

 

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

 

1.285%(c)

      06/20/34           3,750        3,749,062  

TCW CLO Ltd. (Cayman Islands),

 

Series 2021-02A, Class AS, 144A

 

—%(p)

      07/25/34           4,750        4,750,000  

Telos CLO Ltd. (Cayman Islands),

 

Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)

 

1.490%(c)

      07/17/26           310        310,042  

TIAA CLO Ltd. (Cayman Islands),

 

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

 

1.388%(c)

      07/20/31           1,750        1,750,128  

Trimaran Cavu Ltd. (Cayman Islands),

 

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

 

1.648%(c)

      07/20/32           7,500        7,512,639  

Trinitas CLO Ltd. (Cayman Islands),

 

Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)

 

1.386%(c)

      01/25/31           1,750        1,750,244  

Venture CLO Ltd. (Cayman Islands),

 

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

 

1.064%(c)

      07/15/27           463        462,974  

Wellfleet CLO Ltd. (Cayman Islands),

 

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

 

1.340%(c)

      01/17/31           2,000        2,000,658  

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Collateralized Loan Obligations (cont’d.)

 

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

 

1.388%(c)

      10/20/31                        3,750      $ 3,750,034  

York CLO Ltd. (Cayman Islands),

 

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.534%(c)

      07/22/32           2,000        2,000,800  
           

 

 

  
                      110,632,147  
           

 

 

  

Consumer Loans — 0.2%

 

OneMain Financial Issuance Trust,

 

Series 2020-01A, Class A, 144A

 

3.840%

      05/14/32           800        834,603  

Series 2020-02A, Class A, 144A

 

1.750%

      09/14/35           1,400        1,423,483  

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

 

0.770%(c)

      06/16/36           1,900        1,926,979  

Oportun Funding X LLC,

 

Series 2018-C, Class A, 144A

 

4.100%

      10/08/24           1,100        1,100,807  

Oportun Funding XII LLC,

 

Series 2018-D, Class A, 144A

 

4.150%

      12/09/24           800        803,990  

Oportun Funding XIV LLC,

 

Series 2021-A, Class A, 144A

 

1.210%

      03/08/28           600        601,718  
           

 

 

  
              6,691,580  
           

 

 

  

Equipment — 0.2%

 

MMAF Equipment Finance LLC,

 

Series 2017-B, Class A5, 144A

 

2.720%

      06/15/40           2,100        2,190,860  

Series 2018-A, Class A5, 144A

 

3.610%

      03/10/42           500        535,304  

Series 2019-A, Class A5, 144A

 

3.080%

      11/12/41           1,600        1,695,763  

Series 2019-B, Class A5, 144A

 

2.290%

      11/12/41           1,600        1,668,518  
           

 

 

  
              6,090,445  
           

 

 

  

Home Equity Loans — 0.0%

 

CDC Mortgage Capital Trust,

 

Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%)

 

1.742%(c)

      03/25/33           36        37,562  
           

 

 

  

Other — 0.1%

 

TH MSR Issuer Trust,

 

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

 

2.892%(c)

      06/25/24           2,240        2,215,116  
           

 

 

  

Residential Mortgage-Backed Securities — 0.3%

 

Countrywide Asset-Backed Certificates,

 

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

 

0.842%(c)

      03/25/34           242        241,253  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A36

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Residential Mortgage-Backed Securities (cont’d.)

 

Credit Suisse Mortgage Trust,

 

Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%

 

2.263%(c)

      04/25/38                        1,191      $ 1,198,148  

Legacy Mortgage Asset Trust,

 

Series 2019-GS02, Class A1, 144A

 

3.750%

      01/25/59           127        127,679  

Series 2019-GS04, Class A1, 144A

 

3.438%

      05/25/59           828        830,140  

Long Beach Mortgage Loan Trust,

 

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

 

0.887%(c)

      06/25/34           136        134,003  

Mill City Mortgage Loan Trust,

 

Series 2017-03, Class A1, 144A

 

2.750%(cc)

      01/25/61           708        718,572  

TFS (Spain),

 

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

 

3.000%(c)

      04/16/23        EUR        1,634        1,743,678  

Towd Point Mortgage Trust,

 

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

 

0.692%(c)

      02/25/57           1,064        1,063,604  

Series 2020-04, Class A1, 144A

 

1.750%

      10/25/60           847        856,516  
           

 

 

  
                      6,913,593  
           

 

 

  

Student Loans — 0.5%

 

Commonbond Student Loan Trust,

 

Series 2017-BGS, Class A1, 144A

 

2.680%

      09/25/42           807        823,080  

Series 2018-AGS, Class A1, 144A

 

3.210%

      02/25/44           607        630,617  

Series 2018-CGS, Class A1, 144A

 

3.870%

      02/25/46           185        190,488  

Laurel Road Prime Student Loan Trust,

 

Series 2017-C, Class A2B, 144A

 

2.810%

      11/25/42           376        380,905  

Series 2018-B, Class A2FX, 144A

 

3.540%

      05/26/43           672        685,638  

Series 2019-A, Class A2FX, 144A

 

2.730%

      10/25/48           491        500,085  

Navient Private Education Refi Loan Trust,

 

Series 2018-A, Class A2, 144A

 

3.190%

      02/18/42           1,274        1,290,602  

Series 2018-CA, Class A2, 144A

 

3.520%

      06/16/42           605        615,575  

Series 2019-CA, Class A2, 144A

 

3.130%

      02/15/68           1,152        1,176,783  

Series 2020-BA, Class A2, 144A

 

2.120%

      01/15/69           1,070        1,086,243  

SoFi Professional Loan Program LLC,

 

Series 2019-A, Class A2FX, 144A

 

3.690%

      06/15/48           1,011        1,048,687  

Series 2019-B, Class A2FX, 144A

 

3.090%

      08/17/48           1,127        1,155,274  

Series 2019-C, Class A2FX, 144A

 

2.370%

      11/16/48           1,629        1,663,086  

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  

ASSET-BACKED SECURITIES (continued)

 

Student Loans (cont’d.)

 

SoFi Professional Loan Program Trust,

 

Series 2018-B, Class A2FX, 144A

 

3.340%

      08/25/47           1,382      $ 1,417,345  

Series 2020-A, Class A2FX, 144A

 

2.540%

      05/15/46                        1,700        1,756,415  
           

 

 

  
              14,420,823  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $194,857,068)

 

              196,634,163  
           

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.6%

 

Assurant Commercial Mortgage Trust,

 

Series 2016-01A, Class AS, 144A

 

3.172%

      05/15/49           3,100        3,260,565  

Barclays Commercial Mortgage Securities Trust,

 

Series 2018-C02, Class A4

 

4.047%

      12/15/51           3,850        4,399,094  

Benchmark Mortgage Trust,

 

Series 2018-B03, Class A4

 

3.761%

      04/10/51           3,600        4,018,478  

Series 2021-B24, Class A3

 

2.010%

      03/15/54           2,000        2,031,171  

CFCRE Commercial Mortgage Trust,

 

Series 2016-C04, Class A3

 

3.014%

      05/10/58           2,500        2,672,515  

Citigroup Commercial Mortgage Trust,

 

Series 2014-GC21, Class A4

 

3.575%

      05/10/47           854        894,939  

Series 2016-C01, Class A3

 

2.944%

      05/10/49           2,700        2,850,374  

Series 2017-P07, Class A3

 

3.442%

      04/14/50           4,000        4,377,464  

Commercial Mortgage Trust,

 

Series 2014-CR15, Class A2

 

2.928%

      02/10/47           49        48,277  

Series 2014-CR18, Class A4

 

3.550%

      07/15/47           1,783        1,879,136  

Series 2014-LC17, Class A4

 

3.648%

      10/10/47           4,739        4,992,007  

CSAIL Commercial Mortgage Trust,

 

Series 2015-C04, Class A3

 

3.544%

      11/15/48           2,483        2,675,693  

Series 2017-C08, Class A3

 

3.127%

      06/15/50           3,800        4,015,128  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K020, Class X1, IO

 

1.470%(cc)

      05/25/22           17,556        150,466  

Series K021, Class X1, IO

 

1.526%(cc)

      06/25/22           4,855        37,285  

Series K055, Class X1, IO

 

1.493%(cc)

      03/25/26           4,497        250,434  

Series K075, Class AM

 

3.650%(cc)

      02/25/28           2,550        2,906,604  

Series K076, Class AM

 

3.900%

      04/25/28           875        1,012,238  

Series K077, Class AM

 

   

3.850%(cc)

      05/25/28           690        798,571  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A37

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  

COMMERCIAL MORTGAGE-BACKED SECURITIES

(continued)

 

 

Series K080, Class AM

 

3.986%(cc)

      07/25/28                        5,150      $         5,986,435  

Series K157, Class A2

 

3.990%(cc)

      05/25/33           3,100        3,715,269  

Series W5FX, Class AFX

 

3.336%(cc)

      04/25/28           860        957,790  

GS Mortgage Securities Corp. Trust,

 

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

 

0.793%(c)

      11/21/35           1,075        1,075,515  

GS Mortgage Securities Trust,

 

Series 2015-GC28, Class A4

 

3.136%

      02/10/48           2,907        3,068,652  

Series 2015-GC34, Class A3

 

3.244%

      10/10/48           4,715        4,950,138  

Series 2016-GS03, Class A3

 

2.592%

      10/10/49           4,186        4,370,806  

Series 2016-GS04, Class A3

 

3.178%

      11/10/49           4,000        4,215,846  

Series 2020-GSA02, Class A4

 

1.721%

      12/12/53           4,150        4,063,719  

JPMBB Commercial Mortgage Securities Trust,

 

Series 2014-C25, Class A4A1

 

3.408%

      11/15/47           628        666,741  

Series 2015-C27, Class A3A1

 

2.920%

      02/15/48           3,978        4,143,230  

JPMCC Commercial Mortgage Securities Trust,

 

Series 2017-JP06, Class A3

 

3.109%

      07/15/50           5,581        5,803,876  

JPMDB Commercial Mortgage Securities Trust,

 

Series 2016-C02, Class A3A

 

2.881%

      06/15/49           2,500        2,600,090  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2013-LC11, Class A4

 

2.694%

      04/15/46           498        511,270  

MHC Commercial Mortgage Trust,

 

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

 

1.424%(c)

      04/15/38           2,150        2,152,026  

Morgan Stanley Bank of America Merrill Lynch Trust,

 

Series 2013-C08, Class A3

 

2.863%

      12/15/48           1,081        1,099,652  

Morgan Stanley Capital I Trust,

 

Series 2015-UBS08, Class A3

 

3.540%

      12/15/48           5,000        5,397,549  

Series 2016-UB11, Class A3

 

2.531%

      08/15/49           6,300        6,627,638  

Series 2019-H06, Class A3

 

3.158%

      06/15/52           5,000        5,381,346  

Series 2019-H07, Class A2

 

2.492%

      07/15/52           9,400        9,723,832  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class ASB

 

3.264%

      08/15/50           2,500        2,680,549  

Series 2017-C05, Class A4

 

3.212%

      11/15/50           5,000        5,359,626  

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      $ 1,984,977  

Series 2018-C14, Class A3

 

4.180%

      12/15/51                        2,900        3,264,268  

UBS-Barclays Commercial Mortgage Trust,

 

Series 2012-C04, Class A4

 

2.792%

      12/10/45           1,400        1,413,179  

Series 2013-C05, Class A3

 

2.920%

      03/10/46           577        588,449  

Series 2013-C06, Class A3

 

2.971%

      04/10/46           1,455        1,494,764  

Wells Fargo Commercial Mortgage Trust,

 

Series 2016-NXS06, Class A3

 

2.642%

      11/15/49           4,500        4,748,622  

Series 2017-C38, Class A4

 

3.190%

      07/15/50           3,300        3,583,882  

Series 2019-C49, Class A3

 

3.749%

      03/15/52           7,300        8,028,567  

Series 2020-C58, Class A3

 

1.810%

      07/15/53           5,000        4,941,959  
           

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

 

   

(cost $149,097,390)

 

              157,870,701  
           

 

 

  

CORPORATE BONDS — 10.5%

 

Aerospace & Defense — 0.2%

 

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

2.196%

      02/04/26           1,610        1,625,215  

3.750%

      02/01/50           1,470        1,516,382  

Embraer Netherlands Finance BV (Brazil),

 

Gtd. Notes

            

5.050%

      06/15/25           551        582,550  

Embraer Overseas Ltd. (Brazil),

 

Gtd. Notes, 144A

            

5.696%

      09/16/23           765        817,515  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

4.125%

      11/16/28           910        1,048,116  
           

 

 

  
              5,589,778  
           

 

 

  

Agriculture — 0.1%

 

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

            

3.222%

      08/15/24           2,685        2,852,179  

Vector Group Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      02/01/29           875        892,537  
           

 

 

  
              3,744,716  
           

 

 

  

Airlines — 0.2%

 

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

 

3.375%

      11/01/28           1,849        1,836,002  

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

 

4.000%

      04/29/26           253        267,840  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A38

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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)         1,765      $       1,810,295  

United Airlines, Inc.,

 

        

Sr. Sec’d. Notes, 144A

 

        

4.375%

      04/15/26          590        610,789  

4.625%

      04/15/29          115        119,117  
          

 

 

  
             4,644,043  
          

 

 

  

Auto Manufacturers — 0.3%

 

   

Ford Motor Co.,

 

        

Sr. Unsec’d. Notes

 

        

5.291%

      12/08/46 (a)         665        742,732  

Ford Motor Credit Co. LLC,

 

   

Sr. Unsec’d. Notes

 

        

2.900%

      02/16/28          200        199,565  

3.350%

      11/01/22          2,845        2,914,522  

General Motors Co.,

 

        

Sr. Unsec’d. Notes

 

        

6.250%

      10/02/43          740        1,021,421  

6.600%

      04/01/36          585        800,345  

General Motors Financial Co., Inc.,

 

      

Gtd. Notes

 

        

3.950%

      04/13/24          1,700        1,831,576  
          

 

 

  
             7,510,161  
          

 

 

  

Banks — 2.9%

 

   

Banco Santander SA (Spain),

 

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

 

1.308%(c)

      04/12/23          400        405,341  

Sr. Unsec’d. Notes

 

        

3.848%

      04/12/23          800        845,666  

Bank of America Corp.,

 

        

Jr. Sub. Notes, Series JJ

 

5.125%(ff)

      06/20/24 (oo)         1,145        1,221,143  

Jr. Sub. Notes, Series MM

 

4.300%(ff)

      01/28/25 (oo)         310        320,252  

Sr. Unsec’d. Notes, MTN

 

1.898%(ff)

      07/23/31          1,805        1,751,450  

2.496%(ff)

      02/13/31          5,165        5,280,890  

3.194%(ff)

      07/23/30          1,050        1,130,397  

3.824%(ff)

      01/20/28          615        683,034  

Sub. Notes, MTN

 

   

4.000%

      01/22/25          1,700        1,864,725  

4.200%

      08/26/24          745        817,711  

4.450%

      03/03/26          4,790        5,433,360  

Bank of America NA,

 

        

Sub. Notes

 

        

6.000%

      10/15/36          805        1,126,547  

Barclays PLC (United Kingdom),

 

   

Sr. Unsec’d. Notes

 

        

3.650%

      03/16/25          610        661,500  

3.684%

      01/10/23          320        325,428  

4.375%

      01/12/26          323        361,897  

Sr. Unsec’d. Notes, MTN

 

   

4.972%(ff)

      05/16/29          705        826,095  

Interest
Rate

    Maturity
Date		                       Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

BNP Paribas SA (France),

 

   

Sr. Unsec’d. Notes, 144A

 

   

2.219%(ff)

      06/09/26          1,650      $       1,701,235  

Citigroup, Inc.,

 

        

Jr. Sub. Notes, Series V

 

      

4.700%(ff)

      01/30/25 (oo)         1,675        1,726,989  

Sr. Unsec’d. Notes

           

2.561%(ff)

      05/01/32          1,270        1,293,824  

3.200%

      10/21/26          670        725,925  

3.700%

      01/12/26          1,610        1,779,331  

3.887%(ff)

      01/10/28          560        623,124  

8.125%

      07/15/39          365        630,416  

Sub. Notes

 

        

4.450%

      09/29/27          1,485        1,696,015  

4.750%

      05/18/46          440        559,722  

Credit Suisse Group AG (Switzerland),

 

   

Sr. Unsec’d. Notes, 144A

 

        

2.193%(ff)

      06/05/26          1,100        1,126,088  

3.091%(ff)

      05/14/32          560        577,003  

4.282%

      01/09/28          980        1,090,487  

Deutsche Bank AG (Germany),

 

   

Sr. Unsec’d. Notes

 

        

2.129%(ff)

      11/24/26          460        467,094  

Sr. Unsec’d. Notes, Series D

 

        

5.000%

      02/14/22          1,350        1,386,079  

Discover Bank,

 

        

Sr. Unsec’d. Notes

 

        

4.250%

      03/13/26          595        668,361  

Goldman Sachs Group, Inc. (The),

 

   

Jr. Sub. Notes, Series O

 

5.300%(ff)

      11/10/26 (a)(oo)         560        620,468  

Sr. Unsec’d. Notes

 

        

1.542%(ff)

      09/10/27          2,345        2,337,803  

3.750%

      02/25/26          1,165        1,288,827  

3.814%(ff)

      04/23/29          440        492,022  

3.850%

      01/26/27          2,625        2,894,951  

Sub. Notes

 

        

6.750%

      10/01/37          225        327,654  

ING Groep NV (Netherlands),

 

Sr. Unsec’d. Notes

 

        

3.550%

      04/09/24          400        430,656  

JPMorgan Chase & Co.,

 

        

Jr. Sub. Notes, Series FF

 

   

5.000%(ff)

      08/01/24 (oo)         540        570,422  

Jr. Sub. Notes, Series HH

 

   

4.600%(ff)

      02/01/25 (oo)         1,245        1,289,061  

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

 

3.656%(c)

      07/30/21 (oo)         979        981,113  

Jr. Sub. Notes, Series II

 

   

4.000%(ff)

      04/01/25 (oo)         230        233,005  

Sr. Unsec’d. Notes

 

        

2.580%(ff)

      04/22/32          1,585        1,628,412  

3.782%(ff)

      02/01/28          270        299,637  

3.964%(ff)

      11/15/48          2,240        2,624,647  

4.005%(ff)

      04/23/29          1,360        1,540,431  

Sub. Notes

 

        

3.875%

      09/10/24          3,525        3,842,896  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A39

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

   

Morgan Stanley,

 

      

Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%

 

3.794%(c)

      10/15/21 (a)(oo)         640      $ 642,609  

Sr. Unsec’d. Notes

 

3.217%(ff)

      04/22/42          1,570        1,661,258  

Sr. Unsec’d. Notes, GMTN

 

3.772%(ff)

      01/24/29          1,295        1,454,234  

3.875%

      01/27/26          550        614,760  

4.431%(ff)

      01/23/30          455        533,564  

Sr. Unsec’d. Notes, MTN

 

3.591%(ff)

      07/22/28          1,030        1,141,235  

Sub. Notes, GMTN

 

4.350%

      09/08/26          3,050        3,456,491  

Natwest Group PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

5.076%(ff)

      01/27/30 (a)         1,570        1,861,500  

Societe Generale SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.488%(ff)

      12/14/26          3,200        3,172,688  

State Bank of India (India),

 

      

Sr. Unsec’d. Notes, 144A

 

4.375%

      01/24/24          1,255        1,349,004  

UBS Group AG (Switzerland),

 

      

Sr. Unsec’d. Notes, 144A

 

1.364%(ff)

      01/30/27          2,250        2,235,212  

Wells Fargo & Co.,

 

      

Sr. Unsec’d. Notes, MTN

 

2.572%(ff)

      02/11/31          2,895        2,996,824  
          

 

 

  
                 81,628,513  
          

 

 

  

Beverages — 0.1%

 

   

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

 

Gtd. Notes

 

4.700%

      02/01/36          1,220        1,496,298  
          

 

 

  

Biotechnology — 0.0%

 

   

Regeneron Pharmaceuticals, Inc.,

 

      

Sr. Unsec’d. Notes

 

2.800%

      09/15/50          395        360,080  
          

 

 

  

Building Materials — 0.0%

 

   

Standard Industries, Inc.,

 

      

Sr. Unsec’d. Notes, 144A

 

4.750%

      01/15/28          300        313,907  
          

 

 

  

Chemicals — 0.2%

 

   

CF Industries, Inc.,

 

      

Gtd. Notes

 

5.375%

      03/15/44          740        915,773  

Dow Chemical Co. (The),

 

      

Sr. Unsec’d. Notes

 

5.250%

      11/15/41          350        455,985  

9.400%

      05/15/39          30        52,826  

LYB International Finance BV,

 

      

Gtd. Notes

 

5.250%

      07/15/43          620        801,464  

Interest
Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

Chemicals (cont’d.)

 

   

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      06/01/24                        875      $ 924,937  

Sasol Financing USA LLC (South Africa),

 

Gtd. Notes

 

5.875%

      03/27/24           600        641,446  

6.500%

      09/27/28           405        455,999  
           

 

 

  
              4,248,430  
           

 

 

  

Commercial Services — 0.1%

 

   

ERAC USA Finance LLC,

 

      

Gtd. Notes, 144A

 

4.200%

      11/01/46           875        1,039,051  

7.000%

      10/15/37           390        582,345  

United Rentals North America, Inc.,

 

Gtd. Notes

 

4.875%

      01/15/28           735        780,040  

5.250%

      01/15/30           265        290,326  

5.875%

      09/15/26           150        155,645  
           

 

 

  
                  2,847,407  
           

 

 

  

Diversified Financial Services — 0.1%

 

   

BOC Aviation USA Corp. (Singapore),

 

Gtd. Notes, 144A, MTN

 

1.625%

      04/29/24           445        448,475  

CDP Financial, Inc. (Canada),

 

      

Gtd. Notes, 144A

 

3.150%

      07/24/24           445        479,203  

Discover Financial Services,

 

      

Sr. Unsec’d. Notes

 

3.850%

      11/21/22           900        942,953  

OneMain Finance Corp.,

 

      

Gtd. Notes

 

8.250%

      10/01/23           1,100        1,244,984  

Private Export Funding Corp.,

 

      

U.S. Gov’t. Gtd. Notes, Series NN

 

3.250%

      06/15/25           255        276,281  
           

 

 

  
              3,391,896  
           

 

 

  

Electric — 1.0%

 

   

Abu Dhabi National Energy Co. PJSC (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.000%

      04/29/28           370        372,267  

Baltimore Gas & Electric Co.,

 

      

Sr. Unsec’d. Notes

 

6.350%

      10/01/36           530        762,901  

Berkshire Hathaway Energy Co.,

 

      

Sr. Unsec’d. Notes

 

5.950%

      05/15/37           335        461,572  

Calpine Corp.,

 

      

Sr. Sec’d. Notes, 144A

 

3.750%

      03/01/31           1,400        1,333,510  

CenterPoint Energy Houston Electric LLC,

 

General Ref. Mortgage, Series K2

 

6.950%

      03/15/33           300        425,004  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A40

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

   

Connecticut Light & Power Co. (The),

 

   

First Mortgage, Series A

 

   

2.050%

      07/01/31                       2,290      $     2,307,802  

Consolidated Edison Co. of New York, Inc.,

 

   

Sr. Unsec’d. Notes, Series 09-C

 

   

5.500%

      12/01/39          145        192,355  

Duke Energy Carolinas LLC,

 

   

First Mortgage

 

   

6.050%

      04/15/38          530        753,134  

El Paso Electric Co.,

 

   

Sr. Unsec’d. Notes

 

   

6.000%

      05/15/35          845        1,127,902  

Enel Finance International NV (Italy),

 

   

Gtd. Notes, 144A

 

   

4.625%

      09/14/25          1,545        1,754,020  

Engie Energia Chile SA (Chile),

 

   

Sr. Unsec’d. Notes, 144A

 

   

3.400%

      01/28/30          400        410,450  

Exelon Generation Co. LLC,

 

   

Sr. Unsec’d. Notes

 

   

6.250%

      10/01/39          1,375        1,693,843  

Florida Power & Light Co.,

 

   

First Mortgage

 

   

5.950%

      10/01/33          380        522,675  

Iberdrola International BV (Spain),

 

   

Gtd. Notes

 

   

6.750%

      09/15/33          140        190,062  

Indiana Michigan Power Co.,

 

   

Sr. Unsec’d. Notes

 

   

3.850%

      05/15/28          2,105        2,367,850  

Israel Electric Corp. Ltd. (Israel),

 

   

Sr. Sec’d. Notes, 144A, GMTN

 

   

4.250%

      08/14/28          575        644,460  

Monongahela Power Co.,

 

   

First Mortgage, 144A

 

   

4.100%

      04/15/24          1,560        1,681,023  

Northern States Power Co.,

 

   

First Mortgage

 

   

3.600%

      09/15/47          1,035        1,178,611  

NRG Energy, Inc.,

 

   

Sr. Sec’d. Notes, 144A

 

   

2.000%

      12/02/25          225        227,777  

2.450%

      12/02/27          970        976,577  

Ohio Power Co.,

 

   

Sr. Unsec’d. Notes

 

   

4.000%

      06/01/49          465        550,360  

PECO Energy Co.,

 

   

First Mortgage

 

   

2.800%

      06/15/50          785        782,592  

Public Service Electric & Gas Co.,

 

   

First Mortgage, MTN

 

   

3.700%

      05/01/28 (a)         850        964,273  

Sr. Sec’d. Notes, MTN

 

   

5.800%

      05/01/37          515        713,236  

Public Service Enterprise Group, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

1.600%

      08/15/30          1,235        1,170,136  

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                       1,010      $ 1,223,502  

Southern California Edison Co.,

 

   

First Ref. Mortgage

 

   

4.000%

      04/01/47          350        368,551  

First Ref. Mortgage, Series C

 

   

3.600%

      02/01/45          690        692,137  

Vistra Operations Co. LLC,

 

   

Gtd. Notes, 144A

 

   

5.000%

      07/31/27          495        508,150  

Sr. Sec’d. Notes, 144A

 

   

3.550%

      07/15/24          1,475        1,559,213  

Xcel Energy, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

4.800%

      09/15/41          480        589,782  
          

 

 

  
                 28,505,727  
          

 

 

  

Engineering & Construction — 0.1%

 

   

AECOM,

 

   

Gtd. Notes

 

   

5.125%

      03/15/27 (a)         1,000        1,114,191  

Mexico City Airport Trust (Mexico),

 

   

Sr. Sec’d. Notes, 144A

 

   

5.500%

      07/31/47          1,350        1,362,827  
          

 

 

  
             2,477,018  
          

 

 

  

Foods — 0.1%

 

   

Kraft Heinz Foods Co.,

 

   

Gtd. Notes

 

   

4.875%

      10/01/49          1,030        1,248,252  

Mars, Inc.,

 

   

Sr. Unsec’d. Notes, 144A

 

   

2.375%

      07/16/40          535        514,749  

Pilgrim’s Pride Corp.,

 

   

Gtd. Notes, 144A

 

   

5.875%

      09/30/27          1,200        1,279,836  
          

 

 

  
             3,042,837  
          

 

 

  

Gas — 0.2%

 

   

NiSource, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

1.700%

      02/15/31 (a)         835        790,813  

3.490%

      05/15/27 (a)         2,355        2,590,824  

Piedmont Natural Gas Co., Inc.,

 

   

Sr. Unsec’d. Notes

 

   

3.500%

      06/01/29          2,090        2,301,379  
          

 

 

  
             5,683,016  
          

 

 

  

Healthcare-Products — 0.1%

 

   

Abbott Laboratories,

 

   

Sr. Unsec’d. Notes

 

   

4.900%

      11/30/46          320        436,705  

DH Europe Finance II Sarl,

 

   

Gtd. Notes

 

   

1.350%

      09/18/39       EUR        1,125        1,358,101  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A41

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		                    Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Healthcare-Products (cont’d.)

 

Medtronic Global Holdings SCA,

 

Gtd. Notes

 

1.625%

      03/07/31        EUR        200      $ 261,437  

2.250%

      03/07/39        EUR        300        417,039  
           

 

 

  
              2,473,282  
           

 

 

  

Healthcare-Services — 0.2%

 

Aetna, Inc.,

 

Sr. Unsec’d. Notes

 

6.625%

      06/15/36           480        699,353  

Anthem, Inc.,

 

Sr. Unsec’d. Notes

 

3.600%

      03/15/51           885        972,546  

4.625%

      05/15/42           330        410,660  

HCA, Inc.,

 

Gtd. Notes

 

5.875%

      02/01/29           575        694,589  

Sr. Sec’d. Notes

 

5.125%

      06/15/39           665        830,364  

Kaiser Foundation Hospitals,

 

Gtd. Notes

 

4.150%

      05/01/47           670        834,530  
           

 

 

  
                  4,442,042  
           

 

 

  

Home Builders — 0.1%

 

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27           405        459,054  

6.625%

      07/15/27           425        455,150  

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

 

Gtd. Notes, 144A

 

5.625%

      03/01/24           600        652,634  
           

 

 

  
              1,566,838  
           

 

 

  

Housewares — 0.1%

 

Newell Brands, Inc.,

 

Sr. Unsec’d. Notes

 

4.700%

      04/01/26           2,010        2,240,982  
           

 

 

  

Insurance — 0.2%

 

Liberty Mutual Group, Inc.,

 

Gtd. Notes, 144A

 

3.951%

      10/15/50           1,125        1,248,253  

Lincoln National Corp.,

 

Sr. Unsec’d. Notes

 

6.300%

      10/09/37           701        983,963  

Markel Corp.,

 

Sr. Unsec’d. Notes

 

5.000%

      03/30/43           165        201,193  

New York Life Insurance Co.,

 

Sub. Notes, 144A

 

6.750%

      11/15/39           650        981,256  

Principal Financial Group, Inc.,

 

Gtd. Notes

 

4.625%

      09/15/42           105        130,466  

Teachers Insurance & Annuity Association of America,

 

Sub. Notes, 144A

 

4.270%

      05/15/47           1,430        1,708,366  

Interest

Rate

    Maturity
Date		                   Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Insurance (cont’d.)

 

6.850%

      12/16/39                       122      $ 184,343  
          

 

 

  
             5,437,840  
          

 

 

  

Lodging — 0.0%

 

Marriott International, Inc.,

 

Sr. Unsec’d. Notes

 

3.250%

      09/15/22          805        822,648  
          

 

 

  

Machinery-Diversified — 0.0%

 

Mueller Water Products, Inc.,

 

Gtd. Notes, 144A

 

4.000%

      06/15/29 (a)         325        334,097  

Xylem, Inc.,

 

Sr. Unsec’d. Notes

 

4.875%

      10/01/21          1,060        1,071,418  
          

 

 

  
             1,405,515  
          

 

 

  

Media — 0.6%

 

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes, 144A

 

5.500%

      05/01/26          1,000        1,033,681  

Charter Communications Operating LLC/Charter Communications Operating Capital,

 

Sr. Sec’d. Notes

 

3.900%

      06/01/52          500        508,793  

4.800%

      03/01/50          870        1,002,332  

6.384%

      10/23/35          1,695        2,271,465  

6.484%

      10/23/45          1,000        1,380,210  

Comcast Cable Holdings LLC,

 

Gtd. Notes

 

9.875%

      06/15/22          1,440        1,557,942  

Cox Communications, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.600%

      06/15/31          3,695        3,751,347  

Discovery Communications LLC,

 

Gtd. Notes

 

4.000%

      09/15/55          823        870,404  

Time Warner Cable LLC,

 

Sr. Sec’d. Notes

 

5.500%

      09/01/41          270        335,731  

ViacomCBS, Inc.,

 

Sr. Unsec’d. Notes

 

5.250%

      04/01/44          1,340        1,713,343  

Videotron Ltd. (Canada),

 

Gtd. Notes

 

5.000%

      07/15/22          850        884,112  

Walt Disney Co. (The),

 

Gtd. Notes

 

7.625%

      11/30/28          515        712,533  
          

 

 

  
                 16,021,893  
          

 

 

  

Miscellaneous Manufacturing — 0.1%

 

Amsted Industries, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      07/01/27          800        843,387  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A42

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Miscellaneous Manufacturing (cont’d.)

 

Pentair Finance Sarl,

 

Gtd. Notes

 

4.500%

      07/01/29                       2,415      $     2,829,837  
          

 

 

  
             3,673,224  
          

 

 

  

Multi-National — 0.0%

 

Corp. Andina de Fomento (Supranational Bank),

 

Sr. Unsec’d. Notes

 

2.125%

      09/27/21                       480        481,911  

2.750%

      01/06/23          385        397,091  

North American Development Bank (Supranational Bank),

 

Sr. Unsec’d. Notes

 

2.400%

      10/26/22          226        230,352  
          

 

 

  
             1,109,354  
          

 

 

  

Office/Business Equipment — 0.0%

 

CDW LLC/CDW Finance Corp.,

 

Gtd. Notes

 

5.500%

      12/01/24          500        557,602  
          

 

 

  

Oil & Gas — 0.5%

 

Antero Resources Corp.,

 

Gtd. Notes

 

5.000%

      03/01/25          950        973,272  

Cenovus Energy, Inc. (Canada),

 

Sr. Unsec’d. Notes

 

5.400%

      06/15/47          850        1,055,409  

Chevron USA, Inc.,

 

Gtd. Notes

 

5.050%

      11/15/44          595        798,492  

ConocoPhillips,

 

Gtd. Notes, 144A

 

4.875%

      10/01/47          150        197,013  

Continental Resources, Inc.,

 

Gtd. Notes

 

4.500%

      04/15/23 (a)         430        448,463  

Devon Energy Corp.,

 

Sr. Unsec’d. Notes

 

5.600%

      07/15/41          225        279,101  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

Sr. Unsec’d. Notes, 144A

 

4.950%

      07/19/22          255        265,454  

6.510%

      03/07/22          440        457,550  

Helmerich & Payne, Inc.,

 

Sr. Unsec’d. Notes

 

4.650%

      03/15/25          1,555        1,730,893  

KazMunayGas National Co. JSC (Kazakhstan),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      04/24/25          400        448,630  

Lundin Energy Finance BV (Netherlands),

 

Gtd. Notes, 144A

 

3.100%

      07/15/31          530        536,204  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

4.264%(s)

      10/10/36          1,000        520,000  

6.450%

      09/15/36          1,040        1,242,779  

Interest

Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Ovintiv, Inc.,

 

Gtd. Notes

 

6.625%

      08/15/37          240      $ 320,557  

Petrobras Global Finance BV (Brazil),

 

Gtd. Notes

 

5.093%

      01/15/30                       280        305,508  

5.600%

      01/03/31 (a)         840        940,551  

Petroleos Mexicanos (Mexico),

 

Gtd. Notes

 

4.750%

      02/26/29       EUR        100        117,649  

6.350%

      02/12/48          458        389,716  

6.490%

      01/23/27          346        364,717  

6.500%

      03/13/27          130        137,089  

Gtd. Notes, MTN

 

6.750%

      09/21/47          561        495,167  

6.875%

      08/04/26          770        841,063  

Qatar Petroleum (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

2.250%

      07/12/31          545        539,207  

Sinopec Group Overseas Development 2018 Ltd. (China),

 

Gtd. Notes, 144A

 

3.680%

      08/08/49          990        1,064,936  

Valero Energy Corp.,

 

Sr. Unsec’d. Notes

 

4.000%

      04/01/29 (a)         580        647,613  
          

 

 

  
                 15,117,033  
          

 

 

  

Packaging & Containers — 0.2%

 

Berry Global, Inc.,

 

Sr. Sec’d. Notes, 144A

 

1.570%

      01/15/26 (a)         3,570        3,574,602  

WestRock RKT LLC,

 

Gtd. Notes

 

4.900%

      03/01/22          675        694,502  
          

 

 

  
             4,269,104  
          

 

 

  

Pharmaceuticals — 0.6%

 

AbbVie, Inc.,

 

Sr. Unsec’d. Notes

 

3.600%

      05/14/25          950        1,037,090  

4.250%

      11/21/49          1,480        1,774,502  

4.500%

      05/14/35          1,595        1,926,676  

4.550%

      03/15/35          1,770        2,145,170  

4.700%

      05/14/45          855        1,066,748  

Bayer US Finance II LLC (Germany),

 

Gtd. Notes, 144A

 

4.250%

      12/15/25          1,150        1,282,121  

Becton, Dickinson & Co.,

 

Sr. Unsec’d. Notes

 

3.734%

      12/15/24 (a)         372        405,186  

Bristol-Myers Squibb Co.,

 

Sr. Unsec’d. Notes

 

4.125%

      06/15/39          280        338,522  

5.000%

      08/15/45          566        774,491  

Cigna Corp.,

 

Gtd. Notes

 

4.375%

      10/15/28          1,870        2,176,559  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A43

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

 

Sr. Unsec’d. Notes

 

3.200%

      03/15/40          530      $ 550,133  

CVS Health Corp.,

 

Sr. Unsec’d. Notes

 

2.700%

      08/21/40          500        484,843  

4.780%

      03/25/38          210        258,308  

5.125%

      07/20/45          991        1,286,259  

5.300%

      12/05/43          185        244,638  

Mylan, Inc.,

 

Gtd. Notes

 

5.400%

      11/29/43                       590        733,479  

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

 

Sr. Sec’d. Notes, 144A

 

4.125%

      04/30/28 (a)         925        943,757  

Viatris, Inc.,

 

Gtd. Notes, 144A

 

3.850%

      06/22/40          520        555,019  
          

 

 

  
                 17,983,501  
          

 

 

  

Pipelines — 0.6%

 

Eastern Gas Transmission & Storage, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.600%

      12/15/44          45        52,605  

Energy Transfer LP,

 

Sr. Unsec’d. Notes

 

4.950%

      06/15/28          795        921,903  

5.000%

      05/15/50          990        1,143,683  

6.125%

      12/15/45          120        152,759  

Energy Transfer LP/Regency Energy Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.000%

      10/01/22          610        635,787  

Enterprise Products Operating LLC,

 

Gtd. Notes

 

3.750%

      02/15/25 (a)         1,055        1,150,147  

Kinder Morgan, Inc.,

 

Gtd. Notes

 

3.250%

      08/01/50 (a)         1,575        1,524,436  

MPLX LP,

 

Sr. Unsec’d. Notes

 

4.000%

      02/15/25          1,140        1,244,182  

4.700%

      04/15/48          750        872,027  

4.875%

      06/01/25          2,275        2,568,568  

5.200%

      03/01/47          25        30,689  

ONEOK Partners LP,

 

Gtd. Notes

 

6.650%

      10/01/36          130        175,035  

ONEOK, Inc.,

 

Gtd. Notes

 

3.100%

      03/15/30 (a)         3,495        3,654,345  

4.500%

      03/15/50          245        273,462  

4.950%

      07/13/47          640        749,919  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

4.000%

      07/01/22          1,315        1,336,175  

5.300%

      03/01/48          80        84,924  

Interest
Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

4.850%

      03/01/48                       230      $ 279,944  

4.900%

      01/15/45          1,100        1,330,333  
          

 

 

  
                 18,180,923  
          

 

 

  

Real Estate Investment Trusts (REITs) — 0.2%

 

GLP Capital LP/GLP Financing II, Inc.,

 

Gtd. Notes

 

5.375%

      04/15/26                       725        834,324  

Kimco Realty Corp.,

 

Sr. Unsec’d. Notes

 

2.700%

      10/01/30          2,420        2,492,778  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

      03/15/31          750        757,587  

Realty Income Corp.,

 

Sr. Unsec’d. Notes

 

3.250%

      01/15/31          2,250        2,455,377  
          

 

 

  
             6,540,066  
          

 

 

  

Retail — 0.3%

 

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

 

Sr. Sec’d. Notes, 144A

 

3.875%

      01/15/28          650        658,125  

AutoZone, Inc.,

 

Sr. Unsec’d. Notes

 

3.750%

      04/18/29          1,820        2,030,114  

Dollar Tree, Inc.,

 

Sr. Unsec’d. Notes

 

4.000%

      05/15/25          3,395        3,746,815  

L Brands, Inc.,

 

Gtd. Notes

 

5.625%

      10/15/23          500        549,149  

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25 (a)         1,020        1,053,101  
          

 

 

  
             8,037,304  
          

 

 

  

Semiconductors — 0.2%

 

Broadcom, Inc.,

 

Gtd. Notes

 

4.750%

      04/15/29          3,650        4,245,935  
          

 

 

  

Software — 0.1%

 

Fidelity National Information Services, Inc.,

 

Sr. Unsec’d. Notes

 

2.250%

      03/01/31 (a)         2,175        2,171,622  

Microsoft Corp.,

 

Sr. Unsec’d. Notes

 

2.675%

      06/01/60          360        358,432  

ServiceNow, Inc.,

 

Sr. Unsec’d. Notes

 

1.400%

      09/01/30          1,425        1,337,057  
          

 

 

  
             3,867,111  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A44

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		            Principal
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Telecommunications — 0.7%

 

AT&T, Inc.,

           

Sr. Unsec’d. Notes

 

      

3.100%

      02/01/43                       1,070      $ 1,048,949  

4.300%

      02/15/30          490        566,538  

4.500%

      05/15/35          225        264,056  

Sr. Unsec’d. Notes, 144A

 

   

2.550%

      12/01/33          1,371        1,358,831  

3.500%

      09/15/53          2,817        2,825,236  

3.650%

      09/15/59          4        4,053  

British Telecommunications PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

9.625%

      12/15/30          350        542,747  

Level 3 Financing, Inc.,

 

Gtd. Notes

 

5.375%

      05/01/25 (a)         1,300        1,329,814  

Sr. Sec’d. Notes, 144A

 

3.400%

      03/01/27          250        265,769  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,

 

Sr. Sec’d. Notes, 144A

 

3.360%

      03/20/23          88        87,971  

T-Mobile USA, Inc.,

 

Sr. Sec’d. Notes

 

3.875%

      04/15/30          5,500        6,139,058  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

 

2.550%

      03/21/31          1,515        1,550,066  

2.650%

      11/20/40          1,095        1,056,483  

4.016%

      12/03/29          1,365        1,565,791  

4.500%

      08/10/33          865        1,035,068  
          

 

 

  
             19,640,430  
          

 

 

  

Transportation — 0.1%

 

Burlington Northern Santa Fe LLC,

 

Sr. Unsec’d. Notes

 

6.700%

      08/01/28          735        963,718  

CSX Corp.,

 

Sr. Unsec’d. Notes

 

6.150%

      05/01/37          690        974,119  

Norfolk Southern Corp.,

 

Sr. Unsec’d. Notes

 

5.590%

      05/17/25          120        140,366  
          

 

 

  
             2,078,203  
          

 

 

  

TOTAL CORPORATE BONDS
(cost $272,683,555)

 

          295,194,657  
          

 

 

  
MUNICIPAL BONDS — 0.6%

 

Alabama — 0.0%

 

Alabama Economic Settlement Authority,

 

Taxable, Revenue Bonds, Series B

 

4.263%

      09/15/32          180        206,044  
          

 

 

  

California — 0.2%

 

Bay Area Toll Authority,

 

Revenue Bonds, BABs, Series F2

 

6.263%

      04/01/49          1,305        2,113,434  

Interest

Rate

    Maturity
Date		             Principal
Amount
(000)#		      Value  
MUNICIPAL BONDS (continued)

 

California (cont’d.)

 

Taxable, Revenue Bonds

 

      

2.574%

      04/01/31                        415      $ 440,282  

State of California,

 

General Obligation Unlimited, BABs

 

7.300%

      10/01/39           1,250        1,995,513  

General Obligation Unlimited, Taxable, BABs

 

      

7.500%

      04/01/34           350        550,487  

7.625%

      03/01/40           205        344,109  
           

 

 

  
                  5,443,825  
           

 

 

  

Colorado — 0.0%

 

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

      11/01/50           565        895,531  
           

 

 

  

Illinois — 0.2%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

      01/01/40           970        1,470,898  

State of Illinois,

 

General Obligation Unlimited, Series D

 

5.000%

      11/01/22           2,305        2,447,772  
           

 

 

  
              3,918,670  
           

 

 

  

New Jersey — 0.1%

 

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

      01/01/40           1,000        1,644,220  
           

 

 

  

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        1,403,325  
           

 

 

  

Ohio — 0.0%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

      06/01/40           415        561,308  

Ohio Water Development Authority Water Pollution Control Loan Fund,

 

Taxable, Revenue Bonds, BABs, Series B2

 

4.879%

      12/01/34           275        325,864  
           

 

 

  
              887,172  
           

 

 

  

Oregon — 0.0%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

      11/15/34           425        594,796  
           

 

 

  

Pennsylvania — 0.0%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

      12/01/45           505        721,282  
           

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

      09/01/2117           355        448,308  
           

 

 

  

TOTAL MUNICIPAL BONDS
(cost $11,796,226)

 

      16,163,173  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A45

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		           Principal
Amount
(000)#		      Value  
RESIDENTIAL MORTGAGE-BACKED SECURITIES —1.7%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

    09/25/35                              10      $ 10,329  

Banc of America Mortgage Trust,

 

Series 2005-A, Class 2A1

 

2.582%(cc)

    02/25/35         74        76,744  

Bellemeade Re Ltd. (Bermuda),

 

Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)

 

1.692%(c)

    04/25/28         87        87,050  

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%)

 

3.492%(c)

    06/25/30         27        27,304  

Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)

 

2.692%(c)

    06/25/30         232        231,730  

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

 

1.210%(c)

    06/25/31         2,014        2,016,175  

BVRT Financing Trust,

 

Series 2019-01, Class F, 144A, 1 Month LIBOR + 2.150%

 

2.227%(c)

    09/15/21^         1,442        1,437,753  

Central Park Funding Trust,

 

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

 

2.846%(c)

    08/29/22         2,413        2,414,244  

Chase Mortgage Finance Trust,

 

Series 2007-A01, Class 1A5

 

2.485%(cc)

    02/25/37         110        110,813  

Credit Suisse Mortgage Trust,

 

Series 2018-RPL09, Class A, 144A

 

3.850%(cc)

    09/25/57         749        782,619  

FHLMC REMICS,

            

Series 4535, Class PA

 

3.000%

    03/15/44         611        635,641  

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)

 

0.842%(c)

    03/25/30         365        365,168  

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

 

2.618%(c)

    11/25/50         2,095        2,128,119  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

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

 

3.692%(c)

    07/25/50         715        724,294  

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

 

5.342%(c)

    09/25/50         155        163,632  

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

 

2.118%(c)

    10/25/33         2,005        2,047,922  

FHLMC Structured Agency Credit Risk Trust,

 

Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)

 

0.842%(c)

    09/25/48         2        2,362  

Interest

Rate

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

 

Home Re Ltd. (Bermuda),

 

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

 

1.742%(c)

    05/25/29                              116      $ 115,946  

JPMorgan Mortgage Trust,

 

Series 2007-A01, Class 4A1

 

2.727%(cc)

    07/25/35         45        44,807  

Legacy Mortgage Asset Trust,

 

Series 2021-GS01, Class A1, 144A

 

1.892%

    10/25/66         288        288,570  

Mello Warehouse Securitization Trust,

 

Series 2020-01, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.992%(c)

    10/25/53         1,260        1,259,966  

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

 

0.806%(c)

    02/25/55         1,600        1,600,000  

MFA Trust,

 

Series 2021-RPL01, Class A1, 144A

 

1.131%(cc)

    07/25/60         2,837        2,835,589  

Mortgage Repurchase Agreement Financing Trust,

 

Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

1.327%(c)

    01/23/23         400        400,013  

Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

    04/23/23         380        380,182  

Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

    04/23/23         735        735,352  

Series 2020-05, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)

 

1.077%(c)

    08/10/23         1,090        1,090,680  

Series 2021-01, Class A2, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.000%)

 

0.577%(c)

    03/10/22         2,600        2,600,376  

MRA Issuance Trust,

 

Series 2020-15, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)

 

1.592%(c)

    07/15/21         6,030        6,030,253  

MSG III Securitization Trust,

 

Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

0.841%(c)

    06/25/54         1,500        1,499,724  

Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.991%(c)

    06/25/54         270        269,950  

Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

1.191%(c)

    06/25/54         230        229,956  

Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)

 

1.391%(c)

    06/25/54         90        89,982  

New Residential Mortgage Loan Trust,

 

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

 

0.842%(c)

    01/25/48         280        280,840  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A46

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Oaktown Re II Ltd. (Bermuda),

 

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

 

1.642%(c)

    07/25/28                          103      $ 103,301  

Oaktown Re III Ltd. (Bermuda),

 

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

 

1.492%(c)

    07/25/29         29        28,741  

Oaktown Re IV Ltd. (Bermuda),

 

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%)

 

4.842%(c)

    07/25/30         129        129,255  

PMT Credit Risk Transfer Trust,

 

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

 

3.907%(c)

    12/25/22         2,034        2,043,365  

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

 

3.011%(c)

    02/27/24         3,250        3,279,516  

Provident Funding Mortgage Warehouse Securitization Trust,

 

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

 

0.792%(c)

    02/25/55         2,340        2,332,727  

Seasoned Credit Risk Transfer Trust,

 

Series 2019-02, Class MA

 

3.500%

    08/25/58         1,133        1,193,279  

Station Place Securitization Trust,

 

Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.991%(c)

    04/11/22^         2,600        2,600,000  

Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)

 

0.891%(c)

    06/20/22         2,040        2,040,918  

Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)

 

0.742%(c)

    01/26/54         1,970        1,971,055  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.537%(cc)

    02/25/34         94        95,206  
           

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $48,608,937)

 

      48,831,448  
           

 

 

  

SOVEREIGN BONDS — 0.8%

 

Abu Dhabi Government International Bond (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A

 

3.125%

    10/11/27         2,420        2,658,776  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

    08/20/30         465        465,059  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.000%

    02/26/24         220        233,046  

7.375%

    09/18/37         450        591,650  

Export-Import Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

    02/01/28         745        806,334  

Interest

Rate

    Maturity
Date		                 Principal
Amount
(000)#		      Value  
SOVEREIGN BONDS (continued)

 

Finnvera OYJ (Finland),

 

Gov’t. Gtd. Notes, 144A, MTN

 

2.375%

    06/04/25                            400      $ 424,511  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

3.375%

    07/30/25     EUR           1,200        1,591,691  

4.450%

    02/11/24           355        388,704  

Sr. Unsec’d. Notes, 144A, MTN

 

5.875%

    01/15/24           750        846,231  

Sr. Unsec’d. Notes, EMTN

 

2.150%

    07/18/24     EUR           1,510        1,896,908  

4.750%

    01/08/26           350        399,703  

Japan Bank for International Cooperation (Japan),

 

Gov’t. Gtd. Notes

 

3.375%

    10/31/23           200        213,322  

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.125%

    10/25/23           1,000        1,035,546  

2.625%

    04/20/22           1,400        1,426,034  

3.000%

    03/12/24           200        212,468  

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

4.500%

    04/16/50(a)           340        386,945  

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

    04/23/23           800        849,973  

5.103%

    04/23/48           665        883,076  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, EMTN

 

4.125%

    03/11/39     EUR           960        1,348,909  

Saudi Government International Bond (Saudi Arabia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.375%

    10/26/21           980        986,101  

2.875%

    03/04/23           1,285        1,333,251  

4.000%

    04/17/25           750        828,289  

Tokyo Metropolitan Government (Japan),

 

Sr. Unsec’d. Notes, 144A

 

2.500%

    06/08/22           1,200        1,223,801  

3.250%

    06/01/23           600        631,166  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

4.975%

    04/20/55           405        523,522  

5.100%

    06/18/50(a)           395        517,358  
             

 

 

  

TOTAL SOVEREIGN BONDS
(cost $20,928,191)

 

      22,702,374  
             

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.7%

 

Federal Home Loan Bank

 

5.500%

    07/15/36           850        1,251,737  

Federal Home Loan Mortgage Corp.

 

1.500%

    11/01/50           1,429        1,401,666  

2.000%

    01/01/32           561        581,109  

2.000%

    06/01/40           982        1,003,669  

2.000%

    10/01/40           1,570        1,594,029  

2.000%

    09/01/50           3,419        3,454,640  

2.500%

    03/01/30           332        348,792  

2.500%

    03/01/51           895        928,714  

2.500%

    04/01/51           7,579        7,849,408  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A47

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

3.000%

    10/01/28                     219      $ 231,837  

3.000%

    06/01/29        464        492,112  

3.000%

    01/01/37        127        133,787  

3.000%

    06/01/42        201        212,947  

3.000%

    10/01/42        479        507,556  

3.000%

    01/01/43        449        475,394  

3.000%

    07/01/43        1,198            1,274,809  

3.000%

    11/01/49        1,990        2,074,184  

3.000%

    02/01/50        2,149        2,243,076  

3.000%

    05/01/50        482        502,500  

3.500%

    06/01/42        193        208,251  

3.500%

    01/01/47        380        404,588  

3.500%

    02/01/47        551        584,453  

4.000%

    06/01/26        235        250,557  

4.000%

    09/01/26        86        91,580  

4.000%

    03/01/38        251        270,628  

4.000%

    10/01/39        395        432,334  

4.000%

    09/01/40        489        532,753  

4.000%

    12/01/40        219        239,517  

4.000%

    10/01/41        226        246,159  

4.000%

    01/01/42        72        78,708  

4.500%

    02/01/39        58        64,445  

4.500%

    09/01/39        82        91,314  

4.500%

    10/01/39        744        827,359  

4.500%

    12/01/39        70        78,202  

4.500%

    07/01/41        84        90,470  

4.500%

    07/01/41        1,332        1,491,840  

4.500%

    08/01/41        116        125,761  

4.500%

    08/01/41        180        197,727  

4.500%

    08/01/41        201        222,073  

4.500%

    10/01/41        101        109,213  

4.500%

    12/01/47        177        192,161  

4.500%

    08/01/48        386        415,643  

5.000%

    05/01/34        15        17,195  

5.000%

    05/01/34        177        202,933  

5.000%

    10/01/35        5        5,168  

5.000%

    07/01/37        265        302,007  

5.000%

    05/01/39        37        42,548  

5.500%

    12/01/33        38        42,102  

5.500%

    01/01/34        37        42,003  

5.500%

    06/01/34        66        75,996  

5.500%

    07/01/34        135        156,045  

5.500%

    05/01/37        34        39,989  

5.500%

    02/01/38        264        307,378  

5.500%

    05/01/38        29        34,025  

5.500%

    07/01/38        71        83,068  

6.000%

    03/01/32        129        147,276  

6.000%

    12/01/33        47        52,332  

6.000%

    11/01/36        35        40,759  

6.000%

    01/01/37        34        40,369  

6.000%

    05/01/37        16        18,623  

6.000%

    02/01/38        3        3,032  

6.000%

    08/01/39        41        48,926  

6.750%

    03/15/31(k)        550        808,325  

7.000%

    05/01/31        6        6,086  

7.000%

    06/01/31        12        12,860  

7.000%

    08/01/31        99        112,166  

7.000%

    10/01/31        6        6,286  

Interest

Rate

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

 

Federal National Mortgage Assoc.

 

1.500%

    11/01/50                     982      $ 963,483  

1.500%

    12/01/50        3,940        3,864,159  

2.000%

    08/01/31        543        562,581  

2.000%

    02/01/41        1,919        1,958,708  

2.000%

    05/01/41        10,168            10,342,151  

2.000%

    08/01/50        1,463        1,478,352  

2.000%

    10/01/50        8,045        8,127,860  

2.000%

    11/01/50        1,927        1,947,340  

2.500%

    TBA(tt)        4,000        4,137,188  

2.500%

    TBA        10,000        10,323,437  

2.500%

    01/01/28        443        463,896  

2.500%

    05/01/41        8,286        8,622,829  

2.500%

    10/01/43        449        468,835  

2.500%

    12/01/46        894        928,691  

2.500%

    03/01/50        934        968,796  

2.500%

    08/01/50        2,927        3,030,010  

2.500%

    08/01/50        3,139        3,249,189  

2.500%

    04/01/51        1,990        2,060,324  

3.000%

    TBA        12,000        12,508,359  

3.000%

    02/01/27        844        892,205  

3.000%

    08/01/30        603        637,415  

3.000%

    11/01/36        1,012        1,059,167  

3.000%

    12/01/42        877        927,998  

3.000%

    03/01/43        186        197,188  

3.000%

    11/01/46        627        662,899  

3.000%

    01/01/47        915        959,576  

3.000%

    02/01/47        946        995,510  

3.000%

    03/01/47        493        518,827  

3.000%

    06/01/49        26        27,217  

3.000%

    12/01/49        2,233        2,327,906  

3.000%

    02/01/50        4,617        4,815,217  

3.000%

    03/01/50        466        485,535  

3.000%

    03/01/50        592        617,440  

3.000%

    04/01/50        642        670,169  

3.000%

    05/01/50        371        386,402  

3.500%

    07/01/31        595        638,862  

3.500%

    02/01/33        1,388        1,494,286  

3.500%

    06/01/39        345        371,718  

3.500%

    01/01/42        2,320        2,499,181  

3.500%

    05/01/42        1,151        1,244,409  

3.500%

    07/01/42        555        601,356  

3.500%

    08/01/42        204        221,472  

3.500%

    08/01/42        585        634,405  

3.500%

    09/01/42        280        301,752  

3.500%

    09/01/42        1,132        1,227,347  

3.500%

    11/01/42        162        174,953  

3.500%

    03/01/43        1,704        1,850,199  

3.500%

    04/01/43        351        378,549  

3.500%

    04/01/43        485        523,725  

3.500%

    01/01/46        921        993,235  

3.500%

    07/01/46        800        850,423  

3.500%

    11/01/46        902        959,584  

3.500%

    09/01/47        444        469,489  

3.500%

    01/01/48        3,165        3,346,098  

3.500%

    05/01/48        766        808,347  

3.500%

    07/01/48        475        501,283  

4.000%

    10/01/41        1,520        1,671,232  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A48

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

4.000%

    09/01/44         1,088      $     1,184,493  

4.000%

    10/01/46         326        352,064  

4.000%

    02/01/47         235        251,541  

4.000%

    09/01/47         776        831,035  

4.000%

    11/01/47         483        527,307  

4.000%

    11/01/47         1,223        1,311,215  

4.000%

    03/01/49         5,239        5,568,634  

4.500%

    07/01/33         34        37,518  

4.500%

    08/01/33                      29        31,830  

4.500%

    09/01/33         62        68,622  

4.500%

    10/01/33         4        4,478  

4.500%

    10/01/33         26        28,575  

4.500%

    10/01/33         77        84,478  

4.500%

    01/01/35         1        1,115  

4.500%

    07/01/39         554        618,207  

4.500%

    08/01/39         839        935,790  

4.500%

    03/01/41         268        299,129  

4.500%

    11/01/47         1,723        1,869,155  

4.500%

    01/01/49         321        344,667  

5.000%

    03/01/34         159        180,844  

5.000%

    06/01/35         58        66,193  

5.000%

    07/01/35         78        88,859  

5.000%

    09/01/35         58        66,380  

5.000%

    11/01/35         64        73,124  

5.000%

    02/01/36         71        81,765  

5.000%

    05/01/36         36        40,886  

5.500%

    09/01/33         142        163,269  

5.500%

    10/01/33         64        73,909  

5.500%

    12/01/33         36        41,744  

5.500%

    01/01/34         1        953  

5.500%

    12/01/34         133        153,783  

5.500%

    10/01/35         508        588,009  

5.500%

    03/01/36         47        53,096  

5.500%

    05/01/36         111        127,977  

5.500%

    04/01/37         65        75,553  

6.000%

    08/01/22         7        6,796  

6.000%

    04/01/33         15        17,257  

6.000%

    06/01/33         3        3,783  

6.000%

    10/01/33         192        219,913  

6.000%

    11/01/33         4        4,185  

6.000%

    11/01/33         13        14,921  

6.000%

    11/01/33         43        48,543  

6.000%

    01/01/34         196        227,648  

6.000%

    02/01/34         47        53,790  

6.000%

    03/01/34         26        29,099  

6.000%

    03/01/34         39        43,657  

6.000%

    07/01/34         140        165,256  

6.000%

    08/01/34         1        644  

6.000%

    10/01/34         3        3,367  

6.000%

    11/01/34         2        2,687  

6.000%

    11/01/34         8        8,412  

6.000%

    01/01/35         51        57,935  

6.000%

    01/01/35         142        159,740  

6.000%

    02/01/35         42        46,649  

6.000%

    02/01/35         185        219,434  

6.000%

    03/01/35         1        1,555  

6.000%

    04/01/35         1        691  

6.000%

    07/01/36         29        33,850  

Interest

Rate

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

 

6.000%

    02/01/37                     51     $ 60,412  

6.000%

    05/01/37        19       23,089  

6.000%

    06/01/37        — (r)      433  

6.000%

    08/01/37        10       11,981  

6.000%

    09/01/37        — (r)      360  

6.000%

    10/01/37        32       38,419  

6.000%

    05/01/38        45       53,797  

6.000%

    06/01/38        2       2,248  

6.250%

    05/15/29(k)        610       830,657  

6.500%

    07/01/32        37       42,084  

6.500%

    09/01/32        1       1,622  

6.500%

    09/01/32        39       44,541  

6.500%

    09/01/32        55       62,516  

6.500%

    09/01/32        65       74,570  

6.500%

    04/01/33        63       72,599  

6.500%

    11/01/33        20       22,829  

6.500%

    01/01/34        30       34,240  

6.500%

    09/01/34        55       62,698  

6.500%

    09/01/36        47       55,160  

6.500%

    10/01/36        12       13,504  

6.500%

    11/01/36        20       22,272  

6.500%

    01/01/37        37       41,963  

6.500%

    01/01/37        97       110,362  

6.625%

    11/15/30(k)        800       1,157,419  

7.000%

    02/01/32        16       17,933  

7.000%

    05/01/32        11       13,188  

7.000%

    06/01/32        10       11,533  

7.000%

    07/01/32        40       45,894  

7.125%

    01/15/30(k)        3,195           4,654,881  

Government National Mortgage Assoc.

 

  

2.000%

    03/20/51        975       993,675  

2.500%

    TBA        3,000       3,104,531  

2.500%

    03/20/43        185       193,939  

2.500%

    12/20/46        372       387,449  

2.500%

    01/20/50        841       870,402  

3.000%

    12/20/44        139       147,537  

3.000%

    03/15/45        440       461,739  

3.000%

    11/20/45        432       457,011  

3.000%

    03/20/46        934       987,388  

3.000%

    07/20/46        2,402       2,534,550  

3.000%

    08/20/46        636       670,735  

3.000%

    10/20/46        557       585,436  

3.000%

    11/20/46        333       351,928  

3.000%

    12/20/46        598       631,292  

3.000%

    01/20/47        171       179,824  

3.000%

    04/20/47        754       794,788  

3.000%

    12/20/49        296       308,863  

3.500%

    12/20/42        780       835,061  

3.500%

    05/20/43        238       254,940  

3.500%

    04/20/45        784       836,331  

3.500%

    07/20/46        2,998       3,190,265  

3.500%

    07/20/48        2,463       2,601,940  

3.500%

    11/20/48        794       835,422  

3.500%

    06/20/49        3,347       3,516,056  

4.000%

    06/15/40        42       46,264  

4.000%

    05/20/41        40       43,595  

4.000%

    12/20/42        429       469,723  

4.000%

    08/20/44        170       186,355  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A49

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

4.000%

    11/20/45         350     $ 379,615  

4.000%

    12/20/45         949           1,025,509  

4.000%

    09/20/47         2,997       3,195,971  

4.000%

    02/20/49         1,199       1,268,719  

4.000%

    01/20/50                      500       528,826  

4.500%

    04/15/40         269       302,388  

4.500%

    01/20/41         299       335,428  

4.500%

    02/20/41         475       532,441  

4.500%

    03/20/41         236       261,296  

4.500%

    06/20/44         357       394,370  

4.500%

    09/20/46         298       329,496  

4.500%

    11/20/46         431       475,670  

4.500%

    03/20/47         252       273,075  

4.500%

    05/20/48         469       500,252  

4.500%

    08/20/48         824       886,487  

5.000%

    10/20/37         63       70,620  

5.000%

    04/20/45         387       437,959  

5.500%

    08/15/33         166       185,432  

5.500%

    08/15/33         171       190,932  

5.500%

    09/15/33         37       41,386  

5.500%

    12/15/33         12       13,060  

5.500%

    03/15/34         109       121,349  

5.500%

    12/15/34         223       259,365  

5.500%

    07/15/35         42       49,311  

5.500%

    04/15/36         68       75,611  

6.000%

    11/15/23         — (r)      53  

6.000%

    04/15/33         6       7,201  

6.000%

    12/15/33         71       79,909  

6.000%

    01/15/34         19       21,783  

6.000%

    01/15/34         24       28,140  

6.000%

    01/15/34         41       48,181  

6.000%

    06/20/34         78       91,593  

6.000%

    07/15/34         54       64,783  

6.500%

    10/15/23         — (r)      408  

6.500%

    12/15/23         1       1,484  

6.500%

    01/15/24         — (r)      210  

6.500%

    01/15/24         — (r)      276  

6.500%

    01/15/24         2       2,129  

6.500%

    01/15/24         5       5,397  

6.500%

    01/15/24         6       6,246  

6.500%

    01/15/24         11       12,316  

6.500%

    01/15/24         24       26,931  

6.500%

    02/15/24         1       1,036  

6.500%

    02/15/24         2       2,451  

6.500%

    02/15/24         3       2,931  

6.500%

    02/15/24         3       3,205  

6.500%

    02/15/24         3       3,313  

6.500%

    02/15/24         4       4,400  

6.500%

    03/15/24         — (r)      388  

6.500%

    03/15/24         2       2,044  

6.500%

    04/15/24         — (r)      236  

6.500%

    04/15/24         1       930  

6.500%

    04/15/24         1       1,071  

6.500%

    04/15/24         1       1,262  

6.500%

    04/15/24         4       4,623  

6.500%

    04/15/24         5       6,077  

6.500%

    05/15/24         2       2,352  

6.500%

    05/15/24         2       2,596  

Interest

Rate

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

 

6.500%

    05/15/24                 8      $ 8,465  

6.500%

    10/15/24        7        7,421  

6.500%

    11/15/28        4        4,196  

6.500%

    08/15/31        4        4,292  

6.500%

    12/15/31        8        8,644  

6.500%

    02/15/32        26        29,371  

6.500%

    06/15/32        12        13,766  

6.500%

    07/15/32        30        33,150  

6.500%

    08/15/32        3        3,817  

6.500%

    08/15/32        5        5,980  

6.500%

    08/15/32        7        7,677  

6.500%

    08/15/32        24        26,777  

6.500%

    08/15/32        135        157,497  

6.500%

    08/15/34        23        26,278  

6.500%

    06/15/35        26        29,753  

6.500%

    09/15/36        37        43,941  

8.000%

    01/15/24        4        4,015  

Tennessee Valley Authority, Sr. Unsec’d. Notes

 

7.125%

    05/01/30        510        743,051  
          

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $210,509,198)

 

      215,788,829  
          

 

 

  
U.S. TREASURY OBLIGATIONS — 0.6%

 

U.S. Treasury Bonds

 

1.875%

    02/15/51(a)        350        333,977  

2.250%

    05/15/41        1,280        1,332,000  

2.500%

    05/15/46        2,840        3,075,631  

3.625%

    02/15/44        490        632,942  

U.S. Treasury Notes

 

0.125%

    03/31/23        4,895        4,887,925  

0.250%

    05/15/24        425        422,742  

0.875%

    06/30/26        310        309,903  

1.625%

    05/15/31(a)        2,745        2,787,891  

U.S. Treasury Strips Coupon

 

1.760%(s)

    08/15/40(k)        830        552,923  

2.000%(s)

    08/15/39(k)        360        246,164  

2.378%(s)

    11/15/43        3,600        2,195,578  
          

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $16,528,182)

 

      16,777,676  
          

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $1,289,864,182)

 

      2,509,794,066  
          

 

 

  
              Shares         
SHORT-TERM INVESTMENTS — 14.1%

 

AFFILIATED MUTUAL FUNDS — 14.0%

 

PGIM Core Ultra Short Bond
Fund(wa)

      328,450,616        328,450,616  

PGIM Institutional Money Market Fund
(cost $66,085,306; includes $66,081,198 of cash collateral for securities on loan)(b)(wa)

      66,222,186        66,182,452  
          

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $394,535,922)

 

      394,633,068  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A50

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		          Principal    
Amount
(000)#		         Value      
U.S. TREASURY OBLIGATIONS(k)(n) — 0.1%

 

U.S. Treasury Bills

 

     

0.045%

      09/16/21        100     $ 99,991  

0.045%

      09/16/21        175       174,983  

0.045%

      09/16/21        2,400       2,399,769  
       

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $2,674,742)

 

     2,674,743  
       

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $397,210,664)

 

     397,307,811  
       

 

 

  

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.4%
(cost $1,687,074,846)

 

     2,907,101,877  
       

 

 

  
OPTION WRITTEN*~ — (0.0)%

 

  

(premiums received $0)

 

     (1,536 ) 
       

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—103.4%
(cost $1,687,074,846)

 

     2,907,100,341  

Liabilities in excess of other assets(z) — (3.4)%

 

     (94,612,806 ) 
       

 

 

  

NET ASSETS — 100.0%

 

   $   2,812,487,535  
       

 

 

  

 

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 $4,039,424 and 0.1% 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 $64,774,752; cash collateral of $66,081,198 (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, 2021.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)

Rate shown reflects yield to maturity at purchased date.

(oo)

Perpetual security. Maturity date represents next call date.

(p)

Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)

Principal or notional amount is less than $500 par.

(s)

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

(tt)

All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 4,000,000 is 0.1% 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:

 

 

Options Written:

OTC Swaptions

 

Description

    Call/
Put		      Counterparty    Expiration
Date		      Strike     Receive     Pay     Notional
Amount
(000)#		      Value  

GS_21-PJA^

      Put      Goldman Sachs International      06/17/24        0.25%       0.25%(M)       GS_21-PJA(M)       9,100      $ (1,536 ) 
                    

 

 

  

(premiums received $0)

               

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A51

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Futures contracts outstanding at June 30, 2021:

 

Number

of

Contracts

   

Type

    Expiration
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:               
302   

2 Year U.S. Treasury Notes

        Sep. 2021      $ 66,536,734      $ (93,870 ) 
181   

5 Year U.S. Treasury Notes

        Sep. 2021        22,340,774        (48,416 )
114   

10 Year U.S. Treasury Notes

        Sep. 2021        15,105,000        35,112
299   

20 Year U.S. Treasury Bonds

        Sep. 2021        48,064,250        1,269,952
325   

30 Year U.S. Ultra Treasury Bonds

        Sep. 2021        62,623,438        2,660,354
7   

Mini MSCI EAFE Index

        Sep. 2021        806,435        (21,040 )
186   

S&P 500 E-Mini Index

        Sep. 2021        39,883,980        483,006
                 

 

 

  
                    4,285,098
                 

 

 

  

Short Positions:

               
54   

5 Year Euro-Bobl

        Sep. 2021        8,589,692        2,761
25   

10 Year Euro-Bund

        Sep. 2021        5,116,808        (25,079 )
39   

10 Year U.S. Ultra Treasury Notes

        Sep. 2021        5,740,922        (114,265 )
35   

Euro Schatz Index

        Sep. 2021        4,653,950        1,665
                 

 

 

  
                    (134,918 )
                 

 

 

  
                  $ 4,150,180
                 

 

 

  

Forward foreign currency exchange contracts outstanding at June 30, 2021:    

 

Purchase
Contracts

   

Counterparty

    Notional
Amount
(000)		    Value at
Settlement
Date		    Current
Value		    Unrealized
Appreciation		    Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                         

Euro,

                            

Expiring 07/02/21

   

Citibank, N.A.

      EUR  14,161      $ 16,908,155      $ 16,791,549      $ —        $(116,606)  
            

 

 

       

 

 

       

 

 

       

 

 

  

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 07/20/21

   

Citibank, N.A.

      CAD 1,700      $ 1,356,814      $ 1,371,393      $ —      $ (14,579 )

Euro,

                            

Expiring 07/02/21

   

Citibank, N.A.

      EUR  14,161        17,314,392        16,791,550        522,842        —

Expiring 08/03/21

   

Citibank, N.A.

      EUR 14,161        16,918,962        16,802,569        116,393        —

Expiring 08/03/21

   

HSBC Bank PLC

      EUR 5,418        6,468,494        6,429,072        39,422        —
            

 

 

       

 

 

       

 

 

       

 

 

  
             $ 42,058,662      $ 41,394,584        678,657        (14,579 )
            

 

 

       

 

 

       

 

 

       

 

 

  
                       $ 678,657      $ (131,185 )
                      

 

 

       

 

 

  

Credit default swap agreement outstanding at June 30, 2021:    

 

Reference Entity/
Obligation

    Termination
Date		    Fixed
Rate		   Notional
Amount
(000)#(3)		    Implied
Credit
Spread at
June 30,
2021(4)		   Fair
Value		    Upfront
Premiums
Paid
(Received)		    Unrealized
Appreciation
(Depreciation)		  

Counterparty

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

GS_21-PJA

        08/14/21        0.250 %(M)       9,100        0.250 %     $ 3,207      $ (907)      $ 4,114   Goldman Sachs International
                      

 

 

       

 

 

       

 

 

    

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A52

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Credit default swap agreement outstanding at June 30, 2021 (continued):

 

Reference Entity/

Obligation

    Termination
Date		      Fixed
Rate		   Notional
Amount
(000)#(3)		      Implied
Credit
Spread at
June 30,
2021(4)		   Fair
Value		    Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		      Counterparty

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):

Boeing Co.

      12/20/21      1.000%(Q)     2,800      0.456%   $8,165    $ 7,176      $ 989      Bank of America, N.A.
            

 

   

 

 

     

 

 

     

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.

Inflation swap agreement outstanding at June 30, 2021:

Notional
Amount
(000)#

    Termination
Date		      Fixed
Rate		     

Floating

Rate

    Value at
Trade Date		   Value at
June 30,
2021		     Unrealized
Appreciation
(Depreciation)		  

Centrally Cleared Inflation Swap Agreements:

 

2,600      01/12/26        2.205%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

    $ —     $ (90,663 )    $ (90,663 ) 
5,200      01/13/26        2.152%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

      —       (195,997 )      (195,997 ) 
15,685      02/02/26        2.295%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

      (48,627 )      (468,725 )      (420,098 ) 
7,790      02/18/26        2.370%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

      —       (194,586 )      (194,586 ) 
           

 

 

 

  

 

 

    

 

 

  
            $ (48,627 )    $ (949,971 )    $ (901,344 ) 
           

 

 

 

  

 

 

    

 

 

  

 

(1)

The Portfolio pays the fixed rate and receives the floating rate.

(2)

The Portfolio pays the floating rate and receives the fixed rate.

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

 

     Premiums Paid    Premiums Received   Unrealized
Appreciation		    Unrealized
Depreciation

OTC Swap Agreements

    $7,176    $(907)   $5,103    $—

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A53

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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.

     $ 10,000     $ 5,031,948

Goldman Sachs & Co. LLC

       —       2,674,743
   

 

 

      

 

 

  

Total

     $ 10,000     $ 7,706,691
   

 

 

      

 

 

  

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, 2021 in valuing such portfolio securities:    

 

      

    Level 1    

     

    Level 2    

       

    Level 3    

  

Investments in Securities

             

Assets

             

Long-Term Investments

             

Common Stocks

      $ 1,496,055,966      $ 34,752,633        $ —  

Exchange-Traded Funds

        7,296,918        —          —  

Preferred Stocks

        1,460,700        264,828          —  

Asset-Backed Securities

             

Automobiles

        —        49,632,897          —  

Collateralized Loan Obligations

        —        110,632,147          —  

Consumer Loans

        —        6,691,580          —  

Equipment

        —        6,090,445          —  

Home Equity Loans

        —        37,562          —  

Other

        —        2,215,116          —  

Residential Mortgage-Backed Securities

        —        6,913,593          —  

Student Loans

        —        14,420,823          —  

Commercial Mortgage-Backed Securities

        —        157,870,701          —  

Corporate Bonds

        —        295,194,657          —  

Municipal Bonds

        —        16,163,173          —  

Residential Mortgage-Backed Securities

        —        44,793,695          4,037,753  

Sovereign Bonds

        —        22,702,374          —  

U.S. Government Agency Obligations

        —        215,788,829          —  

U.S. Treasury Obligations

        —        16,777,676          —  

Short-Term Investments

             

Affiliated Mutual Funds

        394,633,068        —          —  

U.S. Treasury Obligations

        —        2,674,743          —  
    

 

 

     

 

 

       

 

 

  

Total

      $ 1,899,446,652      $ 1,003,617,472        $ 4,037,753  
    

 

 

     

 

 

       

 

 

  

Liabilities

             

Option Written

      $ —      $ —        $ (1,536 ) 
    

 

 

     

 

 

       

 

 

  

Other Financial Instruments*

             

Assets

             

Futures Contracts

      $ 4,452,850      $ —        $ —  

OTC Forward Foreign Currency Exchange Contracts

        —        678,657          —  

OTC Credit Default Swap Agreements

        —        8,165          3,207  
    

 

 

     

 

 

       

 

 

  

Total

      $ 4,452,850      $ 686,822        $ 3,207  
    

 

 

     

 

 

       

 

 

  

Liabilities

             

Futures Contracts

      $ (302,670 )     $ —        $ —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A54

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

      

    Level 1    

     

    Level 2    

     

    Level 3    

  

Other Financial Instruments* (continued)

           

Liabilities (continued)

           

OTC Forward Foreign Currency Exchange Contracts

      $ —      $ (131,185 )     $ —  

Centrally Cleared Inflation Swap Agreements

        —        (901,344 )       —  
    

 

 

     

 

 

     

 

 

  

Total

      $     (302,670 )     $     (1,032,529 )     $             —  
    

 

 

     

 

 

     

 

 

  

 

*

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, 2021 were as

follows:    

Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan)

      14.0 % 

U.S. Government Agency Obligations

      7.7  

Commercial Mortgage-Backed Securities

      5.6  

Banks

      5.3  

Software

      4.8  

Collateralized Loan Obligations

      3.9  

Interactive Media & Services

      3.4  

Technology Hardware, Storage & Peripherals

      3.3  

Semiconductors & Semiconductor Equipment

      3.1  

Automobiles

      2.8  

IT Services

      2.8  

Pharmaceuticals

      2.6  

Internet & Direct Marketing Retail

      2.3  

Residential Mortgage-Backed Securities

      2.0  

Health Care Equipment & Supplies

      1.9  

Capital Markets

      1.8  

Health Care Providers & Services

      1.4  

Oil, Gas & Consumable Fuels

      1.4  

Equity Real Estate Investment Trusts (REITs)

      1.3  

Media

      1.3  

Specialty Retail

      1.2  

Insurance

      1.2  

Chemicals

      1.2  

Hotels, Restaurants & Leisure

      1.1  

Aerospace & Defense

      1.1  

Entertainment

      1.1  

Electric

      1.0  

Biotechnology

      1.0  

Machinery

      0.9  

Diversified Financial Services

      0.9  

Electric Utilities

      0.9  

Beverages

      0.9  

Sovereign Bonds

      0.8  

Household Products

      0.7  

Food & Staples Retailing

      0.7  

Telecommunications

      0.7  

Life Sciences Tools & Services

      0.7  

U.S. Treasury Obligations

      0.7  

Diversified Telecommunication Services

      0.7  

Industrial Conglomerates

      0.7  

Pipelines

      0.6  

Municipal Bonds

      0.6  

Oil & Gas

      0.5  

Food Products

      0.5  

Road & Rail

      0.5 % 

Student Loans

      0.5  

Communications Equipment

      0.4  

Textiles, Apparel & Luxury Goods

      0.4  

Air Freight & Logistics

      0.4  

Multi-Utilities

      0.4  

Tobacco

      0.4  

Consumer Finance

      0.4  

Electrical Equipment

      0.3  

Electronic Equipment, Instruments & Components

      0.3  

Airlines

      0.3  

Multiline Retail

      0.3  

Building Products

      0.3  

Retail

      0.3  

Auto Manufacturers

      0.3  

Metals & Mining

      0.3  

Exchange-Traded Funds

      0.3  

Household Durables

      0.3  

Professional Services

      0.2  

Consumer Loans

      0.2  

Real Estate Investment Trusts (REITs)

      0.2  

Equipment

      0.2  

Commercial Services & Supplies

      0.2  

Gas

      0.2  

Containers & Packaging

      0.2  

Healthcare-Services

      0.2  

Packaging & Containers

      0.2  

Semiconductors

      0.2  

Trading Companies & Distributors

      0.2  

Wireless Telecommunication Services

      0.1  

Personal Products

      0.1  

Agriculture

      0.1  

Miscellaneous Manufacturing

      0.1  

Energy Equipment & Services

      0.1  

Foods

      0.1  

Commercial Services

      0.1  

Engineering & Construction

      0.1  

Healthcare-Products

      0.1  

Auto Components

      0.1  

Housewares

      0.1  

Other

      0.1  

Construction Materials

      0.1  

Distributors

      0.1  

Transportation

      0.1  

Home Builders

      0.1  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A55

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Real Estate Management & Development

      0.1 % 

Machinery-Diversified

      0.0 * 

Water Utilities

      0.0 * 

Multi-National

      0.0 * 

Health Care Technology

      0.0 * 

Lodging

      0.0 * 

Independent Power & Renewable Electricity Producers

      0.0 * 

Leisure Products

      0.0 * 

Gas Utilities

      0.0 * 

Construction & Engineering

      0.0 * 

Office/Business Equipment

      0.0 * 

Marine

      0.0 *% 

Building Materials

      0.0 * 

Home Equity Loans

      0.0 * 

Paper & Forest Products

      0.0 * 
  

 

 

  
     103.4  

Option Written

      (0.0 )* 

Liabilities in excess of other assets

      (3.4 ) 
  

 

 

  
     100.0 % 
  

 

 

  

 

*

Less than +/- 0.05%

 

 

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

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, 2021 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

    Premiums paid for OTC swap agreements    $ 7,176     Premiums received for OTC swap agreements    $ 907  

Credit contracts

    —      —     Options written outstanding, at value      1,536  

Credit contracts

    Unrealized appreciation on OTC swap agreements      5,103     —      —  

Equity contracts

    Due from/to broker-variation margin futures      483,006 *    Due from/to broker-variation margin futures      21,040 * 

Foreign exchange contracts

    Unrealized appreciation on OTC forward foreign currency exchange contracts      678,657     Unrealized depreciation on OTC forward foreign currency exchange contracts      131,185  

Interest rate contracts

    Due from/to broker-variation margin futures      3,969,844 *    Due from/to broker-variation margin futures      281,630 * 

Interest rate contracts

    —      —     Due from/to broker-variation margin swaps      901,344 * 
     

 

 

       

 

 

  
      $ 5,143,786        $ 1,337,642  
     

 

 

       

 

 

  

 

*

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, 2021 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
Contracts		   Swaps

Credit contracts

      $ —      $ —     $ —     $ —     $ 5,697

Equity contracts

        —        —       5,526,862       —       —

Foreign exchange contracts

        —        —       —       (441,650 )       —

Interest rate contracts

        300,714        (131,928 )       (11,353,174 )       —       299,925
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  

Total

      $ 300,714      $ (131,928 )     $ (5,826,312 )     $ (441,650 )     $ 305,622
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A56

 
   PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

(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
Written		      Futures      Forward
Currency
Exchange
Contracts		        Swaps  

Credit contracts

      $ (1,536 )     $ —      $ —        $ 11,325  

Equity contracts

        —        (235,498 )       —          —  

Foreign exchange contracts

        —        —        835,398          —  

Interest rate contracts

        —        4,310,965        —          (599,075 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

Total

      $ (1,536 )     $ 4,075,467      $ 835,398        $ (587,750 ) 
    

 

 

     

 

 

     

 

 

       

 

 

  

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Options
Purchased(1)		   Options
Written(2)		   Futures
Contracts—
Long
Positions(2)		   Futures
Contracts—
Short
Positions(2)		   Forward Foreign
Currency Exchange
Contracts—
Purchased(3)
$37,767   $3,073,667   $217,257,471   $32,325,475   $11,210,571

 

   

Forward Foreign
Currency Exchange
Contracts—Sold(3)

      

Interest Rate

Swap

Agreements(2)

    
  $29,120,812     $11,762,179  

 

    

Credit Default

Swap Agreements—
Sell Protection(2)

   Total Return
Swap
Agreements(2)		   Inflation Swap
Agreements(2)		    
  $5,833,333   $7,338,214   $20,850,000  

 

 

(1)

Cost.

(2)

Notional Amount in USD.

(3)

Value at Settlement Date.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

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

        $64,774,752      $ (64,774,752 )     $ —
    

 

 

       

 

 

      

 

 

  

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.

        $ 8,165        $ —     $ 8,165        $ (8,165 )      $ —

Citibank, N.A.

          639,235          (131,185 )       508,050        (380,000 )        128,050

Goldman Sachs International

          4,114          (2,443 )       1,671        —        1,671

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A57

 
   PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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

HSBC Bank PLC

      $ 39,422      $ —     $ 39,422      $ —     $ 39,422
    

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  
     $ 690,936      $ (133,628 )     $ 557,308      $ (388,165 )     $ 169,143
    

 

 

       

 

 

      

 

 

       

 

 

      

 

 

  

 

(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.

 

A58

 
  

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $64,774,752:

   

Unaffiliated investments (cost $1,292,538,924)

    $ 2,512,468,809  

Affiliated investments (cost $394,535,922)

      394,633,068  

Cash

      1,791,125  

Foreign currency, at value (cost $573,136)

      568,378  

Dividends and interest receivable

      5,677,039  

Receivable for investments sold

      1,351,263  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      678,657  

Due from broker-variation margin futures

      607,714  

Tax reclaim receivable

      262,239  

Receivable for Portfolio shares sold

      25,503  

Deposit with broker for centrally cleared/exchange-traded derivatives

      10,000  

Premiums paid for OTC swap agreements

      7,176  

Unrealized appreciation on OTC swap agreements

      5,103  

Receivable from affiliate

      2,201  

Prepaid expenses

      4,192  
  

 

 

  

Total Assets

      2,918,092,467  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      66,081,198  

Payable for investments purchased

      36,582,492  

Management fee payable

      1,262,896  

Payable for Portfolio shares purchased

      1,007,784  

Accrued expenses and other liabilities

      424,764  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      131,185  

Payable to affiliate

      80,137  

Due to broker-variation margin swaps

      31,005  

Options written outstanding, at value

      1,536  

Affiliated transfer agent fee payable

      980  

Premiums received for OTC swap agreements

      907  

Distribution fee payable

      48  
  

 

 

  

Total Liabilities

      105,604,932  
  

 

 

  
NET ASSETS    $ 2,812,487,535  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 2,812,487,535  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $2,812,146,182 / 75,032,231 outstanding shares of beneficial interest

    $ 37.48  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $341,353 / 9,113 outstanding shares of beneficial interest

    $ 37.46  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Interest income

    $ 12,086,065  

Unaffiliated dividend income (net of $94,281 foreign withholding tax, of which $14,622 is reimbursable by an affiliate)

      10,795,490  

Affiliated dividend income

      266,799  

Income from securities lending, net (including affiliated income of $19,869)

      23,996  
  

 

 

  

Total income

      23,172,350  
  

 

 

  
EXPENSES   

Management fee

      7,488,239  

Distribution fee—Class III

      73  

Custodian and accounting fees

      147,837  

Shareholders’ reports

      108,392  

Audit fee

      25,161  

Trustees’ fees

      21,005  

Legal fees and expenses

      13,808  

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

      5,297  

Miscellaneous

      36,241  
  

 

 

  

Total expenses

      7,846,053  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      15,326,297  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(2,235))

      59,286,425  

Futures transactions

      (5,826,312 ) 

Forward currency contract transactions

      (441,650 ) 

Options written transactions

      (131,928 ) 

Swap agreements transactions

      305,622  

Foreign currency transactions

      282,367  
  

 

 

  
     53,474,524  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(3,992))

      116,546,464  

Futures

      4,075,467  

Forward currency contracts

      835,398  

Options written

      (1,536 ) 

Swap agreements

      (587,750 ) 

Foreign currencies

      (29,075 ) 
  

 

 

  
     120,838,968  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      174,313,492  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 189,639,789  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		     Year Ended
December 31, 2020		  
INCREASE (DECREASE) IN NET ASSETS     
OPERATIONS     

Net investment income (loss)

    $ 15,326,297     $ 40,139,745  

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

      53,474,524       110,065,845  

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

      120,838,968       129,736,806  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      189,639,789       279,942,396  
  

 

 

    

 

 

  
PORTFOLIO SHARE TRANSACTIONS     

Portfolio shares sold

      8,426,870       12,730,292  

Portfolio shares purchased

      (95,537,417 )      (179,703,549 ) 
  

 

 

    

 

 

  

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

      (87,110,547 )      (166,973,257 ) 
  

 

 

    

 

 

  
TOTAL INCREASE (DECREASE)      102,529,242       112,969,139  
NET ASSETS:     

Beginning of period

      2,709,958,293       2,596,989,154  
  

 

 

    

 

 

  

End of period

    $ 2,812,487,535     $ 2,709,958,293  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A59

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

LONG-TERM INVESTMENTS — 95.7%

 

COMMON STOCKS — 66.7%

 

Aerospace & Defense — 1.6%

      

General Dynamics Corp.

      103,600      $ 19,503,736  

Howmet Aerospace, Inc.*

      30,600        1,054,782  

Huntington Ingalls Industries, Inc.

      4,500        948,375  

Lockheed Martin Corp.

      64,800            24,517,080  

Northrop Grumman Corp.

      9,700        3,525,271  

Raytheon Technologies Corp.

      215,600        18,392,836  

Teledyne Technologies, Inc.*

      16,700        6,994,461  
        74,936,541  
     

 

 

  

Air Freight & Logistics — 0.1%

      

Deutsche Post AG (Germany)

      8,352        568,817  

SG Holdings Co. Ltd. (Japan)

      5,100        133,776  

United Parcel Service, Inc. (Class B Stock)

      23,200        4,824,904  

Yamato Holdings Co. Ltd. (Japan)

      3,200        91,032  
     

 

 

  
        5,618,529  
     

 

 

  

Auto Components — 0.0%

      

Aisin Corp. (Japan)

      500        21,447  

Sumitomo Electric Industries Ltd. (Japan)

      2,200        32,543  
     

 

 

  
        53,990  
     

 

 

  

Automobiles — 0.7%

      

Bayerische Motoren Werke AG (Germany)

      2,801        297,208  

Daimler AG (Germany)

      6,263        560,059  

General Motors Co.*

      351,200        20,780,504  

Harley-Davidson, Inc.

      65,000        2,978,300  

Isuzu Motors Ltd. (Japan)

      8,600        113,356  

Mazda Motor Corp. (Japan)*

      1,700        16,014  

Stellantis NV

      2,982        58,757  

Tesla, Inc.*

      14,400        9,787,680  

Toyota Motor Corp. (Japan)

      2,300        200,936  

Volkswagen AG (Germany)

      88        28,978  

Yamaha Motor Co. Ltd. (Japan)

      10,900        295,954  
     

 

 

  
        35,117,746  
     

 

 

  

Banks — 2.5%

      

Australia & New Zealand Banking Group Ltd. (Australia)

      8,084        171,054  

Bank Hapoalim BM (Israel)*

      3,332        26,754  

Bank Leumi Le-Israel BM (Israel)*

      4,110        31,214  

Bank of America Corp.

      118,700        4,894,001  

BNP Paribas SA (France)

      8,125        509,191  

Chiba Bank Ltd. (The) (Japan)

      49,000        296,322  

Citigroup, Inc.

      476,250        33,694,687  

Commonwealth Bank of Australia (Australia)

      6,252        469,871  

Credit Agricole SA (France)

      21,029        295,041  

DBS Group Holdings Ltd. (Singapore)

      21,000        468,967  

DNB ASA (Norway)

      14,880        324,512  

Japan Post Bank Co. Ltd. (Japan)

      1,000        8,425  

JPMorgan Chase & Co.

      265,394        41,279,383  

KBC Group NV (Belgium)

      744        56,675  

KeyCorp

      104,200        2,151,730  
     Shares      Value  

COMMON STOCKS (continued)

 

Banks (cont’d.)

      

Mitsubishi UFJ Financial Group, Inc. (Japan)

      35,200      $ 190,011  

Mizrahi Tefahot Bank Ltd. (Israel)*

      420        12,934  

Mizuho Financial Group, Inc. (Japan)

      6,340        90,696  

National Australia Bank Ltd. (Australia)

      9,384        185,108  

Nordea Bank Abp (Finland)

      20,712        230,874  

Oversea-Chinese Banking Corp. Ltd. (Singapore)

      9,700        86,423  

Resona Holdings, Inc. (Japan)

      5,600        21,584  

Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)

      7,241        93,607  

Sumitomo Mitsui Financial Group, Inc. (Japan)

      7,000        240,793  

Svenska Handelsbanken AB (Sweden) (Class A Stock)

      4,482        50,684  

United Overseas Bank Ltd. (Singapore)

      3,300        63,614  

Wells Fargo & Co.

      750,600        33,994,674  

Westpac Banking Corp. (Australia)

      7,632        147,882  
     

 

 

  
            120,086,711  
     

 

 

  

Beverages — 0.8%

      

Carlsberg A/S (Denmark) (Class B Stock)

      275        51,294  

Coca-Cola Co. (The)

      595,900        32,244,149  

Coca-Cola HBC AG (Russia)*

      560        20,324  

Diageo PLC (United Kingdom)

      2,255        108,528  

Kirin Holdings Co. Ltd. (Japan)

      2,400        46,767  

PepsiCo, Inc.

      31,200        4,622,904  
     

 

 

  
        37,093,966  
     

 

 

  

Biotechnology — 0.8%

      

AbbVie, Inc.

      175,800        19,802,112  

Gilead Sciences, Inc.

      214,950        14,801,457  

Regeneron Pharmaceuticals, Inc.*

      4,400        2,457,576  
     

 

 

  
        37,061,145  
     

 

 

  

Building Products — 0.3%

      

AGC, Inc. (Japan)

      600        25,167  

American Woodmark Corp.*

      19,400        1,584,786  

Carrier Global Corp.

      32,200        1,564,920  

Cie de Saint-Gobain (France)

      6,230        411,543  

Geberit AG (Switzerland)

      98        73,600  

Kingspan Group PLC (Ireland)

      406        38,399  

Lixil Corp. (Japan)

      700        18,067  

Masco Corp.

      46,900        2,762,879  

Nibe Industrier AB (Sweden) (Class B Stock)

      4,140        43,594  

UFP Industries, Inc.

      95,500        7,099,470  

Xinyi Glass Holdings Ltd.
(Hong Kong)

      76,000        310,476  
     

 

 

  
        13,932,901  
     

 

 

  

Capital Markets — 1.9%

      

3i Group PLC (United Kingdom)

      9,359        152,509  

Ameriprise Financial, Inc.

      42,250        10,515,180  

Amundi SA (France), 144A

      176        15,547  

Daiwa Securities Group, Inc. (Japan)

      55,700        306,281  

Evercore, Inc. (Class A Stock)

      29,300        4,124,561  

Goldman Sachs Group, Inc. (The)

      72,500        27,515,925  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A60

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
COMMON STOCKS (continued)

 

   

Capital Markets (cont’d.)

 

   

Julius Baer Group Ltd. (Switzerland)

      5,269      $ 344,788  

Morgan Stanley

      325,500        29,845,095  

Partners Group Holding AG (Switzerland)

      66        100,126  

Raymond James Financial, Inc.

      131,000        17,016,900  

SBI Holdings, Inc. (Japan)

      700        16,595  

Schroders PLC (United Kingdom)

      5,826        283,118  

St. James’s Place PLC (United Kingdom)

      1,600        32,666  

Standard Life Aberdeen PLC (United Kingdom)

      6,075        22,845  

Stifel Financial Corp.

      21,800        1,413,948  

UBS Group AG (Switzerland)

      31,201        477,798  
     

 

 

  
            92,183,882  
     

 

 

  

Chemicals — 1.1%

      

Akzo Nobel NV (Netherlands)

      553        68,444  

Arkema SA (France)

      182        22,882  

BASF SE (Germany)

      2,623        207,170  

Celanese Corp.

      20,400        3,092,640  

Covestro AG (Germany), 144A

      5,186        336,039  

Dow, Inc.

      75,500        4,777,640  

DuPont de Nemours, Inc.

      43,400        3,359,594  

Evonik Industries AG (Germany)

      616        20,703  

Huntsman Corp.

      151,100        4,007,172  

Mitsubishi Gas Chemical Co., Inc. (Japan)

      500        10,618  

Mitsui Chemicals, Inc. (Japan)

      500        17,323  

Mosaic Co. (The)

      393,800        12,566,158  

Olin Corp.

      68,500        3,168,810  

Sherwin-Williams Co. (The)

      63,500        17,300,575  

Tosoh Corp. (Japan)

      14,600        252,439  

Trinseo SA

      38,200        2,285,888  

Westlake Chemical Corp.

      39,000        3,513,510  
     

 

 

  
        55,007,605  
     

 

 

  

Commercial Services & Supplies — 0.0%

 

   

ABM Industries, Inc.

      27,300        1,210,755  

Brambles Ltd. (Australia)

      4,182        36,020  

Securitas AB (Sweden) (Class B Stock)

      918        14,494  
     

 

 

  
        1,261,269  
     

 

 

  

Communications Equipment — 0.6%

 

   

Cisco Systems, Inc.

      420,200        22,270,600  

Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)

      1,050        13,209  

Ubiquiti, Inc.(a)

      21,400        6,680,866  
     

 

 

  
        28,964,675  
     

 

 

  

Construction & Engineering — 0.2%

 

   

EMCOR Group, Inc.

      65,500        8,068,945  

Kajima Corp. (Japan)

      1,200        15,243  

Quanta Services, Inc.

      30,700        2,780,499  

Skanska AB (Sweden) (Class B Stock)

      1,001        26,558  
     

 

 

  
        10,891,245  
     

 

 

  

Construction Materials — 0.0%

 

   

Holcim Ltd. (Switzerland)*

      5,609        337,377  
     

 

 

  
         Shares              Value      
COMMON STOCKS (continued)

 

   

Consumer Finance — 0.9%

      

American Express Co.

      8,700      $ 1,437,501  

Capital One Financial Corp.

      167,800        25,956,982  

OneMain Holdings, Inc.

      15,700        940,587  

Synchrony Financial

      327,600        15,895,152  
     

 

 

  
          44,230,222  
     

 

 

  

Containers & Packaging — 0.0%

 

   

Smurfit Kappa Group PLC (Ireland)

      713        38,824  
     

 

 

  

Distributors — 0.5%

 

Genuine Parts Co.

      119,800        15,151,106  

LKQ Corp.*

      211,600        10,414,952  
     

 

 

  
        25,566,058  
     

 

 

  

Diversified Financial Services — 0.5%

 

   

Berkshire Hathaway, Inc. (Class B Stock)*

      93,750        26,055,000  

Industrivarden AB (Sweden) (Class A Stock)

      312        12,139  

Industrivarden AB (Sweden) (Class C Stock)

      450        16,476  

M&G PLC (United Kingdom)

      7,367        23,389  
     

 

 

  
        26,107,004  
     

 

 

  

Diversified Telecommunication Services — 1.2%

 

AT&T, Inc.

      901,200        25,936,536  

BT Group PLC (United Kingdom)*

      24,888        67,000  

Deutsche Telekom AG (Germany)

      4,939        104,472  

Elisa OYJ (Finland)

      405        24,187  

Koninklijke KPN NV (Netherlands)

      9,765        30,551  

Nippon Telegraph & Telephone Corp. (Japan)

      7,600        197,770  

Proximus SADP (Belgium)

      444        8,572  

Swisscom AG (Switzerland)

      231        132,013  

Telecom Italia SpA (Italy)

      24,888        12,372  

Telecom Italia SpA (Italy), RSP

      18,981        10,096  

Telefonica SA (Spain)

      15,552        72,759  

Telstra Corp. Ltd. (Australia)

      11,968        33,836  

United Internet AG (Germany)

      322        13,158  

Verizon Communications, Inc.

      569,388        31,902,810  
     

 

 

  
        58,546,132  
     

 

 

  

Electric Utilities — 0.6%

      

Chubu Electric Power Co., Inc. (Japan)

      1,700        20,765  

CK Infrastructure Holdings Ltd. (Hong Kong)

      2,000        11,932  

Endesa SA (Spain)

      11,426        277,594  

Enel SpA (Italy)

      22,623        210,805  

Evergy, Inc.

      162,700        9,831,961  

Exelon Corp.

      345,900        15,326,829  

Fortum OYJ (Finland)

      14,066        388,227  

Iberdrola SA (Spain)

      16,935        206,469  

Kansai Electric Power Co., Inc. (The) (Japan)

      2,000        19,091  

Power Assets Holdings Ltd. (Hong Kong)

      3,500        21,481  

Red Electrica Corp. SA (Spain)

      13,701        254,678  

SSE PLC (United Kingdom)

      3,036        63,339  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A61

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Shares        Value  
COMMON STOCKS (continued)

 

   

Electric Utilities (cont’d.)

 

   

Tohoku Electric Power Co., Inc. (Japan)

      4,800      $ 37,578  
     

 

 

  
            26,670,749  
     

 

 

  

Electrical Equipment — 0.6%

 

   

ABB Ltd. (Switzerland)

      15,888        540,010  

Acuity Brands, Inc.

      62,000        11,595,860  

Atkore, Inc.*

      66,750        4,739,250  

Eaton Corp. PLC

      6,400        948,352  

Emerson Electric Co.

      98,700        9,498,888  

Generac Holdings, Inc.*

      5,100        2,117,265  

Legrand SA (France)

      522        55,320  

Mitsubishi Electric Corp. (Japan)

      4,900        71,047  

Schneider Electric SE

      2,816        443,657  
     

 

 

  
        30,009,649  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.4%

 

Arrow Electronics, Inc.*

      32,200        3,665,326  

Corning, Inc.

      57,500        2,351,750  

Ibiden Co. Ltd. (Japan)

      300        16,170  

Jabil, Inc.

      69,400        4,033,528  

Shimadzu Corp. (Japan)

      700        27,072  

SYNNEX Corp.

      9,200        1,120,192  

Vishay Intertechnology, Inc.

      126,500        2,852,575  

Zebra Technologies Corp. (Class A Stock)*

      9,000        4,765,410  
     

 

 

  
        18,832,023  
     

 

 

  

Energy Equipment & Services — 0.3%

 

   

Halliburton Co.

      551,000        12,739,120  

Tenaris SA

      1,428        15,640  
     

 

 

  
        12,754,760  
     

 

 

  

Entertainment — 1.2%

      

Activision Blizzard, Inc.

      227,200        21,683,968  

Capcom Co. Ltd. (Japan)

      600        17,567  

Electronic Arts, Inc.

      148,200        21,315,606  

Konami Holdings Corp. (Japan)

      2,300        137,621  

Netflix, Inc.*

      28,500        15,053,985  

Nintendo Co. Ltd. (Japan)

      900        521,970  

Playtika Holding Corp.*

      40,500        965,520  
     

 

 

  
        59,696,237  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.2%

 

Apple Hospitality REIT, Inc.(a)

      75,850        1,157,471  

Crown Castle International Corp.

      41,300        8,057,630  

Dexus (Australia)*

      3,198        25,540  

Gaming & Leisure Properties, Inc.

      94,667        4,385,922  

Goodman Group (Australia)

      25,270        400,814  

Japan Metropolitan Fund Investment Corp. (Japan)

      14        15,112  

Japan Real Estate Investment Corp. (Japan)

      3        18,457  

Link REIT (Hong Kong)

      4,700        45,481  

Medical Properties Trust, Inc.

      106,200        2,134,620  

PotlatchDeltic Corp.

      144,800        7,696,120  

Prologis, Inc.

      118,800        14,200,164  

Stockland (Australia)

      100,953        352,294  
       Shares        Value  
COMMON STOCKS (continued)

 

   

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

 

Weyerhaeuser Co.

      523,700      $ 18,025,754  
     

 

 

  
        56,515,379  
     

 

 

  

Food & Staples Retailing — 0.9%

 

   

Carrefour SA (France)

      1,718        33,887  

Etablissements Franz Colruyt NV (Belgium)

      438        24,533  

ICA Gruppen AB (Sweden)

      288        13,411  

J Sainsbury PLC (United Kingdom)

      5,073        19,100  

Kesko OYJ (Finland) (Class B Stock)

      680        25,137  

Koninklijke Ahold Delhaize NV (Netherlands)

      13,373        397,351  

Kroger Co. (The)(a)

      216,600        8,297,946  

Seven & i Holdings Co. Ltd. (Japan)

      2,000        95,590  

Tesco PLC (United Kingdom)

      50,451        155,683  

Walmart, Inc.

      232,000        32,716,640  
     

 

 

  
            41,779,278  
     

 

 

  

Food Products — 0.7%

      

Ajinomoto Co., Inc. (Japan)

      1,400        36,369  

Archer-Daniels-Midland Co.

      19,100        1,157,460  

Kraft Heinz Co. (The)

      369,500        15,068,210  

Mondelez International, Inc. (Class A Stock)

      15,300        955,332  

Nestle SA (Switzerland)

      7,192        895,990  

NH Foods Ltd. (Japan)

      300        11,681  

Orkla ASA (Norway)

      20,575        209,891  

Sanderson Farms, Inc.

      20,400        3,834,588  

Tate & Lyle PLC (United Kingdom)

      14,472        148,228  

Tyson Foods, Inc. (Class A Stock)

      179,300        13,225,168  

WH Group Ltd. (Hong Kong), 144A

      27,500        24,717  

Wilmar International Ltd. (China)

      93,800        315,558  
     

 

 

  
        35,883,192  
     

 

 

  

Gas Utilities — 0.0%

      

Enagas SA (Spain)

      736        17,026  

Osaka Gas Co. Ltd. (Japan)

      1,100        20,472  

Snam SpA (Italy)

      15,477        89,373  
     

 

 

  
        126,871  
     

 

 

  

Health Care Equipment & Supplies — 2.4%

 

   

Abbott Laboratories

      239,800        27,800,014  

Align Technology, Inc.*

      31,200        19,063,200  

Becton, Dickinson & Co.

      86,900        21,133,211  

Boston Scientific Corp.*

      190,400        8,141,504  

Danaher Corp.

      103,300        27,721,588  

GN Store Nord A/S (Denmark)

      350        30,631  

Hoya Corp. (Japan)

      1,100        145,123  

IDEXX Laboratories, Inc.*

      14,700        9,283,785  

Sonova Holding AG (Switzerland)

      406        152,969  

Stryker Corp.

      3,600        935,028  
     

 

 

  
        114,407,053  
     

 

 

  

Health Care Providers & Services — 2.2%

 

   

Amplifon SpA (Italy)

      360        17,783  

Anthem, Inc.

      63,100        24,091,580  

Cigna Corp.

      72,200        17,116,454  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A62

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Shares        Value  

COMMON STOCKS (continued)

 

   

Health Care Providers & Services (cont’d.)

 

   

Fresenius Medical Care AG & Co. KGaA (Germany)

      3,167      $ 263,474  

Fresenius SE & Co. KGaA (Germany)

      5,574        291,026  

HCA Healthcare, Inc.

      39,500        8,166,230  

Humana, Inc.

      10,100        4,471,472  

Laboratory Corp. of America Holdings*

      3,600        993,060  

Medipal Holdings Corp. (Japan)

      15,100        288,346  

Sonic Healthcare Ltd. (Australia)

      11,553        333,412  

UnitedHealth Group, Inc.

          128,900        51,616,716  
     

 

 

  
            107,649,553  
     

 

 

  

Hotels, Restaurants & Leisure — 1.4%

 

   

Darden Restaurants, Inc.

      46,500        6,788,535  

Evolution AB (Sweden), 144A

      2,356        373,574  

Jack in the Box, Inc.

      24,400        2,719,136  

La Francaise des Jeux SAEM (France), 144A

      2,644        155,734  

McDonald’s Corp.

      100,100        23,122,099  

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

      2,400        105,936  

Starbucks Corp.

      242,100        27,069,201  

Tabcorp Holdings Ltd. (Australia)

      6,192        24,095  

Yum! Brands, Inc.

      69,000        7,937,070  
     

 

 

  
        68,295,380  
     

 

 

  

Household Durables — 0.1%

 

   

Barratt Developments PLC (United Kingdom)

      30,876        296,970  

Electrolux AB (Sweden) (Class B Stock)

      630        17,517  

Husqvarna AB (Sweden) (Class B Stock)

      7,589        101,032  

Iida Group Holdings Co. Ltd. (Japan)

      14,000        360,682  

Panasonic Corp. (Japan)

      6,400        73,977  

Persimmon PLC (United Kingdom)

      924        37,996  

Sekisui House Ltd. (Japan)

      1,600        32,778  

Skyline Champion Corp.*

      23,000        1,225,900  

Sony Group Corp. (Japan)

      3,700        358,157  
     

 

 

  
        2,505,009  
     

 

 

  

Household Products — 0.4%

 

   

Henkel AG & Co. KGaA (Germany)

      279        25,717  

Procter & Gamble Co. (The)

      136,305        18,391,633  

Reckitt Benckiser Group PLC (United Kingdom)

      502        44,495  
     

 

 

  
        18,461,845  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.4%

 

AES Corp. (The)

      659,200        17,185,344  

Electric Power Development Co. Ltd. (Japan)

      400        5,718  
     

 

 

  
        17,191,062  
     

 

 

  

Industrial Conglomerates — 1.3%

 

   

3M Co.

      131,500        26,119,845  

CK Hutchison Holdings Ltd. (United Kingdom)

      7,000        54,479  

DCC PLC (United Kingdom)

      2,503        205,253  
       Shares        Value  

COMMON STOCKS (continued)

 

   

Industrial Conglomerates (cont’d.)

 

   

General Electric Co.

      549,900      $ 7,401,654  

Hitachi Ltd. (Japan)

      2,800        159,907  

Honeywell International, Inc.

      118,700        26,036,845  

Investment AB Latour (Sweden) (Class B Stock)

      432        14,177  

Siemens AG (Germany)

      322        51,047  

Smiths Group PLC (United Kingdom)

      1,170        25,834  
     

 

 

  
        60,069,041  
     

 

 

  

Insurance — 1.2%

      

Ageas SA/NV (Belgium)

      6,062        336,208  

AIA Group Ltd. (Hong Kong)

      9,800        122,072  

Allianz SE (Germany)

      1,171        292,191  

Allstate Corp. (The)

      157,500        20,544,300  

American International Group, Inc.

      37,500        1,785,000  

Assicurazioni Generali SpA (Italy)

      3,239        65,055  

Chubb Ltd.

      36,900        5,864,886  

Dai-ichi Life Holdings, Inc. (Japan)

      11,500        211,360  

Gjensidige Forsikring ASA (Norway)

      581        12,831  

Hartford Financial Services Group, Inc. (The)

      17,100        1,059,687  

Japan Post Holdings Co. Ltd. (Japan)*

      4,500        36,872  

Japan Post Insurance Co. Ltd. (Japan)

      700        12,966  

Legal & General Group PLC (United Kingdom)

      88,601        316,357  

Medibank Private Ltd. (Australia)

      7,880        18,694  

MetLife, Inc.

      271,900        16,273,215  

NN Group NV (Netherlands)

      7,987        377,524  

Old Republic International Corp.

      415,500        10,350,105  

Poste Italiane SpA (Italy), 144A

      27,108        358,413  

Swiss Life Holding AG (Switzerland)

      87        42,321  
     

 

 

  
        58,080,057  
     

 

 

  

Interactive Media & Services — 4.7%

 

   

Alphabet, Inc. (Class A Stock)*

      29,250        71,422,358  

Alphabet, Inc. (Class C Stock)*

      27,032        67,750,842  

Auto Trader Group PLC (United Kingdom), 144A*

      1,938        16,988  

Facebook, Inc. (Class A Stock)*

      249,350        86,701,489  

REA Group Ltd. (Australia)

      138        17,565  
     

 

 

  
        225,909,242  
     

 

 

  

Internet & Direct Marketing Retail — 2.8%

 

   

Amazon.com, Inc.*

      38,400        132,102,144  

HelloFresh SE (Germany)*

      389        37,914  

Zalando SE (Germany), 144A*

      480        58,153  

ZOZO, Inc. (Japan)

      300        10,174  
     

 

 

  
        132,208,385  
     

 

 

  

IT Services — 3.1%

      

Accenture PLC (Class A Stock)

      128,650        37,924,733  

Adyen NV (Netherlands), 144A*

      52        127,296  

Amdocs Ltd.

      33,600        2,599,296  

Automatic Data Processing, Inc.

      108,600        21,570,132  

Capgemini SE (France)

      440        84,645  

Cognizant Technology Solutions Corp. (Class A Stock)

      283,500        19,635,210  

EPAM Systems, Inc.*

      30,500        15,584,280  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A63

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

   

IT Services (cont’d.)

 

   

Fujitsu Ltd. (Japan)

      2,400      $ 449,677  

Gartner, Inc.*

      10,600        2,567,320  

International Business Machines Corp.

      53,000        7,769,270  

Maximus, Inc.

      15,100        1,328,347  

PayPal Holdings, Inc.*

      76,600        22,327,368  

SCSK Corp. (Japan)

      5,000        297,897  

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

      78,400        18,331,488  
     

 

 

  
            150,596,959  
     

 

 

  

Leisure Products — 0.4%

      

Brunswick Corp.

      144,900        14,434,938  

Shimano, Inc. (Japan)

      700        166,424  

Smith & Wesson Brands, Inc.(a)

      108,200        3,754,540  

Yamaha Corp. (Japan)

      400        21,704  
     

 

 

  
        18,377,606  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

Agilent Technologies, Inc.

      64,000        9,459,840  

Eurofins Scientific SE (Luxembourg)*

      3,419        391,472  

Illumina, Inc.*

      2,500        1,183,025  

IQVIA Holdings, Inc.*

      46,700        11,316,344  

PerkinElmer, Inc.

      18,500        2,856,585  

Sartorius Stedim Biotech (France)

      78        36,969  

Thermo Fisher Scientific, Inc.

      66,900        33,749,043  

Waters Corp.*

      6,600        2,281,026  
     

 

 

  
        61,274,304  
     

 

 

  

Machinery — 1.6%

      

AGCO Corp.

      133,600        17,418,768  

Amada Co. Ltd. (Japan)

      4,000        40,533  

ANDRITZ AG (Austria)

      451        25,503  

Atlas Copco AB (Sweden) (Class A Stock)

      1,965        120,572  

Atlas Copco AB (Sweden) (Class B Stock)

      1,042        54,885  

CNH Industrial NV (United Kingdom)

      2,891        48,072  

Crane Co.

      11,100        1,025,307  

Cummins, Inc.

      75,400        18,383,274  

Deere & Co.

      25,500        8,994,105  

Dover Corp.

      12,800        1,927,680  

Epiroc AB (Sweden) (Class A Stock)

      1,941        44,292  

Epiroc AB (Sweden) (Class B Stock)

      1,075        21,132  

FANUC Corp. (Japan)

      600        144,680  

GEA Group AG (Germany)

      456        18,484  

Illinois Tool Works, Inc.

      6,800        1,520,208  

Kubota Corp. (Japan)

      3,000        60,723  

Makita Corp. (Japan)

      600        28,242  

MINEBEA MITSUMI, Inc. (Japan)

      900        23,791  

MISUMI Group, Inc. (Japan)

      900        30,427  

Nabtesco Corp. (Japan)

      400        15,106  

NGK Insulators Ltd. (Japan)

      800        13,468  

Oshkosh Corp.

      24,600        3,066,144  

Otis Worldwide Corp.

      11,900        973,063  

Parker-Hannifin Corp.

      37,600        11,547,336  

Sandvik AB (Sweden)

      7,884        201,666  

Schindler Holding AG (Switzerland)

      55        16,091  

SKF AB (Sweden) (Class B Stock)

      1,085        27,661  

SMC Corp. (Japan)

      200        118,114  
     Shares      Value  

COMMON STOCKS (continued)

 

   

Machinery (cont’d.)

 

   

Spirax-Sarco Engineering PLC (United Kingdom)

      165      $ 31,052  

Stanley Black & Decker, Inc.

      42,400        8,691,576  

Techtronic Industries Co. Ltd. (Hong Kong)

      5,500        95,996  

Timken Co. (The)

      42,300        3,408,957  

Volvo AB (Sweden) (Class A Stock)

      612        15,214  

Volvo AB (Sweden) (Class B Stock)

      4,144        100,023  
     

 

 

  
        78,252,145  
     

 

 

  

Marine — 0.0%

      

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

      9        25,056  

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

      122        351,523  

Genco Shipping & Trading Ltd.

      70,200        1,325,376  

Kuehne + Nagel International AG (Switzerland)

      255        87,331  

Nippon Yusen KK (Japan)

      500        25,383  
     

 

 

  
        1,814,669  
     

 

 

  

Media — 0.7%

      

Comcast Corp. (Class A Stock)

      318,900        18,183,678  

CyberAgent, Inc. (Japan)

      1,200        25,704  

News Corp. (Class A Stock)

      347,200        8,947,344  

News Corp. (Class B Stock)

      42,100        1,025,135  

Nexstar Media Group, Inc. (Class A Stock)

      28,000        4,140,640  

Publicis Groupe SA (France)

      2,596        166,212  

Schibsted ASA (Norway) (Class B Stock)

      276        11,462  
     

 

 

  
            32,500,175  
     

 

 

  

Metals & Mining — 0.8%

      

Alcoa Corp.*

      232,100        8,550,564  

ArcelorMittal SA (Luxembourg)

      11,758        363,902  

BHP Group Ltd. (Australia)

      8,482        310,643  

BHP Group PLC (Australia)

      15,779        467,477  

BlueScope Steel Ltd. (Australia)

      1,300        21,554  

Boliden AB (Sweden)

      3,334        128,525  

Evraz PLC (Russia)

      10,845        89,256  

Fortescue Metals Group Ltd. (Australia)

      15,823        278,191  

Freeport-McMoRan, Inc.

      476,400        17,679,204  

Newcrest Mining Ltd. (Australia)

      2,109        40,229  

Norsk Hydro ASA (Norway)

      3,486        22,305  

Reliance Steel & Aluminum Co.

      50,000        7,545,000  

Rio Tinto Ltd. (Australia)

      1,099        104,896  

Rio Tinto PLC (Australia)

      6,953        575,680  

Southern Copper Corp. (Peru)(a)

      14,700        945,504  

Sumitomo Metal Mining Co. Ltd. (Japan)

      600        23,467  
     

 

 

  
        37,146,397  
     

 

 

  

Multiline Retail — 0.5%

      

Next PLC (United Kingdom)*

      384        41,887  

Target Corp.

      99,400        24,028,956  

Wesfarmers Ltd. (Australia)

      3,256        144,506  
     

 

 

  
        24,215,349  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A64

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

   

Multi-Utilities — 0.3%

 

   

CenterPoint Energy, Inc.

      228,000      $     5,590,560  

E.ON SE (Germany)

      6,478        75,032  

MDU Resources Group, Inc.

      108,200        3,390,988  

Public Service Enterprise Group, Inc.

      55,700        3,327,518  
     

 

 

  
        12,384,098  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.9%

 

   

APA Corp.

      727,500        15,735,825  

ConocoPhillips

      398,200        24,250,380  

ENEOS Holdings, Inc. (Japan)

      41,000        171,979  

EOG Resources, Inc.

      126,000        10,513,440  

Equinor ASA (Norway)

      3,008        63,969  

Exxon Mobil Corp.

      586,800        37,015,344  

Kinder Morgan, Inc.

      75,900        1,383,657  

Lundin Energy AB (Sweden)

      5,844        207,404  

OMV AG (Austria)

      6,301        361,017  

Repsol SA (Spain)

      4,453        55,899  

Royal Dutch Shell PLC (Netherlands) (Class A Stock)

      12,051        241,948  

Royal Dutch Shell PLC (Netherlands) (Class B Stock)

      6,443        125,187  

Targa Resources Corp.

      31,100        1,382,395  

TotalEnergies SE (France)

      7,136        323,224  

Washington H Soul Pattinson & Co. Ltd. (Australia)

      319        8,083  
     

 

 

  
        91,839,751  
     

 

 

  

Paper & Forest Products — 0.0%

      

Mondi PLC (Austria)

      1,443        38,164  

Oji Holdings Corp. (Japan)

      2,300        13,209  
     

 

 

  
        51,373  
     

 

 

  

Personal Products — 0.3%

      

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

      20,800        6,616,064  

L’Oreal SA (France)

      717        320,206  

Medifast, Inc.

      15,900        4,499,382  

Unilever PLC (United Kingdom)

      12,613        738,207  
     

 

 

  
        12,173,859  
     

 

 

  

Pharmaceuticals — 2.5%

      

Astellas Pharma, Inc. (Japan)

      4,300        74,893  

AstraZeneca PLC (United Kingdom)

      862        103,629  

Bayer AG (Germany)

      1,171        71,286  

Bristol-Myers Squibb Co.

      452,200        30,216,004  

GlaxoSmithKline PLC (United Kingdom)

      15,907        312,813  

Ipsen SA (France)

      3,221        335,283  

Johnson & Johnson

      313,348        51,620,950  

Merck KGaA (Germany)

      365        70,010  

Novartis AG (Switzerland)

      5,527        503,781  

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

      5,070        424,870  

Ono Pharmaceutical Co. Ltd. (Japan)

      1,100        24,533  

Orion OYJ (Finland) (Class B Stock)

      322        13,857  

Otsuka Holdings Co. Ltd. (Japan)

      6,600        273,548  

Pfizer, Inc.

      847,400        33,184,184  

Roche Holding AG (Switzerland)

      1,993        750,936  
     Shares      Value  

COMMON STOCKS (continued)

 

   

Pharmaceuticals (cont’d.)

 

   

Sanofi (France)

      6,065      $     636,531  

Shionogi & Co. Ltd. (Japan)

      6,300        328,242  

Sumitomo Dainippon Pharma Co. Ltd. (Japan)

      2,500        52,428  

Takeda Pharmaceutical Co. Ltd. (Japan)

      4,500        150,678  

UCB SA (Belgium)

      360        37,550  
     

 

 

  
            119,186,006  
     

 

 

  

Professional Services — 0.0%

      

Adecco Group AG (Switzerland)

      2,676        182,315  

Korn Ferry

      14,500        1,051,975  

Persol Holdings Co. Ltd. (Japan)

      600        11,850  

Randstad NV (Netherlands)

      4,275        327,599  

Recruit Holdings Co. Ltd. (Japan)

      3,200        157,090  

SGS SA (Switzerland)

      17        52,535  

Teleperformance (France)

      131        53,278  
     

 

 

  
        1,836,642  
     

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc. (Class A Stock)*

      29,200        2,503,316  

CK Asset Holdings Ltd. (Hong Kong)

      6,500        44,808  

Daito Trust Construction Co. Ltd. (Japan)

      200        21,871  

Daiwa House Industry Co. Ltd. (Japan)

      1,700        51,032  

Deutsche Wohnen SE (Germany)

      986        60,344  

Fastighets AB Balder (Sweden) (Class B Stock)*

      288        18,064  

Henderson Land Development Co. Ltd. (Hong Kong)

      4,000        18,951  

Mitsubishi Estate Co. Ltd. (Japan)

      3,400        54,826  

Sino Land Co. Ltd. (Hong Kong)

      8,000        12,605  

Sumitomo Realty & Development Co. Ltd. (Japan)

      900        32,163  

Sun Hung Kai Properties Ltd. (Hong Kong)

      14,000        208,347  

Swire Pacific Ltd. (Hong Kong) (Class A Stock)

      1,500        10,171  

Swire Properties Ltd. (Hong Kong)

      3,400        10,151  

Swiss Prime Site AG (Switzerland)

      216        21,443  
     

 

 

  
        3,068,092  
     

 

 

  

Road & Rail — 0.1%

      

Nippon Express Co. Ltd. (Japan)

      200        15,261  

Ryder System, Inc.

      13,200        981,156  

Werner Enterprises, Inc.

      125,800        5,600,616  
     

 

 

  
        6,597,033  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.3%

 

Advantest Corp. (Japan)

      600        53,855  

Applied Materials, Inc.

      236,600        33,691,840  

ASM International NV (Netherlands)

      132        43,605  

ASM Pacific Technology Ltd. (Hong Kong)

      900        12,199  

ASML Holding NV (Netherlands)

      1,323        911,780  

Broadcom, Inc.

      44,100        21,028,644  

Intel Corp.

      663,150        37,229,241  

KLA Corp.

      18,700        6,062,727  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A65

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

   

Semiconductors & Semiconductor Equipment (cont’d.)

 

Lam Research Corp.

      37,000      $ 24,075,900  

MKS Instruments, Inc.

      79,200        14,093,640  

NXP Semiconductors NV (China)

      9,900        2,036,628  

Qorvo, Inc.*

      31,000        6,065,150  

QUALCOMM, Inc.

      211,300        30,201,109  

Skyworks Solutions, Inc.

      30,700        5,886,725  

STMicroelectronics NV (Switzerland)

      1,765        64,258  

Texas Instruments, Inc.

      120,500        23,172,150  

Tokyo Electron Ltd. (Japan)

      1,200        519,887  
     

 

 

  
            205,149,338  
     

 

 

  

Software — 6.3%

      

Adobe, Inc.*

      73,250        42,898,130  

Autodesk, Inc.*

      34,000        9,924,600  

CDK Global, Inc.

      38,100        1,893,189  

Dassault Systemes SE (France)

      380        92,319  

Intuit, Inc.

      6,600        3,235,122  

Manhattan Associates, Inc.*

      27,100        3,925,164  

Microsoft Corp.

      739,300        200,276,370  

NortonLifeLock, Inc.

      204,200        5,558,324  

Oracle Corp.

      346,550        26,975,452  

Paycom Software, Inc.*

      5,100        1,853,697  

SAP SE (Germany)

      5,172        728,615  

SS&C Technologies Holdings, Inc.

      47,800        3,444,468  

Synopsys, Inc.*

      11,000        3,033,690  

WiseTech Global Ltd. (Australia)

      408        9,772  
     

 

 

  
        303,848,912  
     

 

 

  

Specialty Retail — 1.1%

      

AutoNation, Inc.*

      105,700        10,021,417  

Chow Tai Fook Jewellery Group Ltd. (China)

      31,200        71,521  

Foot Locker, Inc.

      73,600        4,535,968  

Home Depot, Inc. (The)

      40,200        12,819,378  

Industria de Diseno Textil SA (Spain)

      3,146        110,926  

JD Sports Fashion PLC (United Kingdom)

      1,237        15,770  

Kingfisher PLC (United Kingdom)

      68,169        345,101  

L Brands, Inc.

      261,800        18,865,308  

MarineMax, Inc.*(a)

      35,500        1,730,270  

Sally Beauty Holdings, Inc.*(a)

      49,400        1,090,258  

Shimamura Co. Ltd. (Japan)

      2,800        268,915  

USS Co. Ltd. (Japan)

      5,800        101,149  

Williams-Sonoma, Inc.

      30,900        4,933,185  

Yamada Holdings Co. Ltd. (Japan)

      3,800        17,557  
     

 

 

  
        54,926,723  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.7%

 

Apple, Inc.

      1,140,300        156,175,488  

Brother Industries Ltd. (Japan)

      10,700        213,285  

Canon, Inc. (Japan)

      15,500        350,164  

Hewlett Packard Enterprise Co.

      393,700        5,740,146  

HP, Inc.

      335,600        10,131,764  

Logitech International SA (Switzerland)

      2,962        358,952  

NetApp, Inc.

      13,600        1,112,752  

Ricoh Co. Ltd. (Japan)

      2,000        22,415  

Seiko Epson Corp. (Japan)

      4,300        75,637  
     Shares      Value  

COMMON STOCKS (continued)

 

   

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

 

Western Digital Corp.*

      51,300      $ 3,651,021  
     

 

 

  
            177,831,624  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.6%

 

Burberry Group PLC (United Kingdom)*

      480        13,759  

Crocs, Inc.*

      97,700        11,384,004  

Deckers Outdoor Corp.*

      31,300        12,021,391  

Hermes International (France)

      163        237,989  

LVMH Moet Hennessy Louis Vuitton SE (France)

      858        673,826  

Pandora A/S (Denmark)

      270        36,300  

Swatch Group AG (The) (Switzerland)

      140        9,245  

Tapestry, Inc.*

      53,400        2,321,832  
     

 

 

  
        26,698,346  
     

 

 

  

Tobacco — 0.4%

      

Altria Group, Inc.

      395,950        18,878,896  

British American Tobacco PLC (United Kingdom)

      14,575        566,246  

Imperial Brands PLC (United Kingdom)

      2,561        55,215  

Japan Tobacco, Inc. (Japan)

      18,500        349,114  

Swedish Match AB (Sweden)

      37,516        320,198  
     

 

 

  
        20,169,669  
     

 

 

  

Trading Companies & Distributors — 0.2%

 

Ashtead Group PLC (United Kingdom)

      1,203        89,459  

Boise Cascade Co.

      53,600        3,127,560  

Brenntag SE (Germany)

      4,023        375,090  

Ferguson PLC

      2,885        401,636  

GMS, Inc.*

      48,100        2,315,534  

ITOCHU Corp. (Japan)

      4,000        114,244  

Marubeni Corp. (Japan)

      10,900        95,075  

Mitsui & Co. Ltd. (Japan)

      18,600        419,741  

Reece Ltd. (Australia)

      826        14,644  

Sumitomo Corp. (Japan)

      3,400        45,690  

Toyota Tsusho Corp. (Japan)

      2,800        132,789  

United Rentals, Inc.*

      3,400        1,084,634  
     

 

 

  
        8,216,096  
     

 

 

  

Wireless Telecommunication Services — 0.0%

 

KDDI Corp. (Japan)

      3,500        109,041  

SoftBank Corp. (Japan)

      8,300        108,564  

SoftBank Group Corp. (Japan)

      4,600        320,910  

Vodafone Group PLC (United Kingdom)

      161,318        272,166  
     

 

 

  
        810,681  
     

 

 

  

TOTAL COMMON STOCKS
(cost $2,165,027,880)

             3,203,046,434  
     

 

 

  
EXCHANGE-TRADED FUND — 0.0%

 

   

iShares MSCI EAFE ETF(a)

      2,488        196,253  
     

 

 

  

(cost $135,052)

      
PREFERRED STOCKS — 0.0%

 

Automobiles — 0.0%

      

Bayerische Motoren Werke AG (Germany) (PRFC)

      151        13,574  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A66

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         
    
Shares		      Value  

PREFERRED STOCKS (continued)

 

   

Automobiles (cont’d.)

 

Volkswagen AG (Germany) (PRFC)

      941      $ 236,473  
     

 

 

  
        250,047  
     

 

 

  

Banks — 0.0%

      

Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing
10/30/40

      22,000        613,800  
     

 

 

  

Household Products — 0.0%

 

   

Henkel AG & Co. KGaA (Germany) (PRFC)

      1,365        144,185  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $866,296)

 

          1,008,032  
     

 

 

  

 

Interest
    Rate    

        Maturity    
Date		             Principal    
Amount
(000)#		         
ASSET-BACKED SECURITIES — 6.1%

 

   

Automobiles — 1.7%

         

AmeriCredit Automobile Receivables Trust,

 

Series 2019-01, Class B

 

   

3.130%

    02/18/25         1,000        1,021,378  

Series 2019-01, Class C

 

   

3.360%

    02/18/25         1,000        1,038,920  

Series 2019-02, Class C

 

   

2.740%

    04/18/25         2,000        2,070,594  

Series 2019-03, Class C

 

   

2.320%

    07/18/25         3,400        3,504,226  

Series 2020-02, Class C

 

   

1.480%

    02/18/26         600        608,510  

Series 2020-03, Class C

 

   

1.060%

    08/18/26         1,000        1,007,072  

Series 2021-02, Class C

 

   

1.010%

    01/19/27         1,300        1,307,706  

Avis Budget Rental Car Funding AESOP LLC,

 

   

Series 2018-02A, Class A, 144A

 

   

4.000%

    03/20/25         1,600        1,728,189  

Series 2019-02A, Class A, 144A

 

   

3.350%

    09/22/25         3,000        3,217,417  

Series 2019-03A, Class A, 144A

 

   

2.360%

    03/20/26         4,000        4,185,118  

Series 2020-01A, Class A, 144A

 

   

2.330%

    08/20/26         1,800        1,875,850  

Series 2021-01A, Class A, 144A

 

   

1.380%

    08/20/27         3,200        3,194,949  

CarMax Auto Owner Trust,

 

   

Series 2021-02, Class C

 

   

1.340%

    02/16/27         1,100        1,099,930  

Ford Auto Securitization Trust (Canada),

 

   

Series 2019-BA, Class A2, 144A

 

   

2.321%

    10/15/23         CAD    1,445        1,176,064  

Series 2020-AA, Class A3, 144A

 

   

1.153%

    11/15/25         CAD    3,600        2,901,781  

Ford Credit Auto Owner Trust,

 

Series 2018-01, Class A, 144A

 

   

3.190%

    07/15/31         3,800        4,099,487  

Series 2019-01, Class A, 144A

 

   

3.520%

    07/15/30         5,000        5,371,085  

Interest
Rate

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

 

  

Automobiles (cont’d.)

 

  

Series 2020-01, Class A, 144A

 

  

2.040%

      08/15/31           3,600     $ 3,736,470  

Series 2020-02, Class A, 144A

 

  

1.060%

      04/15/33           6,300       6,292,982  

GM Financial Consumer Automobile Receivables Trust,

 

Series 2018-04, Class C

 

  

3.620%

      06/17/24           500       518,834  

GMF Floorplan Owner Revolving Trust,

 

Series 2019-02, Class A, 144A

 

  

2.900%

      04/15/26           5,700           6,046,862  

Hertz Vehicle Financing III LP,

 

  

Series 2021-02A, Class A, 144A

 

  

1.680%

      12/27/27           1,900       1,897,464  

Hertz Vehicle Financing LLC,

 

  

Series 2021-01A, Class A, 144A

 

  

1.210%

      12/26/25           2,100       2,098,866  

OneMain Direct Auto Receivables Trust,

 

Series 2018-01A, Class A, 144A

 

  

3.430%

      12/16/24           1,417       1,423,409  

Series 2019-01A, Class A, 144A

 

  

3.630%

      09/14/27           6,300       6,790,288  

Santander Drive Auto Receivables Trust,

 

Series 2020-02, Class C

 

  

1.460%

      09/15/25           800       809,014  

Series 2020-03, Class C

 

  

1.120%

      01/15/26           2,600       2,623,005  

Series 2020-04, Class C

 

  

1.010%

      01/15/26           1,600       1,609,281  

Series 2021-01, Class C

 

  

0.750%

      02/17/26           3,000       2,998,406  

Series 2021-02, Class C

 

  

0.900%

      06/15/26           2,200       2,203,543  

Series 2021-02, Class D

 

  

1.350%

      07/15/27           2,800       2,802,764  
          

 

 

  
             81,259,464  
          

 

 

  

Collateralized Loan Obligations — 3.3%

 

Anchorage Capital CLO Ltd. (Cayman Islands),

 

Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)

 

1.612%(c)

      07/22/32           3,750       3,750,545  

ArrowMark Colorado Holdings (Cayman Islands),

 

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)

 

1.464%(c)

      07/15/29           500       500,000  

Balboa Bay Loan Funding Ltd. (Cayman Islands),

 

Series 2021-01A, Class A, 144A

 

  

0.000%(cc)

      07/20/34           3,750       3,751,526  

Ballyrock CLO Ltd. (Cayman Islands),

 

  

Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

1.164%(c)

      10/15/28           4,317       4,314,487  

Benefit Street Partners CLO Ltd. (Cayman Islands),

 

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

 

1.054%(c)

      07/15/29           1,500       1,498,431  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A67

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

  

Collateralized Loan Obligations (cont’d.)

 

  

BNPP AM Euro CLO BV (Netherlands),

 

  

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     $   3,554,523  

Brookside Mill CLO Ltd. (Cayman Islands),

 

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

 

1.010%(c)

      01/17/28                    781       781,312  

CBAM Ltd. (Cayman Islands),

 

Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360%
(Cap N/A, Floor 1.360%)

 

1.548%(c)

      10/20/32           5,800       5,803,182  

CIFC Funding Ltd. (Cayman Islands),

 

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

 

1.390%(c)

      10/17/31           9,750       9,750,434  

Greenwood Park CLO Ltd. (Cayman Islands),

 

  

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

 

1.194%(c)

      04/15/31           2,000       1,998,086  

Greywolf CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

1.206%(c)

      04/26/31           4,000       4,001,376  

HPS Loan Management Ltd. (Cayman Islands),

 

  

Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

 

1.504%(c)

      07/22/32           3,750       3,750,661  

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

 

1.176%(c)

      02/05/31           248       248,435  

ICG US CLO Ltd. (Cayman Islands),

 

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

 

1.330%(c)

      10/19/28           9,525       9,522,084  

Jamestown CLO Ltd. (Cayman Islands),

 

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

 

1.658%(c)

      04/20/32           5,750       5,765,974  

Jefferson Mill CLO Ltd. (Cayman Islands),

 

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

 

1.363%(c)

      10/20/31           6,729       6,725,885  

Madison Park Funding Ltd. (Cayman Islands),

 

  

Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

 

1.198%(c)

      01/20/29           5,062       5,058,593  

MidOcean Credit CLO (Cayman Islands),

 

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

 

1.306%(c)

      04/21/31           2,372       2,371,643  

Northwoods Capital Ltd. (Cayman Islands),

 

Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

 

1.345%(c)

      06/20/34           9,500       9,505,595  

Interest
Rate

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

 

  
Collateralized Loan Obligations (cont’d.)

 

  

OCP CLO Ltd. (Cayman Islands),

 

        

Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)

 

1.444%(c)

      07/15/30           1,250     $ 1,250,172  

Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A,Floor 1.330%)

 

1.518%(c)

      07/20/32           10,000       10,002,241  

Octagon Investment Partners 31 LLC (Cayman Islands),

 

  

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

 

1.238%(c)

      07/20/30           3,500       3,495,698  

OZLM Ltd. (Cayman Islands),

 

        

Series 2014-09A, Class A1AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

 

1.468%(c)

      10/20/31           7,419       7,419,588  

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

 

1.436%(c)

      10/30/30           1,484       1,483,992  

Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A,Floor 0.000%)

 

1.578%(c)

      07/20/32           3,750       3,750,607  

Palmer Square CLO Ltd. (Cayman Islands),

 

  

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)

 

1.320%(c)

      01/17/31           1,500       1,499,556  

Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A,Floor 0.000%)

 

1.284%(c)

      07/16/31           2,350       2,350,331  

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%)

 

1.188%(c)

      10/20/31           8,750       8,749,964  

Regatta Funding Ltd. (Cayman Islands),

 

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

 

1.285%(c)

      06/20/34           5,500       5,498,625  

Romark CLO Ltd. (Cayman Islands),

 

Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)

 

1.351%(c)

      07/25/31           1,000       1,000,001  

TCW CLO Ltd. (Cayman Islands),

 

        

Series 2021-02A, Class AS, 144A

 

—%(p)

      07/25/34           6,750       6,750,000  

Telos CLO Ltd. (Cayman Islands),

 

        

Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)

 

1.490%(c)

      07/17/26           186       186,025  

Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)

 

1.430%(c)

      01/17/30           2,479       2,480,028  

TICP CLO Ltd. (Cayman Islands),

 

        

Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%)

 

1.028%(c)

      04/20/28           2,946       2,943,816  

Trimaran Cavu Ltd. (Cayman Islands),

 

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

 

1.648%(c)

      07/20/32           3,000       3,005,056  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A68

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

Collateralized Loan Obligations (cont’d.)

 

Trinitas CLO Ltd. (Cayman Islands),

 

Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)

 

1.386%(c)

      01/25/31           2,500     $ 2,500,349  

Venture CLO Ltd. (Cayman Islands),

 

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

 

1.064%(c)

      07/15/27           463       462,974  

Wellfleet CLO Ltd. (Cayman Islands),

 

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

 

1.340%(c)

      01/17/31           2,750       2,750,905  

Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

1.290%(c)

      07/17/31           3,500       3,499,658  

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

 

1.388%(c)

      10/20/31           5,750       5,750,053  
          

 

 

  
             159,482,411  
          

 

 

  

Consumer Loans — 0.2%

 

OneMain Financial Issuance Trust,

 

Series 2020-01A, Class A, 144A

 

3.840%

      05/14/32           1,200       1,251,904  

Series 2020-02A, Class A, 144A

 

1.750%

      09/14/35           2,100       2,135,224  

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

 

0.770%(c)

      06/16/36           2,700       2,738,339  

Oportun Funding X LLC,

 

        

Series 2018-C, Class A, 144A

 

4.100%

      10/08/24           1,600       1,601,174  

Oportun Funding XII LLC,

 

        

Series 2018-D, Class A, 144A

 

4.150%

      12/09/24           1,100       1,105,487  

Oportun Funding XIV LLC,

 

        

Series 2021-A, Class A, 144A

 

1.210%

      03/08/28           900       902,577  
          

 

 

  
             9,734,705  
          

 

 

  

Equipment — 0.2%

 

        

MMAF Equipment Finance LLC,

 

Series 2017-B, Class A5, 144A

 

2.720%

      06/15/40           2,800       2,921,147  

Series 2018-A, Class A5, 144A

 

3.610%

      03/10/42           800       856,487  

Series 2019-A, Class A5, 144A

 

3.080%

      11/12/41           2,500       2,649,629  

Series 2019-B, Class A5, 144A

 

2.290%

      11/12/41           2,400       2,502,777  
          

 

 

  
             8,930,040  
          

 

 

  

Home Equity Loans — 0.0%

 

CDC Mortgage Capital Trust,

 

  

Series 2002-HE03, Class M1, 1 Month LIBOR + 1.650% (Cap N/A, Floor 1.650%)

 

1.742%(c)

      03/25/33           29       29,815  
          

 

 

  

Interest
Rate

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

 

  

Other — 0.1%

 

  

TH MSR Issuer Trust,

 

        

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

 

2.892%(c)

      06/25/24           3,250     $   3,213,895  
          

 

 

  

Residential Mortgage-Backed Securities — 0.2%

 

Legacy Mortgage Asset Trust,

 

Series 2019-GS02, Class A1, 144A

 

3.750%

      01/25/59           574       574,555  

Series 2019-GS04, Class A1, 144A

 

3.438%

      05/25/59           1,130       1,132,009  

Long Beach Mortgage Loan Trust,

 

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

 

0.887%(c)

      06/25/34           136       134,003  

Mill City Mortgage Loan Trust,

 

Series 2017-03, Class A1, 144A

 

2.750%(cc)

      01/25/61           983       998,579  

TFS (Spain),

           

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

 

3.000%(c)

      04/16/23      EUR      2,275       2,428,113  

Towd Point Mortgage Trust,

 

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

 

0.692%(c)

      02/25/57           1,513       1,512,681  

Series 2020-04, Class A1, 144A

 

1.750%

      10/25/60           1,118       1,130,770  
    

 

 

  
             7,910,710  
          

 

 

  

Student Loans — 0.4%

 

        

Commonbond Student Loan Trust,

 

Series 2017-BGS, Class A1, 144A

 

2.680%

      09/25/42           1,103       1,124,876  

Series 2018-AGS, Class A1, 144A

 

3.210%

      02/25/44           844       875,857  

Series 2018-CGS, Class A1, 144A

 

3.870%

      02/25/46           277       285,732  

Laurel Road Prime Student Loan Trust,

 

Series 2017-C, Class A2B, 144A

 

2.810%

      11/25/42           501       507,873  

Series 2018-B, Class A2FX, 144A

 

3.540%

      05/26/43           917       934,961  

Series 2019-A, Class A2FX, 144A

 

2.730%

      10/25/48           687       700,119  

Navient Private Education Refi Loan Trust,

 

Series 2018-A, Class A2, 144A

 

3.190%

      02/18/42           1,775       1,799,020  

Series 2018-CA, Class A2, 144A

 

3.520%

      06/16/42           857       872,065  

Series 2019-CA, Class A2, 144A

 

3.130%

      02/15/68           1,727       1,765,174  

Series 2020-BA, Class A2, 144A

 

2.120%

      01/15/69           1,557       1,579,989  

SoFi Professional Loan Program LLC,

 

Series 2019-A, Class A2FX, 144A

 

3.690%

      06/15/48           1,477       1,532,697  

Series 2019-B, Class A2FX, 144A

 

3.090%

      08/17/48           1,691       1,732,912  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A69

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		               Principal    
Amount
(000)#		         Value      

ASSET-BACKED SECURITIES (continued)

 

Student Loans (cont’d.)

 

        

Series 2019-C, Class A2FX, 144A

 

2.370%

      11/16/48           2,396     $ 2,445,714  

SoFi Professional Loan Program Trust,

 

Series 2018-B, Class A2FX, 144A

 

3.340%

      08/25/47           1,948       1,997,169  

Series 2020-A, Class A2FX, 144A

 

2.540%

      05/15/46           2,400       2,479,645  
          

 

 

  
             20,633,803  
          

 

 

  

TOTAL ASSET-BACKED SECURITIES

 

(cost $287,638,975)

 

     291,194,843  
          

 

 

  

COMMERCIAL MORTGAGE-BACKED
SECURITIES — 4.5%

 

Assurant Commercial Mortgage Trust,

 

Series 2016-01A, Class AS, 144A

 

3.172%

      05/15/49           4,000       4,207,180  

BANK,

           

Series 2017-BNK04, Class A3

 

3.362%

      05/15/50           6,500       7,122,121  

Barclays Commercial Mortgage Securities Trust,

 

  

Series 2018-C02, Class A4

 

        

4.047%

      12/15/51           5,400       6,170,158  

Benchmark Mortgage Trust,

 

        

Series 2018-B03, Class A4

 

        

3.761%

      04/10/51           5,000       5,581,219  

Series 2018-B08, Class A4

 

        

3.963%

      01/15/52           6,700       7,536,642  

Series 2021-B24, Class A3

 

        

2.010%

      03/15/54           2,900       2,945,199  

Citigroup Commercial Mortgage Trust,

 

        

Series 2014-GC21, Class A4

 

3.575%

      05/10/47           1,124       1,177,551  

Series 2014-GC23, Class A3

 

3.356%

      07/10/47           1,565       1,649,728  

Series 2016-C01, Class A3

 

        

2.944%

      05/10/49           5,000       5,278,470  

Series 2016-GC37, Class A3

 

3.050%

      04/10/49           5,047       5,273,240  

Series 2017-P07, Class A3

 

3.442%

      04/14/50           5,500       6,019,012  

Commercial Mortgage Trust,

 

        

Series 2014-CR15, Class A2

 

2.928%

      02/10/47           65       65,174  

Series 2014-CR18, Class A4

 

3.550%

      07/15/47           2,378       2,505,515  

Series 2014-CR20, Class A3

 

3.326%

      11/10/47           4,611       4,876,562  

Series 2015-CR27, Class A3

 

3.349%

      10/10/48           6,100       6,478,811  

CSAIL Commercial Mortgage Trust,

 

Series 2015-C04, Class A3

 

3.544%

      11/15/48           2,979       3,210,832  

Series 2017-C08, Class A3

 

3.127%

      06/15/50           5,300       5,600,046  

FHLMC Multifamily Structured Pass-Through Certificates,

 

  

Series K020, Class X1, IO

 

1.470%(cc)

      05/25/22           21,231       181,959  

Interest
Rate

        Maturity    
Date		               Principal    
Amount
(000)#		         Value      

COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

 

Series K021, Class X1, IO

 

1.526%(cc)

      06/25/22           6,007     $ 46,132  

Series K055, Class X1, IO

 

1.493%(cc)

      03/25/26           13,489       751,167  

Series K075, Class AM

 

3.650%(cc)

      02/25/28           3,575       4,074,945  

Series K076, Class AM

 

3.900%

      04/25/28           1,225       1,417,133  

Series K077, Class AM

 

3.850%(cc)

      05/25/28           950       1,099,482  

Series K080, Class AM

 

3.986%(cc)

      07/25/28           7,050       8,195,023  

Series K157, Class A2

 

3.990%(cc)

      05/25/33           4,200       5,033,591  

Series W5FX, Class AFX

 

3.336%(cc)

      04/25/28           1,190       1,325,314  

GS Mortgage Securities Corp. Trust,

 

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

 

0.793%(c)

      11/21/35           1,550       1,550,743  

GS Mortgage Securities Trust,

 

        

Series 2015-GC28, Class A4

 

  

3.136%

      02/10/48           3,876       4,091,536  

Series 2015-GC32, Class A3

 

  

3.498%

      07/10/48           5,800       6,227,378  

Series 2016-GS03, Class A3

 

  

2.592%

      10/10/49           5,780       6,035,875  

Series 2016-GS04, Class A3

 

  

3.178%

      11/10/49           5,500       5,796,789  

Series 2020-GSA02, Class A4

 

  

1.721%

      12/12/53           6,000       5,875,257  

JPMBB Commercial Mortgage Securities Trust,

 

  

Series 2014-C25, Class A4A1

 

  

3.408%

      11/15/47           798       847,714  

Series 2015-C27, Class A3A1

 

  

2.920%

      02/15/48           4,774       4,971,876  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2013-LC11, Class A4

 

  

2.694%

      04/15/46           634       650,707  

MHC Commercial Mortgage Trust,

 

  

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

 

1.424%(c)

      04/15/38           3,000       3,002,826  

Morgan Stanley Bank of America Merrill Lynch Trust,

 

  

Series 2013-C08, Class A3

 

  

2.863%

      12/15/48           1,351       1,374,565  

Morgan Stanley Capital I Trust,

 

Series 2016-UB11, Class A3

 

  

2.531%

      08/15/49           10,400       10,940,862  

Series 2018-H04, Class A3

 

  

4.043%

      12/15/51           1,900       2,132,343  

Series 2019-H07, Class A2

 

2.492%

      07/15/52           13,500       13,965,078  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class ASB

 

3.264%

      08/15/50           3,500       3,752,768  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A70

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

Series 2017-C05, Class A4

 

3.212%

      11/15/50                        6,750     $ 7,235,495  

Series 2018-C09, Class A3

 

3.854%

      03/15/51           2,500       2,756,912  

Series 2018-C14, Class A3

 

4.180%

      12/15/51           4,100       4,615,000  

UBS-Barclays Commercial Mortgage Trust,

 

Series 2012-C04, Class A4

 

2.792%

      12/10/45           1,700       1,716,004  

Series 2013-C05, Class A3

 

2.920%

      03/10/46           703       717,172  

Series 2013-C06, Class A3

 

2.971%

      04/10/46           1,746       1,793,717  

Wells Fargo Commercial Mortgage Trust,

 

Series 2016-NXS06, Class A3

 

2.642%

      11/15/49           8,000       8,441,995  

Series 2017-C38, Class A4

 

3.190%

      07/15/50           4,600       4,995,715  

Series 2018-C48, Class A4

 

4.037%

      01/15/52           7,000       7,944,701  

Series 2020-C58, Class A3

 

1.810%

      07/15/53           7,100       7,017,582  
          

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $203,357,079)

 

     216,272,816  
          

 

 

  
CORPORATE BONDS — 9.0%

 

Aerospace & Defense — 0.2%

 

Boeing Co. (The),

 

        

Sr. Unsec’d. Notes

 

2.196%

      02/04/26           2,160       2,180,413  

3.750%

      02/01/50           2,130       2,197,207  

Embraer Netherlands Finance BV (Brazil),

 

Gtd. Notes

 

5.050%

      06/15/25           906       957,877  

Embraer Overseas Ltd. (Brazil),

 

Gtd. Notes, 144A

 

5.696%

      09/16/23           950       1,015,215  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

4.125%

      11/16/28           1,270       1,462,755  
          

 

 

  
             7,813,467  
          

 

 

  

Agriculture — 0.2%

 

Altria Group, Inc.,

 

Gtd. Notes

 

3.400%

      02/04/41           2,545       2,423,378  

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

 

3.222%

      08/15/24           3,740       3,972,868  

Vector Group Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      02/01/29           1,250       1,275,053  
          

 

 

  
             7,671,299  
          

 

 

  

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Airlines — 0.1%

 

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

 

  

Pass-Through Certificates

 

                    

3.375%

      11/01/28          2,287     $ 2,271,486  

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

 

  

Pass-Through Certificates

 

       

4.000%

      04/29/26          441       466,241  

Southwest Airlines Co.,

 

       

Sr. Unsec’d. Notes

 

5.125%

      06/15/27          905       1,065,698  

United Airlines, Inc.,

 

       

Sr. Sec’d. Notes, 144A

 

       

4.375%

      04/15/26          840       869,597  

4.625%

      04/15/29          165       170,906  
         

 

 

  
            4,843,928  
         

 

 

  

Auto Manufacturers — 0.2%

 

Ford Motor Co.,

 

       

Sr. Unsec’d. Notes

 

       

5.291%

      12/08/46 (a)         1,220       1,362,607  

Ford Motor Credit Co. LLC,

 

       

Sr. Unsec’d. Notes

 

       

2.900%

      02/16/28          200       199,565  

3.350%

      11/01/22          4,205       4,307,756  

General Motors Co.,

 

       

Sr. Unsec’d. Notes

 

6.250%

      10/02/43          980       1,352,693  

6.600%

      04/01/36          760       1,039,764  

General Motors Financial Co., Inc.,

     

Gtd. Notes

 

       

3.950%

      04/13/24          2,800       3,016,713  
         

 

 

  
            11,279,098  
         

 

 

  

Banks — 2.7%

 

Banco Santander SA (Spain),

 

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

 

1.308%(c)

      04/12/23          800       810,683  

Sr. Unsec’d. Notes

 

3.848%

      04/12/23          1,000       1,057,083  

Bank of America Corp.,

 

Jr. Sub. Notes, Series JJ

     

5.125%(ff)

      06/20/24 (oo)         1,665       1,775,723  

Jr. Sub. Notes, Series MM

 

4.300%(ff)

      01/28/25 (oo)         1,440       1,487,620  

Sr. Unsec’d. Notes, MTN

 

1.898%(ff)

      07/23/31          2,600       2,522,864  

2.496%(ff)

      02/13/31          3,085       3,154,220  

3.824%(ff)

      01/20/28          955       1,060,646  

4.125%

      01/22/24          4,830       5,259,086  

4.271%(ff)

      07/23/29          510       586,112  

Sub. Notes, MTN

 

4.000%

      01/22/25          2,000       2,193,794  

4.450%

      03/03/26          8,455       9,590,617  

Bank of America NA,

 

Sub. Notes

 

6.000%

      10/15/36          410       573,769  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A71

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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          850     $ 921,763  

3.684%

      01/10/23          585       594,922  

Sr. Unsec’d. Notes, MTN

 

4.972%(ff)

      05/16/29          3,825       4,482,003  

BNP Paribas SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.323%(ff)

      01/13/27          1,800       1,777,687  

2.219%(ff)

      06/09/26          2,330       2,402,350  

Citigroup, Inc.,

 

Jr. Sub. Notes, Series V

 

4.700%(ff)

      01/30/25 (oo)         1,400       1,443,454  

Sr. Unsec’d. Notes

 

2.561%(ff)

      05/01/32          1,260       1,283,636  

3.200%

      10/21/26          1,870       2,026,088  

3.700%

      01/12/26          6,180       6,829,977  

Sub. Notes

 

4.450%

      09/29/27          5,965       6,812,612  

4.750%

      05/18/46          820       1,043,119  

Credit Agricole SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.247%(ff)

      01/26/27                   1,495       1,471,209  

Sr. Unsec’d. Notes, 144A, MTN

 

1.907%(ff)

      06/16/26          1,160       1,182,259  

Credit Suisse Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

2.193%(ff)

      06/05/26          1,560       1,596,997  

3.091%(ff)

      05/14/32          885       911,871  

4.282%

      01/09/28          1,370       1,524,457  

Deutsche Bank AG (Germany),

 

Sr. Unsec’d. Notes

 

2.129%(ff)

      11/24/26          440       446,786  

Sr. Unsec’d. Notes, Series D

 

5.000%

      02/14/22          2,400       2,464,140  

Discover Bank,

 

Sr. Unsec’d. Notes

 

4.250%

      03/13/26          970       1,089,597  

Goldman Sachs Group, Inc. (The),

 

Jr. Sub. Notes, Series O

 

5.300%(ff)

      11/10/26 (a)(oo)         740       819,904  

Sr. Unsec’d. Notes

 

3.500%

      01/23/25          4,100       4,432,383  

3.750%

      02/25/26          1,010       1,117,352  

3.814%(ff)

      04/23/29          540       603,845  

3.850%

      01/26/27          2,910       3,209,260  

Sub. Notes

 

6.750%

      10/01/37          104       151,449  

JPMorgan Chase & Co.,

 

Jr. Sub. Notes, Series HH

 

4.600%(ff)

      02/01/25 (oo)         1,645           1,703,217  

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

 

3.656%(c)

      07/30/21 (oo)         978       980,111  

Jr. Sub. Notes, Series II

 

4.000%(ff)

      04/01/25 (a)(oo)         1,045       1,058,652  

Sr. Unsec’d. Notes

 

3.782%(ff)

      02/01/28          695       771,288  

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Banks (cont’d.)

   

3.964%(ff)

      11/15/48          3,250     $ 3,808,082  

4.005%(ff)

      04/23/29          2,170       2,457,893  

4.452%(ff)

      12/05/29          3,350       3,915,717  

Sub. Notes

 

3.875%

      09/10/24          3,775       4,115,441  

Morgan Stanley,

 

Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%

 

3.794%(c)

      10/15/21 (a)(oo)         840       843,424  

Sr. Unsec’d. Notes

 

3.217%(ff)

      04/22/42          360       380,926  

Sr. Unsec’d. Notes, GMTN

 

3.772%(ff)

      01/24/29          8,775       9,853,979  

3.875%

      01/27/26          675       754,478  

4.431%(ff)

      01/23/30          515       603,925  

Sr. Unsec’d. Notes, MTN

 

3.591%(ff)

      07/22/28          1,255       1,390,534  

Sub. Notes, GMTN

 

4.350%

      09/08/26          3,825       4,334,780  

Societe Generale SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.488%(ff)

      12/14/26                   4,400       4,362,446  

State Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

4.375%

      01/24/24          1,925       2,069,190  

Texas Capital Bank NA,

 

Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%

 

4.647%(c)

      09/30/24          2,670       2,670,336  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes, MTN

 

2.572%(ff)

      02/11/31          4,175       4,321,845  
         

 

 

  
                131,107,601  
         

 

 

  

Beverages — 0.1%

 

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

 

Gtd. Notes

 

4.900%

      02/01/46          620       784,245  

Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

5.550%

      01/23/49          450       618,732  

8.000%

      11/15/39          1,285       2,091,694  

8.200%

      01/15/39 (a)         250       414,920  

Constellation Brands, Inc.,

 

Gtd. Notes

 

4.250%

      05/01/23          1,400       1,492,962  
         

 

 

  
            5,402,553  
         

 

 

  

Biotechnology — 0.0%

 

Regeneron Pharmaceuticals, Inc.,

 

Sr. Unsec’d. Notes

 

2.800%

      09/15/50          570       519,609  
         

 

 

  

Building Materials — 0.0%

 

Standard Industries, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.375%

      07/15/30          760       783,521  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A72

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Building Materials (cont’d.)

 

4.750%

      01/15/28          700     $ 732,450  
         

 

 

  
            1,515,971  
         

 

 

  

Chemicals — 0.1%

 

CF Industries, Inc.,

 

Gtd. Notes

 

5.375%

      03/15/44          1,015       1,256,095  

Dow Chemical Co. (The),

 

Sr. Unsec’d. Notes

 

5.250%

      11/15/41                   45       58,627  

9.400%

      05/15/39          347       611,022  

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      06/01/24          1,300       1,374,192  

Nutrien Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

3.150%

      10/01/22          780       800,778  

Sasol Financing USA LLC (South Africa),

 

Gtd. Notes

 

5.875%

      03/27/24          700       748,353  

6.500%

      09/27/28          670       754,368  
         

 

 

  
                5,603,435  
         

 

 

  

Commercial Services — 0.1%

 

ERAC USA Finance LLC,

 

Gtd. Notes, 144A

 

4.200%

      11/01/46          975       1,157,800  

6.700%

      06/01/34          420       590,344  

7.000%

      10/15/37          380       567,413  

Massachusetts Institute of Technology,

 

Unsec’d. Notes

 

3.885%

      07/01/2116          1,500       1,838,772  

United Rentals North America, Inc.,

 

Gtd. Notes

 

4.875%

      01/15/28          1,190       1,262,922  

5.250%

      01/15/30 (a)         385       421,795  

5.875%

      09/15/26          135       140,080  
         

 

 

  
            5,979,126  
         

 

 

  

Diversified Financial Services — 0.1%

 

BOC Aviation USA Corp. (Singapore),

 

Gtd. Notes, 144A, MTN

 

1.625%

      04/29/24          670       675,232  

CDP Financial, Inc. (Canada),

 

Gtd. Notes, 144A

 

3.150%

      07/24/24          480       516,893  

Discover Financial Services,

 

Sr. Unsec’d. Notes

 

3.850%

      11/21/22          900       942,953  

OneMain Finance Corp.,

 

Gtd. Notes

 

8.250%

      10/01/23          1,600       1,810,886  

Private Export Funding Corp.,

 

U.S. Gov’t. Gtd. Notes, Series NN

 

3.250%

      06/15/25          330       357,539  
         

 

 

  
            4,303,503  
         

 

 

  

Interest
Rate

        Maturity    
Date		               Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Electric — 0.8%

 

Abu Dhabi National Energy Co. PJSC (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.000%

      04/29/28                    525     $ 528,216  

Baltimore Gas & Electric Co.,

 

Sr. Unsec’d. Notes

 

6.350%

      10/01/36           550       791,689  

Berkshire Hathaway Energy Co.,

 

Sr. Unsec’d. Notes

 

5.950%

      05/15/37           305       420,237  

Calpine Corp.,

 

Sr. Sec’d. Notes, 144A

 

3.750%

      03/01/31           2,000       1,905,014  

CenterPoint Energy Houston Electric LLC,

 

General Ref. Mortgage, Series K2

 

6.950%

      03/15/33           590       835,840  

Commonwealth Edison Co.,

 

First Mortgage, Series 123

 

3.750%

      08/15/47           1,610       1,862,783  

Connecticut Light & Power Co. (The),

 

First Mortgage, Series A

 

2.050%

      07/01/31           3,255       3,280,304  

Consolidated Edison Co. of New York, Inc.,

 

Sr. Unsec’d. Notes,Series 09-C

 

5.500%

      12/01/39           220       291,849  

Duke Energy Carolinas LLC,

 

First Mortgage

 

6.050%

      04/15/38           550       781,554  

First Ref. Mortgage

 

4.000%

      09/30/42           570       671,193  

El Paso Electric Co.,

 

Sr. Unsec’d. Notes

 

6.000%

      05/15/35           670       894,313  

Enel Finance International NV (Italy),

 

Gtd. Notes, 144A

 

4.625%

      09/14/25           2,245       2,548,722  

Engie Energia Chile SA (Chile),

 

Sr. Unsec’d. Notes, 144A

 

3.400%

      01/28/30           400       410,450  

Exelon Generation Co. LLC,

 

Sr. Unsec’d. Notes

 

6.250%

      10/01/39           1,425       1,755,437  

Florida Power & Light Co.,

 

First Mortgage

 

5.950%

      10/01/33           295       405,761  

Iberdrola International BV (Spain),

 

Gtd. Notes

 

6.750%

      09/15/33           145       196,850  

Indiana Michigan Power Co.,

 

Sr. Unsec’d. Notes

 

3.850%

      05/15/28           2,910       3,273,370  

Israel Electric Corp. Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A, GMTN

 

4.250%

      08/14/28           470       526,776  

Monongahela Power Co.,

 

First Mortgage, 144A

 

4.100%

      04/15/24           2,170       2,338,346  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A73

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

Northern States Power Co.,

 

First Mortgage

 

3.600%

      09/15/47          1,580     $ 1,799,233  

NRG Energy, Inc.,

 

Sr. Sec’d. Notes, 144A

 

2.000%

      12/02/25          320       323,950  

2.450%

      12/02/27                   1,395       1,404,459  

PECO Energy Co.,

 

First Mortgage

 

2.800%

      06/15/50          1,110       1,106,595  

Public Service Electric & Gas Co.,

 

First Mortgage, MTN

 

2.050%

      08/01/50          1,005       869,923  

3.700%

      05/01/28          1,280       1,452,082  

Sr. Sec’d. Notes, MTN

 

5.800%

      05/01/37          535       740,934  

Public Service Enterprise Group, Inc.,

 

Sr. Unsec’d. Notes

 

1.600%

      08/15/30          710       672,710  

Puget Energy, Inc.,

 

Sr. Sec’d. Notes, 144A

 

2.379%

      06/15/28          1,115       1,126,282  

San Diego Gas & Electric Co.,

 

First Mortgage

 

4.150%

      05/15/48          1,400       1,695,944  

Southern California Edison Co.,

 

First Ref. Mortgage

 

4.000%

      04/01/47          580       610,742  

First Ref. Mortgage, Series C

 

3.600%

      02/01/45          860       862,664  

Vistra Operations Co. LLC,

 

Gtd. Notes, 144A

 

5.000%

      07/31/27          725       744,260  

Sr. Sec’d. Notes, 144A

 

3.550%

      07/15/24          2,135       2,256,895  

Xcel Energy, Inc.,

 

Sr. Unsec’d. Notes

 

4.800%

      09/15/41          480       589,782  
         

 

 

  
                39,975,159  
         

 

 

  

Engineering & Construction — 0.1%

 

AECOM,

 

Gtd. Notes

 

5.125%

      03/15/27 (a)         1,050       1,169,901  

Mexico City Airport Trust (Mexico),

 

Sr. Sec’d. Notes, 144A

 

3.875%

      04/30/28          700       737,197  

5.500%

      07/31/47          800       807,601  
         

 

 

  
            2,714,699  
         

 

 

  

Foods — 0.1%

 

Kraft Heinz Foods Co.,

 

Gtd. Notes

 

4.875%

      10/01/49          1,290       1,563,345  

Mars, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      07/16/40          660       635,017  

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Foods (cont’d.)

 

Pilgrim’s Pride Corp.,

 

Gtd. Notes, 144A

 

5.875%

      09/30/27          1,625     $ 1,733,111  
         

 

 

  
            3,931,473  
         

 

 

  

Gas — 0.1%

 

NiSource, Inc.,

 

Sr. Unsec’d. Notes

 

1.700%

      02/15/31          1,205       1,141,233  

3.490%

      05/15/27 (a)         3,285       3,613,953  
         

 

 

  
            4,755,186  
         

 

 

  

Healthcare-Products — 0.1%

 

DH Europe Finance II Sarl,

 

Gtd. Notes

 

1.350%

      09/18/39        EUR   1,635       1,973,774  

Medtronic Global Holdings SCA,

 

Gtd. Notes

 

1.625%

      03/07/31        EUR 300       392,156  

2.250%

      03/07/39                 EUR 400       556,051  
         

 

 

  
                2,921,981  
         

 

 

  

Healthcare-Services — 0.1%

 

Aetna, Inc.,

 

Sr. Unsec’d. Notes

 

6.625%

      06/15/36          515       750,348  

Anthem, Inc.,

 

Sr. Unsec’d. Notes

 

4.625%

      05/15/42          390       485,325  

HCA, Inc.,

 

Gtd. Notes

 

3.500%

      09/01/30          250       266,172  

5.375%

      02/01/25          305       344,020  

5.875%

      02/01/29          525       634,190  

Gtd. Notes, MTN

 

7.750%

      07/15/36          450       611,895  

Kaiser Foundation Hospitals,

 

Gtd. Notes

 

4.150%

      05/01/47          940       1,170,833  

Providence St. Joseph Health Obligated Group,

 

Unsec’d. Notes, Series 19A

 

2.532%

      10/01/29 (a)         765       801,906  
         

 

 

  
            5,064,689  
         

 

 

  

Home Builders — 0.1%

 

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27          525       595,070  

6.625%

      07/15/27          700       749,659  

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

 

Gtd. Notes, 144A

 

5.625%

      03/01/24          800       870,178  
         

 

 

  
            2,214,907  
         

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A74

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

  

Housewares — 0.1%

 

Newell Brands, Inc.,

 

Sr. Unsec’d. Notes

 

4.700%

      04/01/26                   1,695     $   1,889,784  
         

 

 

  

Insurance — 0.1%

     

Liberty Mutual Group, Inc.,

 

  

Gtd. Notes, 144A

 

3.951%

      10/15/50          1,215       1,348,113  

Lincoln National Corp.,

     

Sr. Unsec’d. Notes

 

  

6.300%

      10/09/37          772       1,083,622  

Markel Corp.,

          

Sr. Unsec’d. Notes

     

4.150%

      09/17/50          410       473,605  

5.000%

      03/30/43          200       243,871  

New York Life Insurance Co.,

     

Sub. Notes, 144A

     

6.750%

      11/15/39          660       996,352  

Principal Financial Group, Inc.,

 

  

Gtd. Notes

 

       

4.625%

      09/15/42          130       161,530  

Teachers Insurance & Annuity Association of America,

 

Sub. Notes, 144A

     

4.270%

      05/15/47          1,450       1,732,259  

6.850%

      12/16/39          124       187,365  
         

 

 

  
            6,226,717  
         

 

 

  

Lodging — 0.0%

     

Marriott International, Inc.,

 

       

Sr. Unsec’d. Notes

 

  

3.250%

      09/15/22          980       1,001,485  
         

 

 

  

Machinery-Diversified — 0.0%

 

Mueller Water Products, Inc.,

 

       

Gtd. Notes, 144A

 

  

4.000%

      06/15/29 (a)         475       488,295  

Xylem, Inc.,

 

       

Sr. Unsec’d. Notes

     

4.875%

      10/01/21          1,260       1,273,572  
         

 

 

  
            1,761,867  
         

 

 

  

Media — 0.4%

 

  

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes, 144A

 

  

5.500%

      05/01/26          1,500       1,550,522  

Charter Communications Operating LLC/Charter Communications

 

Operating Capital,

     

Sr. Sec’d. Notes

 

       

3.900%

      06/01/52          580       590,199  

4.800%

      03/01/50          1,260       1,451,654  

5.375%

      04/01/38          1,950       2,401,733  

6.384%

      10/23/35          875       1,172,585  

6.484%

      10/23/45          1,386       1,912,971  

Comcast Corp.,

 

       

Gtd. Notes

 

       

3.950%

      10/15/25          225       251,820  

6.400%

      05/15/38          530       780,530  

Interest
Rate

        Maturity    
Date		               Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

  

Media (cont’d.)

 

Cox Communications, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

2.600%

      06/15/31                    5,275     $ 5,355,441  

Time Warner Cable LLC,

 

        

Sr. Sec’d. Notes

 

  

5.500%

      09/01/41           360       447,641  

ViacomCBS, Inc.,

 

        

Sr. Unsec’d. Notes

 

  

5.250%

      04/01/44           1,450       1,853,991  

Videotron Ltd. (Canada),

 

  

Gtd. Notes

 

  

5.000%

      07/15/22           1,040       1,081,737  
          

 

 

  
             18,850,824  
          

 

 

  

Mining — 0.0%

 

  

Southern Copper Corp. (Peru),

 

Sr. Unsec’d. Notes

 

  

6.750%

      04/16/40           425       606,870  
          

 

 

  

Miscellaneous Manufacturing — 0.0%

 

Amsted Industries, Inc.,

 

  

Gtd. Notes, 144A

 

  

5.625%

      07/01/27           1,200       1,265,081  
          

 

 

  

Multi-National — 0.0%

 

  

Corp. Andina de Fomento (Supranational Bank),

 

Sr. Unsec’d. Notes

 

  

2.125%

      09/27/21           905       908,604  

2.750%

      01/06/23           315       324,893  

North American Development Bank (Supranational Bank),

 

Sr. Unsec’d. Notes

 

  

2.400%

      10/26/22           289       294,565  
          

 

 

  
             1,528,062  
          

 

 

  

Office/Business Equipment — 0.0%

 

  

CDW LLC/CDW Finance Corp.,

 

Gtd. Notes

     

5.500%

      12/01/24           700       780,643  
          

 

 

  

Oil & Gas — 0.4%

 

        

Antero Resources Corp.,

 

Gtd. Notes

     

5.000%

      03/01/25           1,400       1,434,296  

Cenovus Energy, Inc. (Canada),

 

Sr. Unsec’d. Notes

     

5.400%

      06/15/47           1,200       1,489,989  

Chevron USA, Inc.,

 

        

Gtd. Notes

     

5.050%

      11/15/44           835       1,120,573  

ConocoPhillips,

 

  

Gtd. Notes, 144A

 

  

4.875%

      10/01/47           210       275,818  

Devon Energy Corp.,

 

        

Sr. Unsec’d. Notes

     

5.600%

      07/15/41           300       372,135  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

  

Sr. Unsec’d. Notes, 144A

 

  

4.950%

      07/19/22           350       364,348  

6.510%

      03/07/22           580       603,134  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A75

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

   

Helmerich & Payne, Inc.,

 

Sr. Unsec’d. Notes

 

4.650%

      03/15/25                   1,995     $ 2,220,664  

KazMunayGas National Co. JSC (Kazakhstan),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      04/24/25          550       616,866  

Lundin Energy Finance BV (Netherlands),

 

Gtd. Notes, 144A

 

3.100%

      07/15/31          755       763,838  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

4.264%(s)

      10/10/36          2,000       1,040,000  

6.450%

      09/15/36          1,155       1,380,202  

Ovintiv, Inc.,

 

Gtd. Notes

 

6.500%

      08/15/34          370       487,142  

6.625%

      08/15/37          275       367,305  

Petrobras Global Finance BV (Brazil),

 

Gtd. Notes

 

5.093%

      01/15/30          613       668,844  

5.600%

      01/03/31 (a)         1,237       1,385,073  

Petroleos Mexicanos (Mexico),

 

Gtd. Notes

 

6.490%

      01/23/27          471       496,479  

6.500%

      03/13/27          330       347,996  

7.690%

      01/23/50          2,146       2,065,527  

Gtd. Notes, MTN

 

6.750%

      09/21/47          373       329,229  

6.875%

      08/04/26          670       731,834  

Qatar Petroleum (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

2.250%

      07/12/31          820       811,283  

Sinopec Group Overseas Development 2018 Ltd. (China),

 

Gtd. Notes, 144A

 

3.680%

      08/08/49          1,445       1,554,377  
         

 

 

  
                20,926,952  
         

 

 

  

Packaging & Containers — 0.1%

 

Berry Global, Inc.,

 

Sr. Sec’d. Notes, 144A

 

1.570%

      01/15/26          5,135       5,141,619  

WestRock RKT LLC,

 

Gtd. Notes

 

4.900%

      03/01/22          800       823,114  
         

 

 

  
            5,964,733  
         

 

 

  

Pharmaceuticals — 0.8%

 

AbbVie, Inc.,

 

Sr. Unsec’d. Notes

 

3.600%

      05/14/25          1,175       1,282,717  

4.250%

      11/21/49          2,515       3,015,454  

4.500%

      05/14/35          1,910       2,307,179  

4.550%

      03/15/35          2,190       2,654,193  

4.700%

      05/14/45          1,460       1,821,580  

Bayer US Finance II LLC (Germany),

 

Gtd. Notes, 144A

 

4.250%

      12/15/25          1,600       1,783,820  

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

   

Becton, Dickinson & Co.,

 

Sr. Unsec’d. Notes

 

3.734%

      12/15/24          474     $ 516,286  

Bristol-Myers Squibb Co.,

 

Sr. Unsec’d. Notes

 

4.125%

      06/15/39          410       495,693  

5.000%

      08/15/45          490       670,496  

Cigna Corp.,

 

Gtd. Notes

 

4.375%

      10/15/28          9,285       10,807,140  

CVS Health Corp.,

 

Sr. Unsec’d. Notes

 

4.780%

      03/25/38          3,810       4,686,438  

5.125%

      07/20/45          610       791,744  

5.300%

      12/05/43          250       330,592  

Mylan, Inc.,

 

Gtd. Notes

 

5.200%

      04/15/48          1,375       1,688,407  

5.400%

      11/29/43          845       1,050,491  

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

 

Sr. Sec’d. Notes, 144A

 

4.125%

      04/30/28 (a)         1,325       1,351,869  

Viatris, Inc.,

 

Gtd. Notes, 144A

 

3.850%

      06/22/40          470       501,652  

Wyeth LLC,

 

Gtd. Notes

 

6.450%

      02/01/24                   60       69,141  
         

 

 

  
                35,824,892  
         

 

 

  

Pipelines — 0.6%

 

Boardwalk Pipelines LP,

 

Gtd. Notes

 

3.400%

      02/15/31          1,625       1,723,953  

Eastern Gas Transmission & Storage, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.600%

      12/15/44          65       75,984  

Energy Transfer LP,

 

Sr. Unsec’d. Notes

 

4.950%

      06/15/28          1,115       1,292,983  

5.000%

      05/15/50          1,435       1,657,763  

6.125%

      12/15/45          180       229,139  

Energy Transfer LP/Regency Energy Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.000%

      10/01/22          675       703,535  

Enterprise Products Operating LLC,

 

Gtd. Notes

 

3.750%

      02/15/25 (a)         1,345       1,466,301  

Kinder Morgan, Inc.,

 

Gtd. Notes

 

3.250%

      08/01/50 (a)         2,260       2,187,444  

MPLX LP,

 

Sr. Unsec’d. Notes

 

4.000%

      02/15/25          1,430       1,560,685  

4.000%

      03/15/28          1,980       2,214,094  

4.875%

      06/01/25          3,250       3,669,383  

5.200%

      03/01/47          40       49,102  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A76

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

5.500%

      02/15/49                   395     $ 511,090  

ONEOK Partners LP,

 

Gtd. Notes

 

6.650%

      10/01/36          145       195,231  

ONEOK, Inc.,

 

Gtd. Notes

 

3.100%

      03/15/30          5,205       5,442,308  

4.500%

      03/15/50          295       329,271  

4.950%

      07/13/47          935       1,095,586  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

5.300%

      03/01/48          125       132,694  

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

4.850%

      03/01/48          315       383,401  

4.900%

      01/15/45          1,000       1,209,394  

5.100%

      09/15/45          500       620,777  
         

 

 

  
            26,750,118  
         

 

 

  

Real Estate Investment Trusts (REITs) — 0.2%

 

Alexandria Real Estate Equities, Inc.,

 

Gtd. Notes

 

2.000%

      05/18/32 (a)         1,815       1,769,249  

GLP Capital LP/GLP Financing II, Inc.,

 

Gtd. Notes

 

5.375%

      04/15/26          1,050       1,208,332  

Kimco Realty Corp.,

 

Sr. Unsec’d. Notes

 

2.700%

      10/01/30          3,480       3,584,656  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

      03/15/31          1,125       1,136,380  

Realty Income Corp.,

 

Sr. Unsec’d. Notes

 

3.250%

      01/15/31          3,235       3,530,286  
         

 

 

  
                11,228,903  
         

 

 

  

Retail — 0.2%

 

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

 

Sr. Sec’d. Notes, 144A

 

3.875%

      01/15/28          900       911,250  

AutoZone, Inc.,

 

Sr. Unsec’d. Notes

 

1.650%

      01/15/31 (a)         770       732,788  

Dollar Tree, Inc.,

 

Sr. Unsec’d. Notes

 

4.000%

      05/15/25          4,705       5,192,567  

L Brands, Inc.,

 

Gtd. Notes

 

5.625%

      10/15/23          750       823,723  

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25 (a)         1,375       1,419,622  
         

 

 

  
            9,079,950  
         

 

 

  

Interest
Rate

        Maturity    
Date		               Principal    
Amount
(000)#		         Value      
CORPORATE BONDS (continued)

 

Semiconductors — 0.1%

 

Broadcom, Inc.,

 

Gtd. Notes

 

4.750%

      04/15/29                    5,175     $ 6,019,921  

Gtd. Notes, 144A

 

3.500%

      02/15/41           510       523,372  
          

 

 

  
             6,543,293  
          

 

 

  

Software — 0.1%

 

Microsoft Corp.,

 

Sr. Unsec’d. Notes

 

2.525%

      06/01/50           1,425       1,400,306  

ServiceNow, Inc.,

 

Sr. Unsec’d. Notes

 

1.400%

      09/01/30           2,055       1,928,177  
          

 

 

  
             3,328,483  
          

 

 

  

Telecommunications — 0.6%

 

AT&T, Inc.,

 

Sr. Unsec’d. Notes

 

3.100%

      02/01/43           770       754,851  

4.300%

      02/15/30           615       711,063  

Sr. Unsec’d. Notes, 144A

 

2.550%

      12/01/33           1,216       1,205,207  

3.500%

      09/15/53           5,308       5,323,519  

3.650%

      09/15/59           160       162,100  

Level 3 Financing, Inc.,

 

Gtd. Notes

 

5.375%

      05/01/25           1,900       1,943,574  

Sr. Sec’d. Notes, 144A

 

3.400%

      03/01/27           300       318,923  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,

 

Sr. Sec’d. Notes, 144A

 

3.360%

      03/20/23           125       125,672  

T-Mobile USA, Inc.,

 

Sr. Sec’d. Notes

 

3.875%

      04/15/30           8,000       8,929,539  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

 

2.550%

      03/21/31           1,600       1,637,033  

2.650%

      11/20/40           1,575       1,519,598  

4.016%

      12/03/29           1,900       2,179,490  

4.125%

      08/15/46           30       35,234  

4.500%

      08/10/33           1,205       1,441,916  
          

 

 

  
                 26,287,719  
          

 

 

  

Transportation — 0.1%

 

Burlington Northern Santa Fe LLC,

 

Sr. Unsec’d. Notes

 

6.700%

      08/01/28           670       878,491  

CSX Corp.,

 

Sr. Unsec’d. Notes

 

6.150%

      05/01/37           715       1,009,413  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A77

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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     $ 116,972  
          

 

 

  
             2,004,876  
          

 

 

  

TOTAL CORPORATE BONDS
(cost $394,797,764)

 

         429,468,936  
          

 

 

  
MUNICIPAL BONDS — 0.4%

 

Alabama — 0.0%

 

  

Alabama Economic Settlement Authority,

 

Taxable, Revenue Bonds, Series B

 

4.263%

      09/15/32           240       274,726  
          

 

 

  

California — 0.2%

 

Bay Area Toll Authority,

 

Revenue Bonds, BABs, Series F2

 

6.263%

      04/01/49           1,325       2,145,824  

Taxable, Revenue Bonds

 

2.574%

      04/01/31           1,210       1,283,713  

State of California,

 

General Obligation Unlimited, BABs

 

7.300%

      10/01/39           1,270       2,027,441  

General Obligation Unlimited, Taxable, BABs

 

7.500%

      04/01/34           475       747,090  

7.625%

      03/01/40           215       360,895  

7.550%

      04/01/39           245       415,755  
          

 

 

  
             6,980,718  
          

 

 

  

Colorado — 0.0%

 

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

      11/01/50           680       1,077,807  
          

 

 

  

Illinois — 0.1%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

      01/01/40           1,030       1,561,882  

State of Illinois,

 

General Obligation Unlimited, Series D

 

5.000%

      11/01/22           3,190       3,387,588  
          

 

 

  
             4,949,470  
          

 

 

  

New Jersey — 0.1%

 

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

      01/01/40           1,070       1,759,315  
          

 

 

  

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       1,441,598  
          

 

 

  

Ohio — 0.0%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

      06/01/40           455       615,410  

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     $ 355,488  
          

 

 

  
             970,898  
          

 

 

  

Oregon — 0.0%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

      11/15/34           445       622,786  
          

 

 

  

Pennsylvania — 0.0%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

      12/01/45           550       785,554  
          

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

      09/01/2117           495       625,106  
          

 

 

  

TOTAL MUNICIPAL BONDS
(cost $14,530,700)

 

     19,487,978  
          

 

 

  
RESIDENTIAL MORTGAGE-BACKED
SECURITIES — 1.5%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

      09/25/35           8       8,155  

Banc of America Mortgage Trust,

 

Series 2005-A, Class 2A1

 

2.582%(cc)

      02/25/35           201       207,720  

Bellemeade Re Ltd. (Bermuda),

 

Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

1.192%(c)

      07/25/29           404       404,226  

Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)

 

1.692%(c)

      07/25/29           1,200       1,203,059  

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%)

 

3.492%(c)

      06/25/30           39       39,249  

Series 2020-02A, Class M1A, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)

 

2.392%(c)

      08/26/30           21       21,064  

Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)

 

2.692%(c)

      06/25/30           330       330,500  

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

 

1.210%(c)

      06/25/31           2,874       2,877,104  

BVRT Financing Trust,

 

Series 2019-01, Class F, 144A, 1 Month LIBOR + 2.150%

 

2.227%(c)

      09/15/21^           2,072       2,066,770  

Central Park Funding Trust,

 

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

 

2.846%(c)

      08/29/22           3,473       3,475,344  

Chase Mortgage Finance Trust,

 

Series 2007-A01, Class 1A5

 

2.485%(cc)

      02/25/37           114       114,771  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A78

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

Credit Suisse Mortgage Trust,

 

Series 2018-RPL09, Class A, 144A

 

3.850%(cc)

      09/25/57                    1,013     $ 1,057,759  

Eagle Re Ltd. (Bermuda),

 

Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)

 

1.892%(c)

      04/25/29           181       181,065  

FHLMC REMICS,

 

Series 4535, Class PA

 

3.000%

      03/15/44           882       917,915  

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)

 

0.842%(c)

      03/25/30           450       450,374  

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

 

2.618%(c)

      11/25/50           3,020       3,067,742  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

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

 

3.692%(c)

      07/25/50           1,030       1,042,849  

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

 

5.342%(c)

      09/25/50           225       237,530  

FHLMC Structured Agency Credit Risk Trust,

 

Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)

 

0.842%(c)

      09/25/48           3       3,259  

Home Re Ltd. (Bermuda),

 

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

 

1.742%(c)

      05/25/29           168       168,398  

JPMorgan Mortgage Trust,

 

Series 2007-A01, Class 4A1

 

2.727%(cc)

      07/25/35           48       48,361  

Legacy Mortgage Asset Trust,

 

Series 2021-GS01, Class A1, 144A

 

1.892%

      10/25/66           413       413,617  

Mello Warehouse Securitization Trust,

 

Series 2020-01, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.992%(c)

      10/25/53           1,815       1,814,952  

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

 

0.806%(c)

      02/25/55           2,400       2,400,000  

MFA Trust,

 

Series 2021-RPL01, Class A1, 144A

 

1.131%(cc)

      07/25/60           4,047           4,045,245  

Mortgage Repurchase Agreement Financing Trust,

 

Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

1.327%(c)

      01/23/23           575       575,019  

Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

      04/23/23           550       550,263  

Interest
Rate

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

 

Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

      04/23/23                    1,060     $ 1,060,508  

Series 2020-05, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)

 

1.077%(c)

      08/10/23           1,570       1,570,979  

Series 2021-01, Class A2, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.000%)

 

0.577%(c)

      03/10/22           3,700       3,700,535  

MRA Issuance Trust,

 

Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)

 

1.692%(c)

      12/11/21           7,510       7,519,327  

Series 2021-EBO06, Class A1X, 144A

 

0.000%(cc)

      02/16/22^           4,433       4,433,000  

MSG III Securitization Trust,

 

Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)

 

0.841%(c)

      06/25/54           2,395       2,394,559  

Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.991%(c)

      06/25/54           385       384,929  

Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

 

1.191%(c)

      06/25/54           330       329,937  

Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)

 

1.391%(c)

      06/25/54           135       134,973  

New Residential Mortgage Loan Trust,

 

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

 

0.842%(c)

      01/25/48           441       441,319  

Oaktown Re II Ltd. (Bermuda),

 

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

 

1.642%(c)

      07/25/28           136       136,357  

Oaktown Re III Ltd. (Bermuda),

 

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

 

1.492%(c)

      07/25/29           48       47,397  

Oaktown Re IV Ltd. (Bermuda),

 

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%)

 

4.842%(c)

      07/25/30           161       161,569  

PMT Credit Risk Transfer Trust,

 

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

 

3.907%(c)

      12/25/22           2,931       2,944,114  

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

 

3.011%(c)

      02/27/24           4,666           4,709,049  

Provident Funding Mortgage Warehouse Securitization Trust,

 

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

 

0.792%(c)

      02/25/55           3,365       3,354,541  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A79

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

Seasoned Credit Risk Transfer Trust,

 

Series 2019-02, Class MA

 

3.500%

      08/25/58                   956     $ 1,006,829  

Station Place Securitization Trust,

 

Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

 

0.991%(c)

      04/11/22^          3,700       3,700,000  

Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)

 

0.891%(c)

      06/20/22          2,910       2,911,309  

Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)

 

0.742%(c)

      01/26/54          2,840       2,841,521  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.537%(cc)

      02/25/34          75       76,164  
         

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $71,333,843)

 

         71,581,226  
         

 

 

  
SOVEREIGN BONDS — 0.7%

 

Abu Dhabi Government International Bond (United Arab Emirates),

 

Sr. Unsec’d. Notes, 144A

 

3.125%

      10/11/27          3,350       3,680,537  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      08/20/30          710       710,090  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.000%

      02/26/24          175       185,377  

7.375%

      09/18/37          625       821,737  

Export-Import Bank of India (India),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      02/01/28          1,040       1,125,621  

Finnvera OYJ (Finland),

 

Gov’t. Gtd. Notes, 144A, MTN

 

2.375%

      06/04/25          400       424,511  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

3.375%

      07/30/25          EUR    1,500       1,989,614  

4.450%

      02/11/24          505       552,944  

Sr. Unsec’d. Notes, 144A, MTN

 

5.875%

      01/15/24          950       1,071,893  

Sr. Unsec’d. Notes, EMTN

 

2.150%

      07/18/24          EUR    2,100       2,638,084  

4.750%

      01/08/26          540       616,685  

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.125%

      10/25/23          1,400       1,449,764  

2.625%

      04/20/22          2,000       2,037,191  

3.000%

      03/12/24          400       424,935  

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

4.000%

      09/22/24          305       332,465  

4.500%

      04/16/50 (a)         475       540,585  

Interest
Rate

        Maturity    
Date		              Principal    
Amount
(000)#		         Value      
SOVEREIGN BONDS (continued)

 

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      04/23/23                   1,105     $ 1,174,026  

4.817%

      03/14/49          200       257,324  

5.103%

      04/23/48          915       1,215,059  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, EMTN

 

4.125%

      03/11/39     EUR      1,395       1,960,134  

Saudi Government International Bond (Saudi Arabia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

2.375%

      10/26/21          1,325       1,333,249  

2.875%

      03/04/23          1,785       1,852,025  

4.000%

      04/17/25          1,035       1,143,038  

Tokyo Metropolitan Government (Japan),

 

Sr. Unsec’d. Notes, 144A

 

2.500%

      06/08/22          1,800       1,835,702  

3.250%

      06/01/23          800       841,555  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

4.975%

      04/20/55          1,025       1,324,963  

5.100%

      06/18/50 (a)         545       713,823  
         

 

 

  

TOTAL SOVEREIGN BONDS
(cost $29,669,174)

 

         32,252,931  
         

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.3%

 

Federal Home Loan Bank

 

5.500%

      07/15/36 (k)         1,080       1,590,442  

Federal Home Loan Mortgage Corp.

 

1.500%

      11/01/50          1,918       1,881,431  

2.000%

      01/01/32          611       632,836  

2.000%

      06/01/40          1,472       1,505,119  

2.000%

      10/01/40          2,093       2,125,067  

2.000%

      09/01/50          3,908       3,948,032  

2.000%

      10/01/50          3,279       3,313,067  

2.500%

      03/01/30          332       348,792  

2.500%

      10/01/32          655       689,642  

2.500%

      03/01/51          1,441       1,496,261  

2.500%

      04/01/51          10,828       11,214,023  

3.000%

      10/01/28          219       231,837  

3.000%

      06/01/29          581       615,141  

3.000%

      03/01/32          705       747,955  

3.000%

      01/01/37          297       312,170  

3.000%

      01/01/43          598       633,858  

3.000%

      07/01/43          1,199       1,274,809  

3.000%

      01/01/47          3,177       3,360,648  

3.000%

      02/01/50          2,686       2,803,583  

3.500%

      03/01/42          303       326,894  

3.500%

      06/01/42          193       208,251  

3.500%

      01/01/47          571       607,057  

3.500%

      02/01/47          719       763,366  

4.000%

      06/01/26          275       292,316  

4.000%

      09/01/26          145       154,313  

4.000%

      10/01/39          526       576,445  

4.000%

      12/01/40          219       239,517  

4.000%

      10/01/41          226       246,159  

4.000%

      01/01/42          78       84,867  

4.000%

      10/01/45          282       305,912  

4.500%

      09/01/39          164       182,628  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A80

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		  

    Principal    

Amount

(000)#

          Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

4.500%

    10/01/39                 947      $ 1,053,002  

4.500%

    12/01/39        281        312,807  

4.500%

    07/01/41        88        94,920  

4.500%

    07/01/41        1,398        1,565,210  

4.500%

    08/01/41        122        131,946  

4.500%

    08/01/41        189        207,452  

4.500%

    08/01/41        211        232,994  

4.500%

    10/01/41        101        109,213  

4.500%

    10/01/46        170        185,620  

4.500%

    12/01/47        834        903,994  

5.000%

    05/01/34        15        17,286  

5.000%

    05/01/34        142        162,346  

5.000%

    08/01/35        15        16,618  

5.000%

    09/01/35        27        30,623  

5.000%

    10/01/36        24        27,698  

5.000%

    05/01/37        15        16,824  

5.000%

    07/01/37        276        313,967  

5.000%

    09/01/38        36        40,922  

5.000%

    09/01/38        37        42,916  

5.000%

    09/01/38        43        49,196  

5.000%

    02/01/39        14        15,573  

5.000%

    06/01/39        41        47,160  

5.500%

    02/01/34        30        33,788  

5.500%

    04/01/34        286        321,993  

5.500%

    06/01/34        66        75,883  

5.500%

    06/01/34        135        156,859  

5.500%

    05/01/37        34        39,989  

5.500%

    02/01/38        264        307,378  

5.500%

    05/01/38        49        56,709  

5.500%

    07/01/38        236        274,124  

6.000%

    03/01/32        129        147,276  

6.000%

    12/01/33        47        52,332  

6.000%

    07/01/36        3        3,202  

6.000%

    12/01/36        6        7,167  

6.000%

    05/01/37        9        10,794  

6.000%

    12/01/37        16        17,794  

6.000%

    01/01/38        3        3,807  

6.000%

    01/01/38        9        11,210  

6.000%

    01/01/38        208        246,194  

6.000%

    10/01/38        58        69,166  

6.000%

    08/01/39        29        34,078  

6.750%

    03/15/31        500        734,841  

7.000%

    01/01/31        16        18,283  

7.000%

    06/01/31        12        13,323  

7.000%

    09/01/31        3        2,938  

7.000%

    10/01/31        29        33,399  

7.000%

    10/01/32        28        29,835  

Federal National Mortgage Assoc.

 

1.500%

    10/01/50        457        448,222  

1.500%

    11/01/50        982        963,483  

1.500%

    12/01/50        5,415        5,310,875  

2.000%

    08/01/31        906        937,635  

2.000%

    02/01/41        2,761        2,818,192  

2.000%

    05/01/41        13,678            13,912,308  

2.000%

    08/01/50        1,463        1,478,352  

2.000%

    10/01/50        14,501        14,651,154  

2.500%

    TBA(tt)        7,000        7,240,078  

2.500%

    TBA        16,000        16,517,500  

Interest
Rate

        Maturity    
Date		   

    Principal    

Amount

(000)#

          Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

2.500%

    01/01/28                  664      $ 695,843  

2.500%

    05/01/41         6,403        6,663,466  

2.500%

    10/01/43         673        703,252  

2.500%

    12/01/46         1,157        1,201,835  

2.500%

    03/01/50         934        968,796  

2.500%

    08/01/50         2,927        3,030,010  

2.500%

    08/01/50         3,923        4,061,716  

2.500%

    12/01/50         979        1,013,602  

2.500%

    04/01/51         2,487        2,574,893  

3.000%

    TBA         17,000            17,720,176  

3.000%

    02/01/27         933        987,100  

3.000%

    08/01/30         603        637,415  

3.000%

    11/01/36         1,349        1,412,223  

3.000%

    12/01/42         693        734,594  

3.000%

    12/01/42         1,052        1,113,598  

3.000%

    03/01/43         186        197,188  

3.000%

    11/01/46         174        184,356  

3.000%

    01/01/47         1,374        1,440,379  

3.000%

    02/01/47         946        995,510  

3.000%

    03/01/47         739        778,241  

3.000%

    03/01/49         1,048        1,093,834  

3.000%

    11/01/49         903        941,030  

3.000%

    12/01/49         648        681,127  

3.000%

    12/01/49         754        785,856  

3.000%

    02/01/50         9,405        9,808,430  

3.000%

    03/01/50         652        679,656  

3.500%

    07/01/31         595        638,862  

3.500%

    11/01/32         294        317,853  

3.500%

    02/01/33         687        739,503  

3.500%

    05/01/33         1,005        1,080,006  

3.500%

    06/01/39         431        464,647  

3.500%

    01/01/42         3,412        3,675,266  

3.500%

    05/01/42         1,612        1,742,033  

3.500%

    07/01/42         555        601,356  

3.500%

    08/01/42         204        221,472  

3.500%

    08/01/42         586        634,405  

3.500%

    09/01/42         560        603,503  

3.500%

    09/01/42         1,084        1,175,259  

3.500%

    11/01/42         325        349,906  

3.500%

    03/01/43         2,169        2,354,800  

3.500%

    04/01/43         351        378,549  

3.500%

    04/01/43         808        872,874  

3.500%

    07/01/43         169        182,829  

3.500%

    06/01/45         2,999        3,209,892  

3.500%

    07/01/46         496        527,022  

3.500%

    11/01/46         902        959,584  

3.500%

    09/01/47         813        861,757  

3.500%

    01/01/48         5,755        6,084,386  

3.500%

    05/01/48         766        808,347  

3.500%

    06/01/48         3,593        3,861,913  

4.000%

    12/01/36         682        739,265  

4.000%

    10/01/41         1,901        2,089,040  

4.000%

    07/01/44         671        734,584  

4.000%

    09/01/44         1,243        1,353,707  

4.000%

    10/01/46         517        558,165  

4.000%

    06/01/47         586        627,502  

4.000%

    09/01/47         231        247,227  

4.000%

    11/01/47         676        737,697  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A81

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		  

    Principal    

Amount

(000)#

          Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

4.000%

    11/01/47                   1,088      $ 1,167,125  

4.000%

    12/01/47          3,225        3,455,345  

4.000%

    03/01/49          6,810            7,239,224  

4.500%

    07/01/33          34        37,518  

4.500%

    08/01/33          9        9,700  

4.500%

    09/01/33          27        29,595  

4.500%

    10/01/33          77        84,478  

4.500%

    03/01/34          23        25,280  

4.500%

    01/01/35          2        1,783  

4.500%

    07/01/39          554        618,207  

4.500%

    08/01/39          419        467,895  

4.500%

    09/01/39          252        280,311  

4.500%

    12/01/39          3        3,325  

4.500%

    03/01/41          938        1,046,952  

4.500%

    07/01/42          89        99,343  

5.000%

    03/01/34          159        180,844  

5.000%

    04/01/35          377        429,135  

5.000%

    06/01/35          92        105,147  

5.000%

    07/01/35          77        87,672  

5.000%

    07/01/35          93        106,631  

5.000%

    09/01/35          64        73,018  

5.000%

    11/01/35          70        80,436  

5.000%

    02/01/36          51        58,671  

5.500%

    02/01/33          87        100,857  

5.500%

    08/01/33          156        178,364  

5.500%

    10/01/33          43        49,273  

5.500%

    12/01/33          36        41,744  

5.500%

    12/01/34          106        123,026  

5.500%

    10/01/35          457        529,208  

5.500%

    03/01/36          47        52,705  

5.500%

    04/01/36          82        92,971  

5.500%

    01/01/37          48        55,085  

5.500%

    04/01/37          25        28,748  

5.500%

    05/01/37          150        174,246  

5.500%

    08/01/37          183        212,232  

6.000%

    10/01/33          165        188,497  

6.000%

    11/01/33          14        15,570  

6.000%

    11/01/33          21        23,998  

6.000%

    01/01/34          172        199,192  

6.000%

    02/01/34          75        86,214  

6.000%

    03/01/34          2        1,755  

6.000%

    03/01/34          11        12,355  

6.000%

    03/01/34          26        29,105  

6.000%

    11/01/34          20        22,624  

6.000%

    01/01/35          32        36,413  

6.000%

    01/01/35          106        119,805  

6.000%

    02/01/35          2        2,773  

6.000%

    02/01/35          101        113,002  

6.000%

    02/01/35          160        189,732  

6.000%

    04/01/35          12        14,261  

6.000%

    05/01/36          31        36,766  

6.000%

    06/01/36          14        16,080  

6.000%

    02/01/37          51        60,412  

6.000%

    06/01/37          23        26,205  

6.000%

    05/01/38          132        156,130  

6.250%

    05/15/29          950        1,293,647  

6.500%

    09/01/32          1        1,081  

6.500%

    09/01/32          12        13,734  

Interest
Rate

       Maturity    
Date		  

    Principal    

Amount

(000)#

          Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.500%

   09/01/32                   33      $ 37,473  

6.500%

   09/01/32          37        41,677  

6.500%

   10/01/32          33        37,733  

6.500%

   04/01/33          41        47,744  

6.500%

   11/01/33          20        22,829  

6.500%

   01/01/34          30        34,240  

6.500%

   09/01/34          46        51,984  

6.500%

   09/01/36          103        121,794  

6.500%

   10/01/36          17        19,378  

6.500%

   11/01/36          35        39,518  

6.500%

   01/01/37          37        41,963  

6.500%

   01/01/37          97        110,362  

6.500%

   09/01/37          12        13,686  

6.625%

   11/15/30(k)          550        795,726  

7.000%

   02/01/32          16        17,933  

7.000%

   05/01/32          11        13,188  

7.000%

   06/01/32          7        8,238  

7.000%

   07/01/32          40        45,894  

7.125%

   01/15/30(k)          3,600        5,244,936  

Government National Mortgage Assoc.

 

2.000%

   03/20/51          1,949        1,986,344  

2.500%

   TBA          9,500            9,831,016  

2.500%

   03/20/43          496        519,332  

2.500%

   12/20/46          511        532,742  

2.500%

   01/20/50          1,261        1,305,602  

3.000%

   03/15/45          551        577,174  

3.000%

   11/20/45          647        685,374  

3.000%

   03/20/46          4,048        4,278,681  

3.000%

   07/20/46          2,668        2,815,342  

3.000%

   10/20/46          891        936,833  

3.000%

   12/20/46          598        631,292  

3.000%

   02/20/47          1,272        1,337,426  

3.000%

   12/20/49          296        308,863  

3.500%

   12/20/42          1,170        1,252,592  

3.500%

   05/20/43          238        254,940  

3.500%

   03/20/45          822        876,365  

3.500%

   04/20/45          1,121        1,194,758  

3.500%

   07/20/46          4,088        4,350,362  

3.500%

   06/20/49          6,170        6,481,104  

4.000%

   06/15/40          86        94,305  

4.000%

   05/20/41          178        195,531  

4.000%

   12/20/42          429        469,723  

4.000%

   08/20/44          170        186,356  

4.000%

   11/20/45          875        949,037  

4.000%

   12/20/45          949        1,025,509  

4.000%

   11/20/46          213        230,583  

4.000%

   09/20/47          3,054        3,256,272  

4.000%

   02/20/49          1,919        2,031,207  

4.000%

   01/20/50          2,001        2,116,718  

4.500%

   04/15/40          337        377,984  

4.500%

   01/20/41          815        912,861  

4.500%

   02/20/41          493        552,649  

4.500%

   06/20/44          536        592,291  

4.500%

   09/20/46          298        329,496  

4.500%

   11/20/46          575        634,227  

4.500%

   03/20/47          504        546,150  

4.500%

   05/20/48          584        622,213  

4.500%

   06/20/48          781        838,914  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A82

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		    

    Principal    

Amount

(000)#

         Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

4.500%

      08/20/48            2,500     $     2,689,419  

5.000%

      10/20/37                     83       93,049  

5.000%

      04/20/45            511       578,585  

5.500%

      11/15/32            38       42,807  

5.500%

      02/15/33            37       42,970  

5.500%

      08/15/33            50       56,409  

5.500%

      08/15/33            69       76,972  

5.500%

      09/15/33            39       43,541  

5.500%

      09/15/33            62       70,828  

5.500%

      10/15/33            60       68,197  

5.500%

      12/15/33            6       6,530  

5.500%

      04/15/34            221       256,857  

5.500%

      07/15/35            42       49,311  

5.500%

      02/15/36            92       106,706  

6.000%

      02/15/33            2       1,921  

6.000%

      04/15/33            13       14,690  

6.000%

      09/15/33            11       12,356  

6.000%

      12/15/33            29       34,627  

6.000%

      12/15/33            71       79,909  

6.000%

      01/15/34            13       15,312  

6.000%

      01/15/34            24       28,140  

6.000%

      06/20/34            52       61,062  

6.000%

      07/15/34            109       129,565  

6.000%

      10/15/34            152       173,653  

6.500%

      10/15/23            —(r )      408  

6.500%

      12/15/23            1       1,484  

6.500%

      01/15/24            1(r )      555  

6.500%

      01/15/24            2       1,712  

6.500%

      01/15/24            5       5,397  

6.500%

      01/15/24            6       6,855  

6.500%

      01/15/24            24       26,931  

6.500%

      02/15/24            —(r )      126  

6.500%

      02/15/24            —(r )      158  

6.500%

      02/15/24            1       1,335  

6.500%

      02/15/24            1       1,430  

6.500%

      02/15/24            2       1,865  

6.500%

      02/15/24            3       3,205  

6.500%

      02/15/24            4       4,400  

6.500%

      02/15/24            5       5,328  

6.500%

      02/15/24            6       6,613  

6.500%

      02/15/24            17       19,157  

6.500%

      04/15/24            —(r )      283  

6.500%

      04/15/24            1       798  

6.500%

      04/15/24            1       1,262  

6.500%

      04/15/24            1       1,338  

6.500%

      04/15/24            5       6,077  

6.500%

      05/15/24            5       5,906  

6.500%

      05/15/24            8       9,246  

6.500%

      10/15/24            7       7,421  

6.500%

      12/15/30            6       6,529  

6.500%

      01/15/32            16       18,121  

6.500%

      02/15/32            12       13,437  

6.500%

      07/15/32            32       35,445  

6.500%

      08/15/32            4       4,054  

6.500%

      08/15/32            7       8,112  

6.500%

      08/15/32            25       28,435  

6.500%

      08/15/32            143       167,284  

6.500%

      06/15/35            25       29,143  

Interest
Rate

       Maturity    
Date		    

    Principal    

Amount

(000)#

          Value      
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

6.500%

     07/15/35                         6      $ 7,148  

8.000%

     01/15/24            4        4,015  

8.000%

     04/15/25            2        2,333  
           

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $296,795,353)

 

      303,834,894  
           

 

 

  

U.S. TREASURY OBLIGATIONS — 0.5%

 

U.S. Treasury Bonds

 

1.875%

     02/15/51            1,915        1,827,329  

2.250%

     05/15/41            3,355        3,491,297  

2.500%

     02/15/46            1,285        1,391,615  

2.500%

     05/15/46            2,640        2,859,038  

2.875%

     05/15/43            70        80,445  

U.S. Treasury Notes

 

0.125%

     03/31/23            2,640        2,636,184  

0.875%

     06/30/26            90        89,972  

1.250%

     06/30/28            3,900        3,906,703  

1.625%

     05/15/31 (a)           1,135        1,152,734  

3.125%

     11/15/28 (k)           625        707,031  

U.S. Treasury Strips Coupon

 

2.000%(s)

     08/15/39 (k)           3,780        2,584,723  

2.228%(s)

     05/15/28 (k)           718        656,016  

2.365%(s)

     08/15/44            3,095        1,858,209  

2.395%(s)

     11/15/43            1,156        705,025  
           

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $23,444,606)

 

      23,946,321  
           

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $3,487,596,722)

 

      4,592,290,664  
           

 

 

  
         

Shares

         

SHORT-TERM INVESTMENTS — 6.1%

 

AFFILIATED MUTUAL FUNDS — 6.1%

 

PGIM Core Ultra Short Bond Fund(wa)

 

  

257,494,338

 

      257,494,338  

PGIM Institutional Money Market Fund (cost $37,011,105; includes $37,007,847 of cash collateral for securities on
loan)(b)(wa)

 

  

37,109,471

 

      37,087,206  
           

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $294,505,443)

 

      294,581,544  
           

 

 

  

Interest
Rate

       Maturity    
Date		    

    Principal    

Amount

(000)#

         

U.S. TREASURY OBLIGATION(k)(n) — 0.0%

 

U.S. Treasury Bills

 

0.045%

     09/16/21            350        349,966  
           

 

 

  

(cost $349,966)

 

          

TOTAL SHORT-TERM INVESTMENTS
(cost $294,855,409)

 

      294,931,510  
           

 

 

  

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.8%
(cost $3,782,452,131)

 

      4,887,222,174  
           

 

 

  

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A83

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

             Value  
OPTION WRITTEN*~ — (0.0)%

 

(premiums received $0)

    $ (2,278 ) 
        

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.8%
(cost $3,782,452,131)

      4,887,219,896  

Liabilities in excess of other assets(z) — (1.8)%

      (86,957,965 ) 
        

 

 

  

NET ASSETS — 100.0%

    $   4,800,261,931  
        

 

 

  

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 $10,202,250 and 0.2% 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 $35,899,732; cash collateral of $37,007,847 (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, 2021.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)

Rate shown reflects yield to maturity at purchased date.

(oo)

Perpetual security. Maturity date represents next call date.

(p)

Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)

Principal or notional amount is less than $500 par.

(s)

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

(tt)

All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 7,000,000 is 0.1% 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:

 

 

Options Written:

OTC Swaptions

 

Description

    Call/
Put		    Counterparty    Expiration
Date		    Strike    Receive    Pay   Notional
Amount
(000)#		      Value  

GS_21-PJA^
(premiums received $0)

    Put    Goldman Sachs
International		    06/17/24    0.25%    0.25%(M)    GS_21-PJA(M)     13,500      $ (2,278 ) 
                      

 

 

  

Futures contracts outstanding at June 30, 2021:

 

Number

of

Contracts

   

Type

    Expiration
Date		      Current
Notional
Amount		     Value /
Unrealized
Appreciation
(Depreciation)		  

Long Positions:

             
451   

2 Year U.S. Treasury Notes

      Sep. 2021      $ 99,364,461                 $ (140,674 )            
265   

5 Year U.S. Treasury Notes

      Sep. 2021        32,708,868          (73,941 )   
58   

10 Year U.S. Treasury Notes

      Sep. 2021        7,685,000          7,259    
9   

10 Year U.S. Ultra Treasury Notes

      Sep. 2021        1,324,828          20,121    
445   

20 Year U.S. Treasury Bonds

      Sep. 2021        71,533,750          1,922,270    
435   

30 Year U.S. Ultra Treasury Bonds

      Sep. 2021        83,819,062          3,619,660    
8   

Mini MSCI EAFE Index

      Sep. 2021        921,640          (24,046 )   
6   

S&P 500 E-Mini Index

      Sep. 2021        1,286,580          15,575    
             

 

 

    
                5,346,224    
             

 

 

    

Short Positions:

             
29   

5 Year Euro-Bobl

      Sep. 2021        4,612,983          (5,340 )   

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A84

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Futures contracts outstanding at June 30, 2021 (continued):

 

Number

of

Contracts

   

Type

    Expiration
Date		      Current
Notional
Amount		     Value /
Unrealized
Appreciation
(Depreciation)		  

Short Positions (cont’d):

                               
33   

10 Year Euro-Bund

      Sep. 2021      $ 6,754,186        $ (40,122 )   
11   

Euro Schatz Index

      Sep. 2021         1,462,670          228    
             

 

 

    
                (45,234 )   
             

 

 

    
              $ 5,300,990    
             

 

 

    

Forward foreign currency exchange contracts outstanding at June 30, 2021:

 

Purchase

Contracts

  

Counterparty

    Notional
Amount
(000)		    Value at
Settlement
Date		    Current
Value		    Unrealized
Appreciation		    Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                         

Euro,

                           

Expiring 07/02/21

   Citibank, N.A.        EUR  13,157      $ 15,709,713      $ 15,601,242      $ —      $ (108,471 )
           

 

 

       

 

 

       

 

 

       

 

 

  

 

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 07/20/21

   Citibank, N.A.        CAD    6,044      $ 4,824,194      $ 4,876,030      $ —      $ (51,836 )

Euro,

                           

Expiring 07/02/21

   Citibank, N.A.        EUR  13,157        16,087,021        15,601,242        485,779        —

Expiring 08/03/21

   Citibank, N.A.        EUR  13,157        15,719,755        15,611,481        108,274        —
           

 

 

       

 

 

       

 

 

       

 

 

  
            $ 36,630,970      $ 36,088,753        594,053        (51,836 )
           

 

 

       

 

 

       

 

 

       

 

 

  
                      $ 594,053      $ (160,307 )
                     

 

 

       

 

 

  

Credit default swap agreements outstanding at June 30, 2021:

 

Reference Entity/
Obligation

    Termination
Date		      Fixed
Rate		     Notional
Amount
(000)#(3)		      Implied
Credit
Spread at
June 30,
2021(4)		    Fair
Value		      Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		      Counterparty

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

GS_21-PJA

      08/14/21        0.250%(M )      13,500      0.250%    $ 4,758      $ (1,345 )    $ 6,103      Goldman Sachs International
             

 

 

     

 

 

    

 

 

     

Reference Entity/
Obligation

    Termination
Date		      Fixed
Rate		     Notional
Amount
(000)#(3)		      Implied
Credit
Spread at
June 30,
2021(4)		    Fair
Value		      Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		      Counterparty

OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):

Boeing Co.

      12/20/21        1.000%(Q )      4,100      0.456%    $ 11,956      $ 10,508     $ 1,448      Bank of America, N.A.
             

 

 

     

 

 

    

 

 

     

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A85

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

 

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.

Inflation swap agreements outstanding at June 30, 2021:

Notional

Amount

(000)#

    Termination
Date		      Fixed
Rate		     

Floating

Rate

    Value at
Trade Date		     Value at
June 30,
2021		     Unrealized
Appreciation
(Depreciation)		  

Centrally Cleared Inflation Swap Agreements:

 

    

3,730

      01/12/26        2.205%(T)      U.S. CPI Urban Consumers NSA Index(2)(T)    $ —     $ (130,066 )    $ (130,066 ) 

7,460

      01/13/26        2.152%(T)      U.S. CPI Urban Consumers NSA Index(2)(T)      —       (281,180 )      (281,180 ) 

22,580

      02/02/26        2.295%(T)      U.S. CPI Urban Consumers NSA Index(2)(T)      (70,242 )      (674,773 )      (604,531 ) 

11,175

      02/18/26        2.370%(T)      U.S. CPI Urban Consumers NSA Index(2)(T)      —       (279,140 )      (279,140 ) 
           

 

 

    

 

 

    

 

 

  
            $ (70,242 )    $ (1,365,159 )    $ (1,294,917 ) 
           

 

 

    

 

 

    

 

 

  

 

(1)

The Portfolio pays the fixed rate and receives the floating rate.

(2)

The Portfolio pays the floating rate and receives the fixed rate.

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

 

      Premiums Paid    Premiums Received   Unrealized
Appreciation		    Unrealized
Depreciation

OTC Swap Agreements

    $10,508    $(1,345)   $7,551    $—

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.

      $ —      $ 6,666,482

Goldman Sachs & Co. LLC

        —        349,966
    

 

 

       

 

 

  

Total

      $ —      $ 7,016,448
    

 

 

       

 

 

  

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.

 

A86

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

      

    Level 1    

     

    Level 2    

     

    Level 3    

  

Investments in Securities

           

Assets

           

Long-Term Investments

           

Common Stocks

      $ 3,154,739,208      $ 48,307,226      $ —  

Exchange-Traded Fund

        196,253        —        —  

Preferred Stocks

        613,800        394,232        —  

Asset-Backed Securities

           

Automobiles

        —        81,259,464        —  

Collateralized Loan Obligations

        —        159,482,411        —  

Consumer Loans

        —        9,734,705        —  

Equipment

        —        8,930,040        —  

Home Equity Loans

        —        29,815        —  

Other

        —        3,213,895        —  

Residential Mortgage-Backed Securities

        —        7,910,710        —  

Student Loans

        —        20,633,803        —  

Commercial Mortgage-Backed Securities

        —        216,272,816        —  

Corporate Bonds

        —        429,468,936        —  

Municipal Bonds

        —        19,487,978        —  

Residential Mortgage-Backed Securities

        —        61,381,456        10,199,770  

Sovereign Bonds

        —        32,252,931        —  

U.S. Government Agency Obligations

        —        303,834,894        —  

U.S. Treasury Obligations

        —        23,946,321        —  

Short-Term Investments

           

Affiliated Mutual Funds

        294,581,544        —        —  

U.S. Treasury Obligation

        —        349,966        —  
    

 

 

     

 

 

     

 

 

  

Total

      $ 3,450,130,805      $ 1,426,891,599      $ 10,199,770  
    

 

 

     

 

 

     

 

 

  

Liabilities

           

Option Written

      $ —      $ —      $ (2,278 ) 
    

 

 

     

 

 

     

 

 

  

Other Financial Instruments*

           

Assets

           

Futures Contracts

      $ 5,585,113      $ —      $ —  

OTC Forward Foreign Currency Exchange Contracts

        —        594,053        —  

OTC Credit Default Swap Agreements

        —        11,956        4,758  
    

 

 

     

 

 

     

 

 

  

Total

      $ 5,585,113      $ 606,009      $ 4,758  
    

 

 

     

 

 

     

 

 

  

Liabilities

           

Futures Contracts

      $ (284,123 )     $ —      $ —  

OTC Forward Foreign Currency Exchange Contracts

        —        (160,307 )       —  

Centrally Cleared Inflation Swap Agreements

        —        (1,294,917 )       —  
    

 

 

     

 

 

     

 

 

  

Total

      $ (284,123 )     $ (1,455,224 )     $ —  
    

 

 

     

 

 

     

 

 

  

 

*

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, 2021 were as follows:

Software

      6.4 % 

U.S. Government Agency Obligations

      6.3  

Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan)

      6.1  

Banks

      5.2  

Interactive Media & Services

      4.7  

Commercial Mortgage-Backed Securities

      4.5  

Semiconductors & Semiconductor Equipment

      4.3  

Technology Hardware, Storage & Peripherals

      3.7 % 

Collateralized Loan Obligations

      3.3  

Pharmaceuticals

      3.3  

IT Services

      3.1  

Internet & Direct Marketing Retail

      2.8  

Automobiles

      2.4  

Health Care Equipment & Supplies

      2.4  

Health Care Providers & Services

      2.2  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A87

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Capital Markets

      1.9 % 

Oil, Gas & Consumable Fuels

      1.9  

Aerospace & Defense

      1.8  

Residential Mortgage-Backed Securities

      1.7  

Machinery

      1.6  

Hotels, Restaurants & Leisure

      1.4  

Insurance

      1.3  

Life Sciences Tools & Services

      1.3  

Industrial Conglomerates

      1.3  

Chemicals

      1.2  

Entertainment

      1.2  

Diversified Telecommunication Services

      1.2  

Equity Real Estate Investment Trusts (REITs)

      1.2  

Specialty Retail

      1.1  

Media

      1.1  

Consumer Finance

      0.9  

Beverages

      0.9  

Food & Staples Retailing

      0.9  

Electric

      0.8  

Biotechnology

      0.8  

Metals & Mining

      0.8  

Food Products

      0.7  

Sovereign Bonds

      0.7  

Diversified Financial Services

      0.6  

Electrical Equipment

      0.6  

Communications Equipment

      0.6  

Pipelines

      0.6  

Textiles, Apparel & Luxury Goods

      0.6  

Electric Utilities

      0.6  

Telecommunications

      0.6  

Distributors

      0.5  

U.S. Treasury Obligations

      0.5  

Multiline Retail

      0.5  

Oil & Gas

      0.4  

Student Loans

      0.4  

Tobacco

      0.4  

Municipal Bonds

      0.4  

Electronic Equipment, Instruments & Components

      0.4  

Household Products

      0.4  

Leisure Products

      0.4  

Independent Power & Renewable Electricity Producers

      0.4  

Building Products

      0.3  

Energy Equipment & Services

      0.3  

Multi-Utilities

      0.3  

Personal Products

      0.3  

Auto Manufacturers

      0.2  

Real Estate Investment Trusts (REITs)

      0.2  

Construction & Engineering

      0.2  

 

Consumer Loans

      0.2 % 

Retail

      0.2  

Equipment

      0.2  

Trading Companies & Distributors

      0.2  

Agriculture

      0.2  

Road & Rail

      0.1  

Semiconductors

      0.1  

Commercial Services

      0.1  

Packaging & Containers

      0.1  

Air Freight & Logistics

      0.1  

Healthcare-Services

      0.1  

Airlines

      0.1  

Gas

      0.1  

Foods

      0.1  

Other

      0.1  

Real Estate Management & Development

      0.1  

Healthcare-Products

      0.1  

Engineering & Construction

      0.1  

Household Durables

      0.1  

Home Builders

      0.1  

Transportation

      0.1  

Housewares

      0.1  

Professional Services

      0.0 * 

Marine

      0.0 * 

Machinery-Diversified

      0.0 * 

Multi-National

      0.0 * 

Building Materials

      0.0 * 

Miscellaneous Manufacturing

      0.0 * 

Commercial Services & Supplies

      0.0 * 

Lodging

      0.0 * 

Wireless Telecommunication Services

      0.0 * 

Office/Business Equipment

      0.0 * 

Mining

      0.0 * 

Construction Materials

      0.0 * 

Exchange-Traded Fund

      0.0 * 

Gas Utilities

      0.0 * 

Auto Components

      0.0 * 

Paper & Forest Products

      0.0 * 

Containers & Packaging

      0.0 * 

Home Equity Loans

      0.0 * 
  

 

 

  
     101.8  

Option Written

      (0.0 )* 

Liabilities in excess of other assets

      (1.8 ) 
  

 

 

  
     100.0 % 
  

 

 

  

 

*

Less than +/- 0.05%

 

 

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

The Portfolio invested in derivative instruments during the reporting period. The primary 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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A88

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Fair values of derivative instruments as of June 30, 2021 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

    Premiums paid for OTC swap agreements    $ 10,508     Premiums received for OTC swap agreements    $ 1,345  

Credit contracts

    —      —     Options written outstanding, at value      2,278  

Credit contracts

    Unrealized appreciation on OTC swap agreements      7,551     —      —  

Equity contracts

    Due from/to broker-variation margin futures      15,575 *    Due from/to broker-variation margin futures      24,046 * 

Foreign exchange contracts

    Unrealized appreciation on OTC forward foreign currency exchange contracts      594,053     Unrealized depreciation on OTC forward foreign currency exchange contracts      160,307  

Interest rate contracts

    Due from/to broker-variation margin futures      5,569,538 *    Due from/to broker-variation margin futures      260,077 * 

Interest rate contracts

    —      —     Due from/to broker-variation margin swaps      1,294,917 * 
     

 

 

       

 

 

  
      $ 6,197,225        $ 1,742,970  
     

 

 

       

 

 

  

 

 

 

*

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, 2021 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
Contracts		   Swaps

Credit contracts

      $ —      $ —     $ —     $ —     $ 11,171

Equity contracts

        —        —       322,028       —       —

Foreign exchange contracts

        —        —       —       (560,356 )       —

Interest rate contracts

        432,632        (190,329 )       (16,515,851 )       —       423,322
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  

Total

      $ 432,632      $ (190,329 )     $ (16,193,823 )     $ (560,356 )     $ 434,493
    

 

 

       

 

 

      

 

 

      

 

 

      

 

 

  

 

 

 

(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
Written		   Futures   Forward
Currency
Exchange
Contracts		    Swaps

Credit contracts

      $ (2,278 )     $ —     $ —      $ 16,662

Equity contracts

        —       (52,946 )       —        —

Foreign exchange contracts

        —       —       928,080        —

Interest rate contracts

        —       6,173,950       —        (843,886 )
    

 

 

      

 

 

      

 

 

       

 

 

  

Total

      $ (2,278 )     $ 6,121,004     $ 928,080      $ (827,224 )
    

 

 

      

 

 

      

 

 

       

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A89

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Options
Purchased(1)

  

Options
Written(2)

  

Futures
Contracts—
Long
Positions(2)

  

Futures
Contracts—
Short
Positions(2)

  

Forward Foreign
Currency  Exchange
Contracts—
Purchased(3)

$54,309   $4,558,000   $266,933,751   $40,587,103   $10,415,928

 

   

Forward Foreign
Currency Exchange
Contracts—Sold(3)

      

Interest Rate

Swap

Agreements(2)

    
  $29,934,201     $16,959,759  

 

    

Credit Default

Swap Agreements—
Sell Protection(2)

   Total Return
Swap
Agreements(2)		   Inflation Swap
Agreements(2)		    
  $8,600,000   $10,673,765   $29,963,333  

 

 

(1)

Cost.

(2)

Notional Amount in USD.

(3)

Value at Settlement Date.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

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

     $ 35,899,732     $ (35,899,732 )     $ —
   

 

 

      

 

 

      

 

 

  

Offsetting of OTC derivative assets and liabilities:

 

Counterparty

   Gross Amounts of
Recognized
Assets		   Gross Amounts of
Recognized
Liabilities		   Net Amounts of
Recognized
Assets/(Liabilities)		   Collateral
Pledged/(Received)		   Net Amount

Bank of America, N.A.

     $ 11,956     $ —     $ 11,956     $ (11,956 )     $ —

Citibank, N.A.

       594,053       (160,307 )       433,746       (299,954 )       133,792

Goldman Sachs International

       6,103       (3,623 )       2,480       —       2,480
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  
    $ 612,112     $ (163,930 )     $ 448,182     $ (311,910 )     $ 136,272
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

A90

 
  

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $35,899,732:

   

Unaffiliated investments (cost $3,487,946,688)

    $ 4,592,640,630  

Affiliated investments (cost $294,505,443)

      294,581,544  

Cash

      2,468,455  

Foreign currency, at value (cost $953,318)

      944,901  

Dividends and interest receivable

      8,289,765  

Receivable for investments sold

      2,075,154  

Due from broker-variation margin futures

      786,887  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      594,053  

Tax reclaim receivable

      360,202  

Premiums paid for OTC swap agreements

      10,508  

Unrealized appreciation on OTC swap agreements

      7,551  

Receivable for Portfolio shares sold

      4,614  

Receivable from affiliate

      3,243  

Prepaid expenses and other assets

      509,321  
  

 

 

  

Total Assets

      4,903,276,828  
  

 

 

  
LIABILITIES   

Payable for investments purchased

      61,962,207  

Payable to broker for collateral for securities on loan

      37,007,847  

Management fee payable

      2,351,886  

Payable for Portfolio shares purchased

      942,556  

Accrued expenses and other liabilities

      420,230  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      160,307  

Payable to affiliate

      115,272  

Due to broker-variation margin swaps

      44,829  

Due to broker-variation margin futures

      5,140  

Options written outstanding, at value

      2,278  

Premiums received for OTC swap agreements

      1,345  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      20  
  

 

 

  

Total Liabilities

      103,014,897  
  

 

 

  
NET ASSETS    $ 4,800,261,931  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 4,800,261,931  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $4,800,145,522 / 115,757,594 outstanding shares of beneficial interest

    $ 41.47  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $116,409 / 2,809 outstanding shares of beneficial interest

    $ 41.45  
  

 

 

  

Net Asset Values Per Share may not recalculate due to rounding

   

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $157,504 foreign withholding tax, of which $48,476 is reimbursable by an affiliate)

    $ 25,049,405  

Interest income

      17,519,190  

Affiliated dividend income

      226,736  

Income from securities lending, net (including affiliated income of $16,979)

      17,571  
  

 

 

  

Total income

      42,812,902  
  

 

 

  
EXPENSES   

Management fee

      13,828,573  

Distribution fee—Class III

      30  

Custodian and accounting fees

      195,434  

Shareholders’ reports

      132,264  

Trustees’ fees

      31,505  

Audit fee

      23,921  

Legal fees and expenses

      17,109  

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

      5,297  

Miscellaneous

      51,663  
  

 

 

  

Total expenses

      14,285,796  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      28,527,106  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(3,837))

      252,919,441  

Futures transactions

      (16,193,823 ) 

Forward currency contract transactions

      (560,356 ) 

Options written transactions

      (190,329 ) 

Swap agreements transactions

      434,493  

Foreign currency transactions

      65,452  
  

 

 

  
     236,474,878  
  

 

 

  

Net change in unrealized appreciation
(depreciation) on:

   

Investments (including affiliated of $(2,927))

      181,510,235  

Futures

      6,121,004  

Forward currency contracts

      928,080  

Options written

      (2,278 ) 

Swap agreements

      (827,224 ) 

Foreign currencies

      (39,056 ) 
  

 

 

  
     187,690,761  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      424,165,639  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 452,692,745  
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ 28,527,106     $ 68,485,087

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

        236,474,878       127,363,770

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

        187,690,761       196,025,655
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        452,692,745       391,874,512
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        4,969,120       8,597,942

Portfolio shares purchased

        (136,484,400 )       (249,244,194 )
    

 

 

      

 

 

  

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

        (131,515,280 )       (240,646,252 )
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        321,177,465       151,228,260
NET ASSETS:         

Beginning of period

        4,479,084,466       4,327,856,206
    

 

 

      

 

 

  

End of period

      $ 4,800,261,931     $ 4,479,084,466
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A91

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		        Principal    
Amount
(000)#		          Value      
LONG-TERM INVESTMENTS — 99.0%

 

ASSET-BACKED SECURITIES — 12.0%

 

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%)

 

1.578%(c)

    04/20/32         1,000      $ 1,002,003  

Balboa Bay Loan Funding Ltd. (Cayman Islands),

 

Series 2021-01A, Class A, 144A

 

0.000%(cc)

    07/20/34         3,000        3,001,221  

Battalion CLO Ltd.,

 

Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)

 

1.540%(c)

    01/17/33         2,500        2,502,946  

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

 

Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

 

1.508%(c)

    01/20/32         750        750,089  

Catamaran CLO Ltd. (Cayman Islands),

 

Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)

 

1.444%(c)

    04/22/30         1,990        1,989,965  

Elevation CLO Ltd. (Cayman Islands),

 

Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)

 

1.404%(c)

    07/15/30         2,000        2,000,097  

Octagon Investment Partners 45 Ltd. (Cayman Islands),

 

Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)

 

1.514%(c)

    10/15/32                      2,250        2,251,179  

OZLM Ltd. (Cayman Islands),

 

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

 

1.436%(c)

    10/30/30         3,709        3,709,979  

Regatta Funding Ltd. (Cayman Islands),

 

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

 

1.285%(c)

    06/20/34         3,250        3,249,188  

Sound Point CLO Ltd. (Cayman Islands),

 

Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)

 

1.558%(c)

    01/20/32         1,000        1,000,175  

Trimaran Cavu Ltd. (Cayman Islands),

 

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

 

1.648%(c)

    07/20/32         2,500        2,504,213  

Venture CLO Ltd. (Cayman Islands),

 

Series 2021-43A, Class A1, 144A

 

0.000%(cc)

    04/15/34         2,250        2,254,399  

Wellfleet CLO Ltd. (Cayman Islands),

 

Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)

 

1.248%(c)

    10/20/29         1,250        1,248,754  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $27,036,590)

 

          27,464,208  
           

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.6%

 

Barclays Commercial Mortgage Trust,

 

Series 2019-C04, Class A4

 

2.661%

    08/15/52         3,000        3,165,669  

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      $ 4,128,145  

Fannie Mae-Aces,

 

Series 2012-M02, Class A2

 

2.717%

    02/25/22         60        60,205  

Series 2018-M14, Class A1

 

3.700%(cc)

    08/25/28         38        38,327  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K019, Class X1, IO

 

1.724%(cc)

    03/25/22         14,319        68,202  

Series K020, Class X1, IO

 

1.470%(cc)

    05/25/22         7,757        66,485  

Series K021, Class X1, IO

 

1.526%(cc)

    06/25/22         8,229        63,195  

Series K025, Class X1, IO

 

0.913%(cc)

    10/25/22         23,684        209,991  

Series K076, Class AM

 

3.900%

    04/25/28         205        237,153  

Series K077, Class AM

 

3.850%(cc)

    05/25/28         180        208,323  

Series K079, Class AM

 

3.930%

    06/25/28         675        782,748  

Series K080, Class AM

 

3.986%(cc)

    07/25/28         1,900        2,208,588  

Series K083, Class AM

 

4.030%(cc)

    10/25/28         250        292,463  

Series K085, Class AM

 

4.060%(cc)

    10/25/28         380        445,651  

Series K088, Class AM

 

3.761%(cc)

    01/25/29         520        600,799  

Series K091, Class AM

 

3.566%

    03/25/29         850        975,220  

Series K151, Class A3

 

3.511%

    04/25/30         400        458,411  

Series K152, Class A2

 

3.080%

    01/25/31         140        156,836  

Series K157, Class A2

 

3.990%(cc)

    05/25/33                      1,700        2,037,406  

Series KC03, Class A2

 

3.499%

    01/25/26         650        694,592  

Series W5FX, Class AFX

 

3.336%(cc)

    04/25/28         580        645,951  
           

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $16,067,798)

 

          17,544,360  
           

 

 

  
CORPORATE BONDS — 0.9%

 

Diversified Financial Services

 

Private Export Funding Corp.,

 

U.S. Gov’t. Gtd. Notes

 

1.400%

    07/15/28         885        883,775  

U.S. Gov’t. Gtd. Notes, Series BB

 

4.300%

    12/15/21         1,255        1,277,116  
           

 

 

  

TOTAL CORPORATE BONDS
(cost $2,151,965)

 

      2,160,891  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A92

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

       Maturity    
Date		        Principal    
Amount
(000)#		          Value      
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.2%

 

Government National Mortgage Assoc.,

 

Series 2015-143, Class WA

 

4.000%

   10/20/45                      312      $ 341,982  

Merrill Lynch Mortgage Investors Trust,

 

Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%)

 

0.712%(c)

   10/25/28         9        9,559  

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.537%(cc)

   02/25/34         43        43,794  
          

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $380,681)

 

      395,335  
          

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 42.0%

 

Federal Home Loan Bank

 

3.250%

   11/16/28         1,025        1,164,697  

Federal Home Loan Mortgage Corp.

 

1.500%

   11/01/50         490        480,706  

2.000%

   01/01/32         179        185,392  

2.000%

   12/01/50         2,148        2,170,260  

2.500%

   02/01/28         403        422,987  

2.500%

   03/01/30         332        348,792  

2.500%

   11/01/46         348        362,072  

2.500%

   04/01/51         3,249        3,364,615  

3.000%

   06/01/29         232        246,056  

3.000%

   01/01/37         411        432,579  

3.000%

   06/01/45         214        227,395  

3.000%

   01/01/48         332        346,686  

3.000%

   07/01/49         766        798,280  

3.000%

   10/01/49         128        134,035  

3.500%

   12/01/32         386        416,527  

3.500%

   07/01/42         324        350,836  

3.500%

   10/01/42         613        664,823  

3.500%

   08/01/43         672        726,598  

3.500%

   09/01/45         235        253,043  

3.500%

   10/01/45         222        237,067  

3.500%

   02/01/47         248        263,004  

3.500%

   07/01/47         463        491,603  

3.500%

   03/01/48         681        720,454  

4.000%

   06/01/26         25        27,042  

4.000%

   09/01/26         97        102,876  

4.000%

   09/01/40         178        193,819  

4.000%

   12/01/40         202        221,146  

4.000%

   12/01/40         219        239,517  

4.000%

   11/01/43         404        441,788  

4.000%

   09/01/48         15        15,908  

4.500%

   09/01/39         739        821,827  

4.500%

   08/01/48         271        292,489  

5.000%

   06/01/33         211        239,710  

5.000%

   05/01/34         125        140,246  

5.500%

   05/01/37         34        39,989  

5.500%

   02/01/38         113        131,733  

5.500%

   05/01/38         49        56,709  

6.000%

   09/01/34         45        50,628  

6.000%

   01/01/37         63        74,526  

6.000%

   09/01/38         34        40,647  

6.000%

   08/01/39         41        48,926  

Interest

Rate

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

 

6.250%

   07/15/32        30      $ 44,086  

6.500%

   09/01/32        18        20,032  

Federal Home Loan Mortgage Corp., MTN

 

1.846%(s)

   11/15/38        600        396,281  

Federal National Mortgage Assoc.

 

0.875%

   08/05/30        250        236,916  

1.500%

   11/01/50        491        481,271  

1.500%

   12/01/50        958        939,990  

2.000%

   08/01/31        181        187,527  

2.000%

   05/01/36        988        1,019,635  

2.000%

   06/01/40        438        444,250  

2.000%

   07/01/40        476        485,532  

2.000%

   02/01/41        1,937        1,977,609  

2.000%

   05/01/41        2,214        2,252,286  

2.000%

   09/01/50        1,710        1,727,213  

2.000%

   10/01/50        1,908        1,928,104  

2.500%

   TBA(tt)        1,500        1,551,445  

2.500%

   TBA        2,500        2,580,859  

2.500%

   06/01/28        1,049        1,103,209  

2.500%

   05/01/41        496        516,258  

2.500%

   02/01/43        124        130,023  

2.500%

   12/01/46        421        437,031  

2.500%

   01/01/50        1,028        1,063,853  

2.500%

   03/01/50        324        335,538  

2.500%

   05/01/50        1,115        1,154,465  

2.500%

   08/01/50        2,687        2,781,871  

2.500%

   10/01/50        3,278        3,393,587  

2.500%

   04/01/51        988        1,023,001  

3.000%

   TBA        1,000        1,042,363  

3.000%

   02/01/31        487        514,325  

3.000%

   11/01/36        337        353,056  

3.000%

   03/01/43        501        530,361  

3.000%

   07/01/43        583        621,531  

3.000%

   07/01/43        731        777,297  

3.000%

   09/01/46        487        511,191  

3.000%

   11/01/46        197        207,490  

3.000%

   11/01/46        278        293,794  

3.000%

   11/01/46        1,165        1,223,368  

3.000%

   12/01/47        623        658,841  

3.000%

   01/01/50        658        686,719  

3.000%

   02/01/50        301        314,373  

3.000%

   06/01/50        457        476,948  

3.000%

   06/01/50        1,867        1,944,245  

3.500%

   07/01/31        595        638,862  

3.500%

   02/01/33        99        106,874  

3.500%

   06/01/39        172        185,859  

3.500%

   04/01/42        280        303,792  

3.500%

   06/01/42        488        528,560  

3.500%

   07/01/42                     244        262,883  

3.500%

   07/01/42        555        601,356  

3.500%

   06/01/45        789        844,552  

3.500%

   07/01/46        316        335,378  

3.500%

   12/01/46        240        254,599  

3.500%

   12/01/46        550        592,244  

3.500%

   11/01/48        494        521,173  

3.500%

   07/01/49        143        150,000  

3.500%

   08/01/49        649        682,075  

4.000%

   09/01/40        707        774,214  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A93

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

4.000%

    06/01/42                      474     $ 516,372  

4.000%

    09/01/44         311       338,427  

4.000%

    09/01/44         488       531,595  

4.000%

    04/01/45         311       338,579  

4.000%

    07/01/45         253       274,807  

4.000%

    10/01/45         375       406,170  

4.000%

    10/01/46         126       136,021  

4.000%

    02/01/47         117       125,771  

4.000%

    06/01/47         188       200,801  

4.000%

    07/01/47         199       213,048  

4.000%

    10/01/47         629       673,473  

4.000%

    11/01/47         162       173,235  

4.000%

    11/01/47         251       269,447  

4.500%

    05/01/40         746       821,691  

4.500%

    04/01/42         391       431,581  

5.000%

    12/01/31         24       25,821  

5.000%

    03/01/34         212       241,125  

5.000%

    06/01/35         92       105,147  

5.000%

    07/01/35         47       53,316  

5.000%

    05/01/36         61       70,277  

5.500%

    02/01/34         137       157,489  

5.500%

    09/01/34         158       183,295  

5.500%

    02/01/35         189       216,698  

5.500%

    06/01/35         33       36,736  

5.500%

    06/01/35         90       100,980  

5.500%

    09/01/35         34       38,394  

5.500%

    09/01/35         93       104,687  

5.500%

    10/01/35         169       193,814  

5.500%

    11/01/35         69       76,488  

5.500%

    11/01/35         158       179,108  

5.500%

    11/01/35         295       341,058  

6.000%

    12/01/33         10       10,726  

6.000%

    02/01/34         75       86,215  

6.000%

    08/01/34         —(r )      239  

6.000%

    11/01/34         —(r )      357  

6.000%

    12/01/34         1       975  

6.000%

    01/01/35         18       19,625  

6.000%

    01/01/36         56       63,201  

6.000%

    05/01/38         29       34,111  

6.500%

    07/01/32         126       146,807  

6.500%

    08/01/32         60       68,284  

6.500%

    10/01/32         158       185,924  

6.500%

    10/01/37         98       116,038  

6.625%

    11/15/30         435       629,347  

7.000%

    12/01/31         55       62,649  

7.000%

    01/01/36         13       15,560  

8.000%

    10/01/23         —(r )      54  

8.000%

    09/01/24         1       628  

8.000%

    11/01/24         1       751  

8.000%

    01/01/26         —(r )      92  

9.000%

    02/01/25         4       4,399  

9.000%

    04/01/25         2       2,304  

Government National Mortgage Assoc.

 

2.500%

    TBA         3,000       3,104,531  

2.500%

    12/20/46         139       145,293  

3.000%

    03/15/45         661       692,608  

3.000%

    07/20/46         608       641,482  

3.000%

    09/20/46         662       697,898  

Interest

Rate

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

 

3.000%

    10/20/46         165     $ 173,242  

3.000%

    04/20/47         736       775,865  

3.000%

    12/20/48                      521       547,440  

3.000%

    04/20/49         476       497,993  

3.000%

    12/20/49         1,136       1,185,797  

3.000%

    06/20/50         135       140,586  

3.500%

    01/20/43         617       660,296  

3.500%

    04/20/43         292       313,672  

3.500%

    03/20/45         411       438,182  

3.500%

    04/20/45         336       357,949  

3.500%

    04/20/46         574       609,499  

3.500%

    07/20/46         864       919,453  

3.500%

    07/20/48         758       800,516  

3.500%

    11/20/48         193       203,266  

3.500%

    01/20/49         349       369,413  

3.500%

    05/20/49         720       755,871  

4.000%

    06/15/40         87       96,083  

4.000%

    08/20/46         352       380,690  

4.000%

    11/20/46         213       230,583  

4.000%

    09/20/47         311       331,657  

4.000%

    06/20/48         505       537,372  

4.000%

    02/20/49         475       502,463  

4.500%

    02/20/41         285       319,464  

4.500%

    03/20/41         240       265,453  

4.500%

    06/20/44         185       204,984  

4.500%

    09/20/46         222       245,260  

4.500%

    11/20/46         431       475,670  

4.500%

    01/20/47         54       59,468  

5.000%

    07/15/33         94       108,527  

5.000%

    09/15/33         160       184,654  

5.000%

    04/15/34         73       82,224  

5.000%

    10/20/48         106       114,956  

5.500%

    03/15/34         169       196,275  

5.500%

    03/15/36         42       48,888  

6.500%

    07/15/32         13       14,535  

6.500%

    08/15/32         2       1,672  

6.500%

    08/15/32         3       3,332  

6.500%

    08/15/32         10       11,848  

6.500%

    08/15/32         59       68,811  

7.000%

    05/15/23         1       843  

7.000%

    06/15/23         —(r )      415  

7.000%

    06/15/23         2       1,919  

7.000%

    06/15/23         2       1,979  

7.000%

    07/15/23         —(r )      182  

7.000%

    07/15/23         6       5,843  

7.000%

    08/15/23         1       689  

7.000%

    08/15/23         1       1,436  

7.000%

    09/15/23         1       651  

7.000%

    10/15/23         1       573  

7.000%

    10/15/23         1       1,296  

7.000%

    11/15/23         1       1,491  

7.000%

    11/15/23         4       3,810  

7.000%

    01/15/24         16       17,100  

7.000%

    05/15/24         14       14,509  

7.000%

    08/15/28         26       29,254  

7.500%

    12/15/25         1       1,423  

7.500%

    12/15/25         20       21,170  

7.500%

    02/15/26         4       3,882  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A94

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

8.500%

   09/15/24        24      $ 24,864  

8.500%

   04/15/25        3        2,834  

Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes

 

5.500%

   09/18/33                     300        423,273  

Resolution Funding Corp. Interest Strips, Bonds

 

   

1.935%(s)

   04/15/28        320        291,915  

2.197%(s)

   01/15/30        140        119,372  

3.624%(s)

   04/15/30        500        426,660  

Resolution Funding Corp. Principal Strips, Bonds

 

   

1.875%(s)

   01/15/30        285        247,737  

3.143%(s)

   04/15/30        2,305        1,995,761  

Tennessee Valley Authority, Sr. Unsec’d. Notes

 

   

0.750%

   05/15/25        325        325,317  

2.875%

   02/01/27        175        191,440  

5.880%

   04/01/36        230        341,490  

6.750%

   11/01/25        510        638,749  

7.125%

   05/01/30        530        772,190  
         

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $93,953,899)

 

      96,587,753  
  

 

 

  
U.S. TREASURY OBLIGATIONS — 36.3%

 

U.S. Treasury Bonds

 

1.375%

   11/15/40(a)        6,870        6,171,192  

1.875%

   02/15/51        125        119,277  

2.250%

   05/15/41        7,330        7,627,781  

2.500%

   02/15/46        1,985        2,149,693  

2.500%

   05/15/46        1,005        1,088,384  

2.875%

   05/15/43(k)        1,515        1,741,066  

3.750%

   11/15/43        9,410        12,346,214  

U.S. Treasury Notes

 

0.875%

   06/30/26        245        244,923  

0.875%

   11/15/30(a)        2,195        2,087,651  

1.250%

   04/30/28(a)        7,905        7,932,173  

1.250%

   06/30/28        2,675        2,679,598  

1.625%

   05/15/31        680        690,625  

2.625%

   02/15/29        2,275        2,494,680  

2.875%

   05/15/28        5,850        6,498,984  

3.125%

   11/15/28(a)        8,120        9,185,750  

U.S. Treasury Strips Coupon

 

0.807%(s)

   11/15/29        15        13,220  

1.225%(s)

   02/15/41        130        85,516  

1.417%(s)

   02/15/38        525        376,257  

1.450%(s)

   08/15/42        60        37,683  

1.463%(s)

   11/15/42        155        96,851  

1.488%(s)

   11/15/41        730        468,512  

1.775%(s)

   02/15/40        535        361,627  

1.982%(s)

   08/15/39        2,120        1,449,633  

1.990%(s)

   02/15/39        2,900        2,010,062  

2.010%(s)

   08/15/30        1,060        918,970  

2.056%(s)

   11/15/38        345        242,053  

2.169%(s)

   05/15/39        990        681,940  

2.172%(s)

   02/15/28(k)        550        506,086  

2.286%(s)

   08/15/43        1,355        832,002  

2.334%(s)

   08/15/41        2,210        1,430,112  

2.353%(s)

   02/15/44        780        473,606  

2.365%(s)

   05/15/44        2,790        1,687,514  

2.370%(s)

   05/15/29        565        504,616  

2.380%(s)

   05/15/41        1,855        1,210,460  

 

Interest

Rate

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

 

2.415%(s)

       11/15/40        525      $ 347,546  

2.416%(s)

       05/15/42        80        50,719  

2.434%(s)

       11/15/45        345        201,785  

2.436%(s)

       02/15/46        390        226,794  

2.443%(s)

       08/15/44        210        126,082  

2.486%(s)

       02/15/45        200        118,742  

2.506%(s)

       11/15/43                     4,315        2,631,644  

2.857%(s)

       05/15/31        500        425,254  

3.176%(s)

       08/15/40        800        532,937  

4.096%(s)

       02/15/42(k)        3,725        2,373,232  
             

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $81,312,710)

 

      83,479,446  
             

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $220,903,643)

 

      227,631,993  
             

 

 

  
              Shares         
SHORT-TERM INVESTMENTS — 10.8%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond
Fund(wa)

 

      10,390,500        10,390,500  

PGIM Institutional Money Market Fund (cost $14,367,985; includes $14,366,900 of cash collateral for securities on loan)(b)(wa)

 

      14,376,608        14,367,982  
             

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $24,758,485)

 

      24,758,482  
             

 

 

  

TOTAL INVESTMENTS—109.8%
(cost $245,662,128)

 

      252,390,475  

Liabilities in excess of other assets(z) — (9.8)%

 

      (22,460,279 ) 
             

 

 

  

NET ASSETS — 100.0%

 

    $   229,930,196  
             

 

 

  

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

 

#

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,135,592; cash collateral of $14,366,900 (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, 2021.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A95

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

(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.

(tt)

All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 1,500,000 is 0.7% 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:

 

 

Futures contracts outstanding at June 30, 2021:

 

Number

of

Contracts

      

Type

        Expiration    
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)

Long Positions:

               
121    

2 Year U.S. Treasury Notes

        Sep. 2021      $ 26,658,758      $ (40,334 )
351    

5 Year U.S. Treasury Notes

        Sep. 2021        43,323,821        (109,954 )
300    

10 Year U.S. Treasury Notes

        Sep. 2021        39,750,000        209,879
17    

30 Year U.S. Ultra Treasury Bonds

        Sep. 2021        3,275,688        81,592
                  

 

 

  
                     141,183
                  

 

 

  

Short Positions:

               
248    

10 Year U.S. Ultra Treasury Notes

        Sep. 2021        36,506,376        (723,539 )
270    

20 Year U.S. Treasury Bonds

        Sep. 2021        43,402,500        (1,111,550 )
                  

 

 

  
                     (1,835,089 )
                  

 

 

  
                   $ (1,693,906 )
                  

 

 

  

Inflation swap agreements outstanding at June 30, 2021:

Notional

Amount

(000)#

    Termination
Date		        Fixed    
Rate		   

Floating

Rate

    Value at
 Trade Date 		   Value at
June 30,
2021		   Unrealized
Appreciation
(Depreciation)

Centrally Cleared Inflation Swap Agreements:

 

970        01/12/26        2.205%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

      $ —     $ (33,824 )     $ (33,824 )
1,940        01/13/26        2.152%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —       (73,122 )       (73,122 )
5,820        02/02/26        2.295%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        (17,946 )       (173,923 )       (155,977 )
2,910        02/18/26        2.370%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —       (72,689 )       (72,689 )
                 

 

 

      

 

 

      

 

 

  
                  $ (17,946 )     $ (353,558 )     $ (335,612 )
                 

 

 

      

 

 

      

 

 

  

 

(1)

The Fund pays the fixed rate and receives the floating rate.

(2)

The Fund pays the floating rate and receives the fixed rate.

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.

     $ —     $ 1,811,099
   

 

 

      

 

 

  

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.

 

A96

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1   Level 2   Level 3

Investments in Securities

             

Assets

             

Long-Term Investments

             

Asset-Backed Securities

             

Collateralized Loan Obligations

      $ —     $ 27,464,208     $ —

Commercial Mortgage-Backed Securities

        —       17,544,360       —

Corporate Bonds

        —       2,160,891       —

Residential Mortgage-Backed Securities

        —       395,335       —

U.S. Government Agency Obligations

        —       96,587,753       —

U.S. Treasury Obligations

        —       83,479,446       —

Short-Term Investments

             

Affiliated Mutual Funds

        24,758,482       —       —
    

 

 

      

 

 

      

 

 

  

Total

      $ 24,758,482     $ 227,631,993     $ —
    

 

 

      

 

 

      

 

 

  

Other Financial Instruments*

             

Assets

             

Futures Contracts

      $ 291,471     $ —     $ —
    

 

 

      

 

 

      

 

 

  

Liabilities

             

Futures Contracts

      $ (1,985,377 )     $ —     $ —

Centrally Cleared Inflation Swap Agreements

        —       (335,612 )       —
    

 

 

      

 

 

      

 

 

  

Total

      $ (1,985,377 )     $ (335,612 )     $ —
    

 

 

      

 

 

      

 

 

  

 

*

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, 2021 were as follows:

U.S. Government Agency Obligations

      42.0 % 

U.S. Treasury Obligations

      36.3  

Collateralized Loan Obligations

      12.0  

Affiliated Mutual Funds (6.2% represents investments purchased with collateral from securities on loan)

      10.8  

Commercial Mortgage-Backed Securities

      7.6  

Diversified Financial Services

      0.9  

Residential Mortgage-Backed Securities

      0.2 % 
  

 

 

  
     109.8  

Liabilities in excess of other assets

      (9.8 ) 
  

 

 

  
     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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A97

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Fair values of derivative instruments as of June 30, 2021 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    $ 291,471 *    Due from/to broker-variation margin futures    $ 1,985,377 * 

Interest rate contracts

   —      —     Due from/to broker-variation margin swaps      335,612 * 
    

 

 

       

 

 

  
     $ 291,471        $ 2,320,989  
    

 

 

       

 

 

  

 

 

*

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, 2021 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      Swaps

Interest rate contracts

        $ 110,866        $ (48,216 )      $ 3,769,590        $ 287,494
      

 

 

         

 

 

       

 

 

         

 

 

  

 

 

(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

        Futures          Swaps    

Interest rate contracts

      $ (2,037,136 )     $ (387,003 ) 
    

 

 

     

 

 

  

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Options

Purchased(1)

  

Options

Written(2)

  

Futures

Contracts—

Long

Positions(2)

  

Futures

Contracts—

Short

Positions(2)

$14,046   $15,000   $89,555,850   $69,407,428

 

   

Inflation Swap

Agreements(2)

      

Interest Rate

Swap

Agreements(2)

    
  $7,760,000     $4,123,333  

 

 

(1)

Cost.

(2)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

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.

 

A98

 
  

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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

        $ 14,135,592        $ (14,135,592 )      $ —
      

 

 

         

 

 

       

 

 

  

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A99

 
   PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $14,135,592:

   

Unaffiliated investments (cost $220,903,643)

    $ 227,631,993  

Affiliated investments (cost $24,758,485)

      24,758,482  

Interest receivable

      600,940  

Receivable for investments sold

      977  

Receivable for Portfolio shares sold

      687  

Prepaid expenses and other assets

      1,044  
  

 

 

  

Total Assets

      252,994,123  
  

 

 

  
LIABILITIES   

Payable to broker for collateral for securities on loan

      14,366,900  

Payable for investments purchased

      8,281,658  

Due to broker-variation margin futures

      186,599  

Accrued expenses and other liabilities

      103,253  

Management fee payable

      75,909  

Payable for Portfolio shares purchased

      37,337  

Due to broker-variation margin swaps

      11,281  

Affiliated transfer agent fee payable

      980  

Trustees’ fees payable

      7  

Distribution fee payable

      3  
  

 

 

  

Total Liabilities

      23,063,927  
  

 

 

  
NET ASSETS    $ 229,930,196  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 229,930,196  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $229,910,814 / 16,231,269 outstanding shares of beneficial interest

    $ 14.16  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $19,382 / 1,369 outstanding shares of beneficial interest

    $ 14.16  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Interest income

    $ 2,260,707  

Affiliated dividend income

      10,497  

Income from securities lending, net (including affiliated income of $2,665)

      3,394  
  

 

 

  

Total income

      2,274,598  
  

 

 

  
EXPENSES   

Management fee

      467,183  

Distribution fee—Class III

      6  

Shareholders’ reports

      38,254  

Custodian and accounting fees

      27,073  

Audit fee

      18,104  

Legal fees and expenses

      9,054  

Trustees’ fees

      6,127  

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

      5,297  

Miscellaneous

      10,080  
  

 

 

  

Total expenses

      581,178  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      1,693,420  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(2,150))

      (304,704 ) 

Futures transactions

      3,769,590  

Options written transactions

      (48,216 ) 

Swap agreements transactions

      287,494  
  

 

 

  
     3,704,164  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(3))

      (8,724,877 ) 

Futures

      (2,037,136 ) 

Swap agreements

      (387,003 ) 
  

 

 

  
     (11,149,016 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      (7,444,852 ) 
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (5,751,432 ) 
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ 1,693,420     $ 3,887,409

Net realized gain (loss) on investment transactions

        3,704,164       (1,986,929 )

Net change in unrealized appreciation (depreciation) on investments

        (11,149,016 )       14,795,126
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (5,751,432 )       16,695,606
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        1,536,155       15,481,186

Portfolio shares purchased

        (12,083,243 )       (24,541,321 )
    

 

 

      

 

 

  

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

        (10,547,088 )       (9,060,135 )
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        (16,298,520 )       7,635,471
NET ASSETS:         

Beginning of period

        246,228,716       238,593,245
    

 

 

      

 

 

  

End of period

      $ 229,930,196     $ 246,228,716
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A100

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

REPURCHASE AGREEMENTS — 11.1%

 

Bank of America Securities, Inc., 0.05%, dated 06/30/21, due 07/01/21 in the amount of $22,435,031 collateralized by FNMA (coupon rate 2.500%, maturity date 06/01/51), with the aggregate value, including accrued interest, of $22,883,700

 

      22,435      $ 22,435,000  

Goldman Sachs & Co., 0.05%, dated 06/29/21, due 07/06/21 in the amount of $10,000,097 collateralized by GNMA (coupon rates 3.000%-4.290%, maturity dates 07/15/41-05/20/50), with the aggregate value, including accrued interest, of $10,200,000

 

      10,000        10,000,000  

ING Financial Markets LLC, 0.02%, dated 06/11/21, due 07/12/21 in the amount of $20,000,344 collateralized by FHLMC (coupon rates 1.500%-4.500%, maturity dates 11/01/29-05/01/51) and FNMA (coupon rates 1.500%-5.000%, maturity dates 08/01/34-01/01/57), with the aggregate value, including accrued interest, of $20,400,000

 

      20,000        20,000,000  

RBC Dominion Securities, Inc., 0.05%, dated 06/30/21, due 07/07/21 in the amount of $25,000,243 collateralized by U.S. Treasury Securities (coupon rates 0.000%-0.375%, maturity dates 09/30/25-02/15/30), with the aggregate value, including accrued interest, of $25,500,035

 

      25,000        25,000,000  

TD Securities LLC, 0.055%, dated 06/30/21, due 07/01/21 in the amount of $22,000,034 collateralized by GNMA (coupon rate 2.500%, maturity date 06/20/51), with the aggregate value, including accrued interest, of $22,440,001

 

      22,000              22,000,000  
           

 

 

  

TOTAL REPURCHASE AGREEMENTS
(amortized cost $99,435,000)

 

          99,435,000  
           

 

 

  

U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.0%

 

Federal Farm Credit Bank

 

1.400%

      10/15/21                        155        155,598  

Federal Farm Credit Bank, 1 Month LIBOR + (0.020)% (Cap N/A, Floor 0.000%)

 

0.055%(c)

      11/16/21           9,000        8,999,782  

Federal Farm Credit Bank, 1 Month LIBOR + (0.045)% (Cap N/A, Floor 0.000%)

 

0.048%(c)

      12/20/21           6,000        6,000,000  

Federal Farm Credit Bank, 1 Month LIBOR + 0.000% (Cap N/A, Floor 0.000%)

 

0.075%(c)

      07/16/21           500        500,015  

0.077%(c)

      09/10/21           500        500,064  

0.081%(c)

      08/09/21           18,000        18,001,128  

Interest
Rate

       Maturity    
Date		                 Principal    
Amount
(000)#		      Value  

U.S. GOVERNMENT AGENCY OBLIGATIONS

(continued)

 

 

Federal Farm Credit Bank, 1 Month LIBOR + 0.080% (Cap N/A, Floor 0.000%)

 

0.175%(c)

     07/26/21                        8,000      $     8,000,827  

Federal Farm Credit Bank, 1 Month LIBOR + 0.110% (Cap N/A, Floor 0.000%)

 

0.201%(c)

     09/24/21           8,500        8,503,202  

Federal Farm Credit Bank, 1 Month LIBOR + 0.130% (Cap N/A, Floor 0.000%)

 

0.210%(c)

     11/05/21           1,000        1,000,634  

Federal Farm Credit Bank, 3 Month LIBOR + (0.090)%

 

0.045%(c)

     11/30/21           8,000        8,000,000  

Federal Farm Credit Bank, 3 Month LIBOR + (0.090)% (Cap N/A, Floor 0.000%)

 

0.028%(c)

     12/16/21           15,000        15,000,108  

0.086%(c)

     11/02/21           6,000        5,999,966  

Federal Farm Credit Bank, 3 Month LIBOR + (0.100)% (Cap N/A, Floor 0.000%)

 

0.081%(c)

     10/27/21           7,950        7,950,837  

Federal Farm Credit Bank, 3 Month LIBOR + (0.120)% (Cap N/A, Floor 0.000%)

 

0.011%(c)

     12/07/21           1,750        1,749,941  

Federal Farm Credit Bank, 3 Month LIBOR + (0.125)% (Cap N/A, Floor 0.000%)

 

0.060%(c)

     07/30/21           16,000        16,000,000  

Federal Farm Credit Bank, 3 Month LIBOR + (0.130)% (Cap N/A, Floor 0.000%)

 

0.006%(c)

     11/29/21           18,000        17,999,158  

Federal Farm Credit Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)

 

0.080%(c)

     05/13/22           20,000        19,999,118  

Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)

 

0.090%(c)

     07/08/22           6,000        5,999,690  

Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)

 

0.120%(c)

     02/17/22           7,000        7,000,000  

Federal Farm Credit Bank, SOFR + 0.110%

 

0.160%(c)

     07/08/21           2,500        2,499,996  

Federal Home Loan Bank

 

0.025%(n)

     07/21/21           16,000        15,999,778  

0.030%

     11/18/21           13,000        12,999,462  

0.040%(n)

     07/27/21           13,000        12,999,624  

0.040%

     10/22/21           10,000        10,000,000  

0.050%(n)

     08/06/21           10,500        10,499,475  

0.055%(n)

     08/27/21           4,000        3,999,652  

0.058%(n)

     08/18/21           11,000        10,999,149  

0.060%

     03/29/22           12,500        12,498,810  

Federal Home Loan Bank, 1 Month LIBOR + (0.020)% (Cap N/A, Floor 0.000%)

 

0.062%(c)

     12/17/21           12,500        12,501,706  

Federal Home Loan Bank, 1 Month LIBOR + (0.030)% (Cap N/A, Floor 0.000%)

 

0.043%(c)

     07/14/21           9,000        9,000,000  

Federal Home Loan Bank, 1 Month LIBOR + 0.000% (Cap N/A, Floor 0.000%)

 

0.095%(c)

     09/28/21           7,000        7,000,000  

Federal Home Loan Bank, 1 Month LIBOR + 0.005% (Cap N/A, Floor 0.000%)

 

0.080%(c)

     08/16/21           6,000        6,000,131  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A101

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		          Principal    
Amount
(000)#		              Value          

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)

 

Federal Home Loan Bank, 1 Month LIBOR + 0.040% (Cap N/A, Floor 0.000%)

 

0.120%(c)

      07/06/21                        8,000      $ 8,000,072  

Federal Home Loan Bank, 3 Month LIBOR + (0.080)% (Cap N/A, Floor 0.000%)

 

0.070%(c)

      08/24/21           17,000        17,001,208  

Federal Home Loan Bank, 3 Month LIBOR + (0.095)% (Cap N/A, Floor 0.000%)

 

0.024%(c)

      09/13/21           22,000        22,001,368  

Federal Home Loan Bank, 3 Month LIBOR + (0.105)% (Cap N/A, Floor 0.000%)

 

0.071%(c)

      08/04/21           21,425        21,425,536  

Federal Home Loan Bank, 3 Month LIBOR + (0.120)% (Cap N/A, Floor 0.000%)

 

0.056%(c)

      11/03/21           7,500        7,500,092  

Federal Home Loan Bank, 3 Month LIBOR + 0.100% (Cap N/A, Floor 0.000%)

 

0.284%(c)

      10/28/21           38,500        38,529,654  

Federal Home Loan Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%)

 

0.070%(c)

      08/23/21           9,000        9,000,000  

Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%)

 

0.085%(c)

      12/17/21           8,000        8,000,000  

Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)

 

0.110%(c)

      02/11/22           6,000        6,000,000  

Federal Home Loan Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%)

 

0.135%(c)

      09/10/21           8,000        8,000,546  

Federal Home Loan Mortgage Corp., MTN, SOFR + 0.045% (Cap N/A, Floor 0.000%)

 

0.095%(c)

      08/27/21           3,000        3,000,000  

Federal National Mortgage Assoc., SOFR + 0.100% (Cap N/A, Floor 0.000%)

 

0.150%(c)

      12/03/21           20,000        20,008,076  

Federal National Mortgage Assoc., SOFR + 0.220% (Cap N/A, Floor 0.000%)

 

0.270%(c)

      05/09/22           3,000        3,005,463  
           

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(amortized cost $455,829,866)

 

          455,829,866  
           

 

 

  

Interest

Rate

        Maturity    
Date		                 Principal    
Amount
(000)#		              Value          
U.S. TREASURY OBLIGATIONS(n) — 37.7%

 

U.S. Treasury Bills

 

0.013%

      08/26/21                      15,000      $ 14,999,697  

0.019%

      09/02/21             15,000        14,999,514  

0.020%

      08/10/21             13,000        12,999,711  

0.021%

      07/29/21             13,000        12,999,788  

0.030%

      11/18/21             17,000        16,998,017  

0.030%

      11/26/21             28,000        27,996,524  

0.035%

      11/12/21             27,000        26,996,551  

0.038%

      12/09/21             11,000        10,998,155  

0.040%

      08/05/21             10,000        9,999,611  

0.040%

      12/16/21             6,500        6,498,787  

0.041%

      07/13/21             4,000        3,999,946  

0.043%

      07/27/21             28,500        28,499,107  

0.046%

      07/20/21             35,000        34,999,155  

0.047%

      08/24/21             18,000        17,998,745  

0.049%

      09/23/21             12,000        11,998,642  

0.050%

      08/12/21             11,000        10,999,358  

0.056%

      12/02/21             18,000        17,995,688  

0.057%

      08/19/21             13,000        12,999,000  

0.058%

      12/23/21             6,000        5,998,308  

0.061%

      07/22/21             36,000        35,998,719  
             

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(amortized cost $336,973,023)

 

      336,973,023  
             

 

 

  

TOTAL INVESTMENTS—99.8%
(amortized cost $ 892,237,889)

 

      892,237,889  

Other assets in excess of liabilities — 0.2%

 

      1,911,688  
             

 

 

  

NET ASSETS — 100.0%

 

    $ 894,149,577  
             

 

 

  

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, 2021.

(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, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Short-Term Investments

         

Repurchase Agreements

      $—      $   99,435,000        $—  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A102

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Level 1    Level 2    Level 3

Investments in Securities (continued)

                 

Assets (continued)

                 

Short-Term Investments (continued)

                 

U.S. Government Agency Obligations

        $ —      $ 455,829,866      $ —

U.S. Treasury Obligations

          —        336,973,023        —
      

 

 

       

 

 

       

 

 

  

Total

        $ —      $ 892,237,889      $ —
      

 

 

       

 

 

       

 

 

  

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, 2021 were as follows:

 

U.S. Government Agency Obligations

      51.0 % 

U.S. Treasury Obligations

      37.7  

Repurchase Agreements

      11.1  
  

 

 

  
     99.8  

Other assets in excess of liabilities

      0.2  
  

 

 

  
     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:

 

Description

   

Counterparty

    Gross Market Value of
Recognized
Assets/(Liabilities)		    Collateral
Pledged/(Received)(1)		    Net
Amount

Repurchase Agreements

    Bank of America Securities, Inc.      $ 22,435,000      $ (22,435,000 )      $ —

Repurchase Agreements

    Goldman Sachs & Co.        10,000,000        (10,000,000 )        —

Repurchase Agreements

    ING Financial Markets LLC        20,000,000        (20,000,000 )        —

Repurchase Agreements

    RBC Dominion Securities, Inc.        25,000,000        (25,000,000 )        —

Repurchase Agreements

    TD Securities LLC        22,000,000        (22,000,000 )        —
       

 

 

            
        $ 99,435,000          
       

 

 

            

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A103

 
  

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments, at amortized cost which approximates fair value:

    $ 792,802,889  

Repurchase Agreements (amortized cost $99,435,000)

      99,435,000  

Cash

      41  

Receivable for Portfolio shares sold

      2,012,132  

Interest receivable

      42,946  

Prepaid expenses

      3,434  
  

 

 

  

Total Assets

      894,296,442  
  

 

 

  
LIABILITIES   

Shareholders’ reports payable

      69,770  

Payable for Portfolio shares purchased

      40,408  

Custodian and accounting fees payable

      15,917  

Audit fee payable

      11,341  

Management fee payable

      8,118  

Affiliated transfer agent fee payable

      980  

Accrued expenses and other liabilities

      331  
  

 

 

  

Total Liabilities

      146,865  
  

 

 

  
NET ASSETS    $ 894,149,577  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 894,149,577  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $767,958,650 / 76,793,105 outstanding shares of beneficial interest

    $ 10.00  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $126,190,927 / 12,619,093 outstanding shares of beneficial interest

    $ 10.00  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   

Interest income

    $ 286,672  
  

 

 

  
EXPENSES   

Management fee

      1,282,571  

Distribution fee—Class III

      134,139  

Shareholders’ reports

      38,825  

Custodian and accounting fees

      37,080  

Audit fee

      13,041  

Legal fees and expenses

      10,090  

Trustees’ fees

      9,564  

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

      5,297  

Miscellaneous

      9,298  
  

 

 

  

Total expenses

      1,539,905  

Less: Fee waivers and/or expense reimbursement

      (1,119,094 ) 

Less: Distribution fee waiver—Class III

      (134,139 ) 
  

 

 

  

Net expenses

      286,672  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      —  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS   

Net realized gain (loss) on investment transactions

      3,348  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 3,348  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ —     $ 1,764,735

Net realized gain (loss) on investment transactions

        3,348       27,206
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        3,348       1,791,941
    

 

 

      

 

 

  
DISTRIBUTIONS         

Class I

        (2,975 )       (1,791,854 )

Class III

        (373 )       (87 )
    

 

 

      

 

 

  
       (3,348 )       (1,791,941 )
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        592,868,232       850,786,598

Portfolio shares issued in reinvestment of distributions

        3,348       1,791,941

Portfolio shares purchased

        (556,503,097 )       (594,349,211 )
    

 

 

      

 

 

  

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

        36,368,483       258,229,328
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        36,368,483       258,229,328
NET ASSETS:         

Beginning of period

        857,781,094       599,551,766
    

 

 

      

 

 

  

End of period

      $ 894,149,577     $ 857,781,094
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A104

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		               Principal    
Amount
(000)#		      Value  
LONG-TERM INVESTMENTS — 94.9%

 

BANK LOANS — 4.2%

 

Airlines — 0.5%

 

   

American Airlines, Inc.,

 

Initial Term Loan, 3 Month LIBOR + 4.750%

 

5.500%(c)

      04/20/28                    988      $     1,029,527  

United Airlines, Inc.,

 

Class B Term Loan, 3 Month LIBOR + 3.750%

 

4.500%(c)

      04/21/28           1,656        1,675,957  
           

 

 

  
              2,705,484  
           

 

 

  

Chemicals — 0.6%

 

Solenis International LP,

 

First Lien Initial Dollar Term Loan, 3 Month LIBOR + 4.000%

 

4.135%(c)

      06/26/25           1,536        1,534,520  

Second Lien Initial Term Loan, 3 Month LIBOR + 8.500%

 

8.635%(c)

      06/26/26           1,931        1,930,043  
           

 

 

  
              3,464,563  
           

 

 

  

Commercial Services — 0.1%

 

MPH Acquisition Holdings LLC,

 

Initial Term Loan, 3 Month LIBOR + 2.750%

 

3.750%(c)

      06/07/23           518        516,719  
           

 

 

  

Computers — 0.7%

 

Everi Payments, Inc.,

 

Term Loan, 3 Month LIBOR + 10.500%

 

11.500%(c)

      05/09/24^           99        102,960  

McAfee LLC,

 

Term B USD Loan, 1 Month LIBOR + 3.750%

 

3.846%(c)

      09/30/24                    1,919        1,918,025  

Peraton Corp.,

 

First Lien Term B Loan, 1 Month LIBOR + 3.750%

 

4.500%(c)

      02/01/28           1,621        1,624,737  
           

 

 

  
              3,645,722  
           

 

 

  

Electric — 0.3%

 

Heritage Power LLC,

 

Term Loan B, 1 - 3 Month LIBOR + 6.000%

 

7.000%(c)

      07/30/26           1,960        1,736,233  
           

 

 

  

Electronics — 0.1%

 

Tech Data Corp.,

 

Non-FILO Term Loan, 1 Month LIBOR + 3.500%

 

3.604%(c)

      06/30/25           571        571,115  
           

 

 

  

Engineering & Construction — 0.0%

 

Landry’s Finance Acquisition Co.,

 

2020 Initial Term Loan, 3 Month LIBOR + 12.000%

 

13.000%(c)

      10/06/23^           59        64,364  
           

 

 

  

Entertainment — 0.2%

 

Scientific Games International, Inc.,

 

Initial Term B-5 Loan, 1 Month LIBOR + 2.750%

 

2.854%(c)

      08/14/24           414        411,180  

Twin River Worldwide Holdings, Inc.,

 

Term B-1 Facility Loan, 3 Month LIBOR + 8.000%

 

9.000%(c)

      05/11/26           495        521,606  
           

 

 

  
              932,786  
           

 

 

  

Interest

Rate

        Maturity    
Date		               Principal    
Amount
(000)#		      Value  
BANK LOANS (continued)

 

Media — 0.0%

 

Diamond Sports Group LLC,

 

   

Term Loan, 1 Month LIBOR + 3.250%

 

3.360%(c)

      08/24/26           239      $ 143,754  
           

 

 

  

Oil & Gas — 0.4%

 

Ascent Resources Utica Holdings LLC,

 

Second Lien Term Loan, 3 Month LIBOR + 9.000%

 

10.000%(c)

      11/01/25           1,385        1,527,540  

Citgo Petroleum Corp.,

 

2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%

 

7.250%(c)

      03/28/24           758        762,149  
           

 

 

  
                  2,289,689  
           

 

 

  

Pharmaceuticals — 0.0%

 

Gainwell Acquisition Corp.,

 

Term B Loan, 3 Month LIBOR + 4.000%

 

4.750%(c)

      10/01/27           297        297,717  
           

 

 

  

Retail — 0.2%

 

EG America LLC (United Kingdom),

 

Project Becker Additional Facility, 3 Month LIBOR + 4.250%

 

4.750%(c)

      03/31/26           320        320,000  

Great Outdoors Group, LLC,

 

Term B-1 Loan, 3 Month LIBOR + 4.250%

 

5.000%(c)

      03/06/28           572        574,986  
           

 

 

  
              894,986  
           

 

 

  

Software — 0.8%

 

Boxer Parent Co., Inc.,

 

2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750%

 

3.854%(c)

      10/02/25           541        537,340  

Finastra USA, Inc.,

 

Dollar Term Loan (Second Lien), 6 Month LIBOR + 7.250%

 

8.250%(c)

      06/13/25           1,075        1,085,366  

Greeneden U.S. Holdings II LLC,

 

B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%

 

4.750%(c)

      12/01/27           474        474,659  

Informatica LLC,

 

Second Lien Initial Loan

 

7.125%

      02/25/25           500        510,000  

Rackspace Technology Global, Inc.,

 

Term B Loan, 3 Month LIBOR + 2.750%

 

3.500%(c)

      02/15/28           374        371,958  

TIBCO Software, Inc.,

 

Second Lien Term Loan, 1 Month LIBOR + 7.250%

 

7.360%(c)

      03/03/28           850        861,333  

Term Loan B-3, 1 Month LIBOR + 3.750%

 

3.860%(c)

      06/30/26           443        441,056  
           

 

 

  
              4,281,712  
           

 

 

  

Telecommunications — 0.3%

 

West Corp.,

 

Incremental B1 Term Loan, 3 Month LIBOR + 3.500%

 

4.500%(c)

      10/10/24           497        480,979  

Initial Term B Loan, 3 Month LIBOR + 4.000%

 

5.000%(c)

      10/10/24           132        128,697  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A105

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
BANK LOANS (continued)

 

Telecommunications (cont’d.)

 

Xplornet Communications, Inc. (Canada),

 

Initial Term Loan, 1 Month LIBOR + 4.750%

 

4.854%(c)

      06/10/27                   1,361      $ 1,360,612  
          

 

 

  
             1,970,288  
          

 

 

  

TOTAL BANK LOANS
(cost $23,287,480)

 

          23,515,132  
          

 

 

  
CONVERTIBLE BOND — 0.1%

 

Telecommunications

 

Digicel Group Holdings Ltd. (Jamaica),

 

Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A

 

7.000%

      07/16/21 (oo)         438        338,671  
          

 

 

  

(cost $31,054)

 

   
CORPORATE BONDS — 87.0%

 

Advertising — 0.7%

 

National CineMedia LLC,

 

Sr. Sec’d. Notes, 144A

 

5.875%

      04/15/28 (a)         450        442,041  

Sr. Unsec’d. Notes

 

5.750%

      08/15/26          1,325        1,210,841  

Terrier Media Buyer, Inc.,

 

Gtd. Notes, 144A

 

8.875%

      12/15/27 (a)         2,200        2,375,751  
          

 

 

  
             4,028,633  
          

 

 

  

Aerospace & Defense — 1.7%

 

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

5.150%

      05/01/30          1,850        2,192,351  

5.805%

      05/01/50          2,725        3,676,805  

5.930%

      05/01/60          225        310,351  

Spirit AeroSystems, Inc.,

 

Sec’d. Notes, 144A

 

7.500%

      04/15/25 (a)         800        855,487  

SSL Robotics LLC,

 

Sr. Sec’d. Notes, 144A

 

9.750%

      12/31/23 (a)         761        839,393  

TransDigm UK Holdings PLC,

 

Gtd. Notes

 

6.875%

      05/15/26          200        211,003  

TransDigm, Inc.,

 

Gtd. Notes

 

5.500%

      11/15/27 (a)         475        495,283  

Gtd. Notes, 144A

 

4.625%

      01/15/29 (a)         600        601,847  
          

 

 

  
             9,182,520  
          

 

 

  

Agriculture — 0.3%

 

Vector Group Ltd.,

 

Gtd. Notes, 144A

 

10.500%

      11/01/26          350        371,735  

Sr. Sec’d. Notes, 144A

 

5.750%

      02/01/29          1,100        1,122,047  
          

 

 

  
             1,493,782  
          

 

 

  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Airlines — 0.8%

 

American Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

11.750%

      07/15/25                   800      $ 1,003,847  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      04/20/29 (a)         1,200        1,297,706  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      01/20/26          425        456,143  

United Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      04/15/26          990        1,024,883  

4.625%

      04/15/29          440        455,750  
          

 

 

  
             4,238,329  
          

 

 

  

Apparel — 0.2%

 

William Carter Co. (The),

 

Gtd. Notes, 144A

 

5.500%

      05/15/25 (a)         625        660,785  

Wolverine World Wide, Inc.,

 

Gtd. Notes, 144A

 

5.000%

      09/01/26          150        154,003  

6.375%

      05/15/25          425        451,970  
          

 

 

  
             1,266,758  
          

 

 

  

Auto Manufacturers — 2.6%

 

Allison Transmission, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      10/01/27          175        182,430  

5.875%

      06/01/29          225        247,192  

Ford Motor Co.,

 

Sr. Unsec’d. Notes

 

4.750%

      01/15/43          2,150        2,289,750  

5.291%

      12/08/46 (a)         3,600        4,020,806  

9.000%

      04/22/25          725        893,392  

9.625%

      04/22/30 (a)         865        1,239,920  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

 

4.000%

      11/13/30 (a)         375        393,377  

5.584%

      03/18/24          625        684,534  

Jaguar Land Rover Automotive PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

7.750%

      10/15/25 (a)         750        823,300  

Navistar International Corp.,

 

Gtd. Notes, 144A

 

6.625%

      11/01/25          2,000        2,066,260  

Sr. Sec’d. Notes, 144A

 

9.500%

      05/01/25 (a)         600        642,750  

PM General Purchaser LLC,

 

Sr. Sec’d. Notes, 144A

 

9.500%

      10/01/28          1,050        1,105,996  
          

 

 

  
                 14,589,707  
          

 

 

  

Auto Parts & Equipment — 1.5%

 

Adient Global Holdings Ltd.,

 

Gtd. Notes, 144A

 

4.875%

      08/15/26          2,175        2,237,494  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A106

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Auto Parts & Equipment (cont’d.)

 

Adient US LLC,

 

Sr. Sec’d. Notes, 144A

 

9.000%

      04/15/25          200      $ 220,088  

American Axle & Manufacturing, Inc.,

 

Gtd. Notes

 

6.250%

      03/15/26 (a)         2,373        2,447,237  

Cooper-Standard Automotive, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      11/15/26 (a)         875        823,342  

Dana Financing Luxembourg Sarl,

 

Gtd. Notes, 144A

 

5.750%

      04/15/25          475        490,058  

Dana, Inc.,

 

Sr. Unsec’d. Notes

 

4.250%

      09/01/30          200        205,689  

5.375%

      11/15/27          175        186,170  

5.625%

      06/15/28          50        54,019  

Tenneco, Inc.,

 

Sr. Sec’d. Notes, 144A

 

5.125%

      04/15/29 (a)         1,150        1,183,023  

7.875%

      01/15/29          175        197,618  

Titan International, Inc.,

 

Sr. Sec’d. Notes, 144A

 

7.000%

      04/30/28          325        339,232  
          

 

 

  
             8,383,970  
          

 

 

  

Banks — 0.2%

 

Citigroup, Inc.,

 

Jr. Sub. Notes

 

3.875%(ff)

      02/18/26 (oo)         600        616,615  

Freedom Mortgage Corp.,

 

Sr. Unsec’d. Notes, 144A

 

7.625%

      05/01/26                   550        571,992  
          

 

 

  
                 1,188,607  
          

 

 

  

Building Materials — 1.9%

 

Cornerstone Building Brands, Inc.,

 

Gtd. Notes, 144A

 

6.125%

      01/15/29 (a)         750        805,727  

Griffon Corp.,

 

Gtd. Notes

 

5.750%

      03/01/28 (a)         1,325        1,406,726  

JELD-WEN, Inc.,

 

Gtd. Notes, 144A

 

4.625%

      12/15/25 (a)         350        357,855  

Sr. Sec’d. Notes, 144A

 

6.250%

      05/15/25 (a)         350        373,468  

Masonite International Corp.,

 

Gtd. Notes, 144A

 

5.375%

      02/01/28          375        399,031  

Patrick Industries, Inc.,

 

Gtd. Notes, 144A

 

7.500%

      10/15/27          575        624,413  

Sr. Unsec’d. Notes, 144A

 

4.750%

      05/01/29          375        373,514  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Building Materials (cont’d.)

 

SRM Escrow Issuer LLC,

 

Sr. Sec’d. Notes, 144A

 

6.000%

      11/01/28 (a)         1,500      $ 1,589,722  

Standard Industries, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

3.375%

      01/15/31                   600        574,051  

4.375%

      07/15/30 (a)         675        695,890  

4.750%

      01/15/28          825        863,245  

5.000%

      02/15/27 (a)         790        819,161  

Summit Materials LLC/Summit Materials Finance Corp.,

 

Gtd. Notes, 144A

 

5.250%

      01/15/29          720        762,941  

6.500%

      03/15/27          300        317,189  

U.S. Concrete, Inc.,

 

Gtd. Notes, 144A

 

5.125%

      03/01/29 (a)         300        328,487  
          

 

 

  
                 10,291,420  
          

 

 

  

Chemicals — 3.1%

 

Ashland LLC,

 

Gtd. Notes

 

6.875%

      05/15/43          1,705        2,150,945  

Axalta Coating Systems LLC,

 

Gtd. Notes, 144A

 

3.375%

      02/15/29          400        391,000  

Chemours Co. (The),

 

Gtd. Notes

 

5.375%

      05/15/27 (a)         670        726,289  

7.000%

      05/15/25 (a)         695        716,934  

Gtd. Notes, 144A

 

5.750%

      11/15/28 (a)         925        989,728  

Cornerstone Chemical Co.,

 

Sr. Sec’d. Notes, 144A

 

6.750%

      08/15/24 (a)         1,110        1,044,763  

Hexion, Inc.,

 

Gtd. Notes, 144A

 

7.875%

      07/15/27 (a)         1,000        1,078,602  

Ingevity Corp.,

 

Gtd. Notes, 144A

 

3.875%

      11/01/28          300        299,370  

Nouryon Holding BV (Netherlands),

 

Sr. Unsec’d. Notes, 144A

 

8.000%

      10/01/26 (a)         1,365        1,441,781  

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

5.250%

      06/01/27 (a)         651        701,224  

Rain CII Carbon LLC/CII Carbon Corp.,

 

Sec’d. Notes, 144A

 

7.250%

      04/01/25          1,180        1,218,251  

SCIH Salt Holdings, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

6.625%

      05/01/29 (a)         300        300,725  

TPC Group, Inc.,

 

Sr. Sec’d. Notes, 144A

 

10.500%

      08/01/24          1,510        1,418,200  

10.875%

      08/01/24          372        399,870  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A107

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		            Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Chemicals (cont’d.)

        

Tronox, Inc.,

 

Gtd. Notes, 144A

 

4.625%

    03/15/29(a)        900      $ 910,072  

Sr. Sec’d. Notes, 144A

 

6.500%

    05/01/25(a)        550        583,663  

Valvoline, Inc.,

 

Gtd. Notes, 144A

 

4.250%

    02/15/30        450        464,763  

Sr. Unsec’d. Notes, 144A

 

3.625%

    06/15/31        325        324,890  

Venator Finance Sarl/Venator Materials LLC,

 

Gtd. Notes, 144A

 

5.750%

    07/15/25(a)        1,155        1,138,858  

Sr. Sec’d. Notes, 144A

 

9.500%

    07/01/25        500        561,746  

W.R. Grace & Co.-Conn.,

 

Gtd. Notes, 144A

 

4.875%

    06/15/27        500        529,951  
          

 

 

  
                 17,391,625  
          

 

 

  

Coal — 0.1%

 

Coronado Finance Pty Ltd. (Australia),

 

Sr. Sec’d. Notes, 144A

 

10.750%

    05/15/26        375        398,863  
          

 

 

  

Commercial Services — 4.0%

 

Adtalem Global Education, Inc.,

 

Sr. Sec’d. Notes, 144A

 

5.500%

    03/01/28        270        274,722  

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

 

Sr. Sec’d. Notes, 144A

 

6.625%

    07/15/26        985        1,044,411  

Sr. Unsec’d. Notes, 144A

 

6.000%

    06/01/29(a)        1,025        1,038,560  

9.750%

    07/15/27(a)        1,325        1,459,554  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,

 

Sr. Sec’d. Notes, 144A

 

4.625%

    06/01/28(a)        660        662,780  

4.625%

    06/01/28        415        416,046  

Alta Equipment Group, Inc.,

 

Sec’d. Notes, 144A

 

5.625%

    04/15/26        375        385,286  

AMN Healthcare, Inc.,

 

Gtd. Notes, 144A

 

4.000%

    04/15/29        475        479,730  

4.625%

    10/01/27        575        597,152  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

 

Gtd. Notes, 144A

 

4.750%

    04/01/28(a)        550        563,706  

5.750%

    07/15/27(a)        575        600,054  

Brink’s Co. (The),

 

Gtd. Notes, 144A

 

5.500%

    07/15/25(a)        305        323,806  

Carriage Services, Inc.,

 

Gtd. Notes, 144A

 

4.250%

    05/15/29(a)        325        324,469  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Commercial Services (cont’d.)

 

CoreLogic, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.500%

      05/01/28          450      $ 446,220  

Gartner, Inc.,

 

Gtd. Notes, 144A

 

3.625%

      06/15/29          325        330,197  

3.750%

      10/01/30          225        230,184  

Metis Merger Sub LLC,

 

Sr. Unsec’d. Notes, 144A

 

6.500%

      05/15/29          1,275        1,255,336  

NESCO Holdings II, Inc.,

 

Sec’d. Notes, 144A

 

5.500%

      04/15/29(a)          650        678,297  

Nielsen Co. Luxembourg Sarl (The),

 

Gtd. Notes, 144A

 

5.000%

      02/01/25(a)          395        406,250  

Nielsen Finance LLC/Nielsen Finance Co.,

 

Gtd. Notes, 144A

 

4.500%

      07/15/29          300        300,645  

5.625%

      10/01/28          465        491,193  

5.875%

      10/01/30          165        179,681  

Sr. Unsec’d. Notes, 144A

 

4.750%

      07/15/31          250        250,734  

Service Corp. International,

 

Sr. Unsec’d. Notes

 

4.000%

      05/15/31(a)          550        560,860  

United Rentals North America, Inc.,

 

Gtd. Notes

 

3.875%

      02/15/31(a)          350        356,324  

4.000%

      07/15/30          275        283,009  

4.875%

      01/15/28(a)          4,000        4,245,117  

5.250%

      01/15/30          350        383,450  

Verscend Escrow Corp.,

 

Sr. Unsec’d. Notes, 144A

 

9.750%

      08/15/26          3,300        3,480,669  
          

 

 

  
                 22,048,442  
          

 

 

  

Computers — 2.0%

 

        

Banff Merger Sub, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

9.750%

      09/01/26(a)          3,325        3,505,070  

Everi Payments, Inc.,

 

Gtd. Notes, 144A

 

7.500%

      12/15/25(a)          1,417        1,474,058  

NCR Corp.,

 

Gtd. Notes, 144A

 

5.000%

      10/01/28          225        232,523  

5.125%

      04/15/29(a)          650        670,629  

5.250%

      10/01/30(a)          835        868,619  

8.125%

      04/15/25          275        300,249  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,

 

Sr. Sec’d. Notes, 144A

 

5.750%

      06/01/25          300        315,889  

Sr. Unsec’d. Notes, 144A

 

6.750%

      06/01/25(a)          3,384        3,441,122  
          

 

 

  
             10,808,159  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A108

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		            Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Distribution/Wholesale — 0.4%

 

Core & Main Holdings LP,

 

Sr. Unsec’d. Notes, 144A, Cash coupon 8.625% or PIK 9.375%

 

8.625%

    09/15/24        1,075      $ 1,098,094  

H&E Equipment Services, Inc.,

 

Gtd. Notes, 144A

 

3.875%

    12/15/28(a)        1,375        1,351,766  
          

 

 

  
             2,449,860  
          

 

 

  

Diversified Financial Services — 2.5%

 

Alliance Data Systems Corp.,

 

Gtd. Notes, 144A

 

4.750%

    12/15/24(a)        800        822,003  

Fairstone Financial, Inc. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

7.875%

    07/15/24        430        448,333  

goeasy Ltd. (Canada),

 

Gtd. Notes, 144A

 

4.375%

    05/01/26(a)        400        411,011  

5.375%

    12/01/24        100        103,550  

Home Point Capital, Inc.,

 

Gtd. Notes, 144A

 

5.000%

    02/01/26(a)        625        582,920  

LD Holdings Group LLC,

 

Gtd. Notes, 144A

 

6.125%

    04/01/28(a)        350        349,518  

LPL Holdings, Inc.,

 

Gtd. Notes, 144A

 

4.000%

    03/15/29        1,050        1,057,482  

4.375%

    05/15/31(a)        500        506,813  

Nationstar Mortgage Holdings, Inc.,

 

Gtd. Notes, 144A

 

5.125%

    12/15/30(a)        1,275        1,271,759  

5.500%

    08/15/28(a)        475        478,766  

6.000%

    01/15/27(a)        435        451,353  

OneMain Finance Corp.,

 

Gtd. Notes

 

4.000%

    09/15/30        375        371,679  

6.625%

    01/15/28        1,125        1,294,679  

6.875%

    03/15/25(a)        1,100        1,241,323  

7.125%

    03/15/26(a)        2,725        3,175,324  

PennyMac Financial Services, Inc.,

 

Gtd. Notes, 144A

 

4.250%

    02/15/29(a)        425        409,498  

5.375%

    10/15/25        575        605,202  
          

 

 

  
                 13,581,213  
          

 

 

  

Electric — 3.9%

 

Calpine Corp.,

 

Sr. Unsec’d. Notes, 144A

 

4.625%

    02/01/29(a)        1,632        1,612,366  

5.000%

    02/01/31(a)        1,925        1,914,615  

5.125%

    03/15/28(a)        4,900        4,981,500  

Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,

 

Gtd. Notes, 144A

 

9.000%

    12/01/23        57        54,856  

Interest

Rate

        Maturity    
Date		            Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Electric (cont’d.)

        

Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A

 

13.000%

    06/01/24        651      $ 520,163  

Mirant Corp.,

 

Sr. Unsec’d. Notes, 144A

 

0.000%(cc)

    07/15/49^        250        250  

NRG Energy, Inc.,

 

Gtd. Notes

 

5.750%

    01/15/28        525        559,896  

6.625%

    01/15/27        1,450        1,501,069  

7.250%

    05/15/26        50        51,939  

Gtd. Notes, 144A

 

3.375%

    02/15/29        275        269,344  

3.625%

    02/15/31(a)        675        662,898  

5.250%

    06/15/29(a)        775        825,202  

PG&E Corp.,

 

Sr. Sec’d. Notes

 

5.000%

    07/01/28(a)        935        946,183  

5.250%

    07/01/30(a)        2,705        2,741,468  

Vistra Operations Co. LLC,

 

Gtd. Notes, 144A

 

5.000%

    07/31/27        1,515        1,555,247  

5.500%

    09/01/26(a)        1,350        1,392,899  

5.625%

    02/15/27(a)        1,458        1,515,121  

Sr. Unsec’d. Notes, 144A

 

4.375%

    05/01/29        650        653,429  
          

 

 

  
             21,758,445  
          

 

 

  

Electrical Components & Equipment — 0.3%

 

   

Energizer Holdings, Inc.,

 

Gtd. Notes, 144A

 

4.375%

    03/31/29        200        200,287  

4.750%

    06/15/28        225        231,297  

WESCO Distribution, Inc.,

 

Gtd. Notes, 144A

 

7.125%

    06/15/25(a)        500        540,393  

7.250%

    06/15/28        835        929,838  
          

 

 

  
             1,901,815  
          

 

 

  

Electronics — 0.2%

        

Brightstar Escrow Corp.,

 

Sr. Sec’d. Notes, 144A

 

9.750%

    10/15/25(a)        900        970,403  

Sensata Technologies, Inc.,

 

Gtd. Notes, 144A

 

3.750%

    02/15/31        250        247,321  
          

 

 

  
                 1,217,724  
          

 

 

  

Engineering & Construction — 0.3%

 

AECOM,

 

Gtd. Notes

 

5.125%

    03/15/27(a)        650        724,224  

PowerTeam Services LLC,

 

Sr. Sec’d. Notes, 144A

 

9.033%

    12/04/25        550        605,009  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A109

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		            Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Engineering & Construction (cont’d.)

 

   

TopBuild Corp.,

 

Gtd. Notes, 144A

 

3.625%

    03/15/29        500      $ 495,307  
          

 

 

  
                 1,824,540  
          

 

 

  

Entertainment — 4.3%

        

AMC Entertainment Holdings, Inc.,

 

Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%

 

12.000%

    06/15/26        532        544,574  

Bally’s Corp.,

 

Gtd. Notes, 144A

 

6.750%

    06/01/27(a)        1,725        1,839,342  

Caesars Entertainment, Inc.,

 

Sr. Sec’d. Notes, 144A

 

6.250%

    07/01/25        405        429,593  

Sr. Unsec’d. Notes, 144A

 

8.125%

    07/01/27(a)        410        456,259  

Caesars Resort Collection LLC/CRC Finco, Inc.,

 

Gtd. Notes, 144A

 

5.250%

    10/15/25(a)        2,725        2,760,060  

CCM Merger, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

6.375%

    05/01/26        450        472,870  

Cedar Fair LP,

 

Gtd. Notes

 

5.250%

    07/15/29        250        257,710  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC,

 

Gtd. Notes, 144A

 

6.500%

    10/01/28(a)        375        404,623  

Churchill Downs, Inc.,

 

Gtd. Notes, 144A

 

4.750%

    01/15/28(a)        325        336,350  

Everi Holdings, Inc.,

 

Gtd. Notes, 144A

 

5.000%

    07/15/29        150        150,000  

Golden Entertainment, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

7.625%

    04/15/26        2,025        2,155,583  

International Game Technology PLC,

 

Sr. Sec’d. Notes, 144A

 

5.250%

    01/15/29(a)        700        750,706  

6.250%

    01/15/27(a)        450        513,196  

6.500%

    02/15/25(a)        975        1,090,903  

Jacobs Entertainment, Inc.,

 

Sec’d. Notes, 144A

 

7.875%

    02/01/24        1,325        1,381,949  

Merlin Entertainments Ltd. (United Kingdom),

 

Sec’d. Notes, 144A

 

5.750%

    06/15/26        200        210,272  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

 

Sr. Sec’d. Notes, 144A

 

4.875%

    05/01/29        850        851,457  

Motion Bondco DAC (United Kingdom),

 

Gtd. Notes, 144A

 

6.625%

    11/15/27(a)        1,100        1,119,252  

Interest

Rate

        Maturity    
Date		            Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Entertainment (cont’d.)

        

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

8.500%

    11/15/27        1,100      $ 1,180,518  

Penn National Gaming, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

4.125%

    07/01/29        250        249,717  

5.625%

    01/15/27(a)        1,525        1,584,476  

Scientific Games International, Inc.,

 

Gtd. Notes, 144A

 

8.250%

    03/15/26        2,847        3,057,337  

8.625%

    07/01/25(a)        1,075        1,176,511  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

 

Gtd. Notes, 144A

 

5.125%

    10/01/29(a)        470        497,403  

Sr. Unsec’d. Notes, 144A

 

7.750%

    04/15/25(a)        225        242,431  
          

 

 

  
                 23,713,092  
          

 

 

  

Environmental Control — 0.1%

 

   

Madison IAQ LLC,

 

Sr. Sec’d. Notes, 144A

 

4.125%

    06/30/28        350        353,440  

Sr. Unsec’d. Notes, 144A

 

5.875%

    06/30/29(a)        400        407,026  
          

 

 

  
             760,466  
          

 

 

  

Foods — 2.7%

 

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,

 

Gtd. Notes, 144A

 

3.500%

    03/15/29        1,250        1,235,149  

4.875%

    02/15/30        775        826,519  

B&G Foods, Inc.,

 

Gtd. Notes

 

5.250%

    09/15/27(a)        1,285        1,338,877  

C&S Group Enterprises LLC,

 

Gtd. Notes, 144A

 

5.000%

    12/15/28(a)        625        620,584  

Chobani LLC/Chobani Finance Corp., Inc.,

 

Gtd. Notes, 144A

 

7.500%

    04/15/25        225        234,068  

Sr. Sec’d. Notes, 144A

 

4.625%

    11/15/28        375        388,093  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,

 

Gtd. Notes, 144A

 

3.750%

    12/01/31        400        408,196  

6.500%

    04/15/29(a)        455        513,046  

Sr. Unsec’d. Notes, 144A

 

5.500%

    01/15/30(a)        775        860,624  

Kraft Heinz Foods Co.,

 

Gtd. Notes

 

4.375%

    06/01/46(a)        1,100        1,246,648  

4.875%

    10/01/49(a)        750        908,922  

5.000%

    07/15/35        225        275,410  

5.000%

    06/04/42        300        365,872  

5.200%

    07/15/45        250        310,662  

5.500%

    06/01/50(a)        750        978,771  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A110

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Foods (cont’d.)

 

Pilgrim’s Pride Corp.,

 

Gtd. Notes, 144A

 

   

4.250%

      04/15/31 (a)         700      $ 725,604  

5.875%

      09/30/27          2,150            2,293,039  

Post Holdings, Inc.,

 

Gtd. Notes, 144A

 

   

4.625%

      04/15/30 (a)         960        977,020  

Sr. Unsec’d. Notes, 144A

 

   

4.500%

      09/15/31          150        149,718  

U.S. Foods, Inc.,

 

Gtd. Notes, 144A

 

   

4.750%

      02/15/29 (a)         325        331,484  
          

 

 

  
             14,988,306  
          

 

 

  

Gas — 1.4%

 

AmeriGas Partners LP/AmeriGas Finance Corp.,

 

Sr. Unsec’d. Notes

 

   

5.500%

      05/20/25 (a)         1,475        1,623,355  

5.750%

      05/20/27 (a)         1,475        1,648,395  

5.875%

      08/20/26 (a)         975        1,091,707  

Ferrellgas Escrow LLC,

 

Sr. Unsec’d. Notes

 

   

8.956%

      03/30/31 ^         3,150        3,150,000  
          

 

 

  
             7,513,457  
          

 

 

  

Healthcare-Services — 4.0%

 

AHP Health Partners, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

   

5.750%

      07/15/29          125        126,719  

Catalent Pharma Solutions, Inc.,

 

Gtd. Notes, 144A

 

   

3.125%

      02/15/29          250        242,302  

DaVita, Inc.,

 

Gtd. Notes, 144A

 

   

3.750%

      02/15/31 (a)         1,525        1,464,185  

4.625%

      06/01/30 (a)         1,950        2,006,509  

HCA, Inc.,

 

Gtd. Notes

 

   

3.500%

      09/01/30          250        266,172  

7.050%

      12/01/27          1,750        2,108,485  

7.500%

      11/06/33 (a)         750        1,037,723  

Gtd. Notes, MTN

 

   

7.750%

      07/15/36          400        543,906  

LifePoint Health, Inc.,

 

Gtd. Notes, 144A

 

   

5.375%

      01/15/29 (a)         1,025        997,772  

MEDNAX, Inc.,

 

Gtd. Notes, 144A

 

   

6.250%

      01/15/27 (a)         875        926,656  

Prime Healthcare Services, Inc.,

 

Sr. Sec’d. Notes, 144A

 

   

7.250%

      11/01/25 (a)         1,175        1,272,609  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,

 

Gtd. Notes, 144A

 

   

9.750%

      12/01/26 (a)         2,325        2,504,303  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Healthcare-Services (cont’d.)

 

Surgery Center Holdings, Inc.,

 

Gtd. Notes, 144A

 

   

6.750%

      07/01/25 (a)         225      $ 229,467  

10.000%

      04/15/27 (a)         65        71,388  

Tenet Healthcare Corp.,

 

Gtd. Notes, 144A

 

   

6.125%

      10/01/28 (a)         1,800        1,915,309  

Sec’d. Notes, 144A

 

   

6.250%

      02/01/27 (a)         1,325        1,384,567  

Sr. Sec’d. Notes, 144A

 

   

4.250%

      06/01/29          1,250        1,267,283  

4.875%

      01/01/26 (a)         1,175        1,217,134  

Sr. Unsec’d. Notes

 

   

6.750%

      06/15/23          450        490,019  

6.875%

      11/15/31          2,025        2,293,856  
          

 

 

  
                 22,366,364  
          

 

 

  

Home Builders — 4.5%

 

Ashton Woods USA LLC/Ashton Woods Finance Co.,

 

Sr. Unsec’d. Notes, 144A

 

   

6.750%

      08/01/25          1,500        1,553,468  

9.875%

      04/01/27          975        1,090,144  

Beazer Homes USA, Inc.,

 

Gtd. Notes

 

   

5.875%

      10/15/27 (a)         1,225        1,286,772  

6.750%

      03/15/25 (a)         850        878,077  

7.250%

      10/15/29 (a)         1,275        1,412,744  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),

 

Gtd. Notes, 144A

 

   

4.875%

      02/15/30 (a)         1,175        1,165,981  

6.250%

      09/15/27 (a)         625        661,769  

Sr. Unsec’d. Notes, 144A

 

   

5.000%

      06/15/29          325        328,002  

Century Communities, Inc.,

 

Gtd. Notes

 

   

6.750%

      06/01/27          1,075        1,140,322  

Forestar Group, Inc.,

 

Gtd. Notes, 144A

 

   

3.850%

      05/15/26 (a)         350        353,674  

5.000%

      03/01/28 (a)         500        517,131  

KB Home,

 

Gtd. Notes

 

   

4.000%

      06/15/31 (a)         375        378,091  

4.800%

      11/15/29          350        379,288  

6.875%

      06/15/27          1,150        1,371,812  

M/I Homes, Inc.,

 

Gtd. Notes

 

   

4.950%

      02/01/28          625        653,113  

5.625%

      08/01/25          425        438,003  

Mattamy Group Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

   

4.625%

      03/01/30          1,000        1,023,406  

5.250%

      12/15/27          650        681,579  

Meritage Homes Corp.,

 

Gtd. Notes

 

   

5.125%

      06/06/27 (a)         525        588,447  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A111

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Home Builders (cont’d.)

 

6.000%

      06/01/25 (a)         1,125      $ 1,282,860  

Shea Homes LP/Shea Homes Funding Corp.,

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      02/15/28 (a)         550        564,929  

4.750%

      04/01/29          700        718,263  

STL Holding Co. LLC,

 

Sr. Unsec’d. Notes, 144A

 

7.500%

      02/15/26          550        579,088  

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27 (a)         625        708,417  

6.625%

      07/15/27          1,875        2,008,014  

Sr. Unsec’d. Notes, 144A

 

5.125%

      08/01/30          942        1,020,747  

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

 

Gtd. Notes, 144A

 

5.625%

      03/01/24          175        190,352  

5.875%

      04/15/23          1,150        1,228,079  

Tri Pointe Homes, Inc.,

 

Gtd. Notes

 

5.700%

      06/15/28          690        760,273  
          

 

 

  
                 24,962,845  
          

 

 

  

Home Furnishings — 0.1%

 

Tempur Sealy International, Inc.,

 

Gtd. Notes, 144A

 

4.000%

      04/15/29 (a)         625        635,592  
          

 

 

  

Household Products/Wares — 0.4%

 

ACCO Brands Corp.,

 

Gtd. Notes, 144A

 

4.250%

      03/15/29 (a)         825        816,976  

Central Garden & Pet Co.,

 

Gtd. Notes, 144A

 

4.125%

      04/30/31          175        177,017  

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),

 

Gtd. Notes, 144A

 

7.000%

      12/31/27          425        426,405  

Sr. Sec’d. Notes, 144A

 

5.000%

      12/31/26          150        152,972  

Spectrum Brands, Inc.,

 

Gtd. Notes, 144A

 

5.000%

      10/01/29 (a)         800        851,931  
          

 

 

  
             2,425,301  
          

 

 

  

Housewares — 0.2%

 

Scotts Miracle-Gro Co. (The),

 

Gtd. Notes

 

4.500%

      10/15/29          150        156,048  

Gtd. Notes, 144A

 

4.000%

      04/01/31 (a)         975        973,346  
          

 

 

  
             1,129,394  
          

 

 

  

Insurance — 0.1%

 

BroadStreet Partners, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.875%

      04/15/29          300        305,900  
          

 

 

  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Internet — 0.4%

 

Cablevision Lightpath LLC,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      09/15/27          275      $ 273,037  

Sr. Unsec’d. Notes, 144A

 

5.625%

      09/15/28          600        612,000  

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

 

Gtd. Notes, 144A

 

3.500%

      03/01/29          400        398,025  

NortonLifeLock, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.000%

      04/15/25 (a)         875        886,113  
          

 

 

  
                 2,169,175  
          

 

 

  

Iron/Steel — 0.5%

 

Big River Steel LLC/BRS Finance Corp.,

 

Sr. Sec’d. Notes, 144A

 

6.625%

      01/31/29 (a)         1,065        1,176,092  

TMS International Corp.,

 

Sr. Unsec’d. Notes, 144A

 

6.250%

      04/15/29          250        262,535  

United States Steel Corp.,

 

Sr. Unsec’d. Notes

 

6.875%

      03/01/29 (a)         1,295        1,387,013  
          

 

 

  
             2,825,640  
          

 

 

  

Leisure Time — 0.4%

 

NCL Corp. Ltd.,

 

Sr. Sec’d. Notes, 144A

 

10.250%

      02/01/26          755        883,487  

12.250%

      05/15/24          125        150,914  

Viking Cruises Ltd.,

 

Gtd. Notes, 144A

 

5.875%

      09/15/27          250        246,979  

Viking Ocean Cruises Ship VII Ltd.,

 

Sr. Sec’d. Notes, 144A

 

5.625%

      02/15/29          150        152,657  

Vista Outdoor, Inc.,

 

Gtd. Notes, 144A

 

4.500%

      03/15/29 (a)         525        534,147  
          

 

 

  
             1,968,184  
          

 

 

  

Lodging — 2.0%

 

Boyd Gaming Corp.,

 

Gtd. Notes

 

4.750%

      12/01/27          550        569,189  

Gtd. Notes, 144A

 

8.625%

      06/01/25          225        247,807  

Sr. Unsec’d. Notes, 144A

 

4.750%

      06/15/31 (a)         525        545,813  

Hilton Domestic Operating Co., Inc.,

 

Gtd. Notes

 

4.875%

      01/15/30 (a)         375        401,221  

Gtd. Notes, 144A

 

3.625%

      02/15/32          925        913,687  

4.000%

      05/01/31          1,025        1,035,119  

5.375%

      05/01/25          225        236,979  

5.750%

      05/01/28          250        270,478  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A112

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Lodging (cont’d.)

 

MGM Resorts International,

 

Gtd. Notes

 

4.625%

      09/01/26 (a)         350      $ 369,702  

4.750%

      10/15/28          1,900        2,019,867  

5.500%

      04/15/27 (a)         625        686,197  

6.750%

      05/01/25 (a)         1,250        1,338,386  

Travel + Leisure Co.,

 

Sr. Sec’d. Notes, 144A

 

4.625%

      03/01/30          350        361,290  

Wynn Macau Ltd. (Macau),

 

Sr. Unsec’d. Notes, 144A

 

5.125%

      12/15/29 (a)         675        695,430  

5.625%

      08/26/28          1,350        1,411,000  
          

 

 

  
             11,102,165  
          

 

 

  

Machinery-Construction & Mining — 0.1%

 

Terex Corp.,

 

Gtd. Notes, 144A

 

5.000%

      05/15/29 (a)         550        572,727  
          

 

 

  

Machinery-Diversified — 0.5%

 

GrafTech Finance, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.625%

      12/15/28          150        154,266  

Maxim Crane Works Holdings Capital LLC,

 

Sec’d. Notes, 144A

 

10.125%

      08/01/24          2,050        2,118,181  

TK Elevator US Newco, Inc. (Germany),

 

Sr. Sec’d. Notes, 144A

 

5.250%

      07/15/27 (a)         424        446,645  

Vertical Holdco GmbH (Germany),

 

Gtd. Notes, 144A

 

7.625%

      07/15/28          200        216,835  
          

 

 

  
             2,935,927  
          

 

 

  

Media — 6.3%

 

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes

 

4.500%

      05/01/32 (a)         3,965        4,104,711  

Sr. Unsec’d. Notes, 144A

 

4.250%

      02/01/31 (a)         3,700        3,771,021  

4.500%

      06/01/33 (a)         350        357,534  

4.750%

      03/01/30 (a)         2,375            2,509,622  

5.000%

      02/01/28          930        975,815  

5.375%

      06/01/29          200        218,549  

CSC Holdings LLC,

 

Gtd. Notes, 144A

 

3.375%

      02/15/31          1,190        1,124,141  

4.125%

      12/01/30          575        573,064  

5.375%

      02/01/28          200        211,387  

Sr. Unsec’d. Notes, 144A

 

4.625%

      12/01/30          3,275        3,212,285  

Diamond Sports Group LLC/Diamond Sports Finance Co.,

 

Gtd. Notes, 144A

 

6.625%

      08/15/27 (a)         5,640        2,766,225  

Sr. Sec’d. Notes, 144A

 

5.375%

      08/15/26 (a)         1,270        822,884  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Media (cont’d.)

 

DISH DBS Corp.,

 

Gtd. Notes

 

5.000%

      03/15/23 (a)         285      $ 298,695  

7.375%

      07/01/28 (a)         265        285,232  

7.750%

      07/01/26 (a)         2,990        3,384,623  

Gtd. Notes, 144A

 

5.125%

      06/01/29          625        617,719  

Gray Television, Inc.,

 

Gtd. Notes, 144A

 

4.750%

      10/15/30          350        348,515  

5.875%

      07/15/26          1,335        1,378,564  

iHeartCommunications, Inc.,

 

Sr. Sec’d. Notes

 

6.375%

      05/01/26 (a)         325        345,767  

Midcontinent Communications/Midcontinent Finance Corp.,

 

Gtd. Notes, 144A

 

5.375%

      08/15/27          300        314,966  

News Corp.,

 

Sr. Unsec’d. Notes, 144A

 

3.875%

      05/15/29          425        429,219  

Nexstar Broadcasting, Inc.,

 

Gtd. Notes, 144A

 

4.750%

      11/01/28 (a)         400        411,182  

Radiate Holdco LLC/Radiate Finance, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.500%

      09/15/26 (a)         505        522,590  

Sr. Unsec’d. Notes, 144A

 

6.500%

      09/15/28 (a)         750        787,769  

Scripps Escrow II, Inc.,

 

Sr. Sec’d. Notes, 144A

 

3.875%

      01/15/29          250        248,026  

Sr. Unsec’d. Notes, 144A

 

5.375%

      01/15/31          200        199,465  

Scripps Escrow, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      07/15/27 (a)         310        320,984  

Sinclair Television Group, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      03/15/26 (a)         275        283,333  

Univision Communications, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.500%

      05/01/29 (a)         300        302,255  

5.125%

      02/15/25 (a)         1,760        1,795,552  

6.625%

      06/01/27 (a)         1,275        1,381,506  

Urban One, Inc.,

 

Sr. Sec’d. Notes, 144A

 

7.375%

      02/01/28          355        383,449  
          

 

 

  
                 34,686,649  
          

 

 

  

Mining — 2.4%

 

Constellium SE,

 

Gtd. Notes, 144A

 

5.875%

      02/15/26 (a)         1,425        1,467,109  

Eldorado Gold Corp. (Turkey),

 

Sec’d. Notes, 144A

 

9.500%

      06/01/24          1,014        1,099,544  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A113

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Mining (cont’d.)

 

First Quantum Minerals Ltd. (Zambia),

 

Gtd. Notes, 144A

 

6.875%

      10/15/27 (a)         640      $ 696,753  

7.250%

      04/01/23 (a)         735        748,839  

7.500%

      04/01/25          1,775            1,841,890  

Freeport-McMoRan, Inc.,

 

Gtd. Notes

 

4.375%

      08/01/28          825        870,647  

4.625%

      08/01/30 (a)         475        519,826  

Hecla Mining Co.,

 

Gtd. Notes

 

7.250%

      02/15/28          575        629,171  

Hudbay Minerals, Inc. (Canada),

 

Gtd. Notes, 144A

 

4.500%

      04/01/26          300        301,425  

6.125%

      04/01/29 (a)         995        1,060,035  

IAMGOLD Corp. (Burkina Faso),

 

Gtd. Notes, 144A

 

5.750%

      10/15/28 (a)         850        884,433  

New Gold, Inc. (Canada),

 

Gtd. Notes, 144A

 

6.375%

      05/15/25          421        434,772  

Sr. Unsec’d. Notes, 144A

 

7.500%

      07/15/27 (a)         1,175        1,275,080  

Novelis Corp.,

 

Gtd. Notes, 144A

 

4.750%

      01/30/30          50        52,485  

5.875%

      09/30/26 (a)         1,210        1,259,776  
          

 

 

  
             13,141,785  
          

 

 

  

Miscellaneous Manufacturing — 1.7%

 

Amsted Industries, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      07/01/27          425        448,049  

Sr. Unsec’d. Notes, 144A

 

4.625%

      05/15/30 (a)         570        584,470  

Bombardier, Inc. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

7.125%

      06/15/26 (a)         700        732,879  

7.450%

      05/01/34          375        404,629  

7.500%

      12/01/24          2,600        2,720,880  

7.500%

      03/15/25          950        978,271  

7.875%

      04/15/27 (a)         3,250        3,369,091  
          

 

 

  
             9,238,269  
          

 

 

  

Office/Business Equipment — 0.1%

 

CDW LLC/CDW Finance Corp.,

 

Gtd. Notes

 

3.250%

      02/15/29          305        308,536  
          

 

 

  

Oil & Gas — 7.2%

 

Aethon United BR LP/Aethon United Finance Corp.,

 

Sr. Unsec’d. Notes, 144A

 

8.250%

      02/15/26          725        785,252  

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,

 

Sr. Unsec’d. Notes

 

7.875%

      12/15/24 (d)         5,200        6,500  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Antero Resources Corp.,

 

Gtd. Notes

 

5.000%

      03/01/25          1,845      $     1,890,197  

Gtd. Notes, 144A

 

5.375%

      03/01/30 (a)         625        637,814  

7.625%

      02/01/29 (a)         900        1,000,732  

8.375%

      07/15/26          50        56,859  

Apache Corp.,

 

Sr. Unsec’d. Notes

 

4.375%

      10/15/28 (a)         275        292,877  

4.750%

      04/15/43 (a)         400        415,825  

5.100%

      09/01/40          750        787,563  

5.250%

      02/01/42          50        52,918  

5.350%

      07/01/49          75        79,084  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

 

Gtd. Notes, 144A

 

7.000%

      11/01/26 (a)         1,750        1,825,781  

9.000%

      11/01/27 (a)         726        1,002,854  

Chesapeake Energy Corp.,

 

Gtd. Notes, 144A

 

5.500%

      02/01/26          300        316,563  

5.875%

      02/01/29          300        324,428  

Citgo Holding, Inc.,

 

Sr. Sec’d. Notes, 144A

 

9.250%

      08/01/24 (a)         1,350        1,377,151  

CITGO Petroleum Corp.,

 

Sr. Sec’d. Notes, 144A

 

7.000%

      06/15/25          1,525        1,588,413  

CNX Resources Corp.,

 

Gtd. Notes, 144A

 

7.250%

      03/14/27          1,375        1,474,299  

Comstock Resources, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      01/15/30          450        459,479  

6.750%

      03/01/29 (a)         825        878,744  

Continental Resources, Inc.,

 

Gtd. Notes

 

4.900%

      06/01/44          275        310,151  

Gtd. Notes, 144A

 

5.750%

      01/15/31          400        479,184  

CrownRock LP/CrownRock Finance, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.000%

      05/01/29          200        209,765  

5.625%

      10/15/25          350        362,148  

Endeavor Energy Resources LP/EER Finance, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.750%

      01/30/28          1,500        1,599,340  

6.625%

      07/15/25          230        246,468  

EQT Corp.,

 

Sr. Unsec’d. Notes

 

3.900%

      10/01/27 (a)         1,275        1,366,118  

5.000%

      01/15/29          225        250,991  

8.500%(cc)

      02/01/30          175        227,702  

Hilcorp Energy I LP/Hilcorp Finance Co.,

 

Sr. Unsec’d. Notes, 144A

 

5.750%

      10/01/25          975        990,514  

5.750%

      02/01/29          200        208,499  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A114

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Oil & Gas (cont’d.)

 

        

6.000%

      02/01/31          200      $ 211,920  

6.250%

      11/01/28 (a)         900        956,351  

MEG Energy Corp. (Canada),

 

Gtd. Notes, 144A

 

5.875%

      02/01/29 (a)         450        472,789  

7.125%

      02/01/27          1,277            1,362,750  

Nabors Industries Ltd.,

 

        

Gtd. Notes, 144A

 

        

7.250%

      01/15/26          900        882,195  

7.500%

      01/15/28          1,250        1,206,445  

Nabors Industries, Inc.,

 

        

Gtd. Notes

 

5.750%

      02/01/25          1,300        1,195,914  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

        

2.700%

      02/15/23 (a)         1,425        1,456,781  

2.900%

      08/15/24 (a)         1,025        1,048,091  

4.100%

      02/15/47          100        93,043  

5.500%

      12/01/25          200        220,988  

5.550%

      03/15/26          50        55,313  

5.875%

      09/01/25 (a)         425        473,231  

6.125%

      01/01/31 (a)         300        352,755  

6.625%

      09/01/30          200        240,572  

7.150%

      05/15/28          275        313,561  

Ovintiv, Inc.,

 

Gtd. Notes

 

6.500%

      08/15/34          450        592,470  

6.500%

      02/01/38          225        300,211  

6.625%

      08/15/37          100        133,565  

Parkland Corp. (Canada),

 

        

Gtd. Notes, 144A

 

        

4.500%

      10/01/29 (a)         500        507,759  

Precision Drilling Corp. (Canada),

 

Gtd. Notes, 144A

 

        

6.875%

      01/15/29          200        206,687  

7.125%

      01/15/26 (a)         1,225        1,263,024  

Range Resources Corp.,

 

        

Gtd. Notes

 

4.875%

      05/15/25          1,075        1,116,157  

9.250%

      02/01/26          600        661,708  

Seventy Seven Energy, Inc.,

 

Sr. Unsec’d. Notes

 

        

6.500%

      07/15/22^ (d)         275        3  

Sunoco LP/Sunoco Finance Corp.,

 

Gtd. Notes

 

5.500%

      02/15/26 (a)         850        875,850  

5.875%

      03/15/28          100        106,268  

Gtd. Notes, 144A

 

        

4.500%

      05/15/29 (a)         450        459,252  

Transocean, Inc.,

 

        

Gtd. Notes, 144A

 

        

7.250%

      11/01/25          325        282,522  

7.500%

      01/15/26          875        752,224  

8.000%

      02/01/27          525        440,773  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Oil & Gas (cont’d.)

 

        

Vine Energy Holdings LLC,

 

Gtd. Notes, 144A

 

        

6.750%

      04/15/29          400      $ 421,032  
          

 

 

  
                 40,166,417  
          

 

 

  

Packaging & Containers — 0.9%

 

ARD Finance SA (Luxembourg),

 

Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%

 

6.500%

      06/30/27          1,375        1,442,762  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.125%

      08/15/26 (a)         375        387,128  

Sr. Unsec’d. Notes, 144A

 

5.250%

      08/15/27          825        842,399  

Graham Packaging Co., Inc.,

 

Gtd. Notes, 144A

 

        

7.125%

      08/15/28          220        237,099  

Intelligent Packaging Holdco Issuer LP (Canada),

 

Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%

 

9.000%

      01/15/26          400        410,817  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),

 

Sr. Sec’d. Notes, 144A

 

6.000%

      09/15/28          450        469,479  

Owens-Brockway Glass Container, Inc.,

 

Gtd. Notes, 144A

 

        

6.375%

      08/15/25          200        223,310  

6.625%

      05/13/27 (a)         725        789,100  
          

 

 

  
             4,802,094  
          

 

 

  

Pharmaceuticals — 2.7%

 

AdaptHealth LLC,

 

        

Gtd. Notes, 144A

 

        

4.625%

      08/01/29 (a)         725        734,622  

6.125%

      08/01/28 (a)         820        873,043  

Bausch Health Americas, Inc.,

 

Gtd. Notes, 144A

 

        

8.500%

      01/31/27 (a)         400        434,766  

Bausch Health Cos., Inc.,

 

Gtd. Notes, 144A

 

        

5.000%

      01/30/28 (a)         1,350        1,282,808  

5.000%

      02/15/29 (a)         350        326,274  

5.250%

      01/30/30 (a)         525        489,812  

5.250%

      02/15/31 (a)         1,075        1,003,268  

6.125%

      04/15/25          1,693        1,734,777  

6.250%

      02/15/29 (a)         4,060        4,014,975  

7.000%

      01/15/28 (a)         675        696,937  

Sr. Sec’d. Notes, 144A

 

4.875%

      06/01/28          200        204,532  

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

 

Gtd. Notes, 144A

 

        

6.000%

      06/30/28 (a)         631        425,108  

Sec’d. Notes, 144A

 

9.500%

      07/31/27 (a)         63        64,444  

Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.,

 

Sr. Sec’d. Notes, 144A

 

6.125%

      04/01/29          450        441,084  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A115

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Pharmaceuticals (cont’d.)

 

Jazz Securities DAC,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      01/15/29 (a)         325      $ 337,197  

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

 

Sr. Unsec’d. Notes, 144A

 

5.125%

      04/30/31 (a)         475        489,298  

P&L Development LLC/PLD Finance Corp.,

 

   

Sr. Sec’d. Notes, 144A

 

7.750%

      11/15/25          700        740,484  

Prestige Brands, Inc.,

 

Gtd. Notes, 144A

 

3.750%

      04/01/31          450        434,731  
          

 

 

  
                 14,728,160  
          

 

 

  

Pipelines — 3.5%

 

        

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

 

Gtd. Notes, 144A

 

5.375%

      06/15/29          750        783,238  

5.750%

      01/15/28 (a)         1,825        1,920,279  

Cheniere Energy Partners LP,

 

Gtd. Notes, 144A

 

4.000%

      03/01/31          900        941,029  

Cheniere Energy, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.625%

      10/15/28          2,450        2,584,592  

DCP Midstream Operating LP,

 

Gtd. Notes

 

5.625%

      07/15/27 (a)         395        450,060  

Gtd. Notes, 144A

 

6.450%

      11/03/36          200        234,671  

Energy Transfer LP,

 

Jr. Sub. Notes, Series G

 

7.125%(ff)

      05/15/30 (oo)         775        800,085  

EQM Midstream Partners LP,

 

Sr. Unsec’d. Notes

 

4.750%

      07/15/23          110        114,842  

5.500%

      07/15/28          50        54,016  

Sr. Unsec’d. Notes, 144A

 

6.000%

      07/01/25          275        299,065  

6.500%

      07/01/27          810        903,008  

Global Partners LP/GLP Finance Corp.,

 

Gtd. Notes

 

6.875%

      01/15/29          400        429,008  

7.000%

      08/01/27          260        275,871  

Rockies Express Pipeline LLC,

 

Sr. Unsec’d. Notes, 144A

 

6.875%

      04/15/40 (a)         2,269        2,414,698  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

 

Gtd. Notes, 144A

 

        

5.500%

      09/15/24          454        461,442  

5.500%

      01/15/28 (a)         1,175        1,193,320  

6.000%

      12/31/30          425        442,775  

7.500%

      10/01/25          175        190,662  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

 

Gtd. Notes

 

5.000%

      01/15/28 (a)         300        316,881  

5.375%

      02/01/27 (a)         275        286,415  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Pipelines (cont’d.)

 

5.500%

      03/01/30 (a)         655      $ 720,054  

5.875%

      04/15/26 (a)         375        393,455  

Gtd. Notes, 144A

 

        

4.875%

      02/01/31 (a)         450        487,011  

Western Midstream Operating LP,

 

Sr. Unsec’d. Notes

 

        

3.950%

      06/01/25          575        597,061  

4.350%

      02/01/25 (a)         650        686,770  

5.300%

      02/01/30 (a)         1,075        1,207,234  

5.450%

      04/01/44          75        80,735  

5.500%

      08/15/48 (a)         300        327,143  
          

 

 

  
                 19,595,420  
          

 

 

  

Real Estate — 1.2%

 

        

Five Point Operating Co. LP/Five Point Capital Corp.,

 

Gtd. Notes, 144A

 

        

7.875%

      11/15/25 (a)         1,675        1,768,677  

Greystar Real Estate Partners LLC,

 

Sr. Sec’d. Notes, 144A

 

        

5.750%

      12/01/25          1,825        1,875,934  

Howard Hughes Corp. (The),

 

Gtd. Notes, 144A

 

        

4.125%

      02/01/29          325        324,976  

4.375%

      02/01/31 (a)         500        498,035  

5.375%

      08/01/28          720        764,004  

Hunt Cos., Inc.,

 

Sr. Sec’d. Notes, 144A

 

        

5.250%

      04/15/29          1,525        1,484,133  
          

 

 

  
             6,715,759  
          

 

 

  

Real Estate Investment Trusts (REITs) — 2.5%

 

   

Diversified Healthcare Trust,

 

Gtd. Notes

 

4.375%

      03/01/31 (a)         275        263,839  

9.750%

      06/15/25 (a)         1,775        1,969,740  

Sr. Unsec’d. Notes

 

        

4.750%

      02/15/28 (a)         1,325        1,313,189  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,

 

Gtd. Notes

 

4.500%

      01/15/28 (a)         1,175        1,243,187  

Gtd. Notes, 144A

 

        

4.625%

      06/15/25          185        197,586  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

      03/15/31 (a)         700        707,081  

5.000%

      10/15/27 (a)         1,075        1,139,919  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

 

Sr. Sec’d. Notes, 144A

 

        

5.875%

      10/01/28 (a)         525        558,686  

7.500%

      06/01/25 (a)         1,585        1,717,606  

RHP Hotel Properties LP/RHP Finance Corp.,

 

   

Gtd. Notes, 144A

 

        

4.500%

      02/15/29          250        251,250  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A116

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

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

 

RLJ Lodging Trust LP,

 

Sr. Sec’d. Notes, 144A

 

3.750%

      07/01/26          250      $ 252,594  

Sabra Health Care LP,

 

Gtd. Notes

 

5.125%

      08/15/26                   300        337,659  

SBA Communications Corp.,

 

Sr. Unsec’d. Notes, 144A

 

3.125%

      02/01/29 (a)         375        362,141  

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,

 

Gtd. Notes, 144A

 

        

7.125%

      12/15/24          305        315,470  

Sr. Sec’d. Notes, 144A

 

7.875%

      02/15/25          805        862,206  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,

 

Sr. Sec’d. Notes, 144A

 

4.750%

      04/15/28 (a)         400        399,596  

VICI Properties LP/VICI Note Co., Inc.,

 

Gtd. Notes, 144A

 

        

3.750%

      02/15/27          225        229,770  

4.625%

      12/01/29 (a)         1,725        1,833,256  
          

 

 

  
                 13,954,775  
          

 

 

  

Retail — 2.5%

 

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

 

Sec’d. Notes, 144A

 

4.000%

      10/15/30 (a)         2,200        2,128,881  

Sr. Sec’d. Notes, 144A

 

3.500%

      02/15/29          275        271,819  

3.875%

      01/15/28          200        202,500  

Ambience Merger Sub, Inc.,

 

Gtd. Notes, 144A

 

        

7.125%

      07/15/29          275        277,750  

Sr. Sec’d. Notes, 144A

 

4.875%

      07/15/28          100        100,250  

Brinker International, Inc.,

 

Gtd. Notes, 144A

 

        

5.000%

      10/01/24          425        448,533  

Sr. Unsec’d. Notes

 

3.875%

      05/15/23 (a)         725        749,131  

Caleres, Inc.,

 

Gtd. Notes

 

6.250%

      08/15/23          100        100,250  

eG Global Finance PLC (United Kingdom),

 

   

Sr. Sec’d. Notes, 144A

 

8.500%

      10/30/25 (a)         1,075        1,135,872  

Foundation Building Materials, Inc.,

 

Gtd. Notes, 144A

 

        

6.000%

      03/01/29          500        495,538  

Golden Nugget, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

6.750%

      10/15/24 (a)         1,750        1,762,711  

GYP Holdings III Corp.,

 

Gtd. Notes, 144A

 

        

4.625%

      05/01/29          175        175,752  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

LBM Acquisition LLC,

 

        

Gtd. Notes, 144A

 

        

6.250%

      01/15/29          200      $ 201,515  

LCM Investments Holdings II LLC,

 

Sr. Unsec’d. Notes, 144A

 

        

4.875%

      05/01/29 (a)         325        333,233  

Murphy Oil USA, Inc.,

 

        

Gtd. Notes, 144A

 

        

3.750%

      02/15/31                   250        247,210  

Park River Holdings, Inc.,

 

        

Gtd. Notes, 144A

 

        

5.625%

      02/01/29 (a)         1,370        1,333,441  

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25 (a)         2,600        2,684,376  

Suburban Propane Partners LP/Suburban Energy Finance Corp.,

 

Sr. Unsec’d. Notes

 

        

5.875%

      03/01/27 (a)         350        368,067  

Superior Plus LP/Superior General Partner, Inc. (Canada),

 

Gtd. Notes, 144A

 

        

4.500%

      03/15/29          275        283,202  

White Cap Buyer LLC,

 

        

Sr. Unsec’d. Notes, 144A

 

        

6.875%

      10/15/28          425        453,376  
          

 

 

  
                 13,753,407  
          

 

 

  

Semiconductors — 0.3%

 

Microchip Technology, Inc.,

 

        

Gtd. Notes

 

4.250%

      09/01/25 (a)         1,470        1,543,923  
          

 

 

  

Software — 1.2%

 

        

Black Knight InfoServ LLC,

 

        

Gtd. Notes, 144A

 

        

3.625%

      09/01/28 (a)         1,410        1,404,613  

Boxer Parent Co., Inc.,

 

        

Sr. Sec’d. Notes, 144A

 

        

7.125%

      10/02/25 (a)         325        347,844  

BY Crown Parent LLC,

 

        

Gtd. Notes, 144A

 

        

7.375%

      10/15/24          1,555        1,582,501  

Clarivate Science Holdings Corp.,

 

Sr. Unsec’d. Notes, 144A

 

        

4.875%

      06/30/29 (a)         500        513,050  

Dun & Bradstreet Corp. (The),

 

Gtd. Notes, 144A

 

        

10.250%

      02/15/27 (a)         765        843,947  

Sr. Sec’d. Notes, 144A

 

        

6.875%

      08/15/26          1,019        1,080,498  

MicroStrategy, Inc.,

 

        

Sr. Sec’d. Notes, 144A

 

        

6.125%

      06/15/28 (a)         325        324,767  

Rackspace Technology Global, Inc.,

 

Sr. Sec’d. Notes, 144A

 

        

3.500%

      02/15/28 (a)         450        435,362  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A117

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Software (cont’d.)

 

Rocket Software, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

6.500%

      02/15/29 (a)         375      $ 371,856  
          

 

 

  
             6,904,438  
          

 

 

  

Telecommunications — 6.1%

 

Altice France SA (France),

 

Sr. Sec’d. Notes, 144A

 

5.125%

      07/15/29 (a)         375        379,285  

7.375%

      05/01/26          2,490        2,588,467  

CommScope Technologies LLC,

 

Gtd. Notes, 144A

 

6.000%

      06/15/25          1,771        1,809,146  

Digicel Group Holdings Ltd. (Jamaica),

 

Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000%

 

10.000%

      04/01/24          1,783        1,739,726  

Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% or PIK 8.000%

 

8.000%

      04/01/25          652        553,377  

Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),

 

Gtd. Notes, 144A

 

8.000%

      12/31/26 (a)         363        354,269  

Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%

 

13.000%

      12/31/25 (a)         1,517        1,522,531  

Sr. Sec’d. Notes, 144A

 

        

8.750%

      05/25/24          1,050        1,094,227  

8.750%

      05/25/24          1,058        1,102,164  

Digicel Ltd. (Jamaica),

 

Gtd. Notes, 144A

 

6.750%

      03/01/23          4,710        4,506,595  

Intelsat Jackson Holdings SA (Luxembourg),

 

   

Gtd. Notes

 

5.500%

      08/01/23 (d)         1,595        913,990  

Gtd. Notes, 144A

 

        

9.750%

      07/15/25 (d)         3,955        2,309,210  

Intelsat Luxembourg SA (Luxembourg),

 

Gtd. Notes

 

8.125%

      06/01/23 (d)         1,690        58,620  

Intrado Corp.,

 

Gtd. Notes, 144A

 

8.500%

      10/15/25 (a)         3,454        3,374,411  

Level 3 Financing, Inc.,

 

Gtd. Notes, 144A

 

3.750%

      07/15/29          270        262,561  

Lumen Technologies, Inc.,

 

Sr. Unsec’d. Notes, Series P

 

7.600%

      09/15/39 (a)         1,185        1,346,615  

Sr. Unsec’d. Notes, Series U

 

7.650%

      03/15/42          1,100        1,234,704  

Northwestern Bell Telephone,

 

Sr. Unsec’d. Notes

 

7.750%

      05/01/30          100        127,033  

Sprint Capital Corp.,

 

Gtd. Notes

 

6.875%

      11/15/28          430        551,668  

8.750%

      03/15/32 (a)         731            1,110,778  

Interest

Rate

        Maturity    
Date		              Principal    
Amount
(000)#		      Value  

CORPORATE BONDS (continued)

 

   

Telecommunications (cont’d.)

 

Sprint Corp.,

 

Gtd. Notes

 

7.625%

      02/15/25 (a)         1,385      $ 1,645,137  

7.625%

      03/01/26 (a)         500        611,672  

7.875%

      09/15/23          1,175        1,335,738  

Switch Ltd.,

 

Gtd. Notes, 144A

 

4.125%

      06/15/29          275        281,915  

Viasat, Inc.,

 

Sr. Sec’d. Notes, 144A

 

5.625%

      04/15/27          275        287,014  

Sr. Unsec’d. Notes, 144A

 

5.625%

      09/15/25 (a)         525        534,876  

6.500%

      07/15/28 (a)         430        458,564  

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

 

Sr. Sec’d. Notes, 144A

 

7.750%

      08/15/28 (a)         570        590,015  

Zayo Group Holdings, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.000%

      03/01/27          115        114,244  

Sr. Unsec’d. Notes, 144A

 

6.125%

      03/01/28 (a)         1,125        1,148,717  
          

 

 

  
             33,947,269  
          

 

 

  

Toys/Games/Hobbies — 0.0%

 

Mattel, Inc.,

 

Gtd. Notes, 144A

 

        

3.375%

      04/01/26          125        129,586  
          

 

 

  

Transportation — 0.0%

 

XPO Logistics, Inc.,

 

Gtd. Notes, 144A

 

6.250%

      05/01/25          170        180,863  
          

 

 

  

Trucking & Leasing — 0.0%

 

Fortress Transportation & Infrastructure Investors LLC,

 

Sr. Unsec’d. Notes, 144A

 

        

5.500%

      05/01/28          200        208,330  
          

 

 

  

TOTAL CORPORATE BONDS
(cost $466,471,181)

 

          482,424,627  
          

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%

 

Adjustable Rate Mortgage Trust,

 

Series 2005-07, Class 1A1

 

2.721%(cc)

      10/25/35          4        3,235  

Alternative Loan Trust,

 

Series 2005-43, Class 4A3

 

2.842%(cc)

      10/25/35          2        1,834  

Series 2006-HY13, Class 4A1

 

3.051%(cc)

      02/25/37          2        2,199  

Series 2006-OA09, Class 2A1A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)

 

0.513%(c)

      07/20/46          3        2,313  

American Home Mortgage Assets Trust,

 

Series 2006-04, Class 1A12, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)

 

0.302%(c)

      10/25/46          18        12,000  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A118

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		               Principal    
Amount
(000)#		     Value  

RESIDENTIAL MORTGAGE-BACKED SECURITIES

(continued)

 

 

American Home Mortgage Investment Trust,

 

  

Series 2005-02, Class 4A1, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)

 

1.671%(c)

      09/25/45           — (r)    $ 273  

Banc of America Funding Trust,

 

  

Series 2006-B, Class 2A1

 

  

2.919%(cc)

      03/20/36           4       4,237  

Citigroup Mortgage Loan Trust,

 

  

Series 2007-10, Class 22AA

 

  

3.234%(cc)

      09/25/37           9       9,177  

HarborView Mortgage Loan Trust,

 

  

Series 2006-05, Class 2A1A, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%)

 

0.453%(c)

      07/19/46           5       3,049  

IndyMac INDX Mortgage Loan Trust,

 

  

Series 2006-AR12, Class A1, 1 Month LIBOR + 0.190% (Cap N/A, Floor 0.190%)

 

0.282%(c)

      09/25/46           4       3,726  

JPMorgan Mortgage Trust,

 

  

Series 2007-S03, Class 1A96

 

  

6.000%

      08/25/37           12       8,598  

MASTR Adjustable Rate Mortgages Trust,

 

  

Series 2006-OA01, Class 1A1, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)

 

0.302%(c)

      04/25/46           2       1,950  

RALI Trust,

           

Series 2006-QA02, Class 3A1

 

  

5.445%(cc)

      02/25/36           12       9,692  

Residential Asset Securitization Trust,

 

  

Series 2007-A05, Class 2A3

 

  

6.000%

      05/25/37           3       2,376  

WaMu Mortgage Pass-Through Certificates Trust,

 

  

Series 2007-HY01, Class 2A3

 

  

3.000%(cc)

      02/25/37           2       2,188  

Series 2007-HY01, Class 4A1

 

  

3.031%(cc)

      02/25/37           3       2,907  
          

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $64,672)

 

     69,754  
          

 

 

  
                

    Shares    

        

COMMON STOCKS — 3.5%

 

  

Chemicals — 0.1%

 

  

Hexion Holdings Corp. (Class B Stock)*

      23,260       430,310  
          

 

 

  

Electric Utilities — 0.4%

 

  

GenOn Energy Holdings, Inc. (Class A Stock)*^

      11,836       1,657,040  

Keycon Power Holdings LLC*^

      2,150       303,150  
          

 

 

  
                 1,960,190  
          

 

 

  

Gas Utilities — 0.7%

 

  

Ferrellgas Partners LP (Class B Stock)*

      18,116       4,004,995  
          

 

 

  

Independent Power & Renewable Electricity Producers — 0.1%

 

Vistra Corp.

 

         44,042       816,979  
          

 

 

  
     Shares      Value  

COMMON STOCKS (continued)

 

Oil, Gas & Consumable Fuels — 2.2%

 

Chesapeake Energy Corp.(a)

      167,802      $ 8,712,280  

Chesapeake Energy Corp. Backstop Commitment*^

      1,220        62,629  

Extraction Oil & Gas, Inc.*

      64,683        3,551,743  
     

 

 

  
        12,326,652  
     

 

 

  

TOTAL COMMON STOCKS
(cost $9,825,557)

 

      19,539,126  
     

 

 

  

PREFERRED STOCKS — 0.1%

 

Capital Markets — 0.1%

      

Goldman Sachs Group, Inc. (The),

 

Series K, 6.375%(c), 3 Month LIBOR + 3.550%, Maturing 05/10/24(oo)

      11,850        348,390  
     

 

 

  

Construction Materials — 0.0%

 

New Millennium Homes LLC, Maturing 01/01/49^

      408        2,859  
     

 

 

  

Media — 0.0%

      

Adelphia Communications Corp.^

      700        1  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $296,917)

 

      351,250  
     

 

 

  
    

    Units    

         

WARRANTS* — 0.0%

      

Hotels, Restaurants & Leisure

      

CEC Brands LLC, expiring 12/31/25 (cost $0)

      41,205        138,037  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $499,976,861)

 

          526,376,597  
     

 

 

  
    

    Shares    

         

SHORT-TERM INVESTMENTS — 36.6%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond Fund(wa)

      20,211,484        20,211,484  

PGIM Institutional Money Market Fund
(cost $182,848,335; includes $182,837,236 of cash collateral for securities on loan)(b)(wa)

      182,977,187        182,867,401  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $203,059,819)

 

      203,078,885  
     

 

 

  

TOTAL INVESTMENTS—131.5%
(cost $703,036,680)

 

      729,455,482  

Liabilities in excess of other assets(z) — (31.5)%

 

      (174,756,704 ) 
     

 

 

  

NET ASSETS — 100.0%

       $ 554,698,778  
     

 

 

  

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

 

*

Non-income producing security.

#

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

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,343,256 and 0.9% of net assets.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A119

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $179,704,369; cash collateral of $182,837,236 (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, 2021.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.

(oo)

Perpetual security. Maturity date represents next call date.

(r)

Principal or notional amount is less than $500 par.

(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, 2021:

 

Number

of

Contracts

   

Type

    Expiration
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:               

111

    2 Year U.S. Treasury Notes        Sep. 2021      $ 24,455,555      $ (37,493 )

298

    5 Year U.S. Treasury Notes        Sep. 2021        36,782,047        (86,724 )

132

    10 Year U.S. Treasury Notes        Sep. 2021        17,490,000        67,131

14

    20 Year U.S. Treasury Bonds        Sep. 2021        2,250,500        59,026
                 

 

 

  
                    1,940
                 

 

 

  
Short Position:               

20

    30 Year U.S. Ultra Treasury Bonds        Sep. 2021        3,853,750        (164,304 )
                 

 

 

  
                  $ (162,364 )
                 

 

 

  

Credit default swap agreements outstanding at June 30, 2021:

 

Reference Entity/

Obligation

    Termination
Date		        Fixed    
Rate		   Notional
Amount
(000)#(3)		    Implied Credit
Spread at
June 30,
2021(4)		   Value at
Trade Date		   Value at
June 30,
2021		   Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):

 

CDX.NA.HY.36.V1

        06/20/26        5.000 %(Q)       4,225        2.737 %     $ (394,534 )     $ (438,474 )     $ (43,940 )
                      

 

 

      

 

 

      

 

 

  

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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A120

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

(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.

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.

      $ 1,093,000      $ —
    

 

 

       

 

 

  

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, 2021 in valuing such portfolio securities:

 

     Level 1     Level 2     Level 3  

Investments in Securities

       

Assets

       

Long-Term Investments

       

Bank Loans

    $ —     $ 23,347,808     $ 167,324  

Convertible Bond

      —       338,671       —  

Corporate Bonds

      —       479,274,374       3,150,253  

Residential Mortgage-Backed Securities

      —       69,754       —  

Common Stocks

      13,081,002       4,435,305       2,022,819  

Preferred Stocks

      348,390       —       2,860  

Warrants

      —       138,037       —  

Short-Term Investments

       

Affiliated Mutual Funds

      203,078,885       —       —  
  

 

 

    

 

 

    

 

 

  

Total

    $ 216,508,277     $ 507,603,949     $ 5,343,256  
  

 

 

    

 

 

    

 

 

  

Other Financial Instruments*

       

Assets

       

Futures Contracts

    $ 126,157     $ —     $ —  
  

 

 

    

 

 

    

 

 

  

Liabilities

       

Futures Contracts

    $ (288,521 )    $ —     $ —  

Centrally Cleared Credit Default Swap Agreement

      —       (43,940 )      —  
  

 

 

    

 

 

    

 

 

  

Total

    $ (288,521 )    $ (43,940 )    $ —  
  

 

 

    

 

 

    

 

 

  

 

*

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, 2021 were as follows:

 

Affiliated Mutual Funds (33.0% represents investments purchased with collateral from securities on loan)

      36.6 % 

Oil & Gas

      7.6  

Telecommunications

      6.5 % 

Media

      6.3  

Home Builders

      4.5  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A121

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Entertainment

      4.5 % 

Electric

      4.2  

Commercial Services

      4.1  

Healthcare-Services

      4.0  

Chemicals

      3.8  

Pipelines

      3.5  

Pharmaceuticals

      2.7  

Foods

      2.7  

Retail

      2.7  

Computers

      2.7  

Auto Manufacturers

      2.6  

Real Estate Investment Trusts (REITs)

      2.5  

Diversified Financial Services

      2.5  

Mining

      2.4  

Oil, Gas & Consumable Fuels

      2.2  

Software

      2.0  

Lodging

      2.0  

Building Materials

      1.9  

Miscellaneous Manufacturing

      1.7  

Aerospace & Defense

      1.7  

Auto Parts & Equipment

      1.5  

Gas

      1.4  

Airlines

      1.3  

Real Estate

      1.2  

Packaging & Containers

      0.9  

Advertising

      0.7  

Gas Utilities

      0.7  

Machinery-Diversified

      0.5  

Iron/Steel

      0.5  

Distribution/Wholesale

      0.4  

Household Products/Wares

      0.4  

Internet

      0.4 % 

Leisure Time

      0.4  

Electric Utilities

      0.4  

Electrical Components & Equipment

      0.3  

Engineering & Construction

      0.3  

Electronics

      0.3  

Semiconductors

      0.3  

Agriculture

      0.3  

Apparel

      0.2  

Banks

      0.2  

Housewares

      0.2  

Independent Power & Renewable Electricity Producers

      0.1  

Environmental Control

      0.1  

Home Furnishings

      0.1  

Machinery-Construction & Mining

      0.1  

Coal

      0.1  

Capital Markets

      0.1  

Office/Business Equipment

      0.1  

Insurance

      0.1  

Trucking & Leasing

      0.0 * 

Transportation

      0.0 * 

Hotels, Restaurants & Leisure

      0.0 * 

Toys/Games/Hobbies

      0.0 * 

Residential Mortgage-Backed Securities

      0.0 * 

Construction Materials

      0.0 * 
  

 

 

  
     131.5  

Liabilities in excess of other assets

      (31.5 ) 
  

 

 

  
     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 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, 2021 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    $ 43,940 * 

Interest rate contracts

    Due from/to broker-variation margin futures      126,157 *    Due from/to broker-variation margin futures      288,521 * 
     

 

 

       

 

 

  
      $ 126,157        $ 332,461  
     

 

 

       

 

 

  

 

*

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.

 

A122

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

  

Derivatives not accounted for as hedging

instruments, carried at fair value

      Futures      Swaps  

Credit contracts

      $ —      $ (678,592 ) 

Interest rate contracts

        (349,724 )       —  
    

 

 

     

 

 

  

Total

      $ (349,724 )     $ (678,592 ) 
    

 

 

     

 

 

  

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  

Derivatives not accounted for

as hedging instruments,

carried at fair value

      Futures      Swaps  

Credit contracts

      $ —      $ 365,767  

Interest rate contracts

        (215,536 )       —  
    

 

 

     

 

 

  

Total

      $ (215,536 )     $ 365,767  
    

 

 

     

 

 

  

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Futures

Contracts—

Long

Positions(1)

           

Futures

Contracts—

Short

Positions(1)

$63,231,422        $5,321,068

 

Credit Default

Swap Agreements—

Buy Protection(1)

$6,325,000

Credit Default

Swap Agreements—

Sell Protection(1)

$1,408,333

 

(1)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

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

      $ 179,704,369      $ (179,704,369 )     $ —
    

 

 

       

 

 

      

 

 

  

 

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A123

 
  

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $179,704,369:

   

Unaffiliated investments (cost $499,976,861)

    $ 526,376,597  

Affiliated investments (cost $203,059,819)

      203,078,885  

Cash

      45,823  

Dividends and interest receivable

      7,764,826  

Receivable for investments sold

      2,789,687  

Deposit with broker for centrally cleared/exchange-traded derivatives

      1,093,000  

Receivable for Portfolio shares sold

      155,830  

Due from broker-variation margin futures

      33,433  

Tax reclaim receivable

      3,712  

Prepaid expenses

      1,294  
  

 

 

  

Total Assets

      741,343,087  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      182,837,236  

Payable for investments purchased

      3,165,948  

Accrued expenses and other liabilities

      315,370  

Management fee payable

      235,043  

Payable for Portfolio shares purchased

      83,533  

Payable to affiliate

      3,712  

Due to broker-variation margin swaps

      2,303  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      184  
  

 

 

  

Total Liabilities

      186,644,309  
  

 

 

  

NET ASSETS

    $ 554,698,778  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 554,698,778  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $553,618,194 / 84,656,650 outstanding shares of beneficial interest

    $ 6.54  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $1,080,584 / 165,282 outstanding shares of beneficial interest

    $ 6.54  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Interest income

    $ 15,541,894  

Income from securities lending, net (including affiliated income of $49,440)

      84,935  

Unaffiliated dividend income (net of $426 foreign withholding tax, all of which is reimbursable by an affiliate)

      82,091  

Affiliated dividend income

      10,158  
  

 

 

  

Total income

      15,719,078  
  

 

 

  

EXPENSES

   

Management fee

      1,480,046  

Distribution fee—Class III

      244  

Shareholders’ reports

      42,991  

Custodian and accounting fees

      38,860  

Audit fee

      23,806  

Legal fees and expenses

      9,634  

Trustees’ fees

      7,887  

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

      5,297  

Miscellaneous

      12,264  
  

 

 

  

Total expenses

      1,621,029  

Less: Fee waivers and/or expense reimbursement

      (86,917 ) 
  

 

 

  

Net expenses

      1,534,112  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      14,184,966  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(24,073))

      2,630,705  

Futures transactions

      (349,724 ) 

Swap agreements transactions

      (678,592 ) 
  

 

 

  
     1,602,389  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(1,067))

      14,558,499  

Futures

      (215,536 ) 

Swap agreements.

      365,767  
  

 

 

  
     14,708,730  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      16,311,119  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 30,496,085  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 14,184,966     $ 30,591,114

Net realized gain (loss) on investment transactions

        1,602,389       2,720,001

Net change in unrealized appreciation (depreciation) on investments

        14,708,730       1,317,496
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        30,496,085       34,628,611
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        14,511,765       17,957,341

Portfolio shares purchased

        (19,543,783 )       (45,352,928 )
    

 

 

      

 

 

  

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

        (5,032,018 )       (27,395,587 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        25,464,067       7,233,024

NET ASSETS:

         

Beginning of period

        529,234,711       522,001,687
    

 

 

      

 

 

  

End of period

      $ 554,698,778     $ 529,234,711
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A124

 
  

PSF PGIM JENNISON BLEND PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

LONG-TERM INVESTMENTS — 99.4%

 

   

COMMON STOCKS

      

Aerospace & Defense — 2.0%

      

Airbus SE (France)*

      337,176      $ 43,479,712  

Raytheon Technologies Corp.

      555,791        47,414,530  

Safran SA (France)

      246,428        34,172,572  
     

 

 

  
            125,066,814  
     

 

 

  

Air Freight & Logistics — 0.8%

 

FedEx Corp.

      165,352        49,329,462  
     

 

 

  

Airlines — 0.5%

      

Delta Air Lines, Inc.*

      749,714        32,432,628  
     

 

 

  

Automobiles — 4.2%

      

General Motors Co.*

      1,257,566        74,410,180  

Tesla, Inc.*

      267,143        181,577,097  
     

 

 

  
        255,987,277  
     

 

 

  

Banks — 5.8%

 

Bank of America Corp.

      1,996,681        82,323,158  

Citigroup, Inc.

      770,439        54,508,559  

JPMorgan Chase & Co.

      648,306        100,837,515  

PNC Financial Services Group, Inc. (The)

      313,584        59,819,284  

Truist Financial Corp.

      999,807        55,489,288  
     

 

 

  
        352,977,804  
     

 

 

  

Beverages — 0.6%

 

PepsiCo, Inc.

      246,730        36,557,984  
     

 

 

  

Biotechnology — 0.3%

      

Zai Lab Ltd. (China), ADR*

      107,515        19,029,080  
     

 

 

  

Building Products — 1.2%

      

Johnson Controls International PLC

      1,031,023        70,759,109  
     

 

 

  

Capital Markets — 2.2%

      

Blackstone Group, Inc. (The)(a)

      471,978        45,847,943  

Goldman Sachs Group, Inc. (The)

      239,754        90,993,836  
     

 

 

  
        136,841,779  
     

 

 

  

Chemicals — 1.8%

 

FMC Corp.

      295,603        31,984,245  

Linde PLC (United Kingdom)

      279,016        80,663,525  
     

 

 

  
        112,647,770  
     

 

 

  

Communications Equipment — 0.6%

 

Cisco Systems, Inc.

      692,428        36,698,684  
     

 

 

  

Consumer Finance — 1.7%

      

Capital One Financial Corp.

      359,878        55,669,528  

SLM Corp.(a)

      2,155,555        45,137,322  
     

 

 

  
        100,806,850  
     

 

 

  

Containers & Packaging — 0.8%

 

Crown Holdings, Inc.

      492,053        50,292,737  
     

 

 

  

Entertainment — 3.4%

      

Netflix, Inc.*

      176,278        93,111,802  

Spotify Technology SA*

      145,112        39,991,416  

Walt Disney Co. (The)*

      416,161        73,148,619  
     

 

 

  
        206,251,837  
     

 

 

  
     Shares      Value  

COMMON STOCKS (continued)

      

Food & Staples Retailing — 1.5%

      

Costco Wholesale Corp.

      86,094      $ 34,064,813  

Walmart, Inc.

      428,409        60,414,237  
     

 

 

  
        94,479,050  
     

 

 

  

Food Products — 0.8%

 

Mondelez International, Inc. (Class A Stock)

      824,252        51,466,295  
     

 

 

  

Health Care Equipment & Supplies — 2.3%

 

   

Abbott Laboratories

      464,138        53,807,519  

Danaher Corp.

      163,962        44,000,842  

Zimmer Biomet Holdings, Inc.

      279,304        44,917,669  
     

 

 

  
        142,726,030  
     

 

 

  

Health Care Providers & Services — 1.4%

 

Cigna Corp.

      157,552        37,350,853  

Laboratory Corp. of America Holdings*

      172,204        47,502,473  
     

 

 

  
            84,853,326  
     

 

 

  

Hotels, Restaurants & Leisure — 2.1%

 

Airbnb, Inc. (Class A Stock)*

      230,133        35,242,568  

Chipotle Mexican Grill, Inc.*

      17,914        27,772,791  

McDonald’s Corp.

      152,795        35,294,117  

Royal Caribbean Cruises Ltd.*(a)

      387,395        33,037,045  
     

 

 

  
        131,346,521  
     

 

 

  

Household Durables — 0.5%

 

D.R. Horton, Inc.

      356,928        32,255,583  
     

 

 

  

Household Products — 0.5%

      

Procter & Gamble Co. (The)

      239,033        32,252,723  
     

 

 

  

Industrial Conglomerates — 0.6%

      

General Electric Co.

      2,532,500        34,087,450  
     

 

 

  

Insurance — 2.4%

      

Chubb Ltd.

      362,217        57,570,770  

Marsh & McLennan Cos., Inc.

      333,050        46,853,474  

MetLife, Inc.

      754,489        45,156,167  
     

 

 

  
        149,580,411  
     

 

 

  

Interactive Media & Services — 9.2%

 

Alphabet, Inc. (Class A Stock)*

      73,598        179,710,861  

Alphabet, Inc. (Class C Stock)*

      37,120        93,034,598  

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

      234,244        13,492,454  

Facebook, Inc. (Class A Stock)*

      405,934        141,147,311  

Match Group, Inc.*

      380,918        61,423,028  

Snap, Inc. (Class A Stock)*

      1,131,935        77,130,051  
     

 

 

  
        565,938,303  
     

 

 

  

Internet & Direct Marketing Retail — 4.8%

 

Amazon.com, Inc.*

      64,341        221,343,335  

MercadoLibre, Inc. (Argentina)*

      47,013        73,236,381  
     

 

 

  
        294,579,716  
     

 

 

  

IT Services — 10.9%

 

Adyen NV (Netherlands), 144A*

      36,170        88,544,173  

Affirm Holdings, Inc.*(a)

      216,386        14,573,597  

Mastercard, Inc. (Class A Stock)

      157,760        57,596,598  

Okta, Inc.*

      37,856        9,262,606  

PayPal Holdings, Inc.*

      301,268        87,813,597  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A125

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
COMMON STOCKS (continued)

 

IT Services (cont’d.)

      

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

      112,717      $ 164,677,283  

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

      31,541        7,626,614  

Square, Inc. (Class A Stock)*

      296,883        72,380,075  

Twilio, Inc. (Class A Stock)*

      226,356        89,220,481  

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

      339,560        79,395,919  
     

 

 

  
            671,090,943  
     

 

 

  

Life Sciences Tools & Services — 0.3%

 

Sartorius Stedim Biotech (France)

      36,157        17,136,998  
     

 

 

  

Machinery — 1.1%

      

Fortive Corp.

      398,969        27,824,098  

Otis Worldwide Corp.

      500,961        40,963,581  
     

 

 

  
        68,787,679  
     

 

 

  

Multi-Utilities — 1.4%

      

Dominion Energy, Inc.

      1,197,807        88,122,661  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.6%

 

ConocoPhillips

      2,616,045        159,317,141  
     

 

 

  

Personal Products — 1.1%

      

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

      202,807        64,508,851  
     

 

 

  

Pharmaceuticals — 3.6%

      

AstraZeneca PLC
(United Kingdom), ADR(a)

      1,183,212        70,874,399  

Bristol-Myers Squibb Co.

      666,244        44,518,424  

Eli Lilly & Co.

      447,537        102,718,692  
     

 

 

  
        218,111,515  
     

 

 

  

Road & Rail — 1.8%

      

Uber Technologies, Inc.*

      1,267,379        63,521,036  

Union Pacific Corp.

      197,755        43,492,257  
     

 

 

  
        107,013,293  
     

 

 

  

Semiconductors & Semiconductor Equipment — 6.1%

 

Broadcom, Inc.

      125,299        59,747,575  

Lam Research Corp.

      77,295        50,295,857  

NVIDIA Corp.

      174,794        139,852,679  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR(a)

      530,230        63,712,437  

Texas Instruments, Inc.

      322,975        62,108,092  
     

 

 

  
        375,716,640  
     

 

 

  

Software — 8.4%

      

Adobe, Inc.*

      186,743        109,364,171  

Atlassian Corp. PLC (Class A Stock)*

      148,851        38,233,868  

Crowdstrike Holdings, Inc. (Class A Stock)*

      214,594        53,929,618  

Microsoft Corp.

      763,618        206,864,116  

PTC, Inc.*

      199,478        28,178,262  

salesforce.com, Inc.*

      101,608        24,819,786  

Trade Desk, Inc. (The) (Class A Stock)*(a)

      520,840        40,292,182  

Zoom Video Communications, Inc. (Class A Stock)*

      28,164        10,900,313  
     

 

 

  
        512,582,316  
     

 

 

  
         Shares              Value      
COMMON STOCKS (continued)

 

Specialty Retail — 2.6%

      

Carvana Co.*(a)

      106,571      $ 32,165,259  

Lowe’s Cos., Inc.

      222,027        43,066,577  

Ross Stores, Inc.

      314,684        39,020,816  

TJX Cos., Inc. (The)

      636,273        42,897,526  
     

 

 

  
        157,150,178  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.7%

 

Apple, Inc.

      1,634,242        223,825,784  
     

 

 

  

Textiles, Apparel & Luxury Goods — 3.3%

 

Lululemon Athletica, Inc.*

      130,452        47,611,066  

LVMH Moet Hennessy Louis Vuitton SE (France)

      111,192        87,324,061  

NIKE, Inc. (Class B Stock)

      440,128        67,995,375  
     

 

 

  
        202,930,502  
     

 

 

  

Trading Companies & Distributors — 0.5%

 

United Rentals, Inc.*

      95,637        30,509,159  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $3,219,755,377)

 

      6,096,048,883  
     

 

 

  
SHORT-TERM INVESTMENTS — 6.2%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond
Fund(wa)

      36,244,225        36,244,225  

PGIM Institutional Money Market Fund (cost $346,405,821; includes $346,384,480 of cash collateral for securities on
loan)(b)(wa)

      346,885,953        346,677,822  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $382,650,046)

 

      382,922,047  
     

 

 

  

TOTAL INVESTMENTS—105.6%
(cost $3,602,405,423)

 

      6,478,970,930  

Liabilities in excess of other assets — (5.6)%

 

      (344,419,964 ) 
     

 

 

  

NET ASSETS — 100.0%

       $   6,134,550,966  
     

 

 

  

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 $336,924,668; cash collateral of $346,384,480 (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.

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A126

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ 47,414,530      $ 77,652,284      $—

Air Freight & Logistics

      49,329,462        —      —

Airlines

      32,432,628        —      —

Automobiles

      255,987,277        —      —

Banks

      352,977,804        —      —

Beverages

      36,557,984        —      —

Biotechnology

      19,029,080        —      —

Building Products

      70,759,109        —      —

Capital Markets

      136,841,779        —      —

Chemicals

      112,647,770        —      —

Communications Equipment

      36,698,684        —      —

Consumer Finance

      100,806,850        —      —

Containers & Packaging

      50,292,737        —      —

Entertainment

      206,251,837        —      —

Food & Staples Retailing

      94,479,050        —      —

Food Products

      51,466,295        —      —

Health Care Equipment & Supplies

      142,726,030        —      —

Health Care Providers & Services

      84,853,326        —      —

Hotels, Restaurants & Leisure

      131,346,521        —      —

Household Durables

      32,255,583        —      —

Household Products

      32,252,723        —      —

Industrial Conglomerates

      34,087,450        —      —

Insurance

      149,580,411        —      —

Interactive Media & Services

      565,938,303        —      —

Internet & Direct Marketing Retail

      294,579,716        —      —

IT Services

      582,546,770        88,544,173      —

Life Sciences Tools & Services

      —        17,136,998      —

Machinery

      68,787,679        —      —

Multi-Utilities

      88,122,661        —      —

Oil, Gas & Consumable Fuels

      159,317,141        —      —

Personal Products

      64,508,851        —      —

Pharmaceuticals

      218,111,515        —      —

Road & Rail

      107,013,293        —      —

Semiconductors & Semiconductor Equipment

      375,716,640        —      —

Software

      512,582,316        —      —

Specialty Retail

      157,150,178        —      —

Technology Hardware, Storage & Peripherals

      223,825,784        —      —

Textiles, Apparel & Luxury Goods

      115,606,441        87,324,061      —

Trading Companies & Distributors

      30,509,159        —      —

Short-Term Investments

 

   

Affiliated Mutual Funds

      382,922,047        —      —
  

 

 

     

 

 

     

 

Total

    $ 6,208,313,414      $ 270,657,516      $—
  

 

 

     

 

 

     

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A127

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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, 2021 were as follows:

IT Services

      10.9 % 

Interactive Media & Services

      9.2  

Software

      8.4  

Affiliated Mutual Funds (5.6% represents investments purchased with collateral from securities on loan)

      6.2  

Semiconductors & Semiconductor Equipment

      6.1  

Banks

      5.8  

Internet & Direct Marketing Retail

      4.8  

Automobiles

      4.2  

Technology Hardware, Storage & Peripherals

      3.7  

Pharmaceuticals

      3.6  

Entertainment

      3.4  

Textiles, Apparel & Luxury Goods

      3.3  

Oil, Gas & Consumable Fuels

      2.6  

Specialty Retail

      2.6  

Insurance

      2.4  

Health Care Equipment & Supplies

      2.3  

Capital Markets

      2.2  

Hotels, Restaurants & Leisure

      2.1  

Aerospace & Defense

      2.0  

Chemicals

      1.8  

Road & Rail

      1.8  

Consumer Finance

      1.7  

Food & Staples Retailing

      1.5 % 

Multi-Utilities

      1.4  

Health Care Providers & Services

      1.4  

Building Products

      1.2  

Machinery

      1.1  

Personal Products

      1.1  

Food Products

      0.8  

Containers & Packaging

      0.8  

Air Freight & Logistics

      0.8  

Communications Equipment

      0.6  

Beverages

      0.6  

Industrial Conglomerates

      0.6  

Airlines

      0.5  

Household Durables

      0.5  

Household Products

      0.5  

Trading Companies & Distributors

      0.5  

Biotechnology

      0.3  

Life Sciences Tools & Services

      0.3  
  

 

 

  
     105.6  

Liabilities in excess of other assets

      (5.6 ) 
  

 

 

  
     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:

 

Description

    Gross Market
Value of
Recognized
Assets/(Liabilities)		    Collateral
Pledged/(Received)(1)		   Net
Amount

Securities on Loan

      $ 336,924,668      $ (336,924,668 )     $ —
    

 

 

       

 

 

      

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A128

 
  

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

 

 

ASSETS   

Investments at value, including securities on loan of $336,924,668:

   

Unaffiliated investments (cost $3,219,755,377)

    $ 6,096,048,883  

Affiliated investments (cost $382,650,046)

      382,922,047  

Cash

      44  

Receivable for investments sold

      4,903,803  

Dividends receivable

      1,734,581  

Tax reclaim receivable

      1,266,772  

Receivable for Portfolio shares sold

      5,694  

Prepaid expenses and other assets

      361,381  
  

 

 

  

Total Assets

      6,487,243,205  
  

 

 

  
LIABILITIES   

Payable to broker for collateral for securities on loan

      346,384,480  

Management fee payable

      2,211,764  

Payable for investments purchased

      1,745,779  

Payable for Portfolio shares purchased

      1,269,634  

Payable to affiliate

      746,849  

Accrued expenses and other liabilities

      331,942  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      457  

Administration fee payable

      354  
  

 

 

  

Total Liabilities

      352,692,239  
  

 

 

  
NET ASSETS    $ 6,134,550,966  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 6,134,550,966  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $6,132,239,054 / 67,141,689 outstanding shares of beneficial interest

    $ 91.33  
  

 

 

  
Class II:   

Net asset value and redemption price per share, $2,196,964 / 24,622 outstanding shares of beneficial interest

    $ 89.23  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $114,948 / 1,259 outstanding shares of beneficial interest

    $ 91.29  
  

 

 

  

Net Asset Values Per Share may not recalculate due to rounding.

   

 

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $209,666 foreign withholding tax)

    $ 26,876,311  

Income from securities lending, net (including affiliated income of $126,640)

      152,268  

Affiliated dividend income

      37,164  
  

 

 

  

Total income

      27,065,743  
  

 

 

  
EXPENSES   

Management fee

      13,054,875  

Distribution fee—Class II

      2,582  

Distribution fee—Class III

      23  

Administration fee—Class II

      1,549  

Custodian and accounting fees

      157,779  

Shareholders’ reports

      127,762  

Trustees’ fees

      38,213  

Legal fees and expenses

      19,313  

Audit fee

      13,011  

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

      5,297  

Miscellaneous

      51,147  
  

 

 

  

Total expenses

      13,471,551  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      13,594,192  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(20,698))

      265,709,994  

Foreign currency transactions

      31,066  
  

 

 

  
     265,741,060  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(6,107))

      390,613,832  

Foreign currencies

      (7,676 ) 
  

 

 

  
     390,606,156  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      656,347,216  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 669,941,408  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ 13,594,192     $ 38,294,761

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

        265,741,060       537,155,668

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

        390,606,156       719,957,876
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        669,941,408       1,295,408,305
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        3,756,947       10,494,011

Portfolio shares purchased

        (213,504,338 )       (344,263,770 )
    

 

 

      

 

 

  

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

        (209,747,391 )       (333,769,759 )
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        460,194,017       961,638,546
NET ASSETS:         

Beginning of period

        5,674,356,949       4,712,718,403
    

 

 

      

 

 

  

End of period

      $ 6,134,550,966     $ 5,674,356,949
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A129

 
  

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
LONG-TERM INVESTMENTS — 99.8%

 

COMMON STOCKS

 

Aerospace & Defense — 1.3%

      

Airbus SE (France)*

      22,352      $ 2,882,348  
     

 

 

  

Air Freight & Logistics — 0.8%

 

FedEx Corp.

      6,389        1,906,030  
     

 

 

  

Airlines — 0.8%

 

Delta Air Lines, Inc.*

      40,791        1,764,619  
     

 

 

  

Automobiles — 4.5%

      

General Motors Co.*

      69,891        4,135,450  

Tesla, Inc.*

      9,054        6,154,004  
     

 

 

  
          10,289,454  
     

 

 

  

Banks — 7.1%

      

Bank of America Corp.

      109,226        4,503,388  

JPMorgan Chase & Co.

      32,298        5,023,631  

PNC Financial Services Group, Inc. (The)

      17,740        3,384,082  

Truist Financial Corp.

      55,189        3,062,990  
     

 

 

  
        15,974,091  
     

 

 

  

Building Products — 1.5%

      

Johnson Controls International PLC

      49,268        3,381,263  
     

 

 

  

Capital Markets — 2.5%

      

Goldman Sachs Group, Inc. (The)

      15,002        5,693,709  
     

 

 

  

Chemicals — 1.8%

      

Linde PLC (United Kingdom)

      13,899        4,018,201  
     

 

 

  

Containers & Packaging — 1.1%

 

   

Crown Holdings, Inc.

      24,488        2,502,918  
     

 

 

  

Entertainment — 3.8%

      

Netflix, Inc.*

      5,311        2,805,323  

ROBLOX Corp. (Class A
Stock)*(a)

      7,801        701,934  

Spotify Technology SA*

      5,900        1,625,981  

Walt Disney Co. (The)*

      19,170        3,369,511  
     

 

 

  
        8,502,749  
     

 

 

  

Food & Staples Retailing — 1.6%

 

   

Walmart, Inc.

      25,966        3,661,725  
     

 

 

  

Health Care Equipment & Supplies — 1.3%

 

   

Zimmer Biomet Holdings, Inc.

      18,153        2,919,365  
     

 

 

  

Health Care Providers & Services — 1.5%

 

Cigna Corp.

      7,064        1,674,662  

Laboratory Corp. of America Holdings*

      6,608        1,822,817  
     

 

 

  
        3,497,479  
     

 

 

  

Hotels, Restaurants & Leisure — 2.1%

 

   

Airbnb, Inc. (Class A Stock)*

      20,429        3,128,497  

Royal Caribbean Cruises
Ltd.*(a)

      18,753        1,599,256  
     

 

 

  
        4,727,753  
     

 

 

  

Household Durables — 0.7%

      

D.R. Horton, Inc.

      17,691        1,598,736  
     

 

 

  

Industrial Conglomerates — 0.9%

 

   

General Electric Co.

      151,946        2,045,193  
     

 

 

  

Insurance — 2.7%

      

Chubb Ltd.

      19,424        3,087,251  
         Shares              Value      

COMMON STOCKS (continued)

 

Insurance (cont’d.)

      

MetLife, Inc.

      51,332      $ 3,072,220  
     

 

 

  
        6,159,471  
     

 

 

  

Interactive Media & Services — 11.2%

 

Alphabet, Inc. (Class A Stock)*

      3,404        8,311,853  

Alphabet, Inc. (Class C Stock)*

      1,491        3,736,923  

Facebook, Inc. (Class A Stock)*

      14,808        5,148,890  

Match Group, Inc.*

      30,080        4,850,400  

Snap, Inc. (Class A Stock)*

      48,559        3,308,810  
     

 

 

  
        25,356,876  
     

 

 

  

Internet & Direct Marketing Retail — 5.8%

 

Amazon.com, Inc.*

      2,814        9,680,610  

MercadoLibre, Inc. (Argentina)*

      2,202        3,430,254  
     

 

 

  
        13,110,864  
     

 

 

  

IT Services — 13.2%

      

Adyen NV (Netherlands), 144A*

      1,305        3,194,640  

Affirm Holdings, Inc.*(a)

      26,665        1,795,888  

Mastercard, Inc. (Class A Stock)

      9,924        3,623,153  

Okta, Inc.*

      9,797        2,397,130  

PayPal Holdings, Inc.*

      12,345        3,598,321  

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

      4,519        6,602,169  

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

      4,418        1,068,272  

Square, Inc. (Class A Stock)*

      15,916        3,880,321  

Twilio, Inc. (Class A Stock)*

      9,675        3,813,498  
     

 

 

  
        29,973,392  
     

 

 

  

Multi-Utilities — 1.5%

      

Dominion Energy, Inc.

      45,869        3,374,582  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.7%

 

ConocoPhillips

      101,031        6,152,788  
     

 

 

  

Personal Products — 1.3%

      

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

      9,015        2,867,491  
     

 

 

  

Pharmaceuticals — 4.1%

      

AstraZeneca PLC (United Kingdom), ADR(a)

      50,791        3,042,381  

Eli Lilly & Co.

      27,209        6,245,010  
     

 

 

  
        9,287,391  
     

 

 

  

Road & Rail — 3.1%

      

Uber Technologies, Inc.*

      63,218        3,168,486  

Union Pacific Corp.

      17,243        3,792,253  
     

 

 

  
        6,960,739  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.5%

 

Broadcom, Inc.

      4,370        2,083,791  

Lam Research Corp.

      3,433        2,233,853  

NVIDIA Corp.

      6,893        5,515,089  

Texas Instruments, Inc.

      14,102        2,711,815  
     

 

 

  
        12,544,548  
     

 

 

  

Software — 9.0%

      

Adobe, Inc.*

      7,253        4,247,647  

DocuSign, Inc.*

      7,918        2,213,635  

HubSpot, Inc.*

      1,381        804,736  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A130

 
  

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

Software (cont’d.)

      

Microsoft Corp.

      38,118      $ 10,326,166  

PTC, Inc.*

      12,452        1,758,970  

RingCentral, Inc. (Class A Stock)*

      3,701        1,075,437  
     

 

 

  
        20,426,591  
     

 

 

  

Specialty Retail — 2.1%

      

Lowe’s Cos., Inc.

      11,368        2,205,051  

Ross Stores, Inc.

      20,440        2,534,560  
     

 

 

  
        4,739,611  
     

 

 

  

Textiles, Apparel & Luxury Goods — 4.3%

 

   

Lululemon Athletica, Inc.*

      7,297        2,663,186  

LVMH Moet Hennessy Louis Vuitton SE (France)

      6,402        5,027,778  

NIKE, Inc. (Class B Stock)

      13,582        2,098,283  
     

 

 

  
        9,789,247  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS

 

   

(cost $154,325,607)

         226,109,224  
     

 

 

  

SHORT-TERM INVESTMENTS — 3.9%

 

   

AFFILIATED MUTUAL FUNDS

 

   

PGIM Core Ultra Short Bond Fund(wa)

      981,539        981,539  

PGIM Institutional Money Market Fund (cost $7,795,932; includes $7,795,401 of cash collateral for securities on
loan)(b)(wa)

      7,800,622        7,795,941  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $8,777,471)

 

   

 

8,777,480

 

     

 

 

  

TOTAL INVESTMENTS—103.7%
(cost $163,103,078)

 

      234,886,704  

Liabilities in excess of other assets — (3.7)%

 

      (8,433,383 ) 
     

 

 

  

NET ASSETS — 100.0%

 

    $     226,453,321  
     

 

 

  

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 $7,641,708; cash collateral of $7,795,401 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

      

    Level 1    

       

    Level 2    

       

    Level 3    

  

Investments in Securities

               

Assets

               

Long-Term Investments

               

Common Stocks

               

Aerospace & Defense

      $ —        $ 2,882,348          $—  

Air Freight & Logistics

        1,906,030          —          —  

Airlines

        1,764,619          —          —  

Automobiles

        10,289,454          —          —  

Banks

        15,974,091          —          —  

Building Products

        3,381,263          —          —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A131

 
  

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

    

    Level 1    

     

    Level 2    

     

Level 3

  

Investments in Securities (continued)

         

Assets (continued)

         

Long-Term Investments (continued)

         

Common Stocks (continued)

         

Capital Markets

    $ 5,693,709      $ —      $ —    

Chemicals

      4,018,201        —        —    

Containers & Packaging

      2,502,918        —        —    

Entertainment

      8,502,749        —        —    

Food & Staples Retailing

      3,661,725        —        —    

Health Care Equipment & Supplies

      2,919,365        —        —    

Health Care Providers & Services

      3,497,479        —        —    

Hotels, Restaurants & Leisure

      4,727,753        —        —    

Household Durables

      1,598,736        —        —    

Industrial Conglomerates

      2,045,193        —        —    

Insurance

      6,159,471        —        —    

Interactive Media & Services

      25,356,876        —        —    

Internet & Direct Marketing Retail

      13,110,864        —        —    

IT Services

      26,778,752        3,194,640        —    

Multi-Utilities

      3,374,582        —        —    

Oil, Gas & Consumable Fuels

      6,152,788        —        —    

Personal Products

      2,867,491        —        —    

Pharmaceuticals

      9,287,391        —        —    

Road & Rail

      6,960,739        —        —    

Semiconductors & Semiconductor Equipment

      12,544,548        —        —    

Software

      20,426,591        —        —    

Specialty Retail

      4,739,611        —        —    

Textiles, Apparel & Luxury Goods.

      4,761,469        5,027,778        —    

Short-Term Investments

         

Affiliated Mutual Funds

      8,777,480        —        —    
  

 

 

     

 

 

     

 

 

  

Total

    $ 223,781,938      $ 11,104,766      $ —    
  

 

 

     

 

 

     

 

 

  

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, 2021 were as follows:

IT Services

      13.2 % 

Interactive Media & Services

      11.2  

Software

      9.0  

Banks

      7.1  

Internet & Direct Marketing Retail

      5.8  

Semiconductors & Semiconductor Equipment

      5.5  

Automobiles

      4.5  

Textiles, Apparel & Luxury Goods

      4.3  

Pharmaceuticals

      4.1  

Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan)

      3.9  

Entertainment

      3.8  

Road & Rail

      3.1  

Insurance

      2.7  

Oil, Gas & Consumable Fuels

      2.7  

Capital Markets

      2.5  

Specialty Retail

      2.1  

Hotels, Restaurants & Leisure

      2.1  

Chemicals

      1.8 % 

Food & Staples Retailing

      1.6  

Health Care Providers & Services

      1.5  

Building Products

      1.5  

Multi-Utilities

      1.5  

Health Care Equipment & Supplies

      1.3  

Aerospace & Defense

      1.3  

Personal Products

      1.3  

Containers & Packaging

      1.1  

Industrial Conglomerates

      0.9  

Air Freight & Logistics

      0.8  

Airlines

      0.8  

Household Durables

      0.7  
  

 

 

  
     103.7  

Liabilities in excess of other assets

      (3.7 ) 
  

 

 

  
     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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A132

 
  

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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

        $ 7,641,708        $ (7,641,708 )      $ —
      

 

 

         

 

 

       

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A133

 
  

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $7,641,708:

   

Unaffiliated investments (cost $154,325,607)

    $ 226,109,224  

Affiliated investments (cost $8,777,471)

      8,777,480  

Dividends receivable

      51,102  

Tax reclaim receivable

      41,156  

Receivable for Portfolio shares sold

      40,180  

Prepaid expenses

      900  
  

 

 

  

Total Assets

      235,020,042  
  

 

 

  
LIABILITIES   

Payable to broker for collateral for securities on loan

      7,795,401  

Payable for Portfolio shares purchased

      386,823  

Payable for investments purchased

      146,043  

Management fee payable

      136,926  

Accrued expenses and other liabilities

      48,204  

Distribution fee payable

      26,936  

Administration fee payable

      16,153  

Payable to affiliate

      9,255  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      8,566,721  
  

 

 

  
NET ASSETS    $ 226,453,321  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 226,453,321  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $93,659,632 / 1,685,970 outstanding shares of beneficial interest

    $ 55.55  
  

 

 

  
Class II:   

Net asset value and redemption price per share, $132,681,606 / 2,528,277 outstanding shares of beneficial interest

    $ 52.48  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $112,083 / 2,019 outstanding shares of beneficial interest

    $ 55.53  
  

 

 

  
Net Asset Values Per Share may not recalculate due to rounding.   

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $25,768 foreign withholding tax, of which $19,332 is reimbursable by an affiliate)

    $ 1,017,795  

Income from securities lending, net (including affiliated income of $3,905)

      4,715  

Affiliated dividend income

      2,356  
  

 

 

  

Total income

      1,024,866  
  

 

 

  
EXPENSES   

Management fee

      822,052  

Distribution fee—Class II

      162,430  

Distribution fee—Class III

      21  

Administration fee—Class II

      97,458  

Custodian and accounting fees

      39,937  

Audit fee

      12,797  

Shareholders’ reports

      12,732  

Legal fees and expenses

      9,192  

Trustees’ fees

      6,053  

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

      5,297  

Miscellaneous

      11,416  
  

 

 

  

Total expenses

      1,179,385  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      (154,519 ) 
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(44))

      35,494,493  

Foreign currency transactions

      (2,648 ) 
  

 

 

  
     35,491,845  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments

      (11,491,078 ) 

Foreign currencies

      (330 ) 
  

 

 

  
     (11,491,408 ) 
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      24,000,437  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 23,845,918  
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ (154,519 )     $ 281,437

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

        35,491,845       32,579,113

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

        (11,491,408 )       20,083,474
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        23,845,918       52,944,024
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        6,818,908       10,553,886

Portfolio shares purchased

        (21,662,005 )       (39,093,305 )
    

 

 

      

 

 

  

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

        (14,843,097 )       (28,539,419 )
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        9,002,821       24,404,605
NET ASSETS:         

Beginning of period

        217,450,500       193,045,895
    

 

 

      

 

 

  

End of period

      $ 226,453,321     $ 217,450,500
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A134

 
  

PSF PGIM JENNISON GROWTH PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
LONG-TERM INVESTMENTS — 99.7%

 

COMMON STOCKS

 

Aerospace & Defense — 0.8%

      

Safran SA (France)

      206,359      $ 28,616,139  
     

 

 

  

Automobiles — 4.9%

      

Tesla, Inc.*

      255,267        173,504,980  
     

 

 

  

Capital Markets — 1.3%

 

Goldman Sachs Group, Inc. (The)

      46,993        17,835,253  

S&P Global, Inc.

      68,330        28,046,049  
     

 

 

  
        45,881,302  
     

 

 

  

Entertainment — 4.1%

 

Netflix, Inc.*

      157,258        83,065,248  

ROBLOX Corp. (Class A
Stock)*(a)

      245,783        22,115,554  

Spotify Technology SA*

      145,162        40,005,196  
     

 

 

  
        145,185,998  
     

 

 

  

Food & Staples Retailing — 1.1%

 

Costco Wholesale Corp.

      102,848        40,693,868  
     

 

 

  

Health Care Equipment & Supplies — 2.2%

 

Danaher Corp.

      141,793        38,051,569  

Dexcom, Inc.*

      53,565        22,872,255  

Intuitive Surgical, Inc.*

      19,150        17,611,106  
     

 

 

  
        78,534,930  
     

 

 

  

Health Care Providers & Services — 0.7%

 

UnitedHealth Group, Inc.

      65,623        26,278,074  
     

 

 

  

Hotels, Restaurants & Leisure — 2.4%

 

Airbnb, Inc. (Class A Stock)*

      219,675        33,641,029  

Chipotle Mexican Grill, Inc.*

      26,887        41,683,992  

Marriott International, Inc. (Class A Stock)*

      75,798        10,347,943  
     

 

 

  
        85,672,964  
     

 

 

  

Interactive Media & Services — 13.5%

 

Alphabet, Inc. (Class A Stock)*

      41,640        101,676,135  

Alphabet, Inc. (Class C Stock)*

      39,835        99,839,257  

Facebook, Inc. (Class A Stock)*

      406,825        141,457,121  

Match Group, Inc.*(a)

      435,891        70,287,424  

Snap, Inc. (Class A Stock)*

      956,770        65,194,308  
     

 

 

  
        478,454,245  
     

 

 

  

Internet & Direct Marketing Retail — 7.8%

 

Amazon.com, Inc.*

      73,179        251,747,469  

MercadoLibre, Inc. (Argentina)*

      16,709        26,029,113  
     

 

 

  
            277,776,582  
     

 

 

  

IT Services — 18.4%

 

Adyen NV (Netherlands), 144A*

      26,664        65,273,481  

Mastercard, Inc. (Class A Stock)

      172,435        62,954,294  

Okta, Inc.*

      51,849        12,686,413  

PayPal Holdings, Inc.*

      283,056        82,505,163  

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

      113,724        166,148,489  

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

      84,606        20,457,731  

Square, Inc. (Class A Stock)*

      279,204        68,069,935  

Twilio, Inc. (Class A Stock)*

      207,316        81,715,675  

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

      400,291        93,596,042  
     

 

 

  
        653,407,223  
     

 

 

  
         Shares          Value  
COMMON STOCKS (continued)

 

Multiline Retail — 1.5%

      

Target Corp.

      220,502      $ 53,304,153  
     

 

 

  

Personal Products — 1.9%

      

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

      211,572        67,296,822  
     

 

 

  

Pharmaceuticals — 1.5%

      

Eli Lilly & Co.

      234,805        53,892,444  
     

 

 

  

Road & Rail — 2.8%

      

Uber Technologies, Inc.*

      1,296,437        64,977,423  

Union Pacific Corp.

      158,625        34,886,396  
     

 

 

  
        99,863,819  
     

 

 

  

Semiconductors & Semiconductor Equipment — 6.1%

 

NVIDIA Corp.

      195,489        156,410,749  

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR

      500,419        60,130,347  
     

 

 

  
            216,541,096  
     

 

 

  

Software — 14.8%

 

Adobe, Inc.*

      206,589        120,986,782  

Atlassian Corp. PLC (Class A Stock)*

      124,040        31,860,914  

Crowdstrike Holdings, Inc. (Class A Stock)*

      234,406        58,908,572  

DocuSign, Inc.*

      130,155        36,387,433  

Microsoft Corp.

      514,387        139,347,438  

RingCentral, Inc. (Class A
Stock)*

      64,107        18,628,212  

salesforce.com, Inc.*

      249,502        60,945,854  

Trade Desk, Inc. (The) (Class A Stock)*(a)

      448,494        34,695,496  

Workday, Inc. (Class A Stock)*

      95,151        22,716,350  
     

 

 

  
        524,477,051  
     

 

 

  

Specialty Retail — 2.8%

 

Carvana Co.*(a)

      139,410        42,076,726  

Home Depot, Inc. (The)

      50,771        16,190,364  

TJX Cos., Inc. (The)

      621,755        41,918,722  
     

 

 

  
        100,185,812  
     

 

 

  

Technology Hardware, Storage & Peripherals — 4.5%

 

Apple, Inc.

      1,176,967        161,197,400  
     

 

 

  

Textiles, Apparel & Luxury Goods — 6.6%

 

Kering SA (France)

      64,795        56,855,084  

Lululemon Athletica, Inc.*

      118,076        43,094,198  

LVMH Moet Hennessy Louis Vuitton SE (France)

      92,158        72,375,808  

NIKE, Inc. (Class B Stock)

      394,108        60,885,745  
     

 

 

  
        233,210,835  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $1,383,269,247)

 

      3,543,975,737  
     

 

 

  
SHORT-TERM INVESTMENTS — 5.9%

 

   
AFFILIATED MUTUAL FUNDS

 

   

PGIM Core Ultra Short Bond Fund(wa)

      21,733,968        21,733,968  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A135

 
  

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
AFFILIATED MUTUAL FUNDS (continued)

 

PGIM Institutional Money Market Fund (cost $189,233,946; includes $189,217,900 of cash collateral for securities on
loan)(b)(wa)

      189,473,786      $ 189,360,102  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $210,967,914)

 

      211,094,070  
     

 

 

  

TOTAL INVESTMENTS—105.6%
(cost $1,594,237,161)

 

      3,755,069,807  

Liabilities in excess of other assets — (5.6)%

 

      (198,706,448 ) 
     

 

 

  

NET ASSETS — 100.0%

       $   3,556,363,359  
     

 

 

  

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 $182,905,783; cash collateral of $189,217,900 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

    

    Level 1    

     

    Level 2    

     

    Level 3    

  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ —      $   28,616,139        $—  

Automobiles

      173,504,980        —        —  

Capital Markets

      45,881,302        —        —  

Entertainment

      145,185,998        —        —  

Food & Staples Retailing

      40,693,868        —        —  

Health Care Equipment & Supplies

      78,534,930        —        —  

Health Care Providers & Services

      26,278,074        —        —  

Hotels, Restaurants & Leisure

      85,672,964        —        —  

Interactive Media & Services

        478,454,245        —        —  

Internet & Direct Marketing Retail

      277,776,582        —        —  

IT Services

      588,133,742        65,273,481        —  

Multiline Retail

      53,304,153        —        —  

Personal Products

      67,296,822        —        —  

Pharmaceuticals

      53,892,444        —        —  

Road & Rail

      99,863,819        —        —  

Semiconductors & Semiconductor Equipment

      216,541,096        —        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A136

 
  

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1    Level 2    Level 3

Investments in Securities (continued)

               

Assets (continued)

               

Long-Term Investments (continued)

               

Common Stocks (continued)

               

Software

      $ 524,477,051      $ —      $ —

Specialty Retail

        100,185,812        —        —

Technology Hardware, Storage & Peripherals

        161,197,400        —        —

Textiles, Apparel & Luxury Goods

        103,979,943        129,230,892        —

Short-Term Investments

               

Affiliated Mutual Funds

        211,094,070        —        —
    

 

 

       

 

 

       

 

 

  

Total

      $ 3,531,949,295      $ 223,120,512      $ —
    

 

 

       

 

 

       

 

 

  

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, 2021 were as follows:

 

IT Services

      18.4 % 

Software

      14.8  

Interactive Media & Services

      13.5  

Internet & Direct Marketing Retail

      7.8  

Textiles, Apparel & Luxury Goods

      6.6  

Semiconductors & Semiconductor Equipment

      6.1  

Affiliated Mutual Funds (5.3% represents investments purchased with collateral from securities on loan)

      5.9  

Automobiles

      4.9  

Technology Hardware, Storage & Peripherals

      4.5  

Entertainment

      4.1  

Specialty Retail

      2.8  

Road & Rail

      2.8  

Hotels, Restaurants & Leisure

      2.4  

Health Care Equipment & Supplies

      2.2 % 

Personal Products

      1.9  

Pharmaceuticals

      1.5  

Multiline Retail

      1.5  

Capital Markets

      1.3  

Food & Staples Retailing

      1.1  

Aerospace & Defense

      0.8  

Health Care Providers & Services

      0.7  
  

 

 

  
     105.6  

Liabilities in excess of other assets

      (5.6 ) 
  

 

 

  
     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:

 

Description

      Gross Market
Value of
Recognized
Assets/(Liabilities)		   Collateral
Pledged/(Received)(1)		   Net
Amount

Securities on Loan

        $ 182,905,783     $ (182,905,783 )     $ —
      

 

 

      

 

 

      

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A137

 
  

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $182,905,783:

   

Unaffiliated investments (cost $1,383,269,247)

    $ 3,543,975,737  

Affiliated investments (cost $210,967,914)

      211,094,070  

Receivable for investments sold

      3,517,223  

Tax reclaim receivable

      447,308  

Dividends receivable

      363,989  

Receivable for Portfolio shares sold

      267,559  

Prepaid expenses and other assets

      28,383  
  

 

 

  

Total Assets

      3,759,694,269  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      189,217,900  

Payable for investments purchased

      11,552,448  

Management fee payable

      1,676,020  

Payable for Portfolio shares purchased

      406,220  

Payable to affiliate

      277,079  

Accrued expenses and other liabilities

      172,583  

Distribution fee payable

      17,300  

Administration fee payable

      10,380  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      203,330,910  
  

 

 

  

NET ASSETS

    $ 3,556,363,359  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 3,556,363,359  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $3,468,491,442 / 24,705,222 outstanding shares of beneficial interest

    $ 140.40  
  

 

 

  

Class II:

   

Net asset value and redemption price per share, $86,870,466 / 651,867 outstanding shares of beneficial interest

    $ 133.26  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $1,001,451 / 7,137 outstanding shares of beneficial interest

    $ 140.32  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $274,499 foreign withholding tax)

    $ 5,236,576  

Income from securities lending, net (including affiliated income of $72,082)

      79,622  

Affiliated dividend income

      7,932  
  

 

 

  

Total income

      5,324,130  
  

 

 

  

EXPENSES

   

Management fee

      9,956,300  

Distribution fee—Class II

      104,636  

Distribution fee—Class III

      245  

Administration fee—Class II

      62,782  

Custodian and accounting fees

      110,034  

Shareholders’ reports

      57,701  

Trustees’ fees

      23,704  

Legal fees and expenses

      14,940  

Audit fee

      12,500  

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

      5,297  

Miscellaneous

      34,824  
  

 

 

  

Total expenses

      10,382,963  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      (5,058,833 ) 
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(14,355))

      216,492,851  

Foreign currency transactions

      (87,554 ) 
  

 

 

  
     216,405,297  
  

 

 

  

Net change in unrealized appreciation
(depreciation) on:

   

Investments (including affiliated of $(2,962))

      116,664,437  

Foreign currencies

      (2,714 ) 
  

 

 

  
     116,661,723  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      333,067,020  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 328,008,187  
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ (5,058,833 )     $ (3,738,436 )

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

        216,405,297       438,266,732

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

        116,661,723       802,336,475
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        328,008,187       1,236,864,771
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        31,810,461       57,172,725

Portfolio shares purchased

        (151,576,509 )       (253,732,889 )
    

 

 

      

 

 

  

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

        (119,766,048 )       (196,560,164 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        208,242,139       1,040,304,607

NET ASSETS:

         

Beginning of period

        3,348,121,220       2,307,816,613
    

 

 

      

 

 

  

End of period

      $ 3,556,363,359     $ 3,348,121,220
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A138

 
  

PSF PGIM JENNISON VALUE PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
LONG-TERM INVESTMENTS — 99.6%

 

COMMON STOCKS

 

Aerospace & Defense — 2.7%

      

Airbus SE (France)*

      125,545      $ 16,189,350  

Raytheon Technologies Corp.

      305,226        26,038,830  
     

 

 

  
        42,228,180  
     

 

 

  

Air Freight & Logistics — 1.0%

      

FedEx Corp.

      53,702        16,020,918  
     

 

 

  

Airlines — 1.0%

 

Delta Air Lines, Inc.*

      344,331        14,895,759  
     

 

 

  

Automobiles — 2.5%

 

General Motors Co.*

      652,808        38,626,649  
     

 

 

  

Banks — 11.9%

 

Bank of America Corp.

      1,037,265        42,766,436  

Citigroup, Inc.

      381,802        27,012,492  

JPMorgan Chase & Co.

      347,550        54,057,927  

PNC Financial Services Group, Inc. (The)

      174,757        33,336,645  

Truist Financial Corp.

      551,884        30,629,562  
     

 

 

  
              187,803,062  
     

 

 

  

Beverages — 1.4%

 

PepsiCo, Inc.

      144,146          21,358,113  
     

 

 

  

Biotechnology — 1.2%

 

AbbVie, Inc.

      171,426        19,309,425  
     

 

 

  

Building Products — 2.0%

 

Johnson Controls International PLC

      467,911        32,112,732  
     

 

 

  

Capital Markets — 4.1%

 

Blackstone Group, Inc. (The)(a)

      219,272        21,300,082  

Goldman Sachs Group, Inc. (The)

      113,164        42,949,133  
     

 

 

  
        64,249,215  
     

 

 

  

Chemicals — 4.3%

 

Dow, Inc.

      354,184        22,412,764  

FMC Corp.

      122,270        13,229,614  

Linde PLC (United Kingdom)

      110,385        31,912,303  
     

 

 

  
        67,554,681  
     

 

 

  

Communications Equipment — 1.3%

 

Cisco Systems, Inc.

      386,014        20,458,742  
     

 

 

  

Consumer Finance — 3.5%

 

Capital One Financial Corp.

      198,647        30,728,704  

SLM Corp.

      1,194,485        25,012,516  
     

 

 

  
        55,741,220  
     

 

 

  

Containers & Packaging — 1.3%

 

Crown Holdings, Inc.

      202,674        20,715,309  
     

 

 

  

Electrical Equipment — 1.1%

 

Emerson Electric Co.

      180,308        17,352,842  
     

 

 

  

Entertainment — 2.1%

 

Walt Disney Co. (The)*

      183,541        32,261,002  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.5%

 

Alexandria Real Estate Equities, Inc.

      60,257        10,963,158  

American Campus Communities, Inc.

      313,051        14,625,743  
     Shares      Value  
COMMON STOCKS (continued)

 

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

 

American Tower Corp.

      49,216      $ 13,295,210  
     

 

 

  
        38,884,111  
     

 

 

  

Food & Staples Retailing — 1.9%

 

Walmart, Inc.

      214,811        30,292,647  
     

 

 

  

Food Products — 1.5%

 

Mondelez International, Inc. (Class A Stock)

      388,287        24,244,640  
     

 

 

  

Health Care Equipment & Supplies — 3.4%

 

Abbott Laboratories

      252,554        29,278,585  

Zimmer Biomet Holdings, Inc.

      152,280        24,489,670  
     

 

 

  
        53,768,255  
     

 

 

  

Health Care Providers & Services — 2.7%

 

Cigna Corp.

      88,877              21,070,070  

Laboratory Corp. of America Holdings*

      77,303        21,324,033  
     

 

 

  
        42,394,103  
     

 

 

  

Hotels, Restaurants & Leisure — 2.1%

 

McDonald’s Corp.

      78,171        18,056,719  

Royal Caribbean Cruises Ltd.*(a)

      178,330          15,207,983  
     

 

 

  
        33,264,702  
     

 

 

  

Household Durables — 0.9%

 

D.R. Horton, Inc.

      162,742        14,706,994  
     

 

 

  

Household Products — 0.9%

 

Procter & Gamble Co. (The)

      109,253        14,741,507  
     

 

 

  

Industrial Conglomerates — 1.2%

 

General Electric Co.

      1,367,005        18,399,887  
     

 

 

  

Insurance — 5.4%

 

Chubb Ltd.

      193,696        30,786,042  

Marsh & McLennan Cos., Inc.

      123,748        17,408,869  

MetLife, Inc.

      394,226        23,594,426  

RenaissanceRe Holdings Ltd. (Bermuda)

      90,835        13,518,065  
     

 

 

  
        85,307,402  
     

 

 

  

Interactive Media & Services — 2.5%

 

Alphabet, Inc. (Class A Stock)*

      16,130        39,386,073  
     

 

 

  

Machinery — 3.4%

 

Deere & Co.

      52,296        18,445,322  

Fortive Corp.

      175,091        12,210,847  

Otis Worldwide Corp.

      272,464        22,279,381  
     

 

 

  
        52,935,550  
     

 

 

  

Media — 0.8%

 

Comcast Corp. (Class A Stock)

      215,059        12,262,664  
     

 

 

  

Multi-Utilities — 3.2%

 

Ameren Corp.

      224,633        17,979,626  

Dominion Energy, Inc.

      435,532        32,042,089  
     

 

 

  
        50,021,715  
     

 

 

  

Oil, Gas & Consumable Fuels — 5.7%

 

Chevron Corp.

      364,930        38,222,768  

ConocoPhillips

      573,310        34,914,579  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A139

 
  

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Oil, Gas & Consumable Fuels (cont’d.)

 

Williams Cos., Inc. (The)

          630,846      $ 16,748,961  
     

 

 

  
        89,886,308  
     

 

 

  

Pharmaceuticals — 5.0%

 

AstraZeneca PLC (United Kingdom), ADR(a)

      404,912        24,254,229  

Bristol-Myers Squibb Co.

      333,708        22,298,369  

Eli Lilly & Co.

      136,703        31,376,072  
     

 

 

  
        77,928,670  
     

 

 

  

Road & Rail — 1.5%

 

Union Pacific Corp.

      107,606        23,665,788  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.7%

 

Broadcom, Inc.

      64,932        30,962,175  

Lam Research Corp.

      24,971        16,248,629  

QUALCOMM, Inc.

      114,318        16,339,472  

Texas Instruments, Inc.

      136,593        26,266,834  
     

 

 

  
        89,817,110  
     

 

 

  

Software — 2.8%

 

Microsoft Corp.

      101,789        27,574,640  

PTC, Inc.*

      112,991        15,961,109  
     

 

 

  
        43,535,749  
     

 

 

  

Specialty Retail — 2.7%

 

Lowe’s Cos., Inc.

      101,860        19,757,784  

Ross Stores, Inc.

      181,095        22,455,780  
     

 

 

  
        42,213,564  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.3%

 

Apple, Inc.

      147,259        20,168,593  
     

 

 

  

Trading Companies & Distributors — 1.1%

 

United Rentals, Inc.*

      52,365        16,704,959  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $911,024,880)

 

        1,565,218,840  
     

 

 

  
     Shares      Value  
SHORT-TERM INVESTMENTS — 4.2%

 

AFFILIATED MUTUAL FUNDS

      

PGIM Core Ultra Short Bond
Fund(wa)

      6,954,250      $ 6,954,250  

PGIM Institutional Money Market Fund (cost $59,206,690; includes $59,204,317 of cash collateral for securities on loan)(b)(wa)

      59,255,093        59,219,539  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $66,160,940)

 

      66,173,789  
     

 

 

  

TOTAL INVESTMENTS—103.8%
(cost $977,185,820)

 

      1,631,392,629  

Liabilities in excess of other assets — (3.8)%

 

      (59,043,379 ) 
     

 

 

  

NET ASSETS — 100.0%

       $   1,572,349,250  
     

 

 

  

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 $57,718,234; cash collateral of $59,204,317 (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.

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

    

    Level 1    

     

    Level 2    

     

Level 3

  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ 26,038,830      $ 16,189,350        $—  

Air Freight & Logistics

      16,020,918        —        —  

Airlines

      14,895,759        —        —  

Automobiles

      38,626,649        —        —  

Banks

        187,803,062        —        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A140

 
  

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Long-Term Investments (continued)

         

Common Stocks (continued)

         

Beverages

    $ 21,358,113      $ —        $—  

Biotechnology

      19,309,425        —        —  

Building Products

      32,112,732        —        —  

Capital Markets

      64,249,215        —        —  

Chemicals

      67,554,681        —        —  

Communications Equipment

      20,458,742        —        —  

Consumer Finance

      55,741,220        —        —  

Containers & Packaging

      20,715,309        —        —  

Electrical Equipment

      17,352,842        —        —  

Entertainment

      32,261,002        —        —  

Equity Real Estate Investment Trusts (REITs)

      38,884,111        —        —  

Food & Staples Retailing

      30,292,647        —        —  

Food Products

      24,244,640        —        —  

Health Care Equipment & Supplies

      53,768,255        —        —  

Health Care Providers & Services

      42,394,103        —        —  

Hotels, Restaurants & Leisure

      33,264,702        —        —  

Household Durables

      14,706,994        —        —  

Household Products

      14,741,507        —        —  

Industrial Conglomerates

      18,399,887        —        —  

Insurance

      85,307,402        —        —  

Interactive Media & Services

      39,386,073        —        —  

Machinery

      52,935,550        —        —  

Media

      12,262,664        —        —  

Multi-Utilities

      50,021,715        —        —  

Oil, Gas & Consumable Fuels

      89,886,308        —        —  

Pharmaceuticals

      77,928,670        —        —  

Road & Rail

      23,665,788        —        —  

Semiconductors & Semiconductor Equipment

      89,817,110        —        —  

Software

      43,535,749        —        —  

Specialty Retail

      42,213,564        —        —  

Technology Hardware, Storage & Peripherals

      20,168,593        —        —  

Trading Companies & Distributors

      16,704,959        —        —  

Short-Term Investments

         

Affiliated Mutual Funds

      66,173,789        —        —  
  

 

 

     

 

 

     

 

 

  

Total

    $ 1,615,203,279      $ 16,189,350        $—  
  

 

 

     

 

 

     

 

 

  

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, 2021 were as follows:

 

Banks

      11.9 % 

Oil, Gas & Consumable Fuels

      5.7  

Semiconductors & Semiconductor Equipment

      5.7  

Insurance

      5.4  

Pharmaceuticals

      5.0  

Chemicals

      4.3  

Affiliated Mutual Funds (3.8% represents investments purchased with collateral from securities on loan)

      4.2  

Capital Markets

      4.1  

Consumer Finance

      3.5  

Health Care Equipment & Supplies

      3.4  

Machinery

      3.4  

Multi-Utilities

      3.2  

Software

      2.8  

Health Care Providers & Services

      2.7  

Aerospace & Defense

      2.7 % 

Specialty Retail

      2.7  

Interactive Media & Services

      2.5  

Equity Real Estate Investment Trusts (REITs)

      2.5  

Automobiles

      2.5  

Hotels, Restaurants & Leisure

      2.1  

Entertainment

      2.1  

Building Products

      2.0  

Food & Staples Retailing

      1.9  

Food Products

      1.5  

Road & Rail

      1.5  

Beverages

      1.4  

Containers & Packaging

      1.3  

Communications Equipment

      1.3  

Technology Hardware, Storage & Peripherals

      1.3  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A141

 
  

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Biotechnology

      1.2 % 

Industrial Conglomerates

      1.2  

Electrical Equipment

      1.1  

Trading Companies & Distributors

      1.1  

Air Freight & Logistics

      1.0  

Airlines

      1.0  

Household Products

      0.9  

Household Durables

      0.9 % 

Media

      0.8  
  

 

 

  
     103.8  

Liabilities in excess of other assets

      (3.8 ) 
  

 

 

  
     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:

 

Description

      Gross Market
Value of
Recognized
Assets/(Liabilities)		      Collateral
Pledged/(Received)(1)		    Net
Amount

Securities on Loan

        $ 57,718,234        $ (57,718,234 )      $ —
      

 

 

         

 

 

       

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A142

 
  

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS   

Investments at value, including securities on loan of $57,718,234:

   

Unaffiliated investments (cost $911,024,880)

    $ 1,565,218,840  

Affiliated investments (cost $66,160,940)

      66,173,789  

Cash

      32,750  

Tax reclaim receivable

      869,951  

Dividends receivable

      792,305  

Receivable for Portfolio shares sold

      3,675  

Prepaid expenses and other assets

      168,538  
  

 

 

  

Total Assets

      1,633,259,848  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      59,204,317  

Payable to affiliate

      598,500  

Management fee payable

      518,807  

Payable for Portfolio shares purchased

      318,013  

Accrued expenses and other liabilities

      266,568  

Distribution fee payable

      2,141  

Administration fee payable

      1,272  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      60,910,598  
  

 

 

  
NET ASSETS    $ 1,572,349,250  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 1,572,349,250  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $1,561,990,714 / 35,593,161 outstanding shares of beneficial interest

    $ 43.88  
  

 

 

  
Class II:   

Net asset value and redemption price per share, $10,240,852 / 239,720 outstanding shares of beneficial interest

    $ 42.72  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $117,684 / 2,683 outstanding shares of beneficial interest

    $ 43.87  
  

 

 

  
Net Asset Values Per Share may not recalculate due to rounding.   

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Unaffiliated dividend income (net of $20,425 foreign withholding tax, of which $582 is reimbursable by an affiliate)

    $ 14,702,514  

Income from securities lending, net (including affiliated income of $10,878)

      16,544  

Affiliated dividend income

      5,723  
  

 

 

  

Total income

      14,724,781  
  

 

 

  

EXPENSES

   

Management fee

      2,989,165  

Distribution fee—Class II

      12,192  

Distribution fee—Class III

      32  

Administration fee—Class II

      7,315  

Shareholders’ reports

      52,303  

Custodian and accounting fees

      49,705  

Trustees’ fees

      13,167  

Audit fee

      12,496  

Legal fees and expenses

      11,192  

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

      5,297  

Miscellaneous

      19,818  
  

 

 

  

Total expenses

      3,172,682  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      11,552,099  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(1,260))

      52,937,920  

Foreign currency transactions

      1,692  
  

 

 

  
     52,939,612  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $68)

      177,004,115  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS

      229,943,727  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 241,495,826  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ 11,552,099     $ 25,261,919

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

        52,939,612       8,510,387

Net change in unrealized appreciation (depreciation) on investments

        177,004,115       5,619,054
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        241,495,826       39,391,360
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        8,100,170       15,301,549

Portfolio shares purchased

        (57,437,918 )       (113,124,170 )
    

 

 

      

 

 

  

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

        (49,337,748 )       (97,822,621 )
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        192,158,078       (58,431,261 )
NET ASSETS:         

Beginning of period

        1,380,191,172       1,438,622,433
    

 

 

      

 

 

  

End of period

      $ 1,572,349,250     $ 1,380,191,172
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A143

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		       Principal    
Amount
(000)#		          Value      
LONG-TERM INVESTMENTS — 97.9%

 

ASSET-BACKED SECURITIES — 23.3%

 

Automobiles — 1.0%

 

AmeriCredit Automobile Receivables Trust,

 

Series 2020-02, Class D

 

2.130%

    03/18/26        300      $ 307,631  

Avis Budget Rental Car Funding AESOP LLC,

 

Series 2020-02A, Class A, 144A

 

2.020%

    02/20/27        700        720,803  

Exeter Automobile Receivables Trust,

 

Series 2020-03A, Class C

 

1.320%

    07/15/25        300        303,028  

Series 2020-03A, Class D

 

1.730%

    07/15/26        200        203,389  

Hertz Vehicle Financing III LP,

 

Series 2021-02A, Class A, 144A

 

1.680%

    12/27/27        2,300        2,296,931  

Series 2021-02A, Class B, 144A

 

2.120%

    12/27/27        200        199,673  

Series 2021-02A, Class C, 144A

 

2.520%

    12/27/27        100        99,857  

Hertz Vehicle Financing LLC,

 

Series 2021-01A, Class C, 144A

 

2.050%

    12/26/25        100        99,934  

JPMorgan Chase Bank, NA,

 

Series 2020-01, Class R, 144A

 

33.784%

    01/25/28^        775        818,676  

Series 2020-02, Class D, 144A

 

1.487%

    02/25/28        980        984,467  

OneMain Direct Auto Receivables Trust,

 

Series 2019-01A, Class A, 144A

 

3.630%

    09/14/27        3,500        3,772,382  

Series 2019-01A, Class B, 144A

 

3.950%

    11/14/28        800        876,497  

Santander Drive Auto Receivables Trust,

 

Series 2020-02, Class D

 

2.220%

    09/15/26        400        409,420  

Series 2020-03, Class D

 

1.640%

    11/16/26        1,400        1,417,898  
          

 

 

  
                 12,510,586  
          

 

 

  

Collateralized Loan Obligations — 18.5%

 

Anchorage Capital CLO Ltd. (Cayman Islands),

 

Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)

 

1.612%(c)

    07/22/32        4,000        4,000,582  

Anchorage Credit Opportunities CLO Ltd. (Cayman Islands),

 

Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.950% (Cap N/A, Floor 1.950%)

 

2.138%(c)

    01/20/32        3,000        3,004,178  

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        11,839,714  

ArrowMark Colorado Holdings (Cayman Islands),

 

Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)

 

1.464%(c)

    07/15/29        250        250,000  

Interest

Rate

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

 

Collateralized Loan Obligations (cont’d.)

 

Atrium (Cayman Islands),

 

Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)

 

1.014%(c)

    04/22/27         7,472      $ 7,464,134  

Ballyrock CLO Ltd. (Cayman Islands),

 

Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

1.164%(c)

    10/15/28         2,398        2,396,937  

Battalion CLO Ltd.,

 

Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

 

1.226%(c)

    05/17/31         3,000        2,997,008  

Benefit Street Partners CLO Ltd. (Cayman Islands),

 

Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

 

1.434%(c)

    10/15/30         4,500        4,500,146  

Series 2019-18A, Class A, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 1.340%)

 

1.524%(c)

    10/15/32         2,500        2,501,310  

Brookside Mill CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.540%(c)

    01/17/28         2,500        2,502,004  

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        11,799,710  

Carlyle US CLO Ltd. (Cayman Islands),

 

Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)

 

1.364%(c)

    01/15/30         4,000        4,002,913  

Catamaran CLO Ltd. (Cayman Islands),

 

Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)

 

1.444%(c)

    04/22/30         7,710        7,711,116  

CIFC Funding Ltd. (Cayman Islands),

 

Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

 

1.156%(c)

    04/24/31         1,500            1,499,966  

Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)

 

1.294%(c)

    01/22/31         3,750        3,751,794  

Columbia Cent CLO Ltd. (Cayman Islands),

 

Series 2020-29A, Class A2, 144A, 3 Month LIBOR + 2.100% (Cap N/A, Floor 2.100%)

 

2.288%(c)

    07/20/31         3,500        3,516,594  

Elevation CLO Ltd. (Cayman Islands),

 

Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)

 

1.414%(c)

    10/15/29         7,500        7,500,232  

Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)

 

1.404%(c)

    07/15/30         5,250        5,250,256  

Greenwood Park CLO Ltd. (Cayman Islands),

 

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

 

1.194%(c)

    04/15/31         6,000        5,994,257  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A144

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Collateralized Loan Obligations (cont’d.)

 

Greywolf CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

1.206%(c)

    04/26/31         3,500      $ 3,501,204  

Hayfin Emerald CLO (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        12,482,437  

HPS Loan Management Ltd. (Cayman Islands),

 

Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

 

1.504%(c)

    07/22/32         4,000        4,000,705  

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

 

1.176%(c)

    02/05/31         3,973            3,974,953  

ICG US CLO Ltd. (Cayman Islands),

 

Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

1.206%(c)

    04/25/31         2,494        2,490,625  

Madison Park Funding Ltd. (Cayman Islands),

 

Series 2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)

 

1.534%(c)

    10/15/32         1,750        1,751,271  

Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

 

1.296%(c)

    04/25/32         2,000        1,999,999  

MidOcean Credit CLO (Cayman Islands),

 

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

 

1.306%(c)

    04/21/31         9,635        9,634,801  

Mountain View CLO LLC (Cayman Islands),

 

Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)

 

1.394%(c)

    01/16/31         4,000        4,000,044  

Mountain View CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)

 

1.438%(c)

    10/12/30         7,483        7,481,485  

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

 

1.304%(c)

    07/15/31         6,000        5,998,834  

OCP CLO Ltd. (Cayman Islands),

 

Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)

 

1.444%(c)

    07/15/30         750        750,103  

Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%)

 

1.250%(c)

    07/20/32         5,000        5,002,069  

OZLM Ltd. (Cayman Islands),

 

Series 2014-09A, Class A1AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

 

1.468%(c)

    10/20/31         2,720        2,720,515  

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

 

1.436%(c)

    10/30/30         1,236        1,236,660  

Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)

 

1.578%(c)

    07/20/32         4,000        4,000,648  

Interest

Rate

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

 

Collateralized Loan Obligations (cont’d.)

 

Romark WM-R Ltd. (Cayman Islands),

 

Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

 

1.218%(c)

    04/20/31         3,958      $ 3,957,724  

Shackleton CLO Ltd. (Cayman Islands),

 

Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

 

1.270%(c)

    05/07/31         4,955        4,954,982  

Signal Peak CLO Ltd. (Cayman Islands),

 

Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)

 

1.286%(c)

    04/25/31         5,750        5,750,009  

Sixth Street CLO Ltd. (Cayman Islands),

 

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

 

1.508%(c)

    10/20/32         12,500        12,500,366  

Sound Point CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

 

1.246%(c)

    01/26/31         3,500        3,499,989  

Telos CLO Ltd. (Cayman Islands),

 

Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)

 

1.430%(c)

    01/17/30         3,470        3,472,040  

TICP CLO Ltd. (Cayman Islands),

 

Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)

 

1.328%(c)

    01/20/31         3,000            2,999,088  

Trinitas CLO Ltd. (Cayman Islands),

 

Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)

 

1.584%(c)

    07/15/27         5,000        4,995,454  

Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)

 

1.386%(c)

    01/25/31         4,000        4,000,558  

Venture CLO Ltd. (Cayman Islands),

 

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

 

1.064%(c)

    07/15/27         2,315        2,314,869  

Voya CLO Ltd. (Cayman Islands),

 

Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)

 

1.394%(c)

    10/15/30         7,469        7,471,068  

Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

 

1.146%(c)

    04/25/31         3,000        3,000,748  

Wellfleet CLO Ltd. (Cayman Islands),

 

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

 

1.340%(c)

    01/17/31         6,500        6,502,138  

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

 

1.388%(c)

    10/20/31         2,750        2,750,025  

York CLO Ltd. (Cayman Islands),

 

Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)

 

1.334%(c)

    01/22/31         2,000        1,999,398  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A145

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Collateralized Loan Obligations (cont’d.)

 

Zais CLO Ltd. (Cayman Islands),

 

Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)

 

1.134%(c)

      04/15/29           8,220      $ 8,197,404  
           

 

 

  
                  241,875,064  
           

 

 

  

Consumer Loans — 1.4%

 

Fairstone Financial Issuance Trust (Canada),

 

Series 2020-01A, Class A, 144A

 

2.509%

      10/20/39        CAD        400        324,727  

Lending Funding Trust,

 

Series 2020-02A, Class A, 144A

 

2.320%

      04/21/31           300        307,900  

Lendmark Funding Trust,

 

Series 2018-02A, Class A, 144A

 

4.230%

      04/20/27           1,600        1,617,149  

Series 2019-01A, Class A, 144A

 

3.000%

      12/20/27           2,000        2,044,456  

Series 2019-02A, Class A, 144A

 

2.780%

      04/20/28           1,000        1,027,292  

Series 2021-01A, Class B, 144A

 

2.470%

      11/20/31           100        100,990  

Mariner Finance Issuance Trust,

 

Series 2019-AA, Class A, 144A

 

2.960%

      07/20/32           700        717,597  

Series 2020-AA, Class A, 144A

 

2.190%

      08/21/34           500        508,560  

OneMain Financial Issuance Trust,

 

Series 2018-01A, Class A, 144A

 

3.300%

      03/14/29           661        663,047  

Series 2020-01A, Class A, 144A

 

3.840%

      05/14/32           1,000        1,043,254  

Series 2020-02A, Class A, 144A

 

1.750%

      09/14/35           1,500        1,525,160  

Oportun Funding X LLC,

 

Series 2018-C, Class A, 144A

 

4.100%

      10/08/24           1,400        1,401,027  

Oportun Funding XII LLC,

 

Series 2018-D, Class A, 144A

 

4.150%

      12/09/24           1,000        1,004,988  

Oportun Funding XIII LLC,

 

Series 2019-A, Class A, 144A

 

3.080%

      08/08/25           1,400        1,433,762  

Series 2019-A, Class D, 144A

 

6.220%

      08/08/25           1,800        1,843,900  

Oportun Funding XIV LLC,

 

Series 2021-A, Class B, 144A

 

1.760%

      03/08/28           200        199,194  

PNMAC GMSR Issuer Trust,

 

Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)

 

2.942%(c)

      02/25/23           1,280        1,282,380  

Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)

 

2.742%(c)

      08/25/25           1,200        1,198,159  
           

 

 

  
              18,243,542  
           

 

 

  

Interest

Rate

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

 

Credit Cards — 0.3%

 

Citibank Credit Card Issuance Trust,

 

Series 2018-A07, Class A7

 

3.960%

    10/13/30         1,100     $     1,288,209  

Newday Partnership Funding PLC (United Kingdom),

 

Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)

 

1.449%(c)

    11/15/28      GBP        1,625       2,278,096  
          

 

 

  
             3,566,305  
          

 

 

  

Home Equity Loans — 0.0%

 

Centex Home Equity Loan Trust,

 

Series 2004-B, Class AF6

 

4.686%

    03/25/34         —(r )      5  

Floating Rate Mortgage Pass-Through Certificates,

 

Series 2001-02, Class M3, 1 Month LIBOR + 2.925% (Cap N/A, Floor 2.925%)

 

3.017%(c)

    10/25/31         195       209,301  

Merrill Lynch Mortgage Investors Trust,

 

Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

1.292%(c)

    08/25/35         132       131,516  

Morgan Stanley ABS Capital I, Inc. Trust,

 

Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

 

1.112%(c)

    10/25/33         210       209,390  
          

 

 

  
             550,212  
          

 

 

  

Other — 0.2%

 

PNMAC FMSR Issuer Trust,

 

Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)

 

2.442%(c)

    04/25/23         120       119,459  

TH MSR Issuer Trust,

 

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

 

2.892%(c)

    06/25/24         2,250       2,225,004  
          

 

 

  
             2,344,463  
          

 

 

  

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%)

 

0.872%(c)

    10/25/34         751       741,744  

Legacy Mortgage Asset Trust,

 

Series 2019-GS01, Class A1, 144A

 

4.000%

    01/25/59         603       604,578  

Series 2019-GS02, Class A1, 144A

 

3.750%

    01/25/59         701       702,233  

Series 2019-GS04, Class A1, 144A

 

3.438%

    05/25/59         1,205       1,207,476  

Merrill Lynch Mortgage Investors Trust,

 

Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%)

 

0.612%(c)

    06/25/35         333       330,753  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A146

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Residential Mortgage-Backed Securities (cont’d.)

 

TFS (Spain),

 

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

 

3.000%(c)

      04/16/23        EUR        3,359      $ 3,585,133  
           

 

 

  
              7,171,917  
           

 

 

  

Student Loans — 1.4%

 

Earnest Student Loan Program LLC,

 

Series 2016-D, Class A1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

 

1.492%(c)

      01/25/41           54        54,469  

Laurel Road Prime Student Loan Trust,

 

Series 2018-A, Class A, 144A

 

0.000%

      02/25/43           2,980        1,330,125  

Series 2018-C, Class A, 144A

 

0.000%(cc)

      08/25/43           1,424        1,463,311  

Series 2018-D, Class A, 144A

 

0.000%(cc)

      11/25/43           1,413        1,462,521  

Series 2019-A, Class R, 144A

 

0.000%

      10/25/48           2,411        340,264  

SoFi Alternative Trust,

 

Series 2019-B, Class PT, 144A

 

0.000%(cc)

      12/15/45           3,367        3,483,877  

Series 2019-D, Class 1PT, 144A

 

2.755%(cc)

      01/16/46           2,983        3,086,303  

Series 2019-F, Class PT1, 144A

 

3.932%(cc)

      02/15/45           2,863        2,931,859  

SoFi RR Funding II Trust,

 

Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

1.342%(c)

      11/29/24           2,569        2,554,853  

SoFi RR Funding III Trust,

 

Series 2020-01, Class A, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 3.750%)

 

3.842%(c)

      11/29/24           1,528        1,535,412  
           

 

 

  
              18,242,994  
           

 

 

  

TOTAL ASSET-BACKED SECURITIES
(cost $303,144,603)

 

          304,505,083  
           

 

 

  
BANK LOANS — 1.1%

 

Airlines — 0.0%

 

United Airlines, Inc.,

 

Class B Term Loan, 3 Month LIBOR + 3.750%

 

4.500%(c)

      04/21/28           337        341,249  
           

 

 

  

Auto Manufacturers — 0.1%

 

Navistar, Inc.,

 

Tranche B Term Loan, 1 Month LIBOR + 3.500%

 

3.600%(c)

      11/06/24           598        597,563  
           

 

 

  

Chemicals — 0.0%

 

Axalta Coating Systems US Holdings, Inc.,

 

Term B-3 Dollar Loan, 3 Month LIBOR + 1.750%

 

1.897%(c)

      06/01/24           349        346,477  

Starfruit Finco BV (Netherlands),

 

Initial Dollar Term Loan, 1 Month LIBOR + 2.750%/PRIME + 1.750%

 

2.843%(c)

      10/01/25           193        191,106  
           

 

 

  
              537,583  
           

 

 

  

Interest

Rate

        Maturity    
Date		          Principal    
Amount
(000)#		          Value      
BANK LOANS (continued)

 

Commercial Services — 0.1%

 

Adtalem Global Education, Inc.,

 

Term Loan

 

—%(p)

      02/12/28           650      $ 648,375  
           

 

 

  

Computers — 0.1%

 

Peraton Corp.,

 

First Lien Term B Loan, 1 Month LIBOR + 3.750%

 

4.500%(c)

      02/01/28           774        776,113  
           

 

 

  

Insurance — 0.1%

 

AmWINS Group, Inc.,

 

Term Loan, 1 - 3 Month LIBOR + 2.250%

 

3.000%(c)

      02/19/28           183        181,852  

Asurion LLC,

 

New B-7 Term Loan, 1 Month LIBOR + 3.000%

 

3.104%(c)

      11/03/24           468        462,549  

New B-9 Term Loan, 1 Month LIBOR + 3.250%

 

3.354%(c)

      07/31/27           349        345,052  
           

 

 

  
              989,453  
           

 

 

  

Machinery-Construction & Mining — 0.0%

 

Vertiv Group Corp,

 

Term B Loan, 1 Month LIBOR + 2.750%

 

2.836%(c)

      03/02/27           249        247,194  
           

 

 

  

Media — 0.1%

 

CSC Holdings LLC,

 

2017 Refinancing Term Loan, 1 Month LIBOR + 2.250%

 

2.323%(c)

      07/17/25           349        343,854  

September 2019 Term Loan, 1 Month LIBOR + 2.500%

 

2.573%(c)

      04/15/27           778        769,926  

Diamond Sports Group LLC,

 

Term Loan, 1 Month LIBOR + 3.250%

 

3.360%(c)

      08/24/26           499        299,488  

iHeartCommunications, Inc.,

 

New Term Loan, 1 Month LIBOR + 3.000%

 

3.104%(c)

      05/01/26           348        345,040  
           

 

 

  
                  1,758,308  
           

 

 

  

Oil & Gas — 0.0%

 

Ascent Resources Utica Holdings LLC,

 

Second Lien Term Loan, 3 Month LIBOR + 9.000%

 

10.000%(c)

      11/01/25           388        427,932  
           

 

 

  

Pharmaceuticals — 0.1%

 

Change Healthcare Holdings LLC,

 

Closing Date Term Loan,1 - 3 Month LIBOR + 2.500%

 

3.500%(c)

      03/01/24           1,232        1,230,821  
           

 

 

  

Real Estate Investment Trusts (REITs) — 0.0%

 

Blackstone Mortgage Trust, Inc.,

 

Term Loan, 1 Month LIBOR + 2.250%

 

2.354%(c)

      04/23/26           497        492,286  
           

 

 

  

Retail — 0.3%

 

EG Finco Ltd. (United Kingdom),

 

Term Loan

 

—%(p)

      04/12/27           3,500        4,144,937  
           

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A147

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		          Principal    
Amount
(000)#		          Value      
BANK LOANS (continued)

 

Software — 0.1%

 

Dun & Bradstreet Corp,

 

Term Loan B, 1 Month LIBOR + 3.250%

 

3.345%(c)

      02/06/26           769      $ 764,981  
           

 

 

  

Telecommunications — 0.1%

 

CenturyLink, Inc.,

 

Term B Loan, 1 Month LIBOR + 2.250%

 

2.354%(c)

      03/15/27           402        396,131  

Digicel International Finance Ltd. (Saint Lucia),

 

First Lien Initial Term B Loan,1 - 6 Month LIBOR + 3.250%

 

3.430%(c)

      05/27/24           995        953,796  
           

 

 

  
              1,349,927  
           

 

 

  

TOTAL BANK LOANS
(cost $14,325,863)

 

          14,306,722  
           

 

 

  
COMMERCIAL MORTGAGE-BACKED
SECURITIES — 13.0%

 

Banc of America Commercial Mortgage Trust,

 

Series 2016-UB10, Class A3

 

2.903%

      07/15/49           2,300        2,424,326  

BANK,

 

Series 2017-BNK05, Class A4

 

3.131%

      06/15/60           4,400        4,753,811  

Series 2017-BNK06, Class A4

 

3.254%

      07/15/60           920        993,403  

Series 2017-BNK08, Class A3

 

3.229%

      11/15/50           1,950        2,099,859  

Series 2019-BN18, Class A3

 

3.325%

      05/15/62           1,500        1,632,107  

Series 2020-BN29, Class A3

 

1.742%

      11/15/53           1,000        980,132  

Barclays Commercial Mortgage Securities Trust,

 

Series 2016-ETC, Class A, 144A

 

2.937%

      08/14/36           1,170        1,186,809  

Series 2016-ETC, Class B, 144A

 

3.189%

      08/14/36           510        512,316  

Series 2016-ETC, Class C, 144A

 

3.391%

      08/14/36           430        419,407  

Series 2016-ETC, Class D, 144A

 

3.729%(cc)

      08/14/36           1,560        1,476,233  

Benchmark Mortgage Trust,

 

Series 2019-B09, Class A4

 

3.751%

      03/15/52           3,400        3,805,526  

Series 2020-B18, Class A4

 

1.672%

      07/15/53           2,900        2,836,317  

Series 2020-B21, Class A4

 

1.704%

      12/17/53           1,000        980,064  

BX Commercial Mortgage Trust,

 

Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)

 

2.373%(c)

      10/15/36           1,448        1,448,881  

Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

2.073%(c)

      12/15/36           1,456        1,455,732  

Interest

Rate

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

 

Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)

 

2.573%(c)

      12/15/36           2,911      $ 2,909,717  

Cantor Commercial Real Estate Lending,

 

Series 2019-CF02, Class A3

 

2.647%

      11/15/52           7,700        7,905,906  

CD Mortgage Trust,

 

Series 2017-CD05, Class A3

 

3.171%

      08/15/50           3,500        3,754,339  

CFK Trust,

 

Series 2020-MF02, Class A, 144A

 

2.387%

      03/15/39           6,550        6,716,568  

CityLine Commercial Mortgage Trust,

 

Series 2016-CLNE, Class B, 144A

 

2.871%(cc)

      11/10/31           2,400            2,441,153  

Series 2016-CLNE, Class C, 144A

 

2.871%(cc)

      11/10/31           900        902,070  

Cold Storage Trust,

 

Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)

 

2.838%(c)

      11/15/37           1,327        1,332,862  

Commercial Mortgage Trust,

 

Series 2014-UBS04, Class A4

 

3.420%

      08/10/47           3,200        3,370,021  

Series 2015-DC01, Class A4

 

3.078%

      02/10/48           5,000        5,239,942  

Series 2016-COR01, Class A3

 

2.826%

      10/10/49           2,500        2,632,643  

Series 2017-COR02, Class A2

 

3.239%

      09/10/50           4,500        4,817,331  

Credit Suisse Mortgage Capital Certificates,

 

Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

 

2.223%(c)

      05/15/36           2,600        2,604,896  

CSAIL Commercial Mortgage Trust,

 

Series 2019-C16, Class A2

 

3.067%

      06/15/52           1,200        1,273,663  

DBWF Mortgage Trust,

 

Series 2016-85T, Class D, 144A

 

3.935%(cc)

      12/10/36           1,400        1,445,154  

Deutsche Bank Commercial Mortgage Trust,

 

Series 2017-C06, Class A4

 

3.071%

      06/10/50           2,800        3,021,451  

Eleven Madison Mortgage Trust,

 

Series 2015-11MD, Class C, 144A

 

3.673%(cc)

      09/10/35           3,000        3,166,235  

FHLMC Multifamily Structured Pass-Through Certificates,

 

Series K020, Class X1, IO

 

1.470%(cc)

      05/25/22           24,089        206,453  

Series K021, Class X1, IO

 

1.526%(cc)

      06/25/22           13,742        105,535  

Series K025, Class X1, IO

 

0.913%(cc)

      10/25/22           9,593        85,050  

Series K027, Class X1, IO

 

0.847%(cc)

      01/25/23           121,441        1,122,423  

Series K044, Class X1, IO

 

0.853%(cc)

      01/25/25           79,281        1,650,747  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A148

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Series K053, Class X1, IO

 

1.020%(cc)

      12/25/25           86,963      $ 3,024,784  

Series K055, Class X1, IO

 

1.493%(cc)

      03/25/26           13,491        751,301  

Series KG03, Class X1, IO

 

1.483%(cc)

      06/25/30           29,350        3,096,748  

GS Mortgage Securities Trust,

 

Series 2015-GC30, Class A3

 

3.119%

      05/10/50           2,935        3,117,852  

Series 2017-GS06, Class A2

 

3.164%

      05/10/50           3,400        3,647,679  

Series 2019-GC38, Class A3

 

3.703%

      02/10/52           5,800        6,445,202  

IMT Trust,

 

Series 2017-APTS, Class AFX, 144A

 

3.478%

      06/15/34           310        328,830  

JPMDB Commercial Mortgage Securities Trust,

 

Series 2016-C02, Class A3A

 

2.881%

      06/15/49           1,070        1,112,839  

Series 2017-C05, Class A4

 

3.414%

      03/15/50           1,941            2,085,828  

Series 2017-C07, Class A4

 

3.147%

      10/15/50           3,600        3,856,064  

JPMorgan Chase Commercial Mortgage Securities Corp.,

 

Series 2018-AON, Class E, 144A

 

4.767%(cc)

      07/05/31           5,875        6,075,669  

JPMorgan Chase Commercial Mortgage Securities Trust,

 

Series 2016-JP02, Class A3

 

2.559%

      08/15/49           1,766        1,835,004  

KKR Industrial Portfolio Trust,

 

Series 2020-AIP, Class E, 144A, 1 Month LIBOR + 2.626% (Cap N/A, Floor 2.626%)

 

2.699%(c)

      03/15/37           771        772,816  

Morgan Stanley Bank of America Merrill Lynch Trust,

 

Series 2012-C05, Class XA, IO, 144A

 

1.539%(cc)

      08/15/45           33,029        293,815  

Series 2013-C08, Class A3

 

2.863%

      12/15/48           1,531        1,557,841  

Series 2013-C10, Class A3

 

4.102%(cc)

      07/15/46           4,340        4,572,461  

Morgan Stanley Capital I Trust,

 

Series 2017-H01, Class A4

 

3.259%

      06/15/50           2,750        2,948,211  

Series 2017-HR02, Class A3

 

3.330%

      12/15/50           5,500        5,960,123  

Series 2019-L03, Class A3

 

2.874%

      11/15/52           1,200        1,269,204  

Series 2019-MEAD, Class E, 144A

 

3.283%(cc)

      11/10/36           575        553,351  

Shops at Crystals Trust,

 

Series 2016-CSTL, Class A, 144A

 

3.126%

      07/05/36           140        147,105  

UBS Commercial Mortgage Trust,

 

Series 2017-C02, Class A3

 

3.225%

      08/15/50           3,280        3,500,293  

Series 2017-C07, Class A3

 

3.418%

      12/15/50           5,600        6,090,115  

Interest

Rate

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

 

Series 2018-C10, Class A3

 

4.048%

      05/15/51          2,200      $ 2,470,072  

Series 2019-C17, Class A3

 

2.669%

      10/15/52          2,000        2,092,102  

Series 2019-C17, Class ASB

 

2.866%

      10/15/52          600        641,263  

UBS-Barclays Commercial Mortgage Trust,

 

Series 2013-C05, Class A3

 

2.920%

      03/10/46          830        845,895  

Wells Fargo Commercial Mortgage Trust,

 

Series 2014-LC16, Class A4

 

3.548%

      08/15/50          4,130        4,295,684  

Series 2016-C32, Class A3

 

3.294%

      01/15/59          2,141        2,299,170  

Series 2016-C34, Class A3

 

2.834%

      06/15/49          2,500        2,616,988  

Series 2016-C35, Class A3

 

2.674%

      07/15/48          4,600        4,783,904  

Series 2017-C40, Class A3

 

3.317%

      10/15/50          1,370        1,458,968  

Series 2019-C54, Class A3

 

2.892%

      12/15/52          1,200        1,270,879  
          

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $162,077,076)

 

          169,527,142  
          

 

 

  
CORPORATE BONDS — 37.8%

 

Aerospace & Defense — 0.5%

 

BAE Systems PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

1.900%

      02/15/31          2,770        2,675,745  

3.400%

      04/15/30          385        418,352  

Boeing Co. (The),

 

Sr. Unsec’d. Notes

 

3.950%

      08/01/59          1,450        1,515,136  

Raytheon Technologies Corp.,

 

Sr. Unsec’d. Notes

 

4.125%

      11/16/28          1,115        1,284,230  
          

 

 

  
             5,893,463  
          

 

 

  

Agriculture — 0.3%

 

BAT Capital Corp. (United Kingdom),

 

Gtd. Notes

 

2.259%

      03/25/28 (a)         1,530        1,521,372  

3.222%

      08/15/24          2,810        2,984,962  
          

 

 

  
             4,506,334  
          

 

 

  

Airlines — 0.6%

 

American Airlines 2016-1 Class AA Pass-Through Trust, Pass-Through Certificates

 

3.575%

      07/15/29          1,441        1,468,056  

Continental Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates

 

5.983%

      10/19/23          664        678,930  

Southwest Airlines Co.,

 

Sr. Unsec’d. Notes

 

5.125%

      06/15/27          3,255        3,832,980  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A149

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Airlines (cont’d.)

 

United Airlines 2007-1 Class A Pass-Through Trust,

 

Pass-Through Certificates

 

6.636%

      01/02/24          419      $ 433,821  

United Airlines, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.375%

      04/15/26          815        843,716  

4.625%

      04/15/29          190        196,801  
          

 

 

  
                 7,454,304  
          

 

 

  

Auto Manufacturers — 1.1%

 

Ford Motor Co.,

 

Sr. Unsec’d. Notes

 

4.750%

      01/15/43          1,125        1,198,125  

5.291%

      12/08/46          290        323,898  

9.625%

      04/22/30 (a)         1,200        1,720,121  

Ford Motor Credit Co. LLC,

 

Sr. Unsec’d. Notes

 

2.900%

      02/16/28 (a)         275        274,402  

3.350%

      11/01/22          2,600        2,663,535  

General Motors Co.,

 

Sr. Unsec’d. Notes

 

4.875%

      10/02/23          1,350        1,469,491  

5.000%

      04/01/35          1,365        1,648,121  

5.150%

      04/01/38          1,000        1,217,267  

6.250%

      10/02/43          1,455        2,008,336  

6.600%

      04/01/36          210        287,303  

General Motors Financial Co., Inc.,

 

Sr. Unsec’d. Notes

 

2.400%

      04/10/28 (a)         1,025        1,040,204  
          

 

 

  
             13,850,803  
          

 

 

  

Auto Parts & Equipment — 0.2%

 

American Axle & Manufacturing, Inc.,

 

Gtd. Notes

 

6.500%

      04/01/27 (a)         670        709,699  

Cooper-Standard Automotive, Inc.,

 

Gtd. Notes, 144A

 

5.625%

      11/15/26 (a)         1,150        1,082,107  

Dana Financing Luxembourg Sarl,

 

Gtd. Notes, 144A

 

5.750%

      04/15/25          875        902,739  

Dana, Inc.,

 

Sr. Unsec’d. Notes

 

5.375%

      11/15/27 (a)         350        372,339  
          

 

 

  
             3,066,884  
          

 

 

  

Banks — 9.7%

 

Banco Santander SA (Spain),

 

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

 

1.308%(c)

      04/12/23          400        405,341  

Sr. Unsec’d. Notes

 

3.848%

      04/12/23          600        634,250  

Sub. Notes

 

2.749%

      12/03/30 (a)         1,000        991,087  

Bank of America Corp.,

 

Jr. Sub. Notes, Series JJ

 

5.125%(ff)

      06/20/24 (oo)         1,655        1,765,058  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

Jr. Sub. Notes, Series MM

 

4.300%(ff)

      01/28/25 (oo)         1,575      $     1,627,084  

Sr. Unsec’d. Notes

 

2.687%(ff)

      04/22/32          2,535        2,611,259  

Sr. Unsec’d. Notes, GMTN

 

3.593%(ff)

      07/21/28 (a)         740        813,987  

Sr. Unsec’d. Notes, MTN

 

3.824%(ff)

      01/20/28          3,185        3,537,339  

3.974%(ff)

      02/07/30          685        776,704  

4.078%(ff)

      04/23/40          2,340        2,736,411  

4.271%(ff)

      07/23/29          910        1,045,808  

Sr. Unsec’d. Notes, Series N

 

2.651%(ff)

      03/11/32          5,020        5,153,409  

Sub. Notes, MTN

 

4.000%

      01/22/25          1,117        1,225,234  

4.450%

      03/03/26          1,735        1,968,033  

Barclays PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

3.650%

      03/16/25          700        759,099  

3.684%

      01/10/23          480        488,141  

Sr. Unsec’d. Notes, MTN

 

4.972%(ff)

      05/16/29          475        556,589  

Sub. Notes

 

4.836%

      05/09/28          720        808,056  

BNP Paribas SA (France),

 

Sr. Unsec’d. Notes, 144A

 

1.904%(ff)

      09/30/28          2,200        2,181,646  

2.871%(ff)

      04/19/32          1,815        1,862,085  

4.400%

      08/14/28          420        484,136  

Sr. Unsec’d. Notes, 144A, MTN

 

3.800%

      01/10/24          855        917,449  

BPCE SA (France),

 

Sr. Unsec’d. Notes, 144A, MTN

 

3.500%

      10/23/27          300        325,953  

Sub. Notes, 144A, MTN

 

4.500%

      03/15/25          1,120        1,235,640  

4.875%

      04/01/26          380        428,870  

Citigroup, Inc.,

 

Jr. Sub. Notes

 

3.875%(ff)

      02/18/26 (oo)         1,880        1,932,059  

Jr. Sub. Notes, Series V

 

4.700%(ff)

      01/30/25 (oo)         1,435        1,479,540  

Jr. Sub. Notes, Series W

 

4.000%(ff)

      12/10/25 (oo)         880        909,527  

Sr. Unsec’d. Notes

 

2.561%(ff)

      05/01/32          910        927,071  

2.666%(ff)

      01/29/31          1,225        1,266,409  

3.200%

      10/21/26          3,255        3,526,693  

3.887%(ff)

      01/10/28          1,710        1,902,752  

8.125%

      07/15/39          1,060        1,830,798  

Sub. Notes

 

4.450%

      09/29/27          2,630        3,003,717  

Credit Suisse Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

3.091%(ff)

      05/14/32          1,695        1,746,465  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A150

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

Deutsche Bank AG (Germany),

 

Sr. Unsec’d. Notes, MTN

 

3.700%

      05/30/24          159      $ 170,698  

Sr. Unsec’d. Notes, Series D

 

5.000%

      02/14/22          1,350        1,386,079  

Discover Bank,

 

Sr. Unsec’d. Notes

 

3.450%

      07/27/26          280        305,532  

4.250%

      03/13/26          1,150        1,291,790  

Goldman Sachs Group, Inc. (The),

 

Sr. Unsec’d. Notes

 

2.615%(ff)

      04/22/32          4,695        4,801,579  

3.272%(ff)

      09/29/25          4,063        4,345,706  

3.750%

      02/25/26          125        138,286  

3.814%(ff)

      04/23/29 (a)         1,060            1,185,325  

3.850%

      01/26/27          1,765        1,946,510  

HSBC Holdings PLC (United Kingdom),

 

Sr. Unsec’d. Notes

 

4.583%(ff)

      06/19/29          1,000        1,155,852  

JPMorgan Chase & Co.,

 

Jr. Sub. Notes, Series FF

 

5.000%(ff)

      08/01/24 (oo)         1,000        1,056,337  

Jr. Sub. Notes, Series HH

 

4.600%(ff)

      02/01/25 (oo)         1,940        2,008,657  

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

 

3.656%(c)

      07/30/21 (a)(oo)         2,998        3,004,471  

Jr. Sub. Notes, Series II

 

4.000%(ff)

      04/01/25 (a)(oo)         1,350        1,367,637  

Jr. Sub. Notes, Series KK

 

3.650%(ff)

      06/01/26 (oo)         1,850        1,854,604  

Sr. Unsec’d. Notes

 

2.525%(ff)

      11/19/41          2,330        2,219,763  

2.580%(ff)

      04/22/32          1,735        1,782,521  

2.950%

      10/01/26          1,740        1,874,784  

3.200%

      06/15/26          3,020        3,288,660  

3.509%(ff)

      01/23/29          1,435        1,581,015  

3.782%(ff)

      02/01/28          965        1,070,926  

3.964%(ff)

      11/15/48          985        1,154,142  

4.005%(ff)

      04/23/29          1,200        1,359,204  

Sub. Notes

 

4.250%

      10/01/27          420        478,921  

Morgan Stanley,

 

Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%

 

3.794%(c)

      10/15/21 (a)(oo)         975        978,975  

Sr. Unsec’d. Notes

 

3.217%(ff)

      04/22/42          1,700        1,798,815  

Sr. Unsec’d. Notes, GMTN

 

3.772%(ff)

      01/24/29          1,875        2,105,551  

4.431%(ff)

      01/23/30          1,340        1,571,377  

Sr. Unsec’d. Notes, MTN

 

1.794%(ff)

      02/13/32          915        880,165  

3.125%

      07/27/26          2,725        2,950,055  

Sub. Notes, GMTN

 

4.350%

      09/08/26 (a)         750        849,957  

State Street Corp.,

 

Sub. Notes

 

2.200%

      03/03/31          4,130        4,164,340  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Banks (cont’d.)

 

Texas Capital Bank NA,

 

Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%

 

4.647%(c)

      09/30/24          3,340      $ 3,340,420  

Truist Financial Corp.,

 

Jr. Sub. Notes, Series N

 

4.800%(ff)

      09/01/24 (oo)         960        1,018,931  

UBS Group AG (Switzerland),

 

Sr. Unsec’d. Notes, 144A

 

2.859%(ff)

      08/15/23          1,100        1,128,421  

3.491%

      05/23/23 (a)         2,970        3,049,738  

UniCredit SpA (Italy),

 

Sr. Unsec’d. Notes, 144A

 

2.569%(ff)

      09/22/26 (a)         685        694,174  

3.127%(ff)

      06/03/32          1,225        1,231,255  

Wells Fargo & Co.,

 

Sr. Unsec’d. Notes

 

3.068%(ff)

      04/30/41          2,675        2,743,045  

Sr. Unsec’d. Notes, MTN

 

2.572%(ff)

      02/11/31          3,500        3,623,103  
          

 

 

  
                 126,821,020  
          

 

 

  

Beverages — 0.3%

 

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

 

Gtd. Notes

 

4.900%

      02/01/46          1,880        2,378,032  

Anheuser-Busch InBev Worldwide, Inc. (Belgium),

 

Gtd. Notes

 

5.550%

      01/23/49          1,440        1,979,942  
          

 

 

  
             4,357,974  
          

 

 

  

Building Materials — 0.2%

 

Masco Corp.,

 

Sr. Unsec’d. Notes

 

2.000%

      10/01/30          925        902,479  

Masonite International Corp.,

 

Gtd. Notes, 144A

 

5.375%

      02/01/28          525        558,643  

SRM Escrow Issuer LLC,

 

Sr. Sec’d. Notes, 144A

 

6.000%

      11/01/28          1,275        1,351,264  
          

 

 

  
             2,812,386  
          

 

 

  

Chemicals — 1.2%

 

Ashland LLC,

 

Gtd. Notes

 

6.875%

      05/15/43          1,400        1,766,172  

CF Industries, Inc.,

 

Gtd. Notes

 

4.950%

      06/01/43          675        796,419  

5.375%

      03/15/44          700        866,272  

Chemours Co. (The),

 

Gtd. Notes

 

7.000%

      05/15/25 (a)         1,000        1,031,559  

INEOS Quattro Finance 2 PLC (United Kingdom),

 

Sr. Sec’d. Notes, 144A

 

2.500%

      01/15/26       EUR        2,300        2,754,653  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A151

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Chemicals (cont’d.)

 

LYB International Finance BV,

 

Gtd. Notes

 

5.250%

      07/15/43          1,000      $ 1,292,684  

Mosaic Co. (The),

 

Sr. Unsec’d. Notes

 

5.625%

      11/15/43          155        202,920  

NOVA Chemicals Corp. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

4.875%

      06/01/24 (a)         1,150        1,215,632  

Nutrien Ltd. (Canada),

 

Sr. Unsec’d. Notes

 

4.900%

      06/01/43          870        1,099,506  

5.250%

      01/15/45          420        559,087  

Sasol Financing International Ltd. (South Africa),

 

Gtd. Notes

 

4.500%

      11/14/22          1,525        1,564,845  

Sasol Financing USA LLC (South Africa),

 

Gtd. Notes

 

4.375%

      09/18/26          460        475,882  

5.875%

      03/27/24          375        400,904  

Sherwin-Williams Co. (The),

 

Sr. Unsec’d. Notes

 

3.450%

      08/01/25          445        484,029  

TPC Group, Inc.,

 

Sr. Sec’d. Notes, 144A

 

10.500%

      08/01/24          450        422,643  

10.875%

      08/01/24          111        119,166  
          

 

 

  
                 15,052,373  
          

 

 

  

Commercial Services — 0.6%

 

ERAC USA Finance LLC,

 

Gtd. Notes, 144A

 

6.700%

      06/01/34          920        1,293,134  

7.000%

      10/15/37          770        1,149,758  

Gartner, Inc.,

 

Gtd. Notes, 144A

 

4.500%

      07/01/28 (a)         230        243,143  

Loxam SAS (France),

 

Sr. Sub. Notes

 

4.500%

      04/15/27       EUR        1,650        1,967,908  

United Rentals North America, Inc.,

 

Gtd. Notes

 

3.875%

      02/15/31          250        254,517  

4.875%

      01/15/28 (a)         1,325        1,406,195  

5.250%

      01/15/30 (a)         525        575,175  

5.500%

      05/15/27          975        1,032,814  
          

 

 

  
             7,922,644  
          

 

 

  

Computers — 0.1%

 

Everi Payments, Inc.,

 

Gtd. Notes, 144A

 

7.500%

      12/15/25 (a)         780        811,408  
          

 

 

  

Diversified Financial Services — 0.3%

 

Jefferies Group LLC,

 

Sr. Unsec’d. Notes

 

6.500%

      01/20/43          555        769,021  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Diversified Financial Services (cont’d.)

 

Nationstar Mortgage Holdings, Inc.,

 

Gtd. Notes, 144A

 

5.500%

      08/15/28 (a)         880      $ 886,977  

6.000%

      01/15/27          275        285,338  

OneMain Finance Corp.,

 

Gtd. Notes

 

5.375%

      11/15/29          1,125        1,225,606  

Power Finance Corp. Ltd. (India),

 

Sr. Unsec’d. Notes, 144A, MTN

 

6.150%

      12/06/28 (a)         400        474,558  
          

 

 

  
             3,641,500  
          

 

 

  

Electric — 2.7%

 

Baltimore Gas & Electric Co.,

 

Sr. Unsec’d. Notes

 

3.350%

      07/01/23          550        577,445  

Calpine Corp.,

 

Sr. Unsec’d. Notes, 144A

 

4.625%

      02/01/29          600        592,782  

5.000%

      02/01/31          750        745,954  

5.125%

      03/15/28 (a)         1,700            1,728,275  

Consolidated Edison Co. of New York, Inc.,

 

Sr. Unsec’d. Notes, Series C

 

4.300%

      12/01/56          235        277,105  

Dominion Energy South Carolina, Inc.,

 

First Mortgage

 

4.600%

      06/15/43          2,025        2,599,468  

El Paso Electric Co.,

 

Sr. Unsec’d. Notes

 

6.000%

      05/15/35          2,325        3,103,400  

Eskom Holdings SOC Ltd. (South Africa),

 

Sr. Unsec’d. Notes, 144A

 

7.125%

      02/11/25          390        412,999  

Exelon Generation Co. LLC,

 

Sr. Unsec’d. Notes

 

6.250%

      10/01/39          1,900        2,340,582  

FirstEnergy Transmission LLC,

 

Sr. Unsec’d. Notes, 144A

 

4.350%

      01/15/25 (a)         3,750        4,115,277  

5.450%

      07/15/44          280        350,034  

Iberdrola International BV (Spain),

 

Gtd. Notes

 

6.750%

      09/15/33          1,150        1,561,224  

Israel Electric Corp. Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A, GMTN

 

4.250%

      08/14/28          680        762,144  

Kentucky Utilities Co.,

 

First Mortgage

 

4.375%

      10/01/45          3,050        3,716,881  

Korea Hydro & Nuclear Power Co. Ltd. (South Korea),

 

Sr. Unsec’d. Notes, 144A

 

4.750%

      07/13/21          250        250,323  

Narragansett Electric Co. (The),

 

Sr. Unsec’d. Notes, 144A

 

3.395%

      04/09/30          1,050        1,152,279  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A152

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Electric (cont’d.)

 

NRG Energy, Inc.,

 

Gtd. Notes

 

7.250%

      05/15/26          1,235      $ 1,282,892  

Gtd. Notes, 144A

 

5.250%

      06/15/29 (a)         375        399,291  

Sr. Sec’d. Notes, 144A

 

2.000%

      12/02/25          280        283,456  

2.450%

      12/02/27          1,210        1,218,205  

Pacific Gas & Electric Co.,

 

First Mortgage

 

4.550%

      07/01/30 (a)         1,670        1,786,462  

PacifiCorp,

 

First Mortgage

 

3.300%

      03/15/51          380        404,802  

Perusahaan Listrik Negara PT (Indonesia),

 

Sr. Unsec’d. Notes, 144A

 

1.875%

      11/05/31       EUR        216        250,002  

Tucson Electric Power Co.,

 

Sr. Unsec’d. Notes

 

4.000%

      06/15/50          1,500        1,749,097  

Vistra Operations Co. LLC,

 

Gtd. Notes, 144A

 

5.000%

      07/31/27          450        461,955  

5.625%

      02/15/27          600        623,507  

Sr. Sec’d. Notes, 144A

 

3.700%

      01/30/27          2,000        2,136,689  
          

 

 

  
                 34,882,530  
          

 

 

  

Electrical Components & Equipment — 0.1%

 

WESCO Distribution, Inc.,

 

Gtd. Notes, 144A

 

7.125%

      06/15/25 (a)         575        621,452  

7.250%

      06/15/28          550        612,468  
          

 

 

  
             1,233,920  
          

 

 

  

Electronics — 0.1%

 

Sensata Technologies BV,

 

Gtd. Notes, 144A

 

5.000%

      10/01/25          1,000        1,113,744  
          

 

 

  

Engineering & Construction — 0.2%

 

GMR Hyderabad International Airport Ltd. (India),

 

Sr. Sec’d. Notes, 144A

 

4.250%

      10/27/27          345        335,548  

Mexico City Airport Trust (Mexico),

 

Sr. Sec’d. Notes, 144A

 

4.250%

      10/31/26          605        656,011  

5.500%

      07/31/47          1,690        1,706,057  
          

 

 

  
             2,697,616  
          

 

 

  

Entertainment — 0.3%

 

AMC Entertainment Holdings, Inc.,

 

Sec’d. Notes, 144A, Cash coupon 10.000% / PIK 12.000% or Cash coupon 5.000% and PIK 6.000%

 

12.000%

      06/15/26          385        394,335  

Caesars Entertainment, Inc.,

 

Sr. Sec’d. Notes, 144A

 

6.250%

      07/01/25 (a)         860        912,222  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Entertainment (cont’d.)

 

Caesars Resort Collection LLC/CRC Finco, Inc.,

 

Gtd. Notes, 144A

 

5.250%

      10/15/25 (a)         700      $ 709,006  

Golden Entertainment, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

7.625%

      04/15/26          875        931,425  

Penn National Gaming, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

5.625%

      01/15/27 (a)         800        831,200  
          

 

 

  
             3,778,188  
          

 

 

  

Environmental Control — 0.0%

 

Madison IAQ LLC,

 

Sr. Sec’d. Notes, 144A

 

4.125%

      06/30/28          325        328,195  

Sr. Unsec’d. Notes, 144A

 

5.875%

      06/30/29          325        330,708  
          

 

 

  
             658,903  
          

 

 

  

Foods — 0.9%

 

Bellis Acquisition Co. PLC (United Kingdom),

 

Sr. Sec’d. Notes, 144A

 

3.250%

      02/16/26       GBP        3,100            4,297,620  

Bellis Finco PLC (United Kingdom),

 

Sr. Unsec’d. Notes, 144A

 

4.000%

      02/16/27       GBP        1,600        2,216,533  

Ingles Markets, Inc.,

 

Sr. Unsec’d. Notes

 

5.750%

      06/15/23          42        42,058  

Kraft Heinz Foods Co.,

 

Gtd. Notes

 

4.625%

      10/01/39          645        751,902  

4.875%

      10/01/49          1,325        1,605,761  

Mars, Inc.,

 

Gtd. Notes, 144A

 

3.875%

      04/01/39          440        517,264  

4.200%

      04/01/59          380        475,934  

McCormick & Co., Inc.,

 

Sr. Unsec’d. Notes

 

2.500%

      04/15/30          2,000        2,054,510  
          

 

 

  
             11,961,582  
          

 

 

  

Gas — 0.2%

 

AmeriGas Partners LP/AmeriGas Finance Corp.,

 

Sr. Unsec’d. Notes

 

5.875%

      08/20/26          1,100        1,231,670  

NiSource, Inc.,

 

Sr. Unsec’d. Notes

 

1.700%

      02/15/31          370        350,420  

4.800%

      02/15/44          300        372,010  

Southern Co. Gas Capital Corp.,

 

Gtd. Notes

 

4.400%

      06/01/43          1,050        1,252,041  
          

 

 

  
             3,206,141  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A153

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Healthcare-Products — 0.4%

 

DH Europe Finance II Sarl,

 

Gtd. Notes

 

1.350%

      09/18/39       EUR        1,275      $ 1,539,181  

Medtronic Global Holdings SCA,

 

Gtd. Notes

 

1.375%

      10/15/40       EUR        540        652,738  

1.625%

      03/07/31       EUR        200        261,437  

1.625%

      10/15/50       EUR        495        604,076  

2.250%

      03/07/39       EUR        300        417,039  

Stryker Corp.,

 

Sr. Unsec’d. Notes

 

2.125%

      11/30/27       EUR        510        672,422  

Thermo Fisher Scientific, Inc.,

 

Sr. Unsec’d. Notes, EMTN

 

1.500%

      10/01/39       EUR        600        738,578  

1.875%

      10/01/49       EUR        425        536,547  
          

 

 

  
             5,422,018  
          

 

 

  

Healthcare-Services — 0.8%

 

Aetna, Inc.,

 

Sr. Unsec’d. Notes

 

6.750%

      12/15/37          1,900            2,806,388  

Anthem, Inc.,

 

Sr. Unsec’d. Notes

 

4.650%

      01/15/43          385        480,522  

HCA, Inc.,

 

Gtd. Notes

 

3.500%

      09/01/30          650        692,046  

5.375%

      02/01/25          825        930,547  

5.875%

      02/01/29          25        30,200  

7.500%

      11/06/33          500        691,815  

Gtd. Notes, MTN

 

7.750%

      07/15/36          500        679,883  

Laboratory Corp. of America Holdings,

 

Sr. Unsec’d. Notes

 

3.250%

      09/01/24          846        905,627  

Tenet Healthcare Corp.,

 

Gtd. Notes, 144A

 

6.125%

      10/01/28 (a)         425        452,226  

Sec’d. Notes, 144A

 

6.250%

      02/01/27 (a)         375        391,859  

Sr. Sec’d. Notes, 144A

 

4.625%

      06/15/28          285        293,170  

4.875%

      01/01/26          850        880,480  

5.125%

      11/01/27 (a)         600        628,759  

UnitedHealth Group, Inc.,

 

Sr. Unsec’d. Notes

 

3.050%

      05/15/41          880        922,043  

3.950%

      10/15/42          220        261,012  
          

 

 

  
             11,046,577  
          

 

 

  

Home Builders — 0.2%

 

Taylor Morrison Communities, Inc.,

 

Gtd. Notes, 144A

 

5.875%

      06/15/27          875        991,783  

6.625%

      07/15/27          1,050        1,124,488  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Home Builders (cont’d.)

 

Sr. Unsec’d. Notes, 144A

 

5.125%

      08/01/30          45      $ 48,762  
          

 

 

  
             2,165,033  
          

 

 

  

Housewares — 0.1%

 

Newell Brands, Inc.,

 

Sr. Unsec’d. Notes

 

4.700%

      04/01/26          670        746,994  
          

 

 

  

Insurance — 0.9%

 

American International Group, Inc.,

 

Sr. Unsec’d. Notes

 

3.750%

      07/10/25 (a)         2,110        2,323,717  

4.500%

      07/16/44          1,075        1,304,866  

Liberty Mutual Finance Europe DAC,

 

Gtd. Notes, 144A

 

1.750%

      03/27/24       EUR        800        991,355  

Liberty Mutual Group, Inc.,

 

Gtd. Notes, 144A

 

3.951%

      10/15/50          1,030        1,142,844  

Lincoln National Corp.,

 

Sr. Unsec’d. Notes

 

7.000%

      06/15/40          405        621,849  

Markel Corp.,

 

Sr. Unsec’d. Notes

 

4.150%

      09/17/50          180        207,924  

5.000%

      03/30/43          350        426,774  

Principal Financial Group, Inc.,

 

Gtd. Notes

 

4.625%

      09/15/42          150        186,380  

Sompo International Holdings Ltd. (Bermuda),

 

Sr. Unsec’d. Notes

 

7.000%

      07/15/34          1,350        1,851,550  

Teachers Insurance & Annuity Association of America,

 

Sub. Notes, 144A

 

4.270%

      05/15/47          2,310        2,759,668  

6.850%

      12/16/39          196        296,158  
          

 

 

  
                 12,113,085  
          

 

 

  

Iron/Steel — 0.1%

 

thyssenkrupp AG (Germany),

 

Sr. Unsec’d. Notes

 

1.375%

      03/03/22       EUR        1,600        1,898,635  
          

 

 

  

Lodging — 0.4%

 

Marriott International, Inc.,

 

Sr. Unsec’d. Notes

 

3.250%

      09/15/22          1,325        1,354,048  

Sr. Unsec’d. Notes, Series GG

 

3.500%

      10/15/32 (a)         1,825        1,940,316  

MGM Resorts International,

 

Gtd. Notes

 

4.750%

      10/15/28          950        1,009,933  

Sands China Ltd. (Macau),

 

Sr. Unsec’d. Notes

 

5.125%

      08/08/25          400        447,807  
          

 

 

  
             4,752,104  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A154

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Machinery-Diversified — 0.2%

 

Xylem, Inc.,

 

Sr. Unsec’d. Notes

 

4.875%

      10/01/21          1,960      $ 1,981,112  
          

 

 

  

Media — 1.8%

 

CCO Holdings LLC/CCO Holdings Capital Corp.,

 

Sr. Unsec’d. Notes

 

4.500%

      05/01/32 (a)         450        465,856  

Sr. Unsec’d. Notes, 144A

 

5.375%

      06/01/29          975        1,065,427  

5.500%

      05/01/26 (a)         3,300        3,411,148  

Charter Communications Operating LLC/Charter Communications Operating Capital,

 

Sr. Sec’d. Notes

 

3.900%

      06/01/52          1,430        1,455,147  

4.800%

      03/01/50          875        1,008,093  

6.384%

      10/23/35          2,470        3,310,041  

6.484%

      10/23/45          1,125        1,552,736  

Comcast Corp.,

 

Gtd. Notes

 

4.250%

      10/15/30          620        729,099  

Cox Communications, Inc.,

 

Sr. Unsec’d. Notes, 144A

 

3.150%

      08/15/24          965        1,030,069  

CSC Holdings LLC,

 

Gtd. Notes, 144A

 

3.375%

      02/15/31          1,000        944,656  

5.500%

      04/15/27 (a)         650        682,162  

Sr. Unsec’d. Notes, 144A

 

4.625%

      12/01/30          1,000        980,850  

Diamond Sports Group LLC/Diamond Sports Finance Co.,

 

Gtd. Notes, 144A

 

6.625%

      08/15/27 (a)         520        255,042  

Sr. Sec’d. Notes, 144A

 

5.375%

      08/15/26 (a)         855        553,989  

Discovery Communications LLC,

 

Gtd. Notes

 

4.000%

      09/15/55          1,229            1,299,789  

5.300%

      05/15/49          265        334,175  

DISH DBS Corp.,

 

Gtd. Notes

 

7.375%

      07/01/28 (a)         400        430,538  

NBCUniversal Media LLC,

 

Gtd. Notes

 

4.450%

      01/15/43          15        18,410  

TCI Communications, Inc.,

 

Sr. Unsec’d. Notes

 

7.875%

      02/15/26          750        968,363  

Univision Communications, Inc.,

 

Sr. Sec’d. Notes, 144A

 

5.125%

      02/15/25 (a)         1,175        1,198,735  

6.625%

      06/01/27 (a)         975        1,056,445  

Walt Disney Co. (The),

 

Gtd. Notes

 

7.625%

      11/30/28          500        691,780  
          

 

 

  
             23,442,550  
          

 

 

  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Mining — 0.1%

 

Barrick Gold Corp. (Canada),

 

Sr. Unsec’d. Notes

 

5.250%

      04/01/42          680      $ 895,357  

Barrick North America Finance LLC (Canada),

 

Gtd. Notes

 

5.750%

      05/01/43          410        577,190  

Southern Copper Corp. (Peru),

 

Sr. Unsec’d. Notes

 

6.750%

      04/16/40          295        421,239  
          

 

 

  
             1,893,786  
          

 

 

  

Miscellaneous Manufacturing — 0.4%

 

Bombardier, Inc. (Canada),

 

Sr. Unsec’d. Notes, 144A

 

7.500%

      12/01/24          1,600        1,674,388  

7.500%

      03/15/25          1,525        1,570,382  

7.875%

      04/15/27          1,825        1,891,874  
          

 

 

  
             5,136,644  
          

 

 

  

Multi-National — 0.3%

 

Corp. Andina de Fomento (Supranational Bank),

 

Sr. Unsec’d. Notes

 

2.125%

      09/27/21          1,240        1,244,938  

4.375%

      06/15/22          500        518,205  

Inter-American Development Bank (Supranational Bank),

 

Unsec’d. Notes

 

6.950%

      08/01/26          1,500        1,905,602  
          

 

 

  
             3,668,745  
          

 

 

  

Oil & Gas — 2.5%

 

Antero Resources Corp.,

 

Gtd. Notes, 144A

 

8.375%

      07/15/26          400        454,876  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

 

Gtd. Notes, 144A

 

7.000%

      11/01/26 (a)         350        365,156  

9.000%

      11/01/27          204        281,794  

Sr. Unsec’d. Notes, 144A

 

8.250%

      12/31/28          450        495,019  

BP Capital Markets America, Inc.,

 

Gtd. Notes

 

2.772%

      11/10/50          145        134,936  

2.939%

      06/04/51          1,835            1,759,800  

Cenovus Energy, Inc. (Canada),

 

Sr. Unsec’d. Notes

 

5.400%

      06/15/47          1,000        1,241,657  

Chevron USA, Inc.,

 

Gtd. Notes

 

5.050%

      11/15/44          490        657,581  

5.250%

      11/15/43          700        951,741  

Citgo Holding, Inc.,

 

Sr. Sec’d. Notes, 144A

 

9.250%

      08/01/24          125        127,514  

CITGO Petroleum Corp.,

 

Sr. Sec’d. Notes, 144A

 

7.000%

      06/15/25          800        833,266  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A155

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Devon Energy Corp.,

 

        

Sr. Unsec’d. Notes

 

        

5.600%

      07/15/41          850      $ 1,054,382  

Energean Israel Finance Ltd. (Israel),

 

Sr. Sec’d. Notes, 144A

 

4.875%

      03/30/26          52        53,281  

5.375%

      03/30/28          850        873,139  

Gazprom PJSC Via Gaz Capital SA (Russia),

 

Sr. Unsec’d. Notes

 

        

4.950%

      07/19/22          390        405,988  

Sr. Unsec’d. Notes, 144A

 

6.510%

      03/07/22          1,665            1,731,411  

Helmerich & Payne, Inc.,

 

        

Sr. Unsec’d. Notes

 

        

4.650%

      03/15/25          1,500        1,669,672  

KazMunayGas National Co. JSC (Kazakhstan),

 

Sr. Unsec’d. Notes, 144A

 

        

4.750%

      04/24/25          1,160        1,301,026  

4.750%

      04/19/27          200        228,511  

Lundin Energy Finance BV (Netherlands),

 

Gtd. Notes, 144A

 

        

3.100%

      07/15/31          705        713,253  

MEG Energy Corp. (Canada),

 

Gtd. Notes, 144A

 

        

7.125%

      02/01/27          425        453,538  

Occidental Petroleum Corp.,

 

Sr. Unsec’d. Notes

 

        

6.450%

      09/15/36          945        1,129,256  

Ovintiv, Inc.,

 

   

Gtd. Notes

 

        

6.625%

      08/15/37          200        267,131  

Petrobras Global Finance BV (Brazil),

 

Gtd. Notes

 

      

5.600%

      01/03/31 (a)         97        108,611  

6.625%

      01/16/34       GBP        680        1,083,637  

6.900%

      03/19/49 (a)         612        731,619  

7.375%

      01/17/27          360        442,443  

Petroleos Mexicanos (Mexico),

 

Gtd. Notes

 

      

4.750%

      02/26/29       EUR        394        463,539  

6.350%

      02/12/48          840        714,762  

6.490%

      01/23/27          1,565        1,649,660  

6.500%

      03/13/27          1,875        1,977,250  

6.500%

      01/23/29 (a)         700        718,655  

6.840%

      01/23/30          306        315,363  

Gtd. Notes, EMTN

 

        

3.750%

      02/21/24       EUR        400        488,581  

4.875%

      02/21/28       EUR        1,230        1,481,700  

Pioneer Natural Resources Co.,

 

Sr. Unsec’d. Notes

 

        

1.900%

      08/15/30          2,085        2,009,362  

Qatar Petroleum (Qatar),

 

        

Sr. Unsec’d. Notes, 144A

 

3.125%

      07/12/41          640        637,638  

Range Resources Corp.,

 

        

Gtd. Notes

 

      

9.250%

      02/01/26 (a)         1,200        1,323,416  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Oil & Gas (cont’d.)

 

Transocean, Inc.,

 

        

Gtd. Notes, 144A

 

        

8.000%

      02/01/27          675      $ 566,708  

Valero Energy Corp.,

 

        

Sr. Unsec’d. Notes

 

        

2.150%

      09/15/27 (a)         830        843,981  
          

 

 

  
                 32,740,853  
          

 

 

  

Oil & Gas Services — 0.0%

 

   

Cameron International Corp.,

 

   

Gtd. Notes

 

7.000%

      07/15/38          450        624,049  
          

 

 

  

Packaging & Containers — 0.3%

 

   

ARD Finance SA (Luxembourg),

 

   

Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%

 

5.000%

      06/30/27       EUR        1,278        1,554,509  

Silgan Holdings, Inc.,

 

        

Gtd. Notes

 

        

2.250%

      06/01/28       EUR        2,100        2,506,465  
          

 

 

  
             4,060,974  
          

 

 

  

Pharmaceuticals — 2.7%

 

   

AbbVie, Inc.,

 

      

Sr. Unsec’d. Notes

 

        

3.600%

      05/14/25          1,020        1,113,508  

4.050%

      11/21/39          5,135        5,960,964  

4.500%

      05/14/35          1,715        2,071,630  

4.550%

      03/15/35          2,040        2,472,399  

Bausch Health Americas, Inc.,

 

      

Gtd. Notes, 144A

 

        

8.500%

      01/31/27          320        347,813  

Bausch Health Cos., Inc.,

 

Gtd. Notes, 144A

 

        

5.000%

      01/30/28 (a)         430        408,598  

5.000%

      02/15/29          225        209,747  

5.250%

      01/30/30 (a)         300        279,893  

5.250%

      02/15/31          275        256,650  

6.125%

      04/15/25          315        322,773  

6.250%

      02/15/29          1,150        1,137,247  

Bristol-Myers Squibb Co.,

 

Sr. Unsec’d. Notes

 

        

4.125%

      06/15/39          420        507,783  

4.250%

      10/26/49          210        265,237  

5.000%

      08/15/45          569        778,596  

Cigna Corp.,

 

   

Gtd. Notes

 

      

4.375%

      10/15/28          1,320        1,536,395  

4.500%

      02/25/26          3,690        4,201,340  

Sr. Unsec’d. Notes

 

        

3.200%

      03/15/40          440        456,714  

3.400%

      03/15/51          1,325        1,385,908  

CVS Health Corp.,

 

        

Sr. Unsec’d. Notes

 

        

1.875%

      02/28/31 (a)         765        742,583  

2.700%

      08/21/40          480        465,449  

4.780%

      03/25/38          270        332,110  

5.050%

      03/25/48          655        851,803  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A156

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Pharmaceuticals (cont’d.)

 

5.125%

      07/20/45          565      $ 733,337  

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

 

Sec’d. Notes, 144A

 

        

9.500%

      07/31/27 (a)         185        189,241  

Mylan, Inc.,

 

   

Gtd. Notes

 

      

5.200%

      04/15/48          1,890        2,320,792  

Shire Acquisitions Investments Ireland DAC,

 

Gtd. Notes

 

      

3.200%

      09/23/26          3,745        4,065,018  

Takeda Pharmaceutical Co. Ltd. (Japan),

 

   

Sr. Unsec’d. Notes

 

        

3.025%

      07/09/40          525        530,551  

Utah Acquisition Sub, Inc.,

 

Gtd. Notes

 

   

5.250%

      06/15/46          185        226,543  

Viatris, Inc.,

 

   

Gtd. Notes, 144A

 

        

4.000%

      06/22/50          1,280        1,356,369  
          

 

 

  
                 35,526,991  
          

 

 

  

Pipelines — 2.0%

 

        

Boardwalk Pipelines LP,

 

        

Gtd. Notes

 

3.400%

      02/15/31          1,730        1,835,347  

Energy Transfer LP,

 

        

Jr. Sub. Notes, Series G

 

7.125%(ff)

      05/15/30 (oo)         875        903,322  

Jr. Sub. Notes, Series H

 

6.500%(ff)

      11/15/26 (oo)         1,325        1,351,116  

Sr. Unsec’d. Notes

 

        

5.000%

      05/15/50          280        323,466  

5.150%

      03/15/45          55        63,389  

5.300%

      04/15/47          120        140,045  

5.400%

      10/01/47          55        65,099  

6.125%

      12/15/45          90        114,570  

6.250%

      04/15/49          1,400        1,841,041  

Enterprise Products Operating LLC,

 

Gtd. Notes

 

   

3.200%

      02/15/52          870        862,007  

3.700%

      01/31/51          130        139,688  

4.900%

      05/15/46          2,110        2,610,997  

Fermaca Enterprises S de RL de CV (Mexico),

 

Sr. Sec’d. Notes, 144A

 

6.375%

      03/30/38          363        411,661  

Kinder Morgan, Inc.,

 

        

Gtd. Notes

 

   

3.250%

      08/01/50 (a)         1,940        1,877,718  

Magellan Midstream Partners LP,

 

   

Sr. Unsec’d. Notes

 

        

4.200%

      03/15/45          1,000        1,065,169  

MPLX LP,

           

Sr. Unsec’d. Notes

 

        

4.500%

      04/15/38          970        1,108,917  

5.200%

      03/01/47          115        141,169  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Pipelines (cont’d.)

 

NGPL PipeCo LLC,

 

        

Sr. Unsec’d. Notes, 144A

 

      

4.875%

      08/15/27 (a)         225      $ 257,699  

ONEOK Partners LP,

 

        

Gtd. Notes

 

      

6.850%

      10/15/37          1,250        1,706,932  

ONEOK, Inc.,

 

   

Gtd. Notes

 

      

4.500%

      03/15/50          2,685        2,996,923  

4.950%

      07/13/47          450        527,287  

Phillips 66 Partners LP,

 

        

Sr. Unsec’d. Notes

 

        

4.680%

      02/15/45          1,900        2,174,371  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

 

Gtd. Notes, 144A

 

        

7.500%

      10/01/25          1,150        1,252,920  

Western Midstream Operating LP,

 

   

Sr. Unsec’d. Notes

 

        

5.450%

      04/01/44          575        618,964  

Williams Cos., Inc. (The),

 

Sr. Unsec’d. Notes

 

        

4.900%

      01/15/45          1,200        1,451,272  
          

 

 

  
                 25,841,089  
          

 

 

  

Real Estate — 0.1%

 

        

Greystar Real Estate Partners LLC,

 

   

Sr. Sec’d. Notes, 144A

 

5.750%

      12/01/25          1,200        1,233,490  
          

 

 

  

Real Estate Investment Trusts (REITs) — 0.6%

 

Brixmor Operating Partnership LP,

 

   

Sr. Unsec’d. Notes

 

        

4.050%

      07/01/30          1,125        1,261,390  

Diversified Healthcare Trust,

 

   

Gtd. Notes

 

9.750%

      06/15/25          1,000        1,109,713  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,

 

Gtd. Notes, 144A

 

        

4.625%

      06/15/25 (a)         405        432,553  

MPT Operating Partnership LP/MPT Finance Corp.,

 

Gtd. Notes

 

3.500%

      03/15/31          1,100        1,111,127  

Spirit Realty LP,

 

Gtd. Notes

 

2.700%

      02/15/32          2,190        2,171,633  

VEREIT Operating Partnership LP,

 

Gtd. Notes

 

2.850%

      12/15/32 (a)         525        549,056  

WP Carey, Inc.,

 

Sr. Unsec’d. Notes

 

        

2.250%

      04/01/33          1,930        1,857,048  
          

 

 

  
             8,492,520  
          

 

 

  

Retail — 0.8%

 

   

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

 

Sec’d. Notes, 144A

 

4.000%

      10/15/30 (a)         1,525        1,475,702  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A157

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Retail (cont’d.)

 

Ambience Merger Sub, Inc.,

 

Sr. Sec’d. Notes, 144A

 

4.875%

      07/15/28          275      $ 275,688  

AutoZone, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

1.650%

      01/15/31 (a)         335        318,811  

Best Buy Co., Inc.,

 

Sr. Unsec’d. Notes

 

   

1.950%

      10/01/30          495        479,454  

Dollar Tree, Inc.,

 

Sr. Unsec’d. Notes

 

4.200%

      05/15/28          1,875        2,139,057  

eG Global Finance PLC (United Kingdom),

 

Sr. Sec’d. Notes

 

6.250%

      10/30/25       EUR        1,600        1,943,031  

L Brands, Inc.,

 

   

Gtd. Notes

 

   

5.625%

      10/15/23 (a)         1,000        1,098,297  

O’Reilly Automotive, Inc.,

 

Sr. Unsec’d. Notes

 

1.750%

      03/15/31 (a)         2,115        2,033,592  

Sally Holdings LLC/Sally Capital, Inc.,

 

Gtd. Notes

 

5.625%

      12/01/25 (a)         454        468,733  
          

 

 

  
                 10,232,365  
          

 

 

  

Savings & Loans — 0.1%

 

People’s United Financial, Inc.,

 

Sr. Unsec’d. Notes

 

3.650%

      12/06/22 (a)         1,675        1,733,806  
          

 

 

  

Semiconductors — 1.0%

 

Broadcom, Inc.,

 

   

Gtd. Notes

 

   

3.459%

      09/15/26          3,509        3,819,106  

4.750%

      04/15/29          1,500        1,744,905  

5.000%

      04/15/30          2,500        2,954,992  

Sr. Unsec’d. Notes, 144A

 

3.419%

      04/15/33          1,250        1,317,974  

NXP BV/NXP Funding LLC (China),

 

Gtd. Notes, 144A

 

4.625%

      06/01/23          2,675        2,874,581  
          

 

 

  
             12,711,558  
          

 

 

  

Software — 0.4%

 

        

Boxer Parent Co., Inc.,

 

        

Sec’d. Notes, 144A

 

        

9.125%

      03/01/26          850        896,711  

Fidelity National Information Services, Inc.,

 

Gtd. Notes

 

0.750%

      05/21/23       EUR        400        482,017  

Sr. Unsec’d. Notes

 

3.100%

      03/01/41          1,320        1,356,128  

Microsoft Corp.,

 

Sr. Unsec’d. Notes

 

2.525%

      06/01/50          1,815        1,783,547  

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Software (cont’d.)

 

2.675%

      06/01/60          435      $ 433,105  
          

 

 

  
             4,951,508  
          

 

 

  

Telecommunications — 1.9%

 

AT&T, Inc.,

 

   

Sr. Unsec’d. Notes

 

   

4.300%

      02/15/30          485        560,757  

Sr. Unsec’d. Notes, 144A

 

2.550%

      12/01/33          1,216            1,205,207  

3.500%

      09/15/53          4,881        4,895,271  

3.550%

      09/15/55          972        973,965  

3.650%

      09/15/59          65        65,853  

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          500        501,960  

Sr. Sec’d. Notes, 144A

 

8.750%

      05/25/24          200        208,424  

8.750%

      05/25/24          997        1,038,355  

Digicel Ltd. (Jamaica),

 

        

Gtd. Notes, 144A

 

        

6.750%

      03/01/23          500        478,407  

Level 3 Financing, Inc.,

 

        

Sr. Sec’d. Notes, 144A

 

3.400%

      03/01/27          230        244,508  

Lumen Technologies, Inc.,

 

Sr. Unsec’d. Notes, Series P

 

7.600%

      09/15/39 (a)         850        965,926  

Qwest Corp.,

 

   

Sr. Unsec’d. Notes

 

   

6.750%

      12/01/21          600        614,946  

Sprint Corp.,

 

   

Gtd. Notes

 

   

7.625%

      02/15/25          500        593,912  

7.875%

      09/15/23          2,000        2,273,597  

T-Mobile USA, Inc.,

 

        

Sr. Sec’d. Notes

 

        

4.375%

      04/15/40          425        498,153  

4.500%

      04/15/50          3,080        3,663,975  

Verizon Communications, Inc.,

 

Sr. Unsec’d. Notes

 

2.650%

      11/20/40          3,285        3,169,448  

3.400%

      03/22/41          1,175        1,244,596  

4.016%

      12/03/29          120        137,652  

4.500%

      08/10/33          990        1,184,645  
          

 

 

  
             24,519,557  
          

 

 

  

Textiles — 0.0%

 

        

Mohawk Industries, Inc.,

 

Sr. Unsec’d. Notes

 

3.850%

      02/01/23          294        306,948  
          

 

 

  

Transportation — 0.0%

 

Lima Metro Line 2 Finance Ltd. (Peru),

 

Sr. Sec’d. Notes

 

5.875%

      07/05/34          103        119,830  
          

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A158

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

        Maturity    
Date		         Principal    
Amount
(000)#		          Value      
CORPORATE BONDS (continued)

 

Water — 0.1%

 

American Water Capital Corp.,

 

Sr. Unsec’d. Notes

 

3.450%

      05/01/50 (a)         625      $ 675,843  
          

 

 

  

TOTAL CORPORATE BONDS
(cost $458,049,074)

 

          493,762,381  
          

 

 

  

MUNICIPAL BONDS — 1.8%

 

California — 0.4%

 

        

Bay Area Toll Authority,

 

Taxable, Revenue Bonds, BABs, Series S3

 

6.907%

      10/01/50          1,125        1,988,314  

State of California,

 

        

General Obligation Unlimited, BABs

 

7.300%

      10/01/39          1,550        2,474,436  

General Obligation Unlimited, Taxable, BABs

 

7.625%

      03/01/40          725        1,216,970  
          

 

 

  
             5,679,720  
          

 

 

  

Colorado — 0.1%

 

        

Regional Transportation District Sales Tax Revenue,

 

Revenue Bonds, BABs, Series B

 

5.844%

      11/01/50          770        1,220,458  
          

 

 

  

Illinois — 0.4%

 

Chicago O’Hare International Airport,

 

Revenue Bonds, BABs, Series B

 

6.395%

      01/01/40          1,380        2,092,618  

State of Illinois,

 

General Obligation Unlimited, Series A

 

5.000%

      10/01/22          20        21,159  

General Obligation Unlimited, Series D

 

5.000%

      11/01/22          2,650        2,814,141  
          

 

 

  
             4,927,918  
          

 

 

  

New Jersey — 0.4%

 

        

New Jersey Turnpike Authority,

 

Taxable, Revenue Bonds, BABs, Series A

 

7.102%

      01/01/41          1,175        1,880,352  

Taxable, Revenue Bonds, BABs, Series F

 

7.414%

      01/01/40          2,050        3,370,651  
          

 

 

  
             5,251,003  
          

 

 

  

Ohio — 0.1%

 

Ohio State University (The),

 

Taxable, Revenue Bonds, BABs, Series C

 

4.910%

      06/01/40          695        940,022  
          

 

 

  

Oregon — 0.1%

 

State of Oregon Department of Transportation,

 

Taxable, Revenue Bonds, BABs, Series A

 

5.834%

      11/15/34          615        860,705  
          

 

 

  

Pennsylvania — 0.1%

 

Pennsylvania Turnpike Commission,

 

Revenue Bonds, BABs, Series B

 

5.511%

      12/01/45          800        1,142,624  
          

 

 

  

Interest

Rate

        Maturity    
Date		          Principal    
Amount
(000)#		          Value      
MUNICIPAL BONDS (continued)

 

Puerto Rico — 0.2%

 

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds, Series A-1

 

5.000%

      07/01/58           1,710      $ 1,970,997  
           

 

 

  

Texas — 0.0%

 

   

Texas Private Activity Bond Surface Transportation Corp., Taxable, Revenue Bonds, Series B

 

3.922%

      12/31/49           450        504,536  
           

 

 

  

Virginia — 0.0%

 

University of Virginia,

 

Taxable, Revenue Bonds, Series C

 

4.179%

      09/01/2117           425        536,707  
           

 

 

  

TOTAL MUNICIPAL BONDS
(cost $16,228,648)

 

          23,034,690  
           

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.1%

 

Alternative Loan Trust,

 

Series 2004-18CB, Class 3A1

 

5.250%

      09/25/35           13        12,775  

Bellemeade Re Ltd. (Bermuda),

 

Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)

 

1.692%(c)

      04/25/28           416        415,822  

Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)

 

1.942%(c)

      10/25/28           568        569,050  

Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)

 

1.542%(c)

      04/25/29           268        267,917  

Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)

 

1.492%(c)

      10/25/29           174        173,581  

Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

2.092%(c)

      10/25/29           700        700,437  

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%)

 

3.492%(c)

      06/25/30           46        46,075  

Series 2020-02A, Class M1A, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)

 

2.392%(c)

      08/26/30           32        32,406  

Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.200% (Cap N/A, Floor 3.200%)

 

3.292%(c)

      08/26/30           240        241,580  

Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)

 

4.092%(c)

      08/26/30           275        280,292  

Series 2020-03A, Class M1A, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)

 

2.092%(c)

      10/25/30           290        291,086  

Series 2020-03A, Class M1B, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)

 

2.942%(c)

      10/25/30           215        219,630  

Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%)

 

3.792%(c)

      10/25/30           275        287,323  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A159

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest
Rate

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

 

BVRT Financing Trust,

 

Series 2019-01, Class F, 144A, 1 Month LIBOR + 2.150%

 

2.227%(c)

      09/15/21^        2,793      $ 2,785,646  

Central Park Funding Trust,

 

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

 

2.846%(c)

      08/29/22        4,466            4,468,299  

Citigroup Mortgage Loan Trust,

 

Series 2011-12, Class 3A2, 144A

 

3.041%(cc)

      09/25/47        377        362,909  

Connecticut Avenue Securities Trust,

 

Series 2019-R04, Class 2M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)

 

2.192%(c)

      06/25/39        304        304,731  

Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)

 

2.192%(c)

      10/25/39        400        401,991  

Credit Suisse Mortgage Trust,

 

Series 2020-RPL5, Class A1, 144A

 

3.023%(cc)

      08/25/60        467        474,005  

Eagle Re Ltd. (Bermuda),

 

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)

 

1.792%(c)

      11/25/28        585        585,412  

Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)

 

1.892%(c)

      04/25/29        180        181,065  

Series 2020-02, Class M1A, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)

 

3.092%(c)

      10/25/30        379        380,052  

Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 0.000%)

 

4.092%(c)

      10/25/30        520        523,224  

Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%)

 

4.592%(c)

      10/25/30        360        365,763  

Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)

 

2.168%(c)

      10/25/33        605        612,609  

Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

 

2.718%(c)

      10/25/33        940        958,576  

Fannie Mae Connecticut Avenue Securities,

 

Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)

 

2.492%(c)

      05/25/30        464        470,108  

Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)

 

2.242%(c)

      10/25/30        291        294,286  

Fannie Mae REMICS,

 

Series 2011-116, Class ZA

 

3.500%

      11/25/41        2,243        2,427,621  

Series 2012-34, Class EB

 

4.000%

      04/25/42        1,575        1,809,281  

Interest
Rate

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

 

FHLMC Structured Agency Credit Risk Debt Notes,

 

Series 2016-HQA03, Class M2, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.442%(c)

      03/25/29        32      $ 32,246  

Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)

 

4.018%(c)

      11/25/50        900        941,844  

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

 

2.618%(c)

      11/25/50        4,365            4,434,005  

Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)

 

3.418%(c)

      08/25/33        3,955        4,072,800  

FHLMC Structured Agency Credit Risk REMIC Trust,

 

Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)

 

1.942%(c)

      02/25/50        1,220        1,229,932  

Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)

 

5.192%(c)

      06/25/50        205        214,632  

Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)

 

3.092%(c)

      06/25/50        423        425,810  

Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)

 

6.092%(c)

      08/25/50        1,570        1,681,933  

Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)

 

3.842%(c)

      08/25/50        589        595,203  

Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)

 

4.818%(c)

      10/25/50        670        711,352  

Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)

 

2.818%(c)

      10/25/50        500        507,480  

Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)

 

3.192%(c)

      03/25/50        90        91,406  

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

 

3.692%(c)

      07/25/50        1,454        1,472,061  

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

 

5.342%(c)

      09/25/50        320        337,821  

Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)

 

3.242%(c)

      09/25/50        190        192,578  

Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)

 

2.268%(c)

      08/25/33        4,200        4,255,199  

FHLMC Structured Agency Credit Risk Trust,

 

   

Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)

 

0.842%(c)

      09/25/48        3        2,882  

Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)

 

2.742%(c)

      01/25/49        222        224,883  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A160

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Freddie Mac REMICS,

 

      

Series 4289, Class WZ

 

      

3.000%

      01/15/44                        790      $ 840,825  

Series 4768, Class GA

 

      

3.500%

      09/15/45           1,012        1,057,396  

Series 4768, Class VB

 

   

3.500%

      06/15/38           500        509,470  

Series 4939, Class KT

 

      

3.000%

      07/15/48           868        902,494  

GCAT LLC,

            

Series 2019-04, Class A1, 144A

 

   

3.228%

      11/26/49           1,402        1,405,174  

GSMSC Resecuritization Trust,

 

   

Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)

 

0.232%(c)

      01/26/37           746        740,708  

Home Re Ltd. (Bermuda),

 

      

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)

 

1.692%(c)

      10/25/28           151        150,979  

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

 

1.742%(c)

      05/25/29           179        179,440  

Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)

 

2.692%(c)

      10/25/30           538        540,044  

Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 3.250% (Cap N/A, Floor 3.250%)

 

3.342%(c)

      10/25/30           500        505,155  

Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%)

 

4.242%(c)

      10/25/30           200        203,000  

Legacy Mortgage Asset Trust,

 

   

Series 2019-GS06, Class A1, 144A

 

   

3.000%

      06/25/59           573        574,818  

Series 2020-GS01, Class A1, 144A

 

   

2.882%

      10/25/59           1,235        1,243,557  

Series 2020-SL01, Class A, 144A

 

   

2.734%

      01/25/60           1,088        1,097,622  

Mortgage Repurchase Agreement Financing Trust,

 

Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)

 

1.327%(c)

      01/23/23           655        655,021  

Series 2020-04, Class A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

      04/23/23           620        620,297  

Series 2020-04, Class A2, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)

 

1.427%(c)

      04/23/23           1,200        1,200,575  

MRA Issuance Trust,

 

      

Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)

 

1.692%(c)

      12/11/21           11,580        11,594,382  

Series 2021-09, Class A1X, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

1.292%(c)

      11/15/21           4,600        4,594,150  

Interest

Rate

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

 

Series 2021-EBO03, Class A1X, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)

 

1.860%(c)

      03/31/23                        3,430      $ 3,443,966  

Series 2021-EBO03, Class A2, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)

 

2.860%(c)

      03/31/23           3,600        3,604,645  

Series 2021-EBO06, Class A1X, 144A

 

   

0.000%(cc)

      02/16/22^           4,433        4,433,000  

New Residential Mortgage Loan Trust,

 

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

 

0.842%(c)

      01/25/48           721        722,159  

Oaktown Re II Ltd. (Bermuda),

 

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

 

1.642%(c)

      07/25/28           103        103,301  

Oaktown Re III Ltd. (Bermuda),

 

   

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

 

1.492%(c)

      07/25/29           46        46,389  

Oaktown Re IV Ltd. (Bermuda),

 

Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 4.750%)

 

4.842%(c)

      07/25/30           236        236,968  

Oaktown Re V Ltd. (Bermuda),

 

   

Series 2020-02A, Class M1A, 144A, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)

 

2.492%(c)

      10/25/30           97        97,321  

Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)

 

3.692%(c)

      10/25/30           260        264,550  

Radnor Re Ltd. (Bermuda),

 

Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)

 

1.492%(c)

      03/25/28           27        27,090  

Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)

 

2.792%(c)

      03/25/28           360        363,636  

Series 2019-02, Class M1A, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)

 

1.292%(c)

      06/25/29           47        46,601  

Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)

 

1.042%(c)

      01/25/30           500        500,053  

Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)

 

1.542%(c)

      01/25/30           1,500        1,503,045  

Series 2020-02, Class M1B, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)

 

4.092%(c)

      10/25/30           790        793,236  

Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.600% (Cap N/A, Floor 4.600%)

 

4.692%(c)

      10/25/30           655        663,628  

Station Place Securitization Trust,

 

Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)

 

0.891%(c)

      06/20/22           3,410        3,411,535  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A161

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

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

 

Structured Adjustable Rate Mortgage Loan Trust,

 

Series 2004-01, Class 4A3

 

2.537%(cc)

      02/25/34           263      $ 266,575  

Series 2004-18, Class 3A1

 

   

2.491%(cc)

      12/25/34           1,527        1,566,655  
           

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $91,961,280)

 

          93,077,079  
           

 

 

  

SOVEREIGN BONDS — 3.9%

 

Argentine Republic Government International Bond (Argentina),

 

Sr. Unsec’d. Notes

 

0.125%(cc)

      07/09/30           369        132,385  

0.125%(cc)

      01/09/38           905        340,947  

Bermuda Government International Bond (Bermuda),

 

Sr. Unsec’d. Notes, 144A

 

2.375%

      08/20/30           570        570,072  

Brazil Minas SPE via State of Minas Gerais (Brazil),

 

Gov’t. Gtd. Notes

 

      

5.333%

      02/15/28           1,123        1,214,867  

Brazilian Government International Bond (Brazil),

 

Sr. Unsec’d. Notes

 

4.500%

      05/30/29           725        775,543  

Colombia Government International Bond (Colombia),

 

Sr. Unsec’d. Notes

 

4.000%

      02/26/24           250        264,825  

5.000%

      06/15/45           205        217,823  

Dominican Republic International Bond (Dominican Republic),

 

Sr. Unsec’d. Notes, 144A

 

6.000%

      07/19/28           575        653,577  

Egypt Government International Bond (Egypt),

 

Sr. Unsec’d. Notes, 144A, MTN

 

4.750%

      04/16/26        EUR        551        681,115  

Ghana Government International Bond (Ghana),

 

Sr. Unsec’d. Notes, 144A

 

6.375%

      02/11/27           570        572,849  

Hellenic Republic Government International Bond (Greece),

 

Sr. Unsec’d. Notes

 

5.200%

      07/17/34        EUR        1,500        2,628,636  

Hungary Government International Bond (Hungary),

 

Sr. Unsec’d. Notes

 

5.375%

      02/21/23           436        471,385  

5.375%

      03/25/24           290        327,160  

5.750%

      11/22/23           2,300        2,583,476  

Indonesia Government International Bond (Indonesia),

 

Sr. Unsec’d. Notes

 

1.100%

      03/12/33        EUR        410        475,219  

1.450%

      09/18/26        EUR        375        462,982  

3.375%

      07/30/25        EUR        3,125        4,145,028  

Sr. Unsec’d. Notes, EMTN

 

2.875%

      07/08/21        EUR        1,225        1,453,640  

3.750%

      06/14/28        EUR        1,250        1,758,329  

Japan Bank for International Cooperation (Japan),

 

Gov’t. Gtd. Notes

 

2.500%

      05/23/24           1,000        1,054,160  

Interest

Rate

    Maturity
Date		     Principal
Amount
(000)#		      Value  
SOVEREIGN BONDS (continued)

 

Japan Finance Organization for Municipalities (Japan),

 

Sr. Unsec’d. Notes, 144A

 

3.375%

      09/27/23          600      $ 637,631  

Sr. Unsec’d. Notes, 144A, MTN

 

1.750%

      09/05/24          600        618,314  

2.625%

      04/20/22          1,000        1,018,596  

3.000%

      03/12/24          600        637,403  

Lithuania Government International Bond (Lithuania),

 

Sr. Unsec’d. Notes

 

6.625%

      02/01/22          1,000        1,036,984  

Panama Government International Bond (Panama),

 

Sr. Unsec’d. Notes

 

3.750%

      03/16/25          450        489,785  

Provincia de Buenos Aires (Argentina),

 

Sr. Unsec’d. Notes, 144A

 

6.500%

      02/15/23 (d)         120        52,061  

9.950%

      06/09/21 (d)         1,790        835,052  

Qatar Government International Bond (Qatar),

 

Sr. Unsec’d. Notes, 144A

 

5.103%

      04/23/48          780        1,035,788  

Republic of Italy Government International Bond (Italy),

 

Sr. Unsec’d. Notes

 

2.875%

      10/17/29          200        208,218  

Sr. Unsec’d. Notes, EMTN

 

6.000%

      08/04/28       GBP        1,995        3,564,160  

Sr. Unsec’d. Notes, MTN

 

5.375%

      06/15/33          4,730        5,957,146  

Romanian Government International Bond (Romania),

 

Sr. Unsec’d. Notes, 144A, MTN

 

3.875%

      10/29/35       EUR        1,156        1,610,544  

Sr. Unsec’d. Notes, EMTN

 

3.875%

      10/29/35       EUR        940        1,309,612  

4.125%

      03/11/39       EUR        254        356,899  

Saudi Government International Bond (Saudi Arabia),

 

Sr. Unsec’d. Notes, 144A, MTN

 

4.000%

      04/17/25          675        745,460  

Serbia International Bond (Serbia),

 

Sr. Unsec’d. Notes

 

   

1.500%

      06/26/29       EUR        442        528,206  

3.125%

      05/15/27       EUR        237        312,670  

7.250%

      09/28/21          533        541,307  

Sr. Unsec’d. Notes, 144A

 

1.650%

      03/03/33       EUR        610        709,152  

2.125%

      12/01/30          1,435        1,360,197  

Tokyo Metropolitan Government (Japan),

 

Sr. Unsec’d. Notes, 144A

 

2.500%

      06/08/22          600        611,901  

Turkey Government International Bond (Turkey),

 

Sr. Unsec’d. Notes

 

   

7.250%

      12/23/23          680        733,611  

Ukraine Government International Bond (Ukraine),

 

Sr. Unsec’d. Notes

 

7.750%

      09/01/21          160        161,400  

7.750%

      09/01/22          1,120        1,176,081  

8.994%

      02/01/24          200        221,794  

Sr. Unsec’d. Notes, 144A

 

4.375%

      01/27/30       EUR        1,325        1,466,196  

7.750%

      09/01/22          930        976,568  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A162

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Interest

Rate

    Maturity
Date		      Principal
Amount
(000)#		      Value  
SOVEREIGN BONDS (continued)

 

8.994%

      02/01/24                       200      $ 221,794  

9.750%

      11/01/28          400        476,268  

Uruguay Government International Bond (Uruguay),

 

Sr. Unsec’d. Notes

 

      

4.975%

      04/20/55          500        646,323  
          

 

 

  

TOTAL SOVEREIGN BONDS
(cost $48,116,283)

 

      51,041,139  
          

 

 

  
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9%

 

Federal Home Loan Mortgage Corp.

 

3.500%

      02/01/47          1,134        1,212,462  

5.500%

      10/01/33          472        548,947  

5.500%

      06/01/34          4        4,613  

6.000%

      11/01/33          106        121,445  

6.000%

      05/01/34          49        54,751  

6.000%

      06/01/34          90        100,447  

6.250%

      07/15/32 (k)         830        1,219,723  

6.500%

      07/01/32          10        11,221  

6.500%

      07/01/32          17        19,439  

6.500%

      08/01/32          24        26,848  

6.500%

      08/01/32          30        33,785  

6.500%

      08/01/32          37        41,789  

6.500%

      09/01/32          29        33,015  

6.500%

      09/01/32          90        102,167  

6.750%

      03/15/31          600        881,809  

Federal National Mortgage Assoc.

 

4.500%

      08/01/40 (k)         1,249        1,392,864  

5.500%

      02/01/33          6        6,765  

5.500%

      02/01/33          10        11,472  

5.500%

      03/01/33          17        19,169  

5.500%

      03/01/33          29        33,749  

5.500%

      03/01/33          33        37,625  

5.500%

      04/01/33          4        4,641  

5.500%

      04/01/33          21        23,924  

5.500%

      04/01/33          25        28,317  

5.500%

      04/01/33          25        29,148  

5.500%

      07/01/33          15        17,329  

5.500%

      07/01/33          23        26,926  

5.500%

      08/01/33          15        16,602  

5.500%

      02/01/34          23        26,238  

5.500%

      04/01/34          15        16,573  

5.500%

      06/01/34          31        35,119  

6.000%

      10/01/33          2        1,826  

6.000%

      10/01/33          183        209,428  

6.000%

      03/01/34          52        58,209  

6.000%

      02/01/35          152        180,361  

6.000%

      11/01/36          41        48,501  

6.250%

      05/15/29 (k)         535        728,527  

6.500%

      08/01/32          84        93,950  

6.500%

      09/01/32          92        104,192  

6.500%

      09/01/32          132        155,386  

6.500%

      10/01/32          53        60,091  

6.500%

      04/01/33          106        122,789  

6.500%

      11/01/33          3        3,351  

6.625%

      11/15/30 (k)         530        766,790  

7.000%

      05/01/32          53        56,191  

7.000%

      06/01/32          4        4,641  

7.125%

      01/15/30          785        1,143,687  

Interest

Rate

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

 

Government National Mortgage Assoc.

 

3.500%

      01/20/48                       207      $ 219,155  

4.000%

      02/20/49          475        502,463  

5.500%

      01/15/33          45        52,838  

5.500%

      02/15/33          31        36,729  

5.500%

      05/15/33          111        124,411  

5.500%

      05/15/33          161        180,330  

5.500%

      06/15/33          166        187,749  

5.500%

      09/15/33          67        75,231  

5.500%

      07/15/35          42        49,311  

6.000%

      12/15/32          92        108,811  

6.000%

      11/15/33          36        42,696  

6.000%

      01/15/34          7        8,637  

6.000%

      06/20/34          235        274,780  

6.000%

      11/15/34          314        366,702  

6.500%

      09/15/32          32        36,119  

6.500%

      09/15/32          124        138,692  

6.500%

      09/15/32          131        146,734  

6.500%

      11/15/33          102        114,810  
          

 

 

  

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $11,677,417)

 

      12,543,040  
          

 

 

  
U.S. TREASURY OBLIGATIONS — 8.3%

 

U.S. Treasury Bonds

 

   

1.875%

      02/15/51          905        863,568  

2.250%

      05/15/41          20,430        21,259,969  

2.500%

      02/15/46          41,510        44,954,033  

2.500%

      05/15/46 (k)         965        1,045,065  

3.000%

      05/15/45 (k)         4,065        4,792,254  

3.000%

      02/15/48 (k)         9,950        11,854,492  

3.125%

      02/15/43 (k)         3,095        3,695,623  

3.625%

      08/15/43 (h)         200        257,375  

3.625%

      02/15/44 (k)         1,180        1,524,228  

U.S. Treasury Notes

 

   

1.125%

      02/15/31 (k)         1,255        1,218,723  

1.375%

      01/31/25          2,150        2,209,293  

U.S. Treasury Strips Coupon

 

1.467%(s)

      11/15/41          500        320,898  

2.056%(s)

      11/15/38 (k)         290        203,464  

2.208%(s)

      05/15/39 (k)         3,425        2,359,236  

2.335%(s)

      08/15/44          2,500        1,500,977  

2.364%(s)

      05/15/45          3,420        2,023,144  

2.377%(s)

      08/15/45          1,250        735,303  

2.387%(s)

      05/15/43          4,015        2,483,340  

2.395%(s)

      11/15/43          619        377,517  

2.423%(s)

      11/15/40          430        284,657  

2.423%(s)

      05/15/44          7,225        4,369,996  

3.176%(s)

      08/15/40          120        79,941  
          

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $105,003,034)

 

      108,413,096  
          

 

 

  
                  Shares         
COMMON STOCKS — 0.5%

 

Gas Utilities — 0.1%

 

   

Ferrellgas Partners LP (Class B Stock)*

 

      6,372        1,408,690  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A163

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  
COMMON STOCKS (continued)

 

Oil, Gas & Consumable Fuels — 0.4%

 

Chesapeake Energy Corp.(a)

      89,905      $ 4,667,868  

Chesapeake Energy Corp. Backstop Commitment*^

      517        26,540  
     

 

 

  
        4,694,408  
     

 

 

  

TOTAL COMMON STOCKS
(cost $3,321,161)

 

      6,103,098  
     

 

 

  
PREFERRED STOCKS — 0.2%

 

Banks — 0.1%

 

Citigroup Capital XIII, 6.556%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40

      45,000        1,255,500  
     

 

 

  

Capital Markets — 0.1%

 

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

      35,000        1,053,150  
     

 

 

  

TOTAL PREFERRED STOCKS
(cost $2,000,000)

         2,308,650  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $1,215,904,439)

 

      1,278,622,120  
     

 

 

  

SHORT-TERM INVESTMENTS — 4.7%

 

AFFILIATED MUTUAL FUNDS — 4.7%

 

PGIM Core Ultra Short Bond Fund(wa)

      19,402,964        19,402,964  

PGIM Institutional Money Market Fund
(cost $41,955,619; includes $41,952,793 of cash collateral for securities on loan)(b)(wa)

      41,993,525        41,968,329  
     

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $61,358,583)

 

      61,371,293  
     

 

 

  

OPTIONS PURCHASED*~ — 0.0%
(cost $225,553)

 

      62,712  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $61,584,136)

 

      61,434,005  
     

 

 

  

TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—102.6%
(cost $1,277,488,575)

 

      1,340,056,125  
     

 

 

  

OPTIONS WRITTEN*~ — (0.0)%
(premiums received $220,474)

 

      (168,190 ) 
     

 

 

  

TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—102.6%
(cost $1,277,268,101)

 

      1,339,887,935  

Liabilities in excess of other assets(z) — (2.6)%

 

      (33,989,112 ) 
     

 

 

  

NET ASSETS — 100.0%

 

    $     1,305,898,823  
     

 

 

  

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 $8,066,633 and 0.6% 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 $41,386,054; cash collateral of $41,952,793 (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, 2021.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2021. 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.

(p)

Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r)

Principal or notional amount is less than $500 par.

(s)

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

(wa)

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

(z)

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

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A164

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Options Purchased:

OTC Swaptions

 

Description

    Call/
Put		  

Counterparty

    Expiration
Date		     Strike    

Receive

  

Pay

   Notional
Amount
(000)#		     Value  

CDX.NA.HY.36.V1,
06/20/26

    Call   BNP Paribas S.A.      08/18/21       $112.00     5.00%(Q)   CDX.NA.HY.36.V1(Q)     12,350     $ 7  

CDX.NA.IG.36.V1,
06/20/26

    Call   Barclays Bank PLC      07/21/21       0.40%     1.00%(Q)   CDX.NA.IG.36.V1(Q)     20,390       176  

CDX.NA.IG.36.V1,
06/20/26

    Call   Deutsche Bank AG      08/18/21       0.38%     1.00%(Q)   CDX.NA.IG.36.V1(Q)     10,050       16  

CDX.NA.IG.36.V1,
06/20/26

    Call   Goldman Sachs International      08/18/21       0.40%     1.00%(Q)   CDX.NA.IG.36.V1(Q)     20,390       300  

CDX.NA.HY.36.V1,
06/20/26

    Put   BNP Paribas S.A.      08/18/21       $108.00     CDX.NA.HY.36.V1(Q)   5.00%(Q)     12,350       40,501  

CDX.NA.IG.36.V1,
06/20/26

    Put   Barclays Bank PLC      07/21/21       0.58%     CDX.NA.IG.36.V1(Q)   1.00%(Q)     20,390       3,176  

CDX.NA.IG.36.V1,
06/20/26

    Put   Deutsche Bank AG      08/18/21       0.55%     CDX.NA.IG.36.V1(Q)   1.00%(Q)     10,050       7,072  

CDX.NA.IG.36.V1,
06/20/26

    Put   Goldman Sachs International      08/18/21       0.58%     CDX.NA.IG.36.V1(Q)   1.00%(Q)     20,390       11,464  
                 

 

 

  

Total Options Purchased (cost $225,553)

              $ 62,712  
                 

 

 

  

Options Written:

OTC Swaptions

 

Description

    Call/
Put		   

Counterparty

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

CDX.NA.HY.36.V1,
06/20/26

    Call    BNP Paribas S.A.    08/18/21      $109.50      CDX.NA.HY.36.V1(Q)    5.00%(Q)      12,350      $ (74,639)  

CDX.NA.IG.36.V1,
06/20/26

    Call    Barclays Bank PLC    07/21/21      0.50%      CDX.NA.IG.36.V1(Q)    1.00%(Q)      20,390        (24,957)  

CDX.NA.IG.36.V1,
06/20/26

    Call    Deutsche Bank AG    08/18/21      0.48%      CDX.NA.IG.36.V1(Q)    1.00%(Q)      10,050        (6,881)  

CDX.NA.IG.36.V1,
06/20/26

    Call    Goldman Sachs International    08/18/21      0.50%      CDX.NA.IG.36.V1(Q)    1.00%(Q)      20,390        (29,928)  

CDX.NA.HY.36.V1,
06/20/26

    Put    BNP Paribas S.A.    08/18/21      $105.00      5.00%(Q)    CDX.NA.HY.36.V1(Q)      12,350        (16,018)  

CDX.NA.IG.36.V1,
06/20/26

    Put    Barclays Bank PLC    07/21/21      0.75%      1.00%(Q)    CDX.NA.IG.36.V1(Q)      20,390        (1,274)  

CDX.NA.IG.36.V1,
06/20/26

    Put    Deutsche Bank AG    08/18/21      0.70%      1.00%(Q)    CDX.NA.IG.36.V1(Q)      10,050        (2,500)  

CDX.NA.IG.36.V1,
06/20/26

    Put    Goldman Sachs International    08/18/21      0.75%      1.00%(Q)    CDX.NA.IG.36.V1(Q)      20,390        (4,059)  

GS_21-PJA†† ^

    Put    Goldman Sachs International    06/17/24      0.25%      0.25%(M)    GS_21-PJA(M)      15,090        (2,547)  

iTraxx.XO.35.V1,
06/20/26

    Put    Barclays Bank PLC    10/20/21      5.00%      5.00%(Q)    iTraxx.XO.35.V1(Q)      EUR     2,500        (5,387)  
                       

 

 

  

Total Options Written (premiums received $220,474)

 

    $ (168,190)  
                       

 

 

  

 

††

The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A165

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Futures contracts outstanding at June 30, 2021:

 

Number
of
Contracts

   

Type

    Expiration
Date		      Current
Notional
Amount		      Value /
Unrealized
Appreciation
(Depreciation)		  
Long Positions:         
2,359   

5 Year U.S. Treasury Notes

      Sep. 2021      $ 291,170,639      $ (725,997 ) 
814   

10 Year U.S. Treasury Notes

      Sep. 2021        107,855,000        452,375  
200   

10 Year U.S. Ultra Treasury Notes

      Sep. 2021        29,440,626        445,539  
317   

20 Year U.S. Treasury Bonds

      Sep. 2021        50,957,750        1,131,156  
124   

30 Year U.S. Ultra Treasury Bonds

      Sep. 2021        23,893,250        719,220  
           

 

 

  
              2,022,293  
           

 

 

  

Short Positions:

         
2,180   

2 Year U.S. Treasury Notes

      Sep. 2021        480,298,280        728,096  
211   

5 Year Euro-Bobl

      Sep. 2021        33,563,424        (39,147 ) 
121   

10 Year Euro-Bund

      Sep. 2021        24,765,349        (147,112 ) 
127   

Euro Schatz Index

      Sep. 2021        16,887,191        2,613  
           

 

 

  
              544,450  
           

 

 

  
            $ 2,566,743  
           

 

 

  

Forward foreign currency exchange contracts outstanding at June 30, 2021:

 

Purchase
Contracts

  

Counterparty

    Notional
Amount
(000)		    Value at
Settlement
Date		    Current
Value		    Unrealized
Appreciation		    Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                         

British Pound,

                           

Expiring 07/02/21

  

Barclays Bank PLC

        GBP    1,534      $ 2,136,086      $ 2,122,248      $ —      $ (13,838 )

Expiring 07/02/21

  

UBS AG

        GBP  10,385        14,458,658        14,365,284        —        (93,374 )

Euro,

                           

Expiring 07/02/21

  

Citibank, N.A.

        EUR  65,664        78,402,944        77,864,592        —        (538,352 )
           

 

 

       

 

 

       

 

 

       

 

 

  
            $ 94,997,688      $ 94,352,124        —        (645,564 )
           

 

 

       

 

 

       

 

 

       

 

 

  

 

Sale
Contracts

  

Counterparty

    Notional
Amount
(000)		    Value at
Settlement
Date		    Current
Value		    Unrealized
Appreciation		    Unrealized
Depreciation

OTC Forward Foreign Currency Exchange Contracts:

                         

Australian Dollar,

                           

Expiring 07/20/21

  

Barclays Bank PLC

        AUD       559      $ 433,395      $ 419,536      $ 13,859      $ —

British Pound,

                           

Expiring 07/02/21

  

Bank of America, N.A.

        GBP  11,919        16,878,204        16,487,533        390,671        —

Expiring 08/03/21

  

UBS AG

        GBP  10,385        14,459,427        14,366,606        92,821        —

Euro,

                           

Expiring 07/02/21

  

Bank of America, N.A.

        EUR       260        317,985        307,838        10,147        —

Expiring 07/02/21

  

Citibank, N.A.

        EUR  65,405        79,971,657        77,556,754        2,414,903        —

Expiring 08/03/21

  

Citibank, N.A.

        EUR  65,664        78,452,980        77,915,693        537,287        —

South African Rand,

                           

Expiring 09/15/21

  

Citibank, N.A.

        ZAR    4,651        338,827        322,524        16,303        —

Expiring 09/15/21

  

Citibank, N.A.

        ZAR    3,729        272,637        258,600        14,037        —

Expiring 09/15/21

  

The Toronto-Dominion Bank

        ZAR    3,152        226,105        218,552        7,553        —
           

 

 

       

 

 

       

 

 

       

 

 

  
            $ 191,351,217      $ 187,853,636        3,497,581        —
           

 

 

       

 

 

       

 

 

       

 

 

  
                      $ 3,497,581      $ (645,564 )
                     

 

 

       

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A166

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Credit default swap agreements outstanding at June 30, 2021:

 

Reference Entity/

Obligation

    Termination
Date		      Fixed
Rate		    Notional
Amount
(000)#(3)		      Implied
Credit
Spread at
June 30,
2021(4)		    Fair
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		      Counterparty  

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

 

GS_21-PJA††

      08/14/21      0.250%(M)      15,090      0.250%    $ 5,318      $ (1,504)      $ 6,822        Goldman Sachs International  
              

 

 

     

 

 

     

 

 

     

†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

 

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):

U.S. Treasury Notes

       12/20/22       0.250%(Q)         EUR  4,855     $ (17,506 )     $ (17,553 )     $ 47  

Barclays Bank PLC

United Mexican States

       06/20/23       1.000%(Q)         665       (8,733 )       1,925       (10,658 )  

Citibank, N.A.

United Mexican States

       06/20/23       1.000%(Q)         655       (8,602 )       4,806       (13,408 )  

Citibank, N.A.

United Mexican States

       06/20/23       1.000%(Q)         220       (2,889 )       1,808       (4,697 )  

Citibank, N.A.

United Mexican States

       06/20/23       1.000%(Q)         220       (2,889 )       1,660       (4,549 )  

Citibank, N.A.

United Mexican States

       06/20/23       1.000%(Q)         215       (2,823 )       586       (3,409 )  

Citibank, N.A.

United Mexican States

       06/20/23       1.000%(Q)         115       (1,510 )       333       (1,843 )  

Citibank, N.A.

United Mexican States

       12/20/24       1.000%(Q)         160       (2,225 )       783       (3,008 )  

Citibank, N.A.

United Mexican States

       12/20/24       1.000%(Q)         130       (1,807 )       762       (2,569 )  

Citibank, N.A.

               

 

 

      

 

 

      

 

 

    
                $ (48,984 )     $ (4,890 )     $ (44,094 )  
               

 

 

      

 

 

      

 

 

    

 

Reference Entity/

Obligation

   Termination
Date		   Fixed
Rate		   Notional
Amount
(000)#(3)		   Implied
Credit
Spread at
June 30,
2021(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):

 

Boeing Co.

       12/20/21       1.000%(Q)         3,700       0.456 %     $ 10,790     $ 9,483     $ 1,307       Bank of America, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         2,205       2.411 %       (59,846 )       (29,303 )       (30,543 )       Credit Suisse International

Petroleos Mexicanos

       06/20/23       1.000%(Q)         550       2.411 %       (14,928 )       (14,150 )       (778 )       Citibank, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         545       2.411 %       (14,792 )       (16,831 )       2,039       Citibank, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         185       2.411 %       (5,021 )       (5,855 )       834       Citibank, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         185       2.411 %       (5,021 )       (5,749 )       728       Citibank, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         180       2.411 %       (4,886 )       (4,653 )       (233 )       Citibank, N.A.

Petroleos Mexicanos

       06/20/23       1.000%(Q)         90       2.411 %       (2,443 )       (2,314 )       (129 )       Citibank, N.A.

Petroleos Mexicanos

       12/20/24       1.000%(Q)         160       3.220 %       (11,676 )       (10,487 )       (1,189 )       Citibank, N.A.

Petroleos Mexicanos

       12/20/24       1.000%(Q)         130       3.220 %       (9,487 )       (8,621 )       (866 )       Citibank, N.A.

State of Illinois

       06/20/24       1.000%(Q)         580       0.855 %       2,610       (4,369 )       6,979       Citibank, N.A.
                   

 

 

      

 

 

      

 

 

      
                    $ (114,700 )     $ (92,849 )     $ (21,851 )    
                   

 

 

      

 

 

      

 

 

      

 

Reference Entity/

Obligation

    Termination
Date		    Fixed
Rate		    Notional
Amount
(000)#(3)		    Value at
Trade Date		   Value at
June 30,
2021		   Unrealized
Appreciation
(Depreciation)

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

 

        

CDX.NA.IG.36.V1

        06/20/26        1.000%(Q)          59,150      $ (1,243,141 )     $ (1,523,630 )     $ (280,489 )
                   

 

 

      

 

 

      

 

 

  

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A167

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

  

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.

Inflation swap agreements outstanding at June 30, 2021:

 

Notional
Amount

(000)#

    Termination
Date		    Fixed
Rate		   

Floating

Rate

    Value at
Trade Date		    Value at
June 30,
2021		   Unrealized
Appreciation
(Depreciation)

Centrally Cleared Inflation Swap Agreements:

 

1,990        01/12/26        2.185%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        $—        $ (71,498 )     $ (71,498 )
1,130        01/13/31        2.229%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (46,388 )       (46,388 )
3,400        01/13/31        2.230%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (139,204 )       (139,204 )
2,430        04/07/31        2.469%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (27,724 )       (27,724 )
830        04/09/31        2.435%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (12,473 )       (12,473 )
1,670        04/09/31        2.448%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (22,786 )       (22,786 )
1,705        04/13/31        2.445%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (23,452 )       (23,452 )
1,030        04/13/31        2.450%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (13,597 )       (13,597 )
1,040        04/14/31        2.450%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (13,590 )       (13,590 )
1,010        04/15/31        2.460%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (12,018 )       (12,018 )
1,945        04/15/31        2.465%(T)     

U.S. CPI Urban Consumers NSA Index(2)(T)

        —        (22,066 )       (22,066 )
                 

 

 

       

 

 

      

 

 

  
                    $—        $ (404,796 )     $ (404,796 )
                 

 

 

       

 

 

      

 

 

  

 

(1)

The Portfolio pays the fixed rate and receives the floating rate.

(2)

The Portfolio pays the floating rate and receives the fixed rate.

Interest rate swap agreements outstanding at June 30, 2021:

 

Notional
Amount
(000)#

      Termination
Date		      Fixed
Rate		     

Floating

Rate

    Value at
Trade Date		   Value at
June 30,
2021		     Unrealized
Appreciation
(Depreciation)		  

Centrally Cleared Interest Rate Swap Agreements:

       
AUD     6,000        02/13/30        1.210%(S)     

6 Month BBSW(2)(S)

      $            (23)       $(68,026)       $(68,003)  
AUD     1,300        01/18/31        1.073%(S)     

6 Month BBSW(2)(S)

      (27 )      (36,652 )      (36,625 ) 
AUD     1,910        01/18/31        1.081%(S)     

6 Month BBSW(2)(S)

      252       (52,753 )      (53,005 ) 
AUD     5,270        03/19/31        1.800%(S)     

6 Month BBSW(2)(S)

      (568 )      110,430       110,998  
AUD     1,760        03/19/31        1.850%(S)     

6 Month BBSW(2)(S)

      (195 )      43,175       43,370  
BRL     12,664        01/02/25        5.903%(T)     

1 Day BROIS(2)(T)

      —       (53,006 )      (53,006 ) 
BRL     23,370        01/02/25        6.343%(T)     

1 Day BROIS(2)(T)

      —       (172,335 )      (172,335 ) 
BRL     25,186        01/02/25        6.343%(T)     

1 Day BROIS(2)(T)

      —       (187,398 )      (187,398 ) 
BRL     39,452        01/02/25        6.359%(T)     

1 Day BROIS(2)(T)

      —       (290,046 )      (290,046 ) 
BRL     6,276        01/02/25        6.640%(T)     

1 Day BROIS(2)(T)

      —       23,701       23,701  
BRL     7,043        01/02/25        6.670%(T)     

1 Day BROIS(2)(T)

      —       29,171       29,171  
BRL     18,662        01/02/25        6.670%(T)     

1 Day BROIS(2)(T)

      —       76,320       76,320  
BRL     8,496        01/04/27        6.845%(T)     

1 Day BROIS(2)(T)

      —       (97,964 )      (97,964 ) 
BRL     8,006        01/04/27        6.890%(T)     

1 Day BROIS(2)(T)

      —       (88,648 )      (88,648 ) 
BRL     14,270        01/04/27        6.890%(T)     

1 Day BROIS(2)(T)

      —       (159,057 )      (159,057 ) 
CAD     9,320        01/14/26        0.875%(S)     

3 Month Canadian Banker’s Acceptance(2)(S)

      (77 )      (155,891 )      (155,814 ) 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A168

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Notional

Amount

(000)#

      Termination
Date		      Fixed
Rate		     

Floating

Rate

   

Value at
Trade Date

   Value at
June 30,
2021		     Unrealized
Appreciation
(Depreciation)		  

Centrally Cleared Interest Rate Swap Agreements (cont’d.):

 

  
CAD     8,420        01/19/26        0.865%(S)     

3 Month Canadian Banker’s Acceptance(2)(S)

      $         (69 )      $   (145,531 )      $     (145,462 ) 
CLP     180,000        01/25/26        1.634%(S)     

1 Day CLOIS(2)(S)

      —       (18,350 )      (18,350 ) 
CLP     3,000,000        01/20/28        2.090%(S)     

1 Day CLOIS(2)(S)

      —       (393,580 )      (393,580 ) 
CLP     500,000        01/21/28        2.065%(S)     

1 Day CLOIS(2)(S)

      —       (72,118 )      (72,118 ) 
CLP     3,181,000        01/22/29        2.293%(S)     

1 Day CLOIS(2)(S)

      —       (459,784 )      (459,784 ) 
COP     3,909,000        02/18/25        4.505%(Q)     

1 Day COOIS(2)(Q)

      —       (7,561 )      (7,561 ) 
COP     6,724,755        02/21/25        4.565%(Q)     

1 Day COOIS(2)(Q)

      —       (3,821 )      (3,821 ) 
COP     18,811,000        02/03/26        3.080%(Q)     

1 Day COOIS(2)(Q)

      —       (404,672 )      (404,672 ) 
COP     2,761,000        02/18/30        5.072%(Q)     

1 Day COOIS(2)(Q)

      —       (31,094 )      (31,094 ) 
COP     1,932,000        02/18/30        5.081%(Q)     

1 Day COOIS(2)(Q)

      —       (21,423 )      (21,423 ) 
COP     4,156,000        02/24/30        5.078%(Q)     

1 Day COOIS(2)(Q)

      —       (46,507 )      (46,507 ) 
GBP     635        05/08/23        0.950%(A)     

1 Day SONIA(1)(A)

      (14,468 )      (13,737 )      731  
GBP     3,946        05/08/26        1.000%(A)     

1 Day SONIA(1)(A)

      (184,608 )      (149,531 )      35,077  
GBP     977        10/22/28        0.680%(A)     

1 Day SONIA(1)(A)

      —       (14,034 )      (14,034 ) 
GBP     2,100        05/08/30        1.100%(A)     

1 Day SONIA(1)(A)

      (145,549 )      (113,604 )      31,945  
GBP     767        05/08/31        1.150%(A)     

1 Day SONIA(2)(A)

      48,148       47,211       (937 ) 
GBP     230        05/08/34        1.200%(A)     

1 Day SONIA(1)(A)

      (9,088 )      (16,857 )      (7,769 ) 
HUF     99,000        02/13/30        1.595%(A)     

6 Month BUBOR(2)(S)

      —       (26,585 )      (26,585 ) 
HUF     1,548,000        02/14/30        1.605%(A)     

6 Month BUBOR(2)(S)

      —       (411,679 )      (411,679 ) 
HUF     432,000        02/18/30        1.803%(A)     

6 Month BUBOR(2)(S)

      —       (91,569 )      (91,569 ) 
MXN     36,985        03/19/26        6.050%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (82 )      (37,887 )      (37,805 ) 
MXN     51,300        01/12/28        5.020%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (37 )      (241,836 )      (241,799 ) 
MXN     7,310        01/03/31        5.550%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (32 )      (37,012 )      (36,980 ) 
MXN     20,460        01/13/31        5.460%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (27 )      (110,939 )      (110,912 ) 
MXN     72,900        01/15/31        5.450%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (96 )      (398,423 )      (398,327 ) 
MXN     19,550        01/03/33        5.715%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (33 )      (112,285 )      (112,252 ) 
MXN     5,485        12/28/35        6.000%(M)     

28 Day Mexican Interbank Rate(2)(M)

      (34 )      (34,196 )      (34,162 ) 
NZD     2,100        02/14/30        1.523%(S)     

3 Month BBR(2)(Q)

      —       (22,279 )      (22,279 ) 
NZD     1,220        01/19/31        1.090%(S)     

3 Month BBR(2)(Q)

      —       (54,260 )      (54,260 ) 
NZD     4,670        01/19/31        1.096%(S)     

3 Month BBR(2)(Q)

      2,033       (205,858 )      (207,891 ) 
NZD     1,630        01/26/31        1.098%(S)     

3 Month BBR(2)(Q)

      —       (72,167 )      (72,167 ) 
NZD     2,495        03/22/31        1.920%(S)     

3 Month BBR(2)(Q)

      —       18,761       18,761  
PLN     4,290        01/19/31        1.200%(A)     

6 Month WIBOR(2)(S)

      1,638       (49,007 )      (50,645 ) 
PLN     17,070        01/21/31        1.170%(A)     

6 Month WIBOR(2)(S)

      (14,930 )      (207,995 )      (193,065 ) 
PLN     6,250        03/16/31        1.760%(A)     

6 Month WIBOR(2)(S)

      4,545       10,003       5,458  
    5,400        01/19/26        0.380%(A)     

1 Day USOIS(1)(A)

      —       70,139       70,139  
    6,475        01/21/26        0.374%(A)     

1 Day USOIS(1)(A)

      —       86,548       86,548  
    3,100        02/14/30        1.382%(A)     

1 Day USOIS(1)(A)

      —       (83,273 )      (83,273 ) 
    435        01/19/31        0.931%(A)     

1 Day USOIS(1)(A)

      —       8,382       8,382  
    1,270        01/20/31        0.915%(A)     

1 Day USOIS(1)(A)

      —       26,413       26,413  
    4,100        03/22/31        1.449%(A)     

1 Day USOIS(1)(A)

      —       (115,624 )      (115,624 ) 
ZAR     27,400        02/11/30        7.481%(Q)     

3 Month JIBAR(2)(Q)

      (1,098 )      63,168       64,266  
ZAR     36,800        02/28/30        7.500%(Q)     

3 Month JIBAR(2)(Q)

      (10,075 )      81,927       92,002  
ZAR     19,800        03/02/30        7.625%(Q)     

3 Month JIBAR(2)(Q)

      489       54,750       54,261  
ZAR     22,200        03/12/30        7.840%(Q)     

3 Month JIBAR(2)(Q)

      (182 )      81,544       81,726  
ZAR     14,700        03/12/30        7.900%(Q)     

3 Month JIBAR(2)(Q)

      (125 )      58,109       58,234  
ZAR     58,300        03/18/30        10.650%(Q)     

3 Month JIBAR(2)(Q)

      —       259,998       259,998  
ZAR     6,400        03/27/30        9.150%(Q)     

3 Month JIBAR(2)(Q)

      (119 )      61,539       61,658  
ZAR     12,600        04/01/30        8.600%(Q)     

3 Month JIBAR(2)(Q)

      (49 )      99,169       99,218  
ZAR     29,700        04/03/30        9.300%(Q)     

3 Month JIBAR(2)(Q)

      (544 )      333,246       333,790  
ZAR     61,200        07/07/30        7.040%(Q)     

3 Month JIBAR(2)(Q)

      (1,568 )      1,012       2,580  
ZAR     26,100        01/15/31        6.765%(Q)     

3 Month JIBAR(2)(Q)

      (48,046 )      (52,058 )      (4,012 ) 
ZAR     21,000        03/18/31        7.660%(Q)     

3 Month JIBAR(2)(Q)

      17,180       40,065       22,885  
             

 

 

 

  

 

 

    

 

 

  
                $(357,464)       $(3,954,131 )      $  (3,596,667 ) 
             

 

 

 

  

 

 

    

 

 

  

 

(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.

 

A169

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Total return swap agreements outstanding at June 30, 2021:

 

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:

      

IOS.FN30.450.10(M)

    1 Month
LIBOR(M)		  

Credit Suisse

International

    1/12/41    808    $1,940    $(2,213)    $4,153
             

 

   

 

   

 

 

(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

    $22,146    $(123,602)   $22,909    $(77,879)

 

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.

      $ —      $ 13,363,277
    

 

 

       

 

 

  

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, 2021 in valuing such portfolio securities:

 

       Level 1        Level 2          Level 3    

Investments in Securities

               

Assets

               

Long-Term Investments

               

Asset-Backed Securities

               

Automobiles

      $ —        $ 11,691,910        $ 818,676  

Collateralized Loan Obligations

        —          241,875,064          —  

Consumer Loans

        —          18,243,542          —  

Credit Cards

        —          3,566,305          —  

Home Equity Loans

        —          550,212          —  

Other

        —          2,344,463          —  

Residential Mortgage-Backed Securities

        —          7,171,917          —  

Student Loans

        —          18,242,994          —  

Bank Loans

        —          14,306,722          —  

Commercial Mortgage-Backed Securities

        —          169,527,142          —  

Corporate Bonds

        —          493,762,381          —  

Municipal Bonds

        —          23,034,690          —  

Residential Mortgage-Backed Securities

        —          85,858,433          7,218,646  

Sovereign Bonds

        —          51,041,139          —  

U.S. Government Agency Obligations

        —          12,543,040          —  

U.S. Treasury Obligations

        —          108,413,096          —  

Common Stocks

        4,667,868          1,408,690          26,540  

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A170

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Level 1      Level 2        Level 3    

Investments in Securities (continued)

           

Assets (continued)

           

Long-Term Investments (continued)

           

Preferred Stocks

      $ 2,308,650      $ —      $ —  

Short-Term Investments

           

Affiliated Mutual Funds

        61,371,293        —        —  

Options Purchased

        —        62,712        —  
    

 

 

     

 

 

     

 

 

  

Total

      $ 68,347,811      $ 1,263,644,452      $ 8,063,862  
    

 

 

     

 

 

     

 

 

  

Liabilities

           

Options Written

      $ —      $ (165,643 )     $ (2,547 ) 
    

 

 

     

 

 

     

 

 

  

Other Financial Instruments*

           

Assets

           

Futures Contracts

      $ 3,478,999      $ —      $ —  

OTC Forward Foreign Currency Exchange Contracts

        —        3,497,581        —  

OTC Credit Default Swap Agreements

        —        13,400        5,318  

Centrally Cleared Interest Rate Swap Agreements

        —        1,697,632        —  

OTC Total Return Swap Agreement

        —        1,940        —  
    

 

 

     

 

 

     

 

 

  

Total

      $ 3,478,999      $ 5,210,553      $ 5,318  
    

 

 

     

 

 

     

 

 

  

Liabilities

           

Futures Contracts

      $ (912,256 )     $ —      $ —  

OTC Forward Foreign Currency Exchange Contracts

        —        (645,564 )       —  

Centrally Cleared Credit Default Swap Agreement

        —        (280,489 )       —  

OTC Credit Default Swap Agreements

        —        (177,084 )       —  

Centrally Cleared Inflation Swap Agreements

        —        (404,796 )       —  

Centrally Cleared Interest Rate Swap Agreements

        —        (5,294,299 )       —  
    

 

 

     

 

 

     

 

 

  

Total

      $ (912,256 )     $ (6,802,232 )     $ —  
    

 

 

     

 

 

     

 

 

  

 

*

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, 2021 were as follows:

Collateralized Loan Obligations

      18.5 % 

Commercial Mortgage-Backed Securities

      13.0  

Banks

      9.8  

U.S. Treasury Obligations

      8.3  

Residential Mortgage-Backed Securities

      7.6  

Affiliated Mutual Funds (3.2% represents investments purchased with collateral from securities on loan)

      4.7  

Sovereign Bonds

      3.9  

Pharmaceuticals

      2.8  

Electric

      2.7  

Oil & Gas

      2.5  

Telecommunications

      2.0  

Pipelines

      2.0  

Media

      1.9  

Municipal Bonds

      1.8  

Consumer Loans

      1.4  

Student Loans

      1.4  

Chemicals

      1.2  

Auto Manufacturers

      1.2  

Retail

      1.1  

Insurance

      1.0  

Semiconductors

      1.0  

Automobiles

      1.0 % 

U.S. Government Agency Obligations

      0.9  

Foods

      0.9  

Healthcare-Services

      0.8  

Commercial Services

      0.7  

Real Estate Investment Trusts (REITs)

      0.6  

Airlines

      0.6  

Aerospace & Defense

      0.5  

Software

      0.5  

Healthcare-Products

      0.4  

Miscellaneous Manufacturing

      0.4  

Lodging

      0.4  

Oil, Gas & Consumable Fuels

      0.4  

Agriculture

      0.3  

Beverages

      0.3  

Packaging & Containers

      0.3  

Entertainment

      0.3  

Multi-National

      0.3  

Diversified Financial Services

      0.3  

Credit Cards

      0.3  

Gas

      0.2  

Auto Parts & Equipment

      0.2  
 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A171

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Building Materials

      0.2 % 

Engineering & Construction

      0.2  

Other

      0.2  

Home Builders

      0.2  

Machinery-Diversified

      0.2  

Computers

      0.2  

Iron/Steel

      0.1  

Mining

      0.1  

Savings & Loans

      0.1  

Gas Utilities

      0.1  

Electrical Components & Equipment

      0.1  

Real Estate

      0.1  

Electronics

      0.1  

Capital Markets

      0.1  

Housewares

      0.1  

Water

      0.1 % 

Environmental Control

      0.0 * 

Oil & Gas Services

      0.0 * 

Home Equity Loans

      0.0 * 

Textiles

      0.0 * 

Machinery-Construction & Mining

      0.0 * 

Transportation

      0.0 * 

Options Purchased

      0.0 * 
  

 

 

  
     102.6  

Options Written

      (0.0 )* 

Liabilities in excess of other assets

      (2.6 ) 
  

 

 

  
     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, 2021 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    $ 280,489 * 

Credit contracts

    Premiums paid for OTC swap agreements      22,146     Premiums received for OTC swap agreements      121,389  

Credit contracts

    Unaffiliated investments      62,712     Options written outstanding, at value      168,190  

Credit contracts

    Unrealized appreciation on OTC swap agreements      18,756     Unrealized depreciation on OTC swap agreements      77,879  

Foreign exchange contracts

    Unrealized appreciation on OTC forward foreign currency exchange contracts      3,497,581     Unrealized depreciation on OTC forward foreign currency exchange contracts      645,564  

Interest rate contracts

    Due from/to broker-variation margin futures      3,478,999 *    Due from/to broker-variation margin futures      912,256 * 

Interest rate contracts

    Due from/to broker-variation margin swaps      1,697,632 *    Due from/to broker-variation margin swaps      5,699,095 * 

Interest rate contracts

    —      —     Premiums received for OTC swap agreements      2,213  

Interest rate contracts

    Unrealized appreciation on OTC swap agreements      4,153     —      —  
     

 

 

       

 

 

  
      $ 8,781,979        $ 7,907,075  
     

 

 

       

 

 

  

 

*

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.

 

A172

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

The effects of derivative instruments on the Statement of Operations for the six months ended June 30, 2021 are as follows:

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

  

Derivatives not accounted for as hedging
instruments, carried at fair value

    Futures     

 

Forward
& Cross
Currency
Exchange
Contracts

      Swaps  

Credit contracts

      $                 —        $               —        $170,179  

Foreign exchange contracts

      —        (2,199,619)        —  

Interest rate contracts

      (22,424,955)        —        457,833  
  

 

 

     

 

 

     

 

 

  

Total

      $(22,424,955)        $(2,199,619)        $628,012  
  

 

 

     

 

 

     

 

 

  

 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  

Derivatives not accounted for
as hedging instruments,
carried at fair value

      Options
Purchased(1)		      Options
Written		        Futures       

 

Forward
& Cross
Currency
Exchange
Contracts

            Swaps      

Credit contracts

      $ (162,841 )     $ 52,284        $ —        $ —        $ (891,009 ) 

Foreign exchange contracts

        —        —          —          4,920,702          —  

Interest rate contracts

        —        —          4,321,254          —          (6,927,124 ) 
    

 

 

     

 

 

       

 

 

       

 

 

       

 

 

  

Total

      $ (162,841 )     $ 52,284        $ 4,321,254        $ 4,920,702        $ (7,818,133 ) 
    

 

 

     

 

 

       

 

 

       

 

 

       

 

 

  

 

(1)

Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Options

Purchased(1)

   

Options

Written(2)

        

Futures

Contracts—

Long

Positions(2)

        

Futures

Contracts—

Short

Positions(2)

    Forward Foreign
Currency Exchange
Contracts—
Purchased(3)
$75,184    $48,138,125       $473,713,707       $555,847,781    $61,489,922

Forward Foreign

Currency Exchange
Contracts—Sold(3)

        

Cross

Currency

Exchange

Contracts(4)

        

Interest Rate

Swap

Agreements(2)

        

Credit Default        
Swap Agreements—        

Buy Protection(2)        

$143,486,731       $5,276       $148,199,240       $58,875,605        
                    Credit Default
                     Swap Agreements—
                    Sell Protection(2)		              Total Return
Swap
Agreements(2)		             

Inflation Swap                    

Agreements(2)                    

                    $30,286,667          $900,609          $8,233,333                    

 

(1)

Cost.

(2)

Notional Amount in USD.

(3)

Value at Settlement Date.

(4)

Value at Trade Date.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A173

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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

        $ 41,386,054        $ (41,386,054 )      $ —
      

 

 

         

 

 

       

 

 

  

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.

        $ 411,608        $ —      $ 411,608      $ (297,377 )      $ 114,231

Barclays Bank PLC

          17,258          (63,009 )        (45,751 )        —        (45,751 )

BNP Paribas S.A.

          40,508          (90,657 )        (50,149 )        —        (50,149 )

Citibank, N.A.

          3,005,773          (658,717 )        2,347,056        (2,049,424 )        297,632

Credit Suisse International

          4,153          (62,059 )        (57,906 )        57,906        —

Deutsche Bank AG

          7,088          (9,381 )        (2,293 )        —        (2,293 )

Goldman Sachs International

          18,586          (38,038 )        (19,452 )        —        (19,452 )

The Toronto-Dominion Bank

          7,553          —        7,553        —        7,553

UBS AG

          92,821          (93,374 )        (553 )        —        (553 )
      

 

 

         

 

 

       

 

 

       

 

 

       

 

 

  
       $ 3,605,348        $ (1,015,235 )      $ 2,590,113      $ (2,288,895 )      $ 301,218
      

 

 

         

 

 

       

 

 

       

 

 

       

 

 

  

 

(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.

 

A174

 
  

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $41,386,054:

   

Unaffiliated investments (cost $1,216,129,992)

    $ 1,278,684,832  

Affiliated investments (cost $61,358,583)

      61,371,293  

Foreign currency, at value (cost $1,130,924)

      1,115,362  

Cash

      57,200  

Dividends and interest receivable

      8,647,686  

Unrealized appreciation on OTC forward foreign currency exchange contracts

      3,497,581  

Receivable for investments sold

      1,918,439  

Due from broker-variation margin futures

      603,734  

Receivable for Portfolio shares sold

      130,651  

Tax reclaim receivable

      26,366  

Unrealized appreciation on OTC swap agreements

      22,909  

Premiums paid for OTC swap agreements

      22,146  

Prepaid expenses

      2,383  
  

 

 

  

Total Assets

      1,356,100,582  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      41,952,793  

Payable for investments purchased

      6,422,478  

Unrealized depreciation on OTC forward foreign currency exchange contracts

      645,564  

Management fee payable

      427,638  

Accrued expenses and other liabilities

      200,707  

Options written outstanding, at value (premiums received $220,474)

      168,190  

Due to broker-variation margin swaps

      132,852  

Premiums received for OTC swap agreements

      123,602  

Unrealized depreciation on OTC swap agreements

      77,879  

Payable for Portfolio shares purchased

      48,842  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      158  

Trustees’ fees payable

      76  
  

 

 

  

Total Liabilities

      50,201,759  
  

 

 

  
NET ASSETS    $ 1,305,898,823  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 1,305,898,823  
  

 

 

  
Class I:   

Net asset value and redemption price per share, $1,304,935,385 / 83,618,107 outstanding shares of beneficial interest

    $ 15.61  
  

 

 

  
Class III:   

Net asset value and redemption price per share, $963,438 / 61,758 outstanding shares of beneficial interest

    $ 15.60  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)   
INCOME   

Interest income

    $ 19,236,463  

Unaffiliated dividend income

      91,746  

Income from securities lending, net (including affiliated income of $17,766)

      25,882  

Affiliated dividend income

      23,715  
  

 

 

  

Total income

      19,377,806  
  

 

 

  
EXPENSES   

Management fee

      2,531,687  

Distribution fee—Class III

      242  

Custodian and accounting fees

      58,803  

Shareholders’ reports

      47,912  

Audit fee

      28,086  

Trustees’ fees

      12,356  

Legal fees and expenses

      11,248  

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

      5,297  

Miscellaneous

      20,494  
  

 

 

  

Total expenses

      2,716,125  
  

 

 

  
NET INVESTMENT INCOME (LOSS)      16,661,681  
  

 

 

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

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(5,505))

      9,035,306  

Futures transactions

      (22,424,955 ) 

Forward and cross currency contract transactions

      (2,199,619 ) 

Swap agreements transactions

      628,012  

Foreign currency transactions

      599,045  
  

 

 

  
     (14,362,211 ) 
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(1,282))

      (17,510,146 ) 

Futures

      4,321,254  

Forward and cross currency contracts

      4,920,702  

Options written

      52,284  

Swap agreements

      (7,818,133 ) 

Foreign currencies

      130,464  
  

 

 

  
     (15,903,575 ) 
  

 

 

  
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS      (30,265,786 ) 
  

 

 

  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS    $ (13,604,105 ) 
  

 

 

  
 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020
INCREASE (DECREASE) IN NET ASSETS         
OPERATIONS         

Net investment income (loss)

      $ 16,661,681     $ 36,939,115

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

        (14,362,211 )       (715,016 )

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

        (15,903,575 )       64,021,649
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        (13,604,105 )       100,245,748
    

 

 

      

 

 

  
PORTFOLIO SHARE TRANSACTIONS         

Portfolio shares sold

        75,276,839       108,389,140

Portfolio shares purchased

        (48,381,968 )       (106,131,559 )
    

 

 

      

 

 

  

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

        26,894,871       2,257,581
    

 

 

      

 

 

  
TOTAL INCREASE (DECREASE)        13,290,766       102,503,329
NET ASSETS:         

Beginning of period

        1,292,608,057       1,190,104,728
    

 

 

      

 

 

  

End of period

      $ 1,305,898,823     $ 1,292,608,057
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A175

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
LONG-TERM INVESTMENTS — 99.6%

 

COMMON STOCKS — 99.1%

 

Aerospace & Defense — 1.2%

 

   

AAR Corp.*

      32,071      $ 1,242,751  

Aerojet Rocketdyne Holdings, Inc.(a)

      71,855        3,469,878  

AeroVironment, Inc.*

      21,664        2,169,649  

Kaman Corp.

      26,842        1,352,837  

Moog, Inc. (Class A Stock)

      28,244        2,374,191  

National Presto Industries, Inc.

      5,089        517,297  

Park Aerospace Corp.

      17,944        267,366  

Triumph Group, Inc.*

      58,840        1,220,930  
     

 

 

  
            12,614,899  
     

 

 

  

Air Freight & Logistics — 0.7%

 

Atlas Air Worldwide Holdings, Inc.*(a)

      26,580        1,810,364  

Echo Global Logistics, Inc.*

      25,560        785,714  

Forward Air Corp.

      26,366        2,366,348  

Hub Group, Inc. (Class A Stock)*

      32,570        2,148,969  
     

 

 

  
        7,111,395  
     

 

 

  

Airlines — 0.6%

 

Allegiant Travel Co.*

      14,064        2,728,416  

Hawaiian Holdings, Inc.*(a)

      49,300        1,201,441  

SkyWest, Inc.*

      48,560        2,091,479  
     

 

 

  
        6,021,336  
     

 

 

  

Auto Components — 1.2%

 

American Axle & Manufacturing Holdings, Inc.*

      109,590        1,134,256  

Cooper-Standard Holdings, Inc.*(a)

      16,200        469,800  

Dorman Products, Inc.*

      27,550        2,856,108  

Gentherm, Inc.*

      32,000        2,273,600  

LCI Industries

      24,429        3,210,459  

Motorcar Parts of America, Inc.*

      18,190        408,184  

Patrick Industries, Inc.

      21,560        1,573,880  

Standard Motor Products, Inc.

      19,259        834,878  
     

 

 

  
        12,761,165  
     

 

 

  

Automobiles — 0.2%

 

Winnebago Industries, Inc.(a)

      32,411        2,202,652  
     

 

 

  

Banks — 9.4%

 

Allegiance Bancshares, Inc.

      17,860        686,538  

Ameris Bancorp

      67,270        3,405,880  

Banc of California, Inc.

      42,880        752,115  

BancFirst Corp.

      18,070        1,128,110  

Bancorp, Inc. (The)*

      48,940        1,126,109  

BankUnited, Inc.

      89,900        3,837,831  

Banner Corp.

      33,560        1,819,288  

Berkshire Hills Bancorp, Inc.

      49,400        1,354,054  

Boston Private Financial Holdings, Inc.

      79,372        1,170,737  

Brookline Bancorp, Inc.

      75,262        1,125,167  

Cadence BanCorp

      120,260        2,511,029  

Central Pacific Financial Corp.

      27,240        709,874  

City Holding Co.

      15,124        1,137,930  

Columbia Banking System, Inc.

      69,198        2,668,275  

Community Bank System, Inc.

      51,946        3,929,715  

Customers Bancorp, Inc.*

      28,640        1,116,674  

CVB Financial Corp.

      123,050        2,533,599  

Dime Community Bancshares, Inc.

      33,988        1,142,677  

Eagle Bancorp, Inc.

      30,810        1,727,825  
         Shares              Value      

COMMON STOCKS (continued)

 

Banks (cont’d.)

      

FB Financial Corp.

      32,440      $ 1,210,661  

First Bancorp.(a)

      27,470        1,123,798  

First BanCorp. (Puerto Rico)

      207,632        2,474,973  

First Commonwealth Financial Corp.

      92,760        1,305,133  

First Financial Bancorp

      93,633        2,212,548  

First Hawaiian, Inc.(a)

      125,750        3,563,755  

First Midwest Bancorp, Inc.

      110,030        2,181,895  

Great Western Bancorp, Inc.

      53,150        1,742,788  

Hanmi Financial Corp.

      29,356        559,525  

Heritage Financial Corp.

      34,700        868,194  

Hilltop Holdings, Inc.(a)

      62,780        2,285,192  

Hope Bancorp, Inc.

      118,894        1,685,917  

Independent Bank Corp.(a)

      31,876        2,406,638  

Independent Bank Group, Inc.

      35,430        2,621,111  

Investors Bancorp, Inc.(a)

      217,110        3,095,989  

National Bank Holdings Corp. (Class A Stock)

      29,650        1,118,991  

NBT Bancorp, Inc.

      41,890        1,506,783  

OFG Bancorp (Puerto Rico)

      49,700        1,099,364  

Old National Bancorp(a)

      159,617        2,810,855  

Pacific Premier Bancorp, Inc.

      91,285        3,860,443  

Park National Corp.(a)

      13,700        1,608,654  

Preferred Bank

      13,080        827,572  

Renasant Corp.(a)

      54,320        2,172,800  

S&T Bancorp, Inc.

      37,853        1,184,799  

Seacoast Banking Corp. of Florida

      53,330        1,821,219  

ServisFirst Bancshares, Inc.(a)

      45,460        3,090,371  

Simmons First National Corp. (Class A Stock)(a)

      104,506        3,066,206  

Southside Bancshares, Inc.

      29,856        1,141,395  

Tompkins Financial Corp.

      11,644        903,109  

Triumph Bancorp, Inc.*

      21,840        1,621,620  

United Community Banks, Inc.

      83,717        2,679,781  

Veritex Holdings, Inc.

      47,720        1,689,765  

Westamerica BanCorp

      25,920        1,504,138  
     

 

 

  
            96,929,409  
     

 

 

  

Beverages — 0.6%

 

Celsius Holdings, Inc.*(a)

      31,660        2,409,009  

Coca-Cola Consolidated,
Inc.(a)

      4,550        1,829,692  

MGP Ingredients, Inc.(a)

      12,700        859,028  

National Beverage Corp.(a)

      22,510        1,063,147  
     

 

 

  
        6,160,876  
     

 

 

  

Biotechnology — 1.4%

 

Anika Therapeutics, Inc.*(a)

      13,900        601,731  

Coherus Biosciences, Inc.*(a)

      64,000        885,120  

Cytokinetics, Inc.*(a)

      69,000        1,365,510  

Eagle Pharmaceuticals, Inc.*(a)

      11,220        480,216  

Enanta Pharmaceuticals,
Inc.*(a)

      17,370        764,454  

Myriad Genetics, Inc.*

      74,330        2,273,011  

Organogenesis Holdings,
Inc.*(a)

      47,980        797,428  

REGENXBIO, Inc.*

      33,630        1,306,525  

Spectrum Pharmaceuticals, Inc.*

      154,750        580,313  

Vanda Pharmaceuticals, Inc.*

      53,390        1,148,419  

Vericel Corp.*

      44,720        2,347,800  

Xencor, Inc.*

      56,150        1,936,613  
     

 

 

  
        14,487,140  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A176

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      
COMMON STOCKS (continued)

 

Building Products — 1.9%

 

AAON, Inc.(a)

      39,449      $ 2,469,113  

American Woodmark Corp.*

      16,400        1,339,716  

Apogee Enterprises, Inc.(a)

      24,878        1,013,281  

Gibraltar Industries, Inc.*

      31,478        2,402,086  

Griffon Corp.

      43,599        1,117,442  

Insteel Industries, Inc.

      18,560        596,704  

PGT Innovations, Inc.*

      57,240        1,329,685  

Quanex Building Products Corp.

      32,378        804,270  

Resideo Technologies, Inc.*

      138,760        4,162,800  

UFP Industries, Inc.

      59,662        4,435,273  
     

 

 

  
            19,670,370  
     

 

 

  

Capital Markets — 1.0%

 

B Riley Financial, Inc.

      17,060        1,288,030  

Blucora, Inc.*

      46,492        804,777  

Brightsphere Investment Group, Inc.

      57,400        1,344,882  

Donnelley Financial Solutions, Inc.*

      28,707        947,331  

Greenhill & Co., Inc.

      14,070        218,929  

Piper Sandler Cos

      13,925        1,804,123  

StoneX Group, Inc.*

      16,060        974,360  

Virtus Investment Partners, Inc.

      6,980        1,938,835  

WisdomTree Investments, Inc.(a)

      108,000        669,600  
     

 

 

  
        9,990,867  
     

 

 

  

Chemicals — 2.7%

 

AdvanSix, Inc.*

      26,910        803,533  

American Vanguard Corp.

      26,158        458,027  

Balchem Corp.

      31,293        4,107,519  

Ferro Corp.*

      79,550        1,715,893  

FutureFuel Corp.

      24,770        237,792  

GCP Applied Technologies, Inc.*

      46,610        1,084,149  

Hawkins, Inc.

      18,180        595,395  

HB Fuller Co.

      50,388        3,205,181  

Innospec, Inc.

      23,740        2,151,081  

Koppers Holdings, Inc.*

      20,470        662,204  

Kraton Corp.*

      31,000        1,000,990  

Livent Corp.*(a)

      152,880        2,959,757  

Quaker Chemical Corp.(a)

      12,838        3,045,045  

Rayonier Advanced Materials, Inc.*

      61,110        408,826  

Stepan Co.

      20,710        2,490,792  

Tredegar Corp.

      24,905        342,942  

Trinseo SA

      37,380        2,236,819  
     

 

 

  
        27,505,945  
     

 

 

  

Commercial Services & Supplies — 2.1%

 

ABM Industries, Inc.

      64,713        2,870,022  

Brady Corp. (Class A Stock)

      46,802        2,622,784  

CoreCivic, Inc.*(a)

      115,620        1,210,541  

Deluxe Corp.

      40,690        1,943,761  

Harsco Corp.*

      76,210        1,556,208  

HNI Corp.

      42,011        1,847,224  

Interface, Inc.

      56,692        867,388  

Matthews International Corp. (Class A Stock)

      30,540        1,098,218  

Pitney Bowes, Inc.(a)

      168,840        1,480,727  

Team, Inc.*

      29,480        197,516  

UniFirst Corp.

      14,700        3,449,208  

US Ecology, Inc.*

      30,340        1,138,357  
         Shares              Value      

COMMON STOCKS (continued)

 

Commercial Services & Supplies (cont’d.)

 

Viad Corp.*

      19,707      $ 982,394  
     

 

 

  
            21,264,348  
     

 

 

  

Communications Equipment — 1.1%

 

ADTRAN, Inc.

      46,660        963,529  

Applied Optoelectronics, Inc.*(a)

      23,490        198,960  

CalAmp Corp.*

      33,780        429,681  

Comtech Telecommunications Corp.(a)

      25,099        606,392  

Digi International, Inc.*

      32,624        656,069  

Extreme Networks, Inc.*

      121,200        1,352,592  

Harmonic, Inc.*(a)

      96,984        826,304  

NETGEAR, Inc.*

      29,396        1,126,455  

Plantronics, Inc.*(a)

      36,730        1,532,743  

Viavi Solutions, Inc.*(a)

      220,300        3,890,498  
     

 

 

  
        11,583,223  
     

 

 

  

Construction & Engineering — 0.9%

 

Arcosa, Inc.

      46,480        2,730,235  

Comfort Systems USA, Inc.

      34,974        2,755,601  

Granite Construction, Inc.(a)

      44,110        1,831,888  

Matrix Service Co.*

      25,513        267,887  

MYR Group, Inc.*(a)

      16,240        1,476,541  
     

 

 

  
        9,062,152  
     

 

 

  

Construction Materials — 0.1%

 

U.S. Concrete, Inc.*

      15,560        1,148,328  
     

 

 

  

Consumer Finance — 0.7%

 

Encore Capital Group, Inc.*(a)

      29,910        1,417,435  

Enova International, Inc.*

      35,459        1,213,052  

EZCORP, Inc. (Class A Stock)*

      50,521        304,642  

Green Dot Corp. (Class A Stock)*

      52,510        2,460,093  

PRA Group, Inc.*

      44,127        1,697,566  

World Acceptance Corp.*(a)

      3,872        620,449  
     

 

 

  
        7,713,237  
     

 

 

  

Containers & Packaging — 0.3%

 

Myers Industries, Inc.

      34,610        726,810  

O-I Glass, Inc.*

      152,150        2,484,610  
     

 

 

  
        3,211,420  
     

 

 

  

Distributors — 0.2%

 

Core-Mark Holding Co., Inc.(a)

      43,570        1,961,086  
     

 

 

  

Diversified Consumer Services — 0.2%

 

American Public Education, Inc.*

      17,913        507,654  

Perdoceo Education Corp.*(a)

      67,870        832,765  

Regis Corp.*(a)

      23,010        215,374  
     

 

 

  
        1,555,793  
     

 

 

  

Diversified Telecommunication Services — 0.5%

 

ATN International, Inc.

      10,610        482,649  

Cincinnati Bell, Inc.*

      48,820        752,804  

Cogent Communications Holdings, Inc.

      40,820        3,138,650  

Consolidated Communications Holdings, Inc.*(a)

      70,440        619,168  
     

 

 

  
        4,993,271  
     

 

 

  

Electrical Equipment — 0.5%

 

AZZ, Inc.

      24,132        1,249,555  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A177

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Electrical Equipment (cont’d.)

      

Encore Wire Corp.

      19,901      $ 1,508,297  

Powell Industries, Inc.

      8,592        265,922  

Vicor Corp.*

      20,561        2,174,120  
     

 

 

  
        5,197,894  
     

 

 

  

Electronic Equipment, Instruments & Components — 3.9%

 

Advanced Energy Industries, Inc.(a)

      37,047        4,175,567  

Arlo Technologies, Inc.*

      77,804        526,733  

Badger Meter, Inc.(a)

      28,134        2,760,508  

Bel Fuse, Inc. (Class B Stock)

      9,722        139,997  

Benchmark Electronics, Inc.

      34,550        983,293  

CTS Corp.

      31,204        1,159,541  

Daktronics, Inc.*

      34,908        230,044  

ePlus, Inc.*

      13,020        1,128,704  

Fabrinet (Thailand)*

      35,580        3,411,054  

FARO Technologies, Inc.*

      17,544        1,364,397  

Insight Enterprises, Inc.*

      34,115        3,411,841  

Itron, Inc.*

      43,550        4,354,129  

Knowles Corp.*

      89,250        1,761,795  

Methode Electronics, Inc.

      37,086        1,825,002  

OSI Systems, Inc.*

      16,140        1,640,470  

PC Connection, Inc.

      10,560        488,611  

Plexus Corp.*

      27,590        2,522,002  

Rogers Corp.*

      18,051        3,624,641  

Sanmina Corp.*

      62,790        2,446,298  

ScanSource, Inc.*

      24,473        688,425  

TTM Technologies, Inc.*(a)

      95,849        1,370,641  
     

 

 

  
          40,013,693  
     

 

 

  

Energy Equipment & Services — 1.6%

 

Archrock, Inc.

      124,330        1,107,780  

Bristow Group, Inc.*

      22,257        570,002  

Core Laboratories NV(a)

      44,670        1,739,896  

DMC Global, Inc.*(a)

      18,050        1,014,591  

Dril-Quip, Inc.*(a)

      34,170        1,155,971  

Helix Energy Solutions Group, Inc.*(a)

      136,200        777,702  

Helmerich & Payne, Inc.(a)

      104,070        3,395,804  

Nabors Industries Ltd.*

      6,336        723,825  

Oceaneering International, Inc.*

      96,100        1,496,277  

Oil States International, Inc.*

      58,980        462,993  

Patterson-UTI Energy, Inc.(a)

      180,740        1,796,556  

ProPetro Holding Corp.*

      78,850        722,266  

RPC, Inc.*(a)

      55,480        274,626  

US Silica Holdings, Inc.*(a)

      71,440        825,846  
     

 

 

  
        16,064,135  
     

 

 

  

Entertainment — 0.0%

 

Marcus Corp. (The)*(a)

      23,218        492,454  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 7.1%

 

Acadia Realty Trust

      83,215        1,827,401  

Agree Realty Corp.(a)

      65,680        4,629,783  

Alexander & Baldwin, Inc.

      69,800        1,278,736  

American Assets Trust, Inc.

      48,410        1,805,209  

Armada Hoffler Properties, Inc.

      57,870        769,092  

Brandywine Realty Trust(a)

      164,520        2,255,569  

CareTrust REIT, Inc.

      93,165        2,164,223  

Centerspace

      12,500        986,250  

Chatham Lodging Trust*

      46,540        598,970  
     Shares      Value  

COMMON STOCKS (continued)

 

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

 

Community Healthcare Trust, Inc.

      22,150      $ 1,051,239  

DiamondRock Hospitality Co.*

      202,370        1,962,989  

Diversified Healthcare Trust

      229,050        957,429  

Easterly Government Properties, Inc.(a)

      80,700        1,701,156  

Essential Properties Realty Trust, Inc.(a)

      113,190        3,060,658  

Four Corners Property Trust, Inc.

      73,469        2,028,479  

Franklin Street Properties Corp.

      92,282        485,403  

GEO Group, Inc. (The)(a)

      116,790        831,545  

Getty Realty Corp.

      35,984        1,120,902  

Global Net Lease, Inc.

      91,760        1,697,560  

Hersha Hospitality Trust*

      35,270        379,505  

Independence Realty Trust, Inc.

      98,420        1,794,197  

Industrial Logistics Properties Trust

      62,980        1,646,297  

Innovative Industrial Properties, Inc.(a)

      23,080        4,408,742  

iStar, Inc.(a)

      70,440        1,460,221  

Kite Realty Group Trust

      81,462        1,792,979  

Lexington Realty Trust(a)

      267,456        3,196,099  

LTC Properties, Inc.(a)

      37,926        1,455,979  

Mack-Cali Realty Corp.

      82,890        1,421,563  

NexPoint Residential Trust, Inc.(a)

      21,790        1,198,014  

Office Properties Income Trust(a)

      46,610        1,366,139  

Retail Opportunity Investments Corp.

      114,370        2,019,774  

Retail Properties of America, Inc. (Class A Stock)

      206,790        2,367,745  

RPT Realty

      78,270        1,015,945  

Safehold, Inc.(a)

      13,880        1,089,580  

Saul Centers, Inc.

      12,410        564,034  

Service Properties Trust

      158,920        2,002,392  

SITE Centers Corp.

      162,550        2,448,003  

Summit Hotel Properties, Inc.*

      102,170        953,246  

Tanger Factory Outlet Centers, Inc.(a)

      96,980        1,828,073  

Uniti Group, Inc.(a)

      224,930        2,382,009  

Universal Health Realty Income Trust

      12,340        759,527  

Urstadt Biddle Properties, Inc. (Class A Stock)

      28,850        559,113  

Washington Real Estate Investment Trust(a)

      81,380        1,871,740  

Whitestone REIT

      38,450        317,213  

Xenia Hotels & Resorts, Inc.*

      109,520        2,051,310  
     

 

 

  
          73,562,032  
     

 

 

  

Food & Staples Retailing — 0.6%

 

Andersons, Inc. (The)

      30,194        921,823  

Chefs’ Warehouse, Inc. (The)*(a)

      31,440        1,000,735  

PriceSmart, Inc.

      22,550        2,052,275  

SpartanNash Co.(a)

      34,716        670,366  

United Natural Foods, Inc.*(a)

      54,260        2,006,535  
     

 

 

  
        6,651,734  
     

 

 

  

Food Products — 1.2%

 

B&G Foods, Inc.(a)

      62,440        2,048,032  

Calavo Growers, Inc.

      16,050        1,017,891  

Cal-Maine Foods, Inc.(a)

      36,130        1,308,267  

Fresh Del Monte Produce, Inc.

      29,220        960,753  

J & J SnackFoods Corp.

      14,578        2,542,549  

John B. Sanfilippo & Son, Inc.

      8,580        759,931  

Seneca Foods Corp. (Class A Stock)*

      6,470        330,488  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A178

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Food Products (cont’d.)

 

Simply Good Foods Co. (The)*(a)

      81,290      $ 2,967,898  
     

 

 

  
            11,935,809  
     

 

 

  

Gas Utilities — 0.6%

 

Chesapeake Utilities Corp.

      16,910        2,034,780  

Northwest Natural Holding Co.

      29,575        1,553,279  

South Jersey Industries, Inc.(a)

      108,444        2,811,953  
     

 

 

  
        6,400,012  
     

 

 

  

Health Care Equipment & Supplies — 3.3%

 

AngioDynamics, Inc.*

      36,760        997,299  

Avanos Medical, Inc.*

      46,310        1,684,295  

Cardiovascular Systems, Inc.*

      38,750        1,652,687  

CONMED Corp.

      28,139        3,867,143  

CryoLife, Inc.*

      37,733        1,071,617  

Cutera, Inc.*

      17,190        842,826  

Glaukos Corp.*(a)

      44,660        3,788,508  

Heska Corp.*(a)

      9,610        2,207,705  

Inogen, Inc.*

      17,990        1,172,408  

Integer Holdings Corp.*

      31,824        2,997,821  

Invacare Corp.*(a)

      33,212        268,021  

Lantheus Holdings, Inc.*

      65,100        1,799,364  

LeMaitre Vascular, Inc.(a)

      16,510        1,007,440  

Meridian Bioscience, Inc.*(a)

      41,575        922,134  

Merit Medical Systems, Inc.*

      47,578        3,076,393  

Mesa Laboratories, Inc.(a)

      4,780        1,296,193  

Natus Medical, Inc.*(a)

      32,805        852,274  

OraSure Technologies, Inc.*(a)

      69,350        703,209  

Orthofix Medical, Inc.*

      18,810        754,469  

Surmodics, Inc.*

      13,392        726,516  

Tactile Systems Technology, Inc.*

      18,970        986,440  

Varex Imaging Corp.*

      37,750        1,012,455  

Zynex, Inc.*(a)

      18,700        290,411  
     

 

 

  
        33,977,628  
     

 

 

  

Health Care Providers & Services — 3.8%

 

Addus HomeCare Corp.*

      14,620        1,275,449  

AMN Healthcare Services, Inc.*

      45,589        4,421,221  

Apollo Medical Holdings, Inc.*(a)

      12,740        800,199  

Community Health Systems, Inc.*

      119,510        1,845,234  

CorVel Corp.*

      8,830        1,185,869  

Covetrus, Inc.*

      96,090        2,594,430  

Cross Country Healthcare, Inc.*

      33,543        553,795  

Ensign Group, Inc. (The)

      49,840        4,319,633  

Fulgent Genetics, Inc.*(a)

      17,040        1,571,599  

Hanger, Inc.*

      37,180        939,910  

Joint Corp. (The)*

      12,700        1,065,784  

Magellan Health, Inc.*

      22,521        2,121,478  

MEDNAX, Inc.*(a)

      83,150        2,506,973  

ModivCare, Inc.*

      11,770        2,001,724  

Owens & Minor, Inc.(a)

      72,490        3,068,502  

Pennant Group, Inc. (The)*

      24,545        1,003,891  

RadNet, Inc.*

      42,190        1,421,381  

Select Medical Holdings Corp.

      104,060        4,397,576  

Tivity Health, Inc.*(a)

      36,488        959,999  

US Physical Therapy, Inc.(a)

      12,480        1,446,058  
     

 

 

  
        39,500,705  
     

 

 

  
     Shares      Value  

COMMON STOCKS (continued)

 

Health Care Technology — 1.2%

 

Allscripts Healthcare Solutions,
Inc.*(a)

      135,910      $ 2,515,694  

Computer Programs & Systems, Inc.

      12,366        410,922  

HealthStream, Inc.*

      24,310        679,221  

NextGen Healthcare, Inc.*

      53,474        887,134  

Omnicell, Inc.*(a)

      41,662        6,309,710  

Simulations Plus, Inc.(a)

      14,750        809,923  

Tabula Rasa HealthCare, Inc.*(a)

      21,790        1,089,500  
     

 

 

  
            12,702,104  
     

 

 

  

Hotels, Restaurants & Leisure — 1.8%

 

BJ’s Restaurants, Inc.*(a)

      22,382        1,099,851  

Bloomin’ Brands, Inc.*(a)

      78,050        2,118,277  

Brinker International, Inc.*(a)

      44,100        2,727,585  

Cheesecake Factory, Inc. (The)*(a)

      44,510        2,411,552  

Chuy’s Holdings, Inc.*(a)

      19,280        718,373  

Dave & Buster’s Entertainment, Inc.*

      46,040        1,869,224  

Dine Brands Global, Inc.*(a)

      16,565        1,478,426  

El Pollo Loco Holdings, Inc.*(a)

      18,230        333,427  

Fiesta Restaurant Group, Inc.*

      16,880        226,698  

Monarch Casino & Resort, Inc.*

      12,551        830,500  

Red Robin Gourmet Burgers, Inc.*(a)

      15,053        498,405  

Ruth’s Hospitality Group, Inc.*

      30,818        709,738  

Shake Shack, Inc. (Class A Stock)*(a)

      35,080        3,754,262  
     

 

 

  
        18,776,318  
     

 

 

  

Household Durables — 2.3%

 

Cavco Industries, Inc.*

      8,250        1,833,068  

Century Communities, Inc.

      28,310        1,883,747  

Ethan Allen Interiors, Inc.

      20,989        579,296  

Installed Building Products, Inc.(a)

      21,840        2,672,342  

iRobot Corp.*(a)

      27,110        2,531,803  

La-Z-Boy, Inc.(a)

      44,661        1,654,244  

LGI Homes, Inc.*(a)

      21,180        3,429,889  

M/I Homes, Inc.*

      28,200        1,654,494  

MDC Holdings, Inc.

      53,552        2,709,731  

Meritage Homes Corp.*

      36,507        3,434,579  

Tupperware Brands Corp.*(a)

      47,900        1,137,625  

Universal Electronics, Inc.*

      13,284        644,274  
     

 

 

  
        24,165,092  
     

 

 

  

Household Products — 0.6%

 

Central Garden & Pet Co.*

      9,440        499,659  

Central Garden & Pet Co. (Class A Stock)*

      38,298        1,849,793  

WD-40 Co.(a)

      13,299        3,408,401  
     

 

 

  
        5,757,853  
     

 

 

  

Industrial Conglomerates — 0.2%

 

Raven Industries, Inc.

      34,610        2,002,189  
     

 

 

  

Insurance — 2.7%

 

Ambac Financial Group, Inc.*(a)

      44,380        694,991  

American Equity Investment Life Holding Co.

      82,850        2,677,712  

AMERISAFE, Inc.

      18,624        1,111,667  

Assured Guaranty Ltd.

      72,740        3,453,695  

eHealth, Inc.*(a)

      25,191        1,471,154  

Employers Holdings, Inc.

      27,505        1,177,214  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A179

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

      

Insurance (cont’d.)

      

Genworth Financial, Inc. (Class A Stock)*

      487,840      $ 1,902,576  

HCI Group, Inc.(a)

      6,310        627,403  

Horace Mann Educators Corp.

      40,020        1,497,549  

James River Group Holdings Ltd.

      35,950        1,348,844  

Palomar Holdings, Inc.*

      21,040        1,587,679  

ProAssurance Corp.

      51,926        1,181,317  

Safety Insurance Group, Inc.

      13,750        1,076,350  

Selectquote, Inc.*

      42,440        817,394  

SiriusPoint Ltd. (Bermuda)*(a)

      72,860        733,700  

Stewart Information Services Corp.

      25,872        1,466,684  

Trupanion, Inc.*(a)

      32,470        3,737,297  

United Fire Group, Inc.

      20,821        577,366  

United Insurance Holdings Corp.

      19,820        112,974  

Universal Insurance Holdings, Inc.

      27,130        376,564  
     

 

 

  
          27,630,130  
     

 

 

  

Interactive Media & Services — 0.1%

 

QuinStreet, Inc.*

      47,460        881,807  
     

 

 

  

Internet & Direct Marketing Retail — 0.7%

 

   

Liquidity Services, Inc.*

      25,870        658,392  

PetMed Express, Inc.(a)

      19,541        622,381  

Shutterstock, Inc.

      21,550        2,115,563  

Stamps.com, Inc.*

      17,670        3,539,124  
     

 

 

  
        6,935,460  
     

 

 

  

IT Services — 1.5%

      

BM Technologies, Inc. (original cost $54,525; purchased 12/17/20)*^(f)

      4,362        51,483  

CSG Systems International, Inc.

      31,724        1,496,738  

EVERTEC, Inc. (Puerto Rico)

      57,770        2,521,661  

ExlService Holdings, Inc.*

      32,280        3,430,073  

Perficient, Inc.*(a)

      31,884        2,564,111  

Sykes Enterprises, Inc.*

      38,290        2,056,173  

TTEC Holdings, Inc.

      17,647        1,819,229  

Unisys Corp.*(a)

      64,650        1,636,292  
     

 

 

  
        15,575,760  
     

 

 

  

Leisure Products — 0.4%

      

Sturm Ruger & Co., Inc.

      16,977        1,527,590  

Vista Outdoor, Inc.*

      55,700        2,577,796  
     

 

 

  
        4,105,386  
     

 

 

  

Life Sciences Tools & Services — 0.7%

 

Luminex Corp.

      42,440        1,561,792  

NeoGenomics, Inc.*(a)

      113,770        5,138,991  
     

 

 

  
        6,700,783  
     

 

 

  

Machinery — 5.4%

      

Alamo Group, Inc.

      9,570        1,461,148  

Albany International Corp. (Class A Stock)

      29,614        2,643,346  

Astec Industries, Inc.

      21,940        1,380,904  

Barnes Group, Inc.

      44,956        2,303,995  

Chart Industries, Inc.*

      34,330        5,023,165  

CIRCOR International, Inc.*

      19,428        633,353  

Enerpac Tool Group Corp.

      57,804        1,538,742  

EnPro Industries, Inc.

      19,938        1,936,977  
     Shares      Value  

COMMON STOCKS (continued)

      

Machinery (cont’d.)

      

ESCO Technologies, Inc.

      25,131      $ 2,357,539  

Federal Signal Corp.

      58,400        2,349,432  

Franklin Electric Co., Inc.

      37,210        2,999,870  

Greenbrier Cos., Inc. (The)(a)

      31,660        1,379,743  

Hillenbrand, Inc.

      72,588        3,199,679  

John Bean Technologies Corp.

      30,627        4,368,023  

Lindsay Corp.

      10,539        1,741,886  

Lydall, Inc.*

      16,456        995,917  

Meritor, Inc.*

      69,960        1,638,463  

Mueller Industries, Inc.

      55,118        2,387,160  

Proto Labs, Inc.*(a)

      26,720        2,452,896  

SPX Corp.*

      43,670        2,667,364  

SPX FLOW, Inc.

      40,730        2,657,225  

Standex International Corp.

      11,840        1,123,734  

Tennant Co.

      17,930        1,431,710  

Titan International, Inc.*

      48,150        408,312  

Wabash National Corp.(a)

      49,750        796,000  

Watts Water Technologies, Inc. (Class A Stock)

      26,571        3,876,975  
     

 

 

  
          55,753,558  
     

 

 

  

Marine — 0.3%

      

Matson, Inc.

      41,900        2,681,600  
     

 

 

  

Media — 0.8%

      

AMC Networks, Inc. (Class A Stock)*(a)

      29,650        1,980,620  

EW Scripps Co. (The) (Class A Stock)(a)

      55,631        1,134,316  

Gannett Co., Inc.*(a)

      129,830        712,767  

Meredith Corp.*

      39,160        1,701,110  

Scholastic Corp.

      29,040        1,100,326  

TechTarget, Inc.*(a)

      22,820        1,768,322  
     

 

 

  
        8,397,461  
     

 

 

  

Metals & Mining — 1.4%

      

Allegheny Technologies, Inc.*(a)

      122,550        2,555,167  

Arconic Corp.*

      94,470        3,365,021  

Carpenter Technology Corp.

      46,330        1,863,393  

Century Aluminum Co.*

      48,423        624,172  

Haynes International, Inc.

      12,220        432,344  

Kaiser Aluminum Corp.

      15,280        1,886,927  

Materion Corp.

      19,698        1,484,244  

Olympic Steel, Inc.

      8,658        254,459  

SunCoke Energy, Inc.

      79,850        570,129  

TimkenSteel Corp.*(a)

      36,730        519,730  

Warrior Met Coal, Inc.

      49,310        848,132  
     

 

 

  
        14,403,718  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 1.4%

 

Apollo Commercial Real Estate Finance, Inc.

      123,890        1,976,046  

ARMOUR Residential REIT, Inc.(a)

      68,370        780,786  

Capstead Mortgage Corp.

      93,310        572,923  

Ellington Financial, Inc.

      42,082        805,870  

Granite Point Mortgage Trust, Inc.

      52,900        780,275  

Invesco Mortgage Capital, Inc.(a)

      273,020        1,064,778  

KKR Real Estate Finance Trust, Inc.(a)

      26,110        564,759  

New York Mortgage Trust, Inc.

      364,960        1,631,371  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A180

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

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

 

PennyMac Mortgage Investment Trust

      94,270      $ 1,985,326  

Ready Capital Corp.(a)

      55,393        879,087  

Redwood Trust, Inc.

      108,650        1,311,406  

Two Harbors Investment Corp.(a)

      263,450        1,991,682  
     

 

 

  
        14,344,309  
     

 

 

  

Multiline Retail — 0.7%

      

Big Lots, Inc.(a)

      30,810        2,033,768  

Macy’s, Inc.*(a)

      300,400        5,695,584  
     

 

 

  
        7,729,352  
     

 

 

  

Multi-Utilities — 0.4%

      

Avista Corp.

      66,873        2,853,471  

Unitil Corp.

      14,500        768,065  
     

 

 

  
        3,621,536  
     

 

 

  

Oil, Gas & Consumable Fuels — 3.1%

      

Bonanza Creek Energy, Inc.(a)

      18,390        865,617  

Callon Petroleum Co.*(a)

      44,580        2,571,820  

CONSOL Energy, Inc.*

      28,980        535,261  

Dorian LPG Ltd.*

      26,080        368,250  

Green Plains, Inc.*

      40,890        1,374,722  

Laredo Petroleum, Inc.*(a)

      9,332        865,916  

Matador Resources Co.(a)

      105,900        3,813,459  

Par Pacific Holdings, Inc.*

      42,710        718,382  

PBF Energy, Inc. (Class A Stock)*(a)

      92,720        1,418,616  

PDC Energy, Inc.

      95,808        4,387,048  

Penn Virginia Corp.*(a)

      14,670        346,359  

Range Resources Corp.*

      250,140        4,192,347  

Renewable Energy Group, Inc.*(a)

      45,980        2,866,393  

REX American Resources Corp.*

      5,060        456,311  

SM Energy Co.

      105,480        2,597,972  

Southwestern Energy Co.*

      626,420        3,551,801  

Talos Energy, Inc.*

      30,670        479,679  
     

 

 

  
          31,409,953  
     

 

 

  

Paper & Forest Products — 0.6%

      

Clearwater Paper Corp.*

      16,100        466,417  

Domtar Corp.*

      48,480        2,664,461  

Glatfelter Corp.

      42,870        598,894  

Mercer International, Inc. (Germany)

      38,020        484,755  

Neenah, Inc.

      16,278        816,667  

Schweitzer-Mauduit International, Inc.

      30,266        1,222,141  
     

 

 

  
        6,253,335  
     

 

 

  

Personal Products — 0.9%

      

Edgewell Personal Care Co.

      52,440        2,302,116  

elf Beauty, Inc.*

      37,370        1,014,222  

Inter Parfums, Inc.

      17,100        1,231,200  

Medifast, Inc.

      11,430        3,234,461  

USANA Health Sciences, Inc.*(a)

      11,140        1,141,070  
     

 

 

  
        8,923,069  
     

 

 

  

Pharmaceuticals — 1.3%

      

Amphastar Pharmaceuticals, Inc.*(a)

      35,300        711,648  

ANI Pharmaceuticals, Inc.*

      9,570        335,429  

Cara Therapeutics, Inc.*(a)

      41,283        589,108  

Collegium Pharmaceutical, Inc.*(a)

      34,000        803,760  
     Shares      Value  

COMMON STOCKS (continued)

      

Pharmaceuticals (cont’d.)

      

Corcept Therapeutics, Inc.*(a)

      101,060      $ 2,223,320  

Endo International PLC*

      224,210        1,049,303  

Innoviva, Inc.*

      60,430        810,366  

Pacira BioSciences, Inc.*

      42,460        2,576,473  

Phibro Animal Health Corp. (Class A Stock)

      19,640        567,203  

Prestige Consumer Healthcare, Inc.*

      48,150        2,508,615  

Supernus Pharmaceuticals, Inc.*(a)

      51,090        1,573,061  
     

 

 

  
          13,748,286  
     

 

 

  

Professional Services — 1.4%

      

Exponent, Inc.

      50,310        4,488,155  

Forrester Research, Inc.*

      10,742        491,984  

Heidrick & Struggles International, Inc.

      18,804        837,718  

Kelly Services, Inc. (Class A Stock)*

      32,089        769,173  

Korn Ferry

      52,100        3,779,855  

ManTech International Corp. (Class A Stock)

      26,450        2,288,983  

Resources Connection, Inc.

      29,510        423,764  

TrueBlue, Inc.*

      34,118        959,057  
     

 

 

  
        14,038,689  
     

 

 

  

Real Estate Management & Development — 0.5%

 

   

Marcus & Millichap, Inc.*

      23,230        902,950  

RE/MAX Holdings, Inc. (Class A Stock)

      18,220        607,273  

Realogy Holdings Corp.*

      112,060        2,041,733  

St. Joe Co. (The)

      30,080        1,341,869  
     

 

 

  
        4,893,825  
     

 

 

  

Road & Rail — 0.8%

      

ArcBest Corp.

      24,485        1,424,782  

Heartland Express, Inc.

      46,948        804,219  

Marten Transport Ltd.

      56,405        930,119  

Saia, Inc.*(a)

      25,410        5,323,141  
     

 

 

  
        8,482,261  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.4%

 

Axcelis Technologies, Inc.*(a)

      32,420        1,310,416  

CEVA, Inc.*(a)

      22,010        1,041,073  

Cohu, Inc.*

      46,717        1,718,719  

Diodes, Inc.*

      40,930        3,264,986  

DSP Group, Inc.*

      21,728        321,574  

FormFactor, Inc.*

      74,870        2,729,760  

Ichor Holdings Ltd.*

      27,070        1,456,366  

Kulicke & Soffa Industries, Inc. (Singapore)(a)

      59,872        3,664,167  

MaxLinear, Inc.*

      66,160        2,811,139  

Onto Innovation, Inc.*

      47,297        3,454,573  

PDF Solutions, Inc.*

      28,490        517,948  

Photronics, Inc.*

      61,010        805,942  

Power Integrations, Inc.

      58,520        4,802,151  

Rambus, Inc.*

      108,320        2,568,267  

SMART Global Holdings, Inc.*(a)

      13,120        625,562  

Ultra Clean Holdings, Inc.*

      42,260        2,270,207  

Veeco Instruments, Inc.*

      48,203        1,158,800  
     

 

 

  
        34,521,650  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A181

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

      

Software — 3.2%

      

8x8, Inc.*

      105,860      $ 2,938,674  

Agilysys, Inc.*

      19,822        1,127,277  

Alarm.com Holdings, Inc.*

      43,690        3,700,543  

Bottomline Technologies DE, Inc.*

      37,940        1,406,815  

Ebix, Inc.(a)

      22,577        765,360  

InterDigital, Inc.

      29,690        2,168,261  

LivePerson, Inc.*(a)

      61,860        3,912,027  

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

      7,570        5,030,265  

OneSpan, Inc.*

      32,620        833,115  

Progress Software Corp.

      42,457        1,963,636  

SPS Commerce, Inc.*

      34,600        3,454,810  

Vonage Holdings Corp.*(a)

      227,640        3,280,292  

Xperi Holding Corp.

      100,985        2,245,906  
     

 

 

  
        32,826,981  
     

 

 

  

Specialty Retail — 5.7%

      

Aaron’s Co., Inc. (The)

      32,950        1,054,071  

Abercrombie & Fitch Co. (Class A Stock)*(a)

      59,750        2,774,193  

America’s Car-Mart, Inc.*

      6,020        853,154  

Asbury Automotive Group, Inc.*

      18,660        3,197,764  

Barnes & Noble Education, Inc.*(a)

      30,716        221,462  

Bed Bath & Beyond, Inc.*(a)

      102,860        3,424,209  

Boot Barn Holdings, Inc.*

      28,230        2,372,732  

Buckle, Inc. (The)(a)

      27,799        1,383,000  

Caleres, Inc.

      36,954        1,008,475  

Cato Corp. (The) (Class A Stock)

      18,673        315,014  

Chico’s FAS, Inc.*

      117,600        773,808  

Children’s Place, Inc. (The)*

      14,185        1,320,056  

Conn’s, Inc.*

      18,700        476,850  

Designer Brands, Inc. (Class A
Stock)*(a)

      57,040        944,012  

GameStop Corp. (Class A Stock)*(a)

      53,560        11,469,338  

Genesco, Inc.*

      13,702        872,543  

Group 1 Automotive, Inc.

      16,454        2,540,991  

Guess?, Inc.(a)

      36,950        975,480  

Haverty Furniture Cos., Inc.(a)

      16,321        697,886  

Hibbett, Inc.*

      15,646        1,402,351  

Lumber Liquidators Holdings, Inc.*(a)

      27,922        589,154  

MarineMax, Inc.*(a)

      21,352        1,040,697  

Monro, Inc.(a)

      32,272        2,049,595  

ODP Corp. (The)*

      51,625        2,478,516  

Rent-A-Center, Inc.

      57,580        3,055,771  

Sally Beauty Holdings, Inc.*(a)

      108,890        2,403,202  

Shoe Carnival, Inc.(a)

      8,320        595,629  

Signet Jewelers Ltd.*(a)

      50,510        4,080,703  

Sleep Number Corp.*(a)

      23,600        2,594,820  

Sonic Automotive, Inc. (Class A
Stock)(a)

      22,537        1,008,305  

Zumiez, Inc.*(a)

      20,370        997,926  
     

 

 

  
          58,971,707  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.6%

 

3D Systems Corp.*(a)

      120,620        4,821,181  

Diebold Nixdorf, Inc.*(a)

      75,170        965,183  
     

 

 

  
        5,786,364  
     

 

 

  
     Shares      Value  

COMMON STOCKS (continued)

 

Textiles, Apparel & Luxury Goods — 1.3%

 

Fossil Group, Inc.*(a)

      45,420      $ 648,598  

G-III Apparel Group Ltd.*

      41,940        1,378,148  

Kontoor Brands, Inc.

      45,550        2,569,475  

Movado Group, Inc.

      16,217        510,349  

Oxford Industries, Inc.

      16,306        1,611,685  

Steven Madden Ltd.

      74,235        3,248,524  

Unifi, Inc.*

      14,430        351,515  

Vera Bradley, Inc.*

      21,350        264,527  

Wolverine World Wide, Inc.

      79,824        2,685,279  
     

 

 

  
        13,268,100  
     

 

 

  

Thrifts & Mortgage Finance — 2.1%

 

Axos Financial, Inc.*(a)

      49,660        2,303,727  

Capitol Federal Financial, Inc.

      124,170        1,462,723  

Flagstar Bancorp, Inc.

      45,790        1,935,543  

HomeStreet, Inc.

      20,590        838,837  

Meta Financial Group, Inc.

      30,800        1,559,404  

Mr. Cooper Group, Inc.*

      65,630        2,169,728  

NMI Holdings, Inc. (Class A
Stock)*

      82,550        1,855,724  

Northfield Bancorp, Inc.

      44,290        726,356  

Northwest Bancshares, Inc.

      122,450        1,670,218  

Provident Financial Services, Inc.

      69,890        1,599,782  

TrustCo Bank Corp. NY

      18,597        639,365  

Walker & Dunlop, Inc.

      28,540        2,979,005  

WSFS Financial Corp.

      45,850        2,136,151  
     

 

 

  
        21,876,563  
     

 

 

  

Tobacco — 0.3%

      

Universal Corp.

      23,660        1,347,910  

Vector Group Ltd.(a)

      123,392        1,744,763  
     

 

 

  
        3,092,673  
     

 

 

  

Trading Companies & Distributors — 1.0%

 

Applied Industrial Technologies, Inc.

      37,498        3,414,568  

Boise Cascade Co.

      37,930        2,213,215  

DXP Enterprises, Inc.*

      17,040        567,432  

GMS, Inc.*

      41,340        1,990,108  

NOW, Inc.*

      105,950        1,005,465  

Veritiv Corp.*

      11,790        724,142  
     

 

 

  
        9,914,930  
     

 

 

  

Water Utilities — 0.5%

      

American States Water Co.

      35,612        2,833,291  

California Water Service Group

      49,040        2,723,681  
     

 

 

  
        5,556,972  
     

 

 

  

Wireless Telecommunication Services — 0.2%

 

   

Shenandoah Telecommunications Co.

      48,180        2,337,212  

Spok Holdings, Inc.

      17,120        164,694  
     

 

 

  
        2,501,906  
     

 

 

  

TOTAL COMMON STOCKS
(cost $549,237,901)

           1,019,976,688  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A182

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

          Shares      Value  
EXCHANGE-TRADED FUND — 0.5%

 

iShares Core S&P Small-Cap ETF(a)
(cost $4,677,190)

      46,800      $ 5,287,464  
        

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $553,915,091)

 

        1,025,264,152  
        

 

 

  
SHORT-TERM INVESTMENTS — 27.0%

 

AFFILIATED MUTUAL FUNDS — 27.0%

 

PGIM Core Ultra Short Bond
Fund(wa)

      2,574,438        2,574,438  

PGIM Institutional Money Market Fund
(cost $275,480,419; includes $275,463,772 of cash collateral for securities on loan)(b)(wa)

      275,819,868        275,654,377  
        

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $278,054,857)

 

      278,228,815  
        

 

 

  

 

Interest
Rate		    Maturity
Date		          

Principal

Amount

        (000)#         

         
U.S. TREASURY OBLIGATIONS(k)(n) — 0.0%  

U.S. Treasury Bills

     
    0.025%      12/09/21           150        149,965  
    0.040%      09/16/21           250        249,976  
           

 

 

  

TOTAL U.S. TREASURY OBLIGATIONS
(cost $399,962)

        399,941  
           

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $278,454,819)

        278,628,756  
           

 

 

  

TOTAL INVESTMENTS—126.6%
(cost $832,369,910)

        1,303,892,908  

Liabilities in excess of other
assets(z) — (26.6)%

        (274,316,573 ) 
           

 

 

  

NET ASSETS — 100.0%

      $   1,029,576,335  
           

 

 

  

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.

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $51,483 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 $270,398,974; cash collateral of $275,463,772 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $54,525. The aggregate value of $51,483 is 0.0% of net assets.

(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.

(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, 2021:

 

Number

of

Contracts

   

Type

    Expiration
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)
Long Position:               
37   

Russell 2000 E-Mini Index

        Sep. 2021      $ 4,269,430      $ (5,707 )
                 

 

 

  

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

      $ —      $ 399,941
    

 

 

       

 

 

  

Fair Value Measurements:

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

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

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A183

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1        Level 2         Level 3 

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $     12,614,899      $         —        $        —  

Air Freight & Logistics

      7,111,395        —        —  

Airlines

      6,021,336        —        —  

Auto Components

      12,761,165        —        —  

Automobiles

      2,202,652        —        —  

Banks

      96,929,409        —        —  

Beverages

      6,160,876        —        —  

Biotechnology

      14,487,140        —        —  

Building Products

      19,670,370        —        —  

Capital Markets

      9,990,867        —        —  

Chemicals

      27,505,945        —        —  

Commercial Services & Supplies

      21,264,348        —        —  

Communications Equipment

      11,583,223        —        —  

Construction & Engineering

      9,062,152        —        —  

Construction Materials

      1,148,328        —        —  

Consumer Finance

      7,713,237        —        —  

Containers & Packaging

      3,211,420        —        —  

Distributors

      1,961,086        —        —  

Diversified Consumer Services

      1,555,793        —        —  

Diversified Telecommunication Services

      4,993,271        —        —  

Electrical Equipment

      5,197,894        —        —  

Electronic Equipment, Instruments & Components

      40,013,693        —        —  

Energy Equipment & Services

      16,064,135        —        —  

Entertainment

      492,454        —        —  

Equity Real Estate Investment Trusts (REITs)

      73,562,032        —        —  

Food & Staples Retailing

      6,651,734        —        —  

Food Products

      11,935,809        —        —  

Gas Utilities

      6,400,012        —        —  

Health Care Equipment & Supplies

      33,977,628        —        —  

Health Care Providers & Services

      39,500,705        —        —  

Health Care Technology

      12,702,104        —        —  

Hotels, Restaurants & Leisure

      18,776,318        —        —  

Household Durables

      24,165,092        —        —  

Household Products

      5,757,853        —        —  

Industrial Conglomerates

      2,002,189        —        —  

Insurance

      27,630,130        —        —  

Interactive Media & Services

      881,807        —        —  

Internet & Direct Marketing Retail

      6,935,460        —        —  

IT Services

      15,524,277        —        51,483  

Leisure Products

      4,105,386        —        —  

Life Sciences Tools & Services

      6,700,783        —        —  

Machinery

      55,753,558        —        —  

Marine

      2,681,600        —        —  

Media

      8,397,461        —        —  

Metals & Mining

      14,403,718        —        —  

Mortgage Real Estate Investment Trusts (REITs)

      14,344,309        —        —  

Multiline Retail

      7,729,352        —        —  

Multi-Utilities

      3,621,536        —        —  

Oil, Gas & Consumable Fuels

      31,409,953        —        —  

Paper & Forest Products

      6,253,335        —        —  

Personal Products

      8,923,069        —        —  

Pharmaceuticals

      13,748,286        —        —  

Professional Services

      14,038,689        —        —  

Real Estate Management & Development

      4,893,825        —        —  

Road & Rail

      8,482,261        —        —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A184

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1     Level 2      Level 3

Investments in Securities (continued)

        

Assets (continued)

        

Long-Term Investments (continued)

        

Common Stocks (continued)

        

Semiconductors & Semiconductor Equipment

    $ 34,521,650     $ —        $—  

Software

      32,826,981       —        —  

Specialty Retail

      58,971,707       —        —  

Technology Hardware, Storage & Peripherals

      5,786,364       —        —  

Textiles, Apparel & Luxury Goods

      13,268,100       —        —  

Thrifts & Mortgage Finance

      21,876,563       —        —  

Tobacco

      3,092,673       —        —  

Trading Companies & Distributors

      9,914,930       —        —  

Water Utilities

      5,556,972       —        —  

Wireless Telecommunication Services

      2,501,906       —        —  

Exchange-Traded Fund

      5,287,464       —        —  

Short-Term Investments

        

Affiliated Mutual Funds

      278,228,815       —        —  

U.S. Treasury Obligations

      —       399,941        —  
  

 

 

    

 

 

     

 

 

 

Total

    $ 1,303,441,484     $ 399,941        $51,483  
  

 

 

    

 

 

     

 

 

 

Other Financial Instruments*

        

Liabilities

        

Futures Contracts

    $ (5,707 )    $ —        $—  
  

 

 

    

 

 

     

 

 

 

 

*

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, 2021 were as follows:

Affiliated Mutual Funds (26.8% represents investments purchased with collateral from securities on loan)

      27.0 % 

Banks

      9.4  

Equity Real Estate Investment Trusts (REITs)

      7.1  

Specialty Retail

      5.7  

Machinery

      5.4  

Electronic Equipment, Instruments & Components

      3.9  

Health Care Providers & Services

      3.8  

Semiconductors & Semiconductor Equipment

      3.4  

Health Care Equipment & Supplies

      3.3  

Software

      3.2  

Oil, Gas & Consumable Fuels

      3.1  

Insurance

      2.7  

Chemicals

      2.7  

Household Durables

      2.3  

Thrifts & Mortgage Finance

      2.1  

Commercial Services & Supplies

      2.1  

Building Products

      1.9  

Hotels, Restaurants & Leisure

      1.8  

Energy Equipment & Services

      1.6  

IT Services

      1.5  

Biotechnology

      1.4  

Metals & Mining

      1.4  

Mortgage Real Estate Investment Trusts (REITs)

      1.4  

Professional Services

      1.4  

Pharmaceuticals

      1.3  

Textiles, Apparel & Luxury Goods

      1.3  

Auto Components

      1.2  

Health Care Technology

      1.2 % 

Aerospace & Defense

      1.2  

Food Products

      1.2  

Communications Equipment

      1.1  

Capital Markets

      1.0  

Trading Companies & Distributors

      1.0  

Construction & Engineering

      0.9  

Personal Products

      0.9  

Road & Rail

      0.8  

Media

      0.8  

Multiline Retail

      0.7  

Consumer Finance

      0.7  

Air Freight & Logistics

      0.7  

Internet & Direct Marketing Retail

      0.7  

Life Sciences Tools & Services

      0.7  

Food & Staples Retailing

      0.6  

Gas Utilities

      0.6  

Paper & Forest Products

      0.6  

Beverages

      0.6  

Airlines

      0.6  

Technology Hardware, Storage & Peripherals

      0.6  

Household Products

      0.6  

Water Utilities

      0.5  

Exchange-Traded Fund

      0.5  

Electrical Equipment

      0.5  

Diversified Telecommunication Services

      0.5  

Real Estate Management & Development

      0.5  

Leisure Products

      0.4  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A185

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Multi-Utilities

      0.4 % 

Containers & Packaging

      0.3  

Tobacco

      0.3  

Marine

      0.3  

Wireless Telecommunication Services

      0.2  

Automobiles

      0.2  

Industrial Conglomerates

      0.2  

Distributors

      0.2  

Diversified Consumer Services

      0.2  

Construction Materials

      0.1  

Interactive Media & Services

      0.1 % 

Entertainment

      0.0 * 

U.S. Treasury Obligations

      0.0 * 
  

 

 

  
     126.6  

Liabilities in excess of other assets

      (26.6 ) 
  

 

 

  
     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, 2021 as presented in the Statement of Assets and Liabilities:

 

    

Asset Derivatives

   

Liability Derivatives

  

Derivatives not accounted for as hedging

instruments, carried at fair value

   

Statement of

Assets and

Liabilities Location

    Fair
Value		   

Statement of

Assets and

Liabilities Location

    Fair
Value		  

Equity contracts

    —    $—    Due from/to broker-variation margin futures    $ 5,707 * 
     

 

      

 

 

  

 

 

*

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, 2021 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

      $ 331,381
    

 

 

  

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for

as hedging instruments,

carried at fair value

    Futures

Equity contracts

      $ (10,785 )
    

 

 

  

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

   

Futures

Contracts—

Long

Positions(1)

    
  $3,632,918  

 

 

(1)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A186

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (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

      $ 270,398,974      $ (270,398,974 )     $ —
    

 

 

       

 

 

      

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A187

 
  

PSF SMALL-CAP STOCK INDEX PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

     

Investments at value, including securities on loan of $270,398,974:

     

Unaffiliated investments (cost $554,315,053)

      $ 1,025,664,093

Affiliated investments (cost $278,054,857)

        278,228,815

Cash

        10,551

Receivable for investments sold

        1,081,240

Dividends and interest receivable

        908,444

Due from broker-variation margin futures

        7,529

Receivable for Portfolio shares sold

        4,089

Tax reclaim receivable

        1,107

Prepaid expenses

        1,570
    

 

 

  

Total Assets

        1,305,907,438
    

 

 

  

LIABILITIES

     

Payable to broker for collateral for securities on loan

        275,463,772

Management fee payable

        297,787

Payable for Portfolio shares purchased

        290,188

Accrued expenses and other liabilities

        277,074

Payable to affiliate

        1,107

Affiliated transfer agent fee payable

        980

Distribution fee payable

        195
    

 

 

  

Total Liabilities

        276,331,103
    

 

 

  

NET ASSETS

      $ 1,029,576,335
    

 

 

  

Net assets were comprised of:

     

Partners’ Equity

      $ 1,029,576,335
    

 

 

  
Class I:     

Net asset value and redemption price per share, $1,028,271,381 / 17,461,989 outstanding shares of beneficial interest

      $ 58.89
    

 

 

  
Class III:     

Net asset value and redemption price per share, $1,304,954 / 22,170 outstanding shares of beneficial interest

      $ 58.86
    

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

     

INCOME

     

Unaffiliated dividend income (net of $4,617 foreign withholding tax, of which $205 is reimbursable by an affiliate)

      $ 5,209,399

Income from securities lending, net (including affiliated income of $63,684)

        150,665

Affiliated dividend income

        2,196

Interest income

        80
    

 

 

  

Total income

        5,362,340
    

 

 

  

EXPENSES

     

Management fee

        1,726,129

Distribution fee—Class III

        282

Custodian and accounting fees

        57,118

Shareholders’ reports

        45,004

Audit fee

        12,793

Trustees’ fees

        10,292

Legal fees and expenses

        10,205

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

        5,297

Miscellaneous

        14,394
    

 

 

  

Total expenses

        1,881,514
    

 

 

  

NET INVESTMENT INCOME (LOSS)

        3,480,826
    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON

     

INVESTMENT TRANSACTIONS

     

Net realized gain (loss) on:

     

Investment transactions (including affiliated of $(6,376))

        43,451,003

Futures transactions

        331,381
    

 

 

  
       43,782,384
    

 

 

  

Net change in unrealized appreciation (depreciation) on:

     

Investments (including affiliated of $(15,393))

        151,219,943

Futures

        (10,785 )
    

 

 

  
       151,209,158
    

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

        194,991,542
    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      $ 198,472,368
    

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ 3,480,826     $ 7,490,592

Net realized gain (loss) on investment transactions

        43,782,384       19,541,105

Net change in unrealized appreciation (depreciation) on investments

        151,209,158       51,036,156
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        198,472,368       78,067,853
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold

        14,674,907       15,006,733

Portfolio shares purchased

        (41,557,154 )       (69,049,362 )
    

 

 

      

 

 

  

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

        (26,882,247 )       (54,042,629 )
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        171,590,121       24,025,224

NET ASSETS:

         

Beginning of period

        857,986,214       833,960,990
    

 

 

      

 

 

  

End of period

      $ 1,029,576,335     $ 857,986,214
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A188

 
  

PSF SMALL-CAP VALUE PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

LONG-TERM INVESTMENTS — 99.3%

 

COMMON STOCKS — 98.7%

 

Aerospace & Defense — 1.5%

 

AAR Corp.*

      36,782      $ 1,425,302  

Ducommun, Inc.*

      12,660        690,730  

Kaman Corp.

      24,460        1,232,784  

Maxar Technologies, Inc.(a)

      28,216        1,126,383  
     

 

 

  
        4,475,199  
     

 

 

  

Air Freight & Logistics — 0.2%

 

Air Transport Services Group, Inc.*

      24,620        571,923  
     

 

 

  

Airlines — 0.5%

      

Allegiant Travel Co.*

      3,371        653,974  

SkyWest, Inc.*

      19,380        834,697  
     

 

 

  
            1,488,671  
     

 

 

  

Auto Components — 1.2%

 

Adient PLC*

      62,029        2,803,711  

Goodyear Tire & Rubber Co. (The)*

      41,588        713,234  
     

 

 

  
        3,516,945  
     

 

 

  

Automobiles — 0.1%

      

Workhorse Group, Inc.*

      19,088        316,670  
     

 

 

  

Banks — 15.4%

      

Amalgamated Financial Corp.

      16,525        258,286  

Ameris Bancorp

      42,590        2,156,332  

Atlantic Union Bankshares Corp.

      47,354        1,715,162  

BancorpSouth Bank

      51,123        1,448,315  

Banner Corp.

      33,512        1,816,685  

Brookline Bancorp, Inc.

      73,289        1,095,670  

Cadence BanCorp

      20,685        431,903  

Columbia Banking System, Inc.

      50,664        1,953,604  

Community Bank System, Inc.

      25,899        1,959,259  

ConnectOne Bancorp, Inc.

      47,158        1,234,125  

CVB Financial Corp.

      82,964        1,708,229  

FB Financial Corp.

      39,906        1,489,292  

First Financial Bankshares, Inc.(a)

      24,227        1,190,272  

First Merchants Corp.

      41,537        1,730,847  

First of Long Island Corp. (The)

      8,779        186,378  

German American Bancorp, Inc.

      20,430        759,996  

Glacier Bancorp, Inc.

      36,825        2,028,321  

Great Western Bancorp, Inc.

      29,142        955,566  

Hancock Whitney Corp.

      30,224        1,343,155  

Heritage Financial Corp.

      33,712        843,474  

Home BancShares, Inc.

      57,985        1,431,070  

Independent Bank Corp.(a)

      18,915        1,428,082  

Lakeland Financial Corp.

      27,688        1,706,688  

OceanFirst Financial Corp.

      60,138        1,253,276  

Pacific Premier Bancorp, Inc.

      44,379        1,876,788  

PacWest Bancorp

      28,307        1,165,116  

Pinnacle Financial Partners, Inc.

      20,188        1,782,398  

Renasant Corp.

      42,939        1,717,560  

South State Corp.

      29,801        2,436,530  

Towne Bank

      31,985        972,984  

TriCo Bancshares

      29,629        1,261,603  

United Community Banks, Inc.

      62,699        2,006,995  
     

 

 

  
            45,343,961  
     

 

 

  

Beverages — 0.5%

      

Primo Water Corp.

      95,168        1,592,161  
     

 

 

  
         Shares              Value      

COMMON STOCKS (continued)

 

Biotechnology — 3.1%

      

Agios Pharmaceuticals, Inc.*(a)

      20,568      $         1,133,502  

Alkermes PLC*

      34,080        835,642  

Allogene Therapeutics, Inc.*

      21,210        553,157  

Arena Pharmaceuticals, Inc.*

      16,508        1,125,846  

Bluebird Bio, Inc.*

      26,771        856,137  

Blueprint Medicines Corp.*

      4,575        402,417  

Inovio Pharmaceuticals, Inc.*

      28,046        259,986  

Invitae Corp.*

      24,399        822,978  

Ironwood Pharmaceuticals, Inc.*

      51,255        659,652  

MannKind Corp.*

      33,510        182,629  

Myriad Genetics, Inc.*

      32,313        988,131  

REVOLUTION Medicines, Inc.*

      10,716        340,126  

Turning Point Therapeutics, Inc.*

      12,193        951,298  
     

 

 

  
        9,111,501  
     

 

 

  

Building Products — 1.3%

      

Gibraltar Industries, Inc.*

      14,239        1,086,578  

Griffon Corp.

      12,277        314,660  

Resideo Technologies, Inc.*

      83,252        2,497,560  
     

 

 

  
        3,898,798  
     

 

 

  

Capital Markets — 1.4%

      

Hamilton Lane, Inc. (Class A Stock)

      8,093        737,434  

Houlihan Lokey, Inc.

      12,163        994,812  

PJT Partners, Inc. (Class A Stock)

      12,940        923,657  

Stifel Financial Corp.

      20,835        1,351,358  
     

 

 

  
            4,007,261  
     

 

 

  

Chemicals — 2.3%

      

Amyris, Inc.*(a)

      21,347        349,450  

Avient Corp.

      75,011        3,687,540  

HB Fuller Co.

      4,682        297,822  

Kraton Corp.*

      13,611        439,499  

Tronox Holdings PLC (Class A Stock)

      85,651        1,918,583  
     

 

 

  
        6,692,894  
     

 

 

  

Commercial Services & Supplies — 1.4%

 

Brady Corp. (Class A Stock)

      20,426        1,144,673  

Deluxe Corp.

      31,505        1,504,994  

UniFirst Corp.

      5,841        1,370,532  
     

 

 

  
        4,020,199  
     

 

 

  

Communications Equipment — 0.7%

 

NetScout Systems, Inc.*

      22,071        629,906  

Viavi Solutions, Inc.*

      86,781        1,532,553  
     

 

 

  
        2,162,459  
     

 

 

  

Construction & Engineering — 1.5%

 

Arcosa, Inc.

      25,226        1,481,775  

Dycom Industries, Inc.*

      16,979        1,265,445  

WillScot Mobile Mini Holdings Corp.*

      58,216        1,622,480  
     

 

 

  
        4,369,700  
     

 

 

  

Construction Materials — 0.5%

 

Summit Materials, Inc. (Class A Stock)*

      43,173        1,504,579  
     

 

 

  

Consumer Finance — 0.8%

 

FirstCash, Inc.

      12,920        987,605  

Green Dot Corp. (Class A Stock)*

      26,958        1,262,982  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A189

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

Consumer Finance (cont’d.)

      

Oportun Financial Corp.*

      11,928      $ 238,918  
     

 

 

  
        2,489,505  
     

 

 

  

Diversified Financial Services — 0.1%

 

   

Alerus Financial Corp.

      7,941        230,368  
     

 

 

  

Diversified Telecommunication Services — 0.4%

 

Iridium Communications, Inc.*

      31,193        1,247,408  
     

 

 

  

Electric Utilities — 2.0%

      

ALLETE, Inc.

      27,875        1,950,693  

IDACORP, Inc.

      19,654        1,916,265  

MGE Energy, Inc.

      24,917        1,854,821  

Portland General Electric Co.

      3,923        180,772  
     

 

 

  
        5,902,551  
     

 

 

  

Electronic Equipment, Instruments & Components — 1.8%

 

CTS Corp.

      27,120        1,007,779  

FARO Technologies, Inc.*

      16,668        1,296,270  

Knowles Corp.*

      17,005        335,679  

Rogers Corp.*

      7,732        1,552,586  

TTM Technologies, Inc.*(a)

      77,296        1,105,333  
     

 

 

  
        5,297,647  
     

 

 

  

Energy Equipment & Services — 1.2%

 

Cactus, Inc. (Class A Stock)

      38,869        1,427,270  

ChampionX Corp.*

      84,673        2,171,862  
     

 

 

  
        3,599,132  
     

 

 

  

Entertainment — 0.2%

      

Cinemark Holdings, Inc.*(a)

      23,585        517,691  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 9.5%

 

Acadia Realty Trust

      81,849        1,797,404  

DigitalBridge Group, Inc.*(a)

      184,611        1,458,427  

EastGroup Properties, Inc.

      7,438        1,223,179  

Healthcare Realty Trust, Inc.

      81,679        2,466,706  

Highwoods Properties, Inc.

      51,507        2,326,571  

Hudson Pacific Properties, Inc.

      84,052        2,338,327  

Life Storage, Inc.(a)

      6,202        665,785  

National Health Investors, Inc.

      28,243        1,893,693  

Park Hotels & Resorts, Inc.*

      56,912        1,172,956  

Pebblebrook Hotel Trust(a)

      101,929        2,400,428  

PS Business Parks, Inc.

      6,516        964,889  

RLJ Lodging Trust

      99,718        1,518,705  

Ryman Hospitality Properties, Inc.*

      25,182        1,988,371  

Sabra Health Care REIT, Inc.

      70,716        1,287,031  

SITE Centers Corp.

      70,526        1,062,122  

STAG Industrial, Inc.

      50,108        1,875,542  

Terreno Realty Corp.

      23,924        1,543,577  
     

 

 

  
            27,983,713  
     

 

 

  

Food & Staples Retailing — 0.7%

 

Performance Food Group Co.*

      20,695        1,003,501  

United Natural Foods, Inc.*

      29,884        1,105,110  
     

 

 

  
        2,108,611  
     

 

 

  

Food Products — 1.4%

      

Hostess Brands, Inc.*(a)

      91,604        1,483,069  

Sanderson Farms, Inc.

      3,476        653,384  
         Shares              Value      

COMMON STOCKS (continued)

 

Food Products (cont’d.)

      

Simply Good Foods Co. (The)*

      27,203      $ 993,181  

Utz Brands, Inc.(a)

      50,548        1,101,441  
     

 

 

  
        4,231,075  
     

 

 

  

Gas Utilities — 1.3%

      

Chesapeake Utilities Corp.

      12,485        1,502,320  

ONE Gas, Inc.

      30,046        2,227,010  
     

 

 

  
        3,729,330  
     

 

 

  

Health Care Equipment & Supplies — 2.6%

 

Avanos Medical, Inc.*

      39,829        1,448,581  

CONMED Corp.

      11,401        1,566,839  

Figs, Inc. (Class A Stock)*

      7,999        400,750  

LivaNova PLC*

      13,135        1,104,785  

Merit Medical Systems, Inc.*

      23,340        1,509,164  

NuVasive, Inc.*

      24,990        1,693,822  
     

 

 

  
        7,723,941  
     

 

 

  

Health Care Providers & Services — 2.7%

 

Acadia Healthcare Co., Inc.*

      22,735        1,426,621  

AMN Healthcare Services, Inc.*

      14,301        1,386,911  

Option Care Health, Inc.*

      63,262        1,383,540  

Owens & Minor, Inc.

      28,512        1,206,913  

Tenet Healthcare Corp.*

      39,951        2,676,318  
     

 

 

  
        8,080,303  
     

 

 

  

Health Care Technology — 0.5%

 

   

Allscripts Healthcare Solutions, Inc.*

      70,988        1,313,988  
     

 

 

  

Hotels, Restaurants & Leisure — 1.7%

 

Bloomin’ Brands, Inc.*

      26,377        715,872  

Boyd Gaming Corp.*

      19,466        1,196,964  

SeaWorld Entertainment, Inc.*

      38,099        1,902,664  

Travel + Leisure Co.

      19,843        1,179,667  
     

 

 

  
        4,995,167  
     

 

 

  

Household Durables — 1.6%

      

Century Communities, Inc.

      20,401        1,357,483  

Installed Building Products, Inc.

      7,526        920,881  

Meritage Homes Corp.*

      23,550        2,215,584  

Tupperware Brands
Corp.*(a)

      11,093        263,459  
     

 

 

  
        4,757,407  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.5%

 

Clearway Energy, Inc. (Class A Stock)

      13,152        331,694  

NextEra Energy Partners
LP(a)

      15,378        1,174,264  
     

 

 

  
                1,505,958  
     

 

 

  

Insurance — 2.8%

      

AMERISAFE, Inc.

      10,359        618,329  

BRP Group, Inc. (Class A
Stock)*

      29,276        780,205  

CNO Financial Group, Inc.

      60,671        1,433,049  

Enstar Group Ltd.*

      5,938        1,418,707  

Primerica, Inc.

      7,122        1,090,663  

RLI Corp.

      9,334        976,243  

Selective Insurance Group, Inc.

      23,701        1,923,336  
     

 

 

  
        8,240,532  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A190

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

IT Services — 0.5%

      

LiveRamp Holdings, Inc.*

      32,242      $ 1,510,538  
     

 

 

  

Leisure Products — 0.6%

      

Callaway Golf Co.*

      51,210        1,727,313  
     

 

 

  

Life Sciences Tools & Services — 0.4%

 

Pacific Biosciences of California, Inc.*

      30,576        1,069,243  
     

 

 

  

Machinery — 6.3%

      

Astec Industries, Inc.

      22,499        1,416,087  

Chart Industries, Inc.*(a)

      13,598        1,989,659  

Colfax Corp.*

      47,507        2,176,296  

Columbus McKinnon Corp.

      41,709        2,012,042  

Federal Signal Corp.

      43,264        1,740,511  

Kennametal, Inc.

      49,430        1,775,525  

Proto Labs, Inc.*(a)

      10,316        947,009  

Rexnord Corp.

      64,299        3,217,522  

SPX FLOW, Inc.

      24,325        1,586,963  

Terex Corp.

      32,084        1,527,840  
     

 

 

  
        18,389,454  
     

 

 

  

Media — 2.2%

      

Entravision Communications Corp. (Class A Stock)

      48,863        326,405  

Gray Television, Inc.

      38,089        891,283  

iHeartMedia, Inc. (Class A Stock)*

      61,297        1,650,728  

John Wiley & Sons, Inc. (Class A Stock)

      33,035        1,988,046  

Nexstar Media Group, Inc. (Class A Stock)

      11,064        1,636,144  
     

 

 

  
        6,492,606  
     

 

 

  

Metals & Mining — 1.9%

      

Alcoa Corp.*

      24,578        905,453  

Allegheny Technologies,
Inc.*(a)

      29,454        614,116  

Arconic Corp.*

      46,456        1,654,763  

Coeur Mining, Inc.*

      80,410        714,041  

Commercial Metals Co.

      30,258        929,526  

Constellium SE*

      45,613        864,366  
     

 

 

  
        5,682,265  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 1.9%

 

KKR Real Estate Finance Trust, Inc.(a)

      67,412        1,458,122  

PennyMac Mortgage Investment Trust

      123,076        2,591,980  

Two Harbors Investment
Corp.(a)

      193,715        1,464,485  
     

 

 

  
        5,514,587  
     

 

 

  

Multiline Retail — 0.4%

      

Big Lots, Inc.(a)

      2,746        181,263  

Macy’s, Inc.*

      46,575        883,062  
     

 

 

  
                1,064,325  
     

 

 

  

Oil, Gas & Consumable Fuels — 5.3%

 

Antero Resources Corp.*

      148,410        2,230,602  

Brigham Minerals, Inc. (Class A Stock)

      55,176        1,174,697  

CNX Resources Corp.*(a)

      118,315        1,616,183  

EQT Corp.*

      55,784        1,241,752  

Magnolia Oil & Gas Corp. (Class A Stock)*(a)

      95,289        1,489,367  

Matador Resources Co.(a)

      24,547        883,937  
     Shares      Value  

COMMON STOCKS (continued)

 

Oil, Gas & Consumable Fuels (cont’d.)

 

PDC Energy, Inc.

      37,935      $ 1,737,044  

Range Resources Corp.*

      95,167        1,594,999  

Rattler Midstream LP

      38,956        425,400  

SM Energy Co.

      59,725        1,471,027  

Viper Energy Partners LP

      91,811        1,728,801  
     

 

 

  
        15,593,809  
     

 

 

  

Paper & Forest Products — 0.2%

 

Domtar Corp.*

      11,596        637,316  
     

 

 

  

Pharmaceuticals — 0.3%

      

Intra-Cellular Therapies, Inc.*(a)

      18,653        761,415  
     

 

 

  

Professional Services — 2.6%

 

ASGN, Inc.*

      18,383        1,781,864  

First Advantage Corp.*

      64,967        1,293,493  

ICF International, Inc.

      10,394        913,217  

KBR, Inc.

      71,036        2,710,023  

ManTech International Corp. (Class A Stock)

      11,920        1,031,557  
     

 

 

  
        7,730,154  
     

 

 

  

Real Estate Management & Development — 0.3%

 

Kennedy-Wilson Holdings, Inc.

      41,786        830,288  
     

 

 

  

Road & Rail — 1.0%

      

ArcBest Corp.

      24,558        1,429,030  

Saia, Inc.*

      7,622        1,596,733  
     

 

 

  
        3,025,763  
     

 

 

  

Semiconductors & Semiconductor Equipment — 1.8%

 

Cohu, Inc.*

      41,685        1,533,591  

MACOM Technology Solutions Holdings, Inc.*

      26,756        1,714,525  

Onto Innovation, Inc.*

      27,426        2,003,195  
     

 

 

  
        5,251,311  
     

 

 

  

Software — 1.3%

      

Cerence, Inc.*(a)

      12,868        1,373,144  

InterDigital, Inc.

      11,755        858,468  

Vonage Holdings Corp.*

      106,652        1,536,855  
     

 

 

  
        3,768,467  
     

 

 

  

Specialty Retail — 2.4%

      

Abercrombie & Fitch Co. (Class A
Stock)*

      33,418        1,551,598  

American Eagle Outfitters, Inc.(a)

      39,540        1,483,936  

Citi Trends, Inc.*

      8,441        734,367  

Group 1 Automotive, Inc.

      8,156        1,259,531  

Rent-A-Center, Inc.

      26,230        1,392,026  

RH*

      335        227,465  

Zumiez, Inc.*

      7,367        360,909  
     

 

 

  
                7,009,832  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.1%

 

Capri Holdings Ltd.*

      17,439        997,336  

Crocs, Inc.*

      16,720        1,948,214  

Deckers Outdoor Corp.*

      423        162,462  
     

 

 

  
        3,108,012  
     

 

 

  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A191

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

         Shares              Value      

COMMON STOCKS (continued)

 

Thrifts & Mortgage Finance — 2.2%

 

MGIC Investment Corp.

      120,454      $ 1,638,174  

NMI Holdings, Inc. (Class A Stock)*

      44,949        1,010,454  

Walker & Dunlop, Inc.

      18,229        1,902,743  

Washington Federal, Inc.

      63,234        2,009,576  
     

 

 

  
        6,560,947  
     

 

 

  

Trading Companies & Distributors — 1.8%

 

Beacon Roofing Supply, Inc.*

      29,471        1,569,331  

Herc Holdings, Inc.*

      9,372        1,050,320  

WESCO International, Inc.*

      25,452        2,616,974  
     

 

 

  
        5,236,625  
     

 

 

  

Water Utilities — 0.3%

      

SJW Group

      14,842        939,499  
     

 

 

  

Wireless Telecommunication Services — 0.5%

 

Telephone & Data Systems, Inc.

      58,650        1,329,009  
     

 

 

  

TOTAL COMMON STOCKS
(cost $219,082,536)

         290,260,026  
     

 

 

  

EXCHANGE-TRADED FUND — 0.6%

 

iShares Russell 2000 Value
ETF(a)
(cost $1,304,044)

      10,955        1,816,010  
     

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $220,386,580)

 

            292,076,036  
     

 

 

  

SHORT-TERM INVESTMENTS — 8.0%

 

AFFILIATED MUTUAL FUNDS

 

PGIM Core Ultra Short Bond
Fund(wa)

      552,602        552,602  

PGIM Institutional Money Market Fund (cost $23,049,209; includes $23,047,738 of cash collateral for securities on loan)(b)(wa)

      23,069,162        23,055,321  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS
(cost $23,601,811)

 

      23,607,923  
     

 

 

  

TOTAL INVESTMENTS—107.3%
(cost $243,988,391)

 

      315,683,959  

Liabilities in excess of other assets — (7.3)%

 

      (21,424,410 ) 
     

 

 

  

NET ASSETS — 100.0%

       $     294,259,549  
     

 

 

  

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 $22,615,252; cash collateral of $23,047,738 (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.

 

A192

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

The following is a summary of the inputs used as of June 30, 2021 in valuing such portfolio securities:

 

     Level 1      Level 2      Level 3  

Investments in Securities

         

Assets

         

Long-Term Investments

         

Common Stocks

         

Aerospace & Defense

    $ 4,475,199        $—        $—  

Air Freight & Logistics

      571,923          —          —  

Airlines

      1,488,671          —          —  

Auto Components

      3,516,945          —          —  

Automobiles

      316,670          —          —  

Banks

      45,343,961          —          —  

Beverages

      1,592,161          —          —  

Biotechnology

      9,111,501          —          —  

Building Products

      3,898,798          —          —  

Capital Markets

      4,007,261          —          —  

Chemicals

      6,692,894          —          —  

Commercial Services & Supplies

      4,020,199          —          —  

Communications Equipment

      2,162,459          —          —  

Construction & Engineering

      4,369,700          —          —  

Construction Materials

      1,504,579          —          —  

Consumer Finance

      2,489,505          —          —  

Diversified Financial Services

      230,368          —          —  

Diversified Telecommunication Services

      1,247,408          —          —  

Electric Utilities

      5,902,551          —          —  

Electronic Equipment, Instruments & Components

      5,297,647          —          —  

Energy Equipment & Services

      3,599,132          —          —  

Entertainment

      517,691          —          —  

Equity Real Estate Investment Trusts (REITs)

        27,983,713          —          —  

Food & Staples Retailing

      2,108,611          —          —  

Food Products

      4,231,075          —          —  

Gas Utilities

      3,729,330          —          —  

Health Care Equipment & Supplies

      7,723,941          —          —  

Health Care Providers & Services

      8,080,303          —          —  

Health Care Technology

      1,313,988          —          —  

Hotels, Restaurants & Leisure

      4,995,167          —          —  

Household Durables

      4,757,407          —          —  

Independent Power & Renewable Electricity Producers

      1,505,958          —          —  

Insurance

      8,240,532          —          —  

IT Services

      1,510,538          —          —  

Leisure Products

      1,727,313          —          —  

Life Sciences Tools & Services

      1,069,243          —          —  

Machinery

      18,389,454          —          —  

Media

      6,492,606          —          —  

Metals & Mining

      5,682,265          —          —  

Mortgage Real Estate Investment Trusts (REITs)

      5,514,587          —          —  

Multiline Retail

      1,064,325          —          —  

Oil, Gas & Consumable Fuels

      15,593,809          —          —  

Paper & Forest Products

      637,316          —          —  

Pharmaceuticals

      761,415          —          —  

Professional Services

      7,730,154          —          —  

Real Estate Management & Development

      830,288          —          —  

Road & Rail

      3,025,763          —          —  

Semiconductors & Semiconductor Equipment

      5,251,311          —          —  

Software

      3,768,467          —          —  

Specialty Retail

      7,009,832          —          —  

Textiles, Apparel & Luxury Goods

      3,108,012          —          —  

Thrifts & Mortgage Finance

      6,560,947          —          —  

Trading Companies & Distributors

      5,236,625          —          —  

Water Utilities

      939,499          —          —  

Wireless Telecommunication Services

      1,329,009          —          —  

Exchange-Traded Fund

      1,816,010          —          —  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A193

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Level 1      Level 2      Level 3  

Investments in Securities (continued)

         

Assets (continued)

         

Short-Term Investments

         

Affiliated Mutual Funds

    $ 23,607,923        $—        $—  
  

 

 

     

 

 

     

 

 

  

Total

    $ 315,683,959        $—        $—  
  

 

 

     

 

 

     

 

 

  

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, 2021 were as follows:

 

Banks

      15.4 % 

Equity Real Estate Investment Trusts (REITs)

      9.5  

Affiliated Mutual Funds (7.8% represents investments purchased with collateral from securities on loan)

      8.0  

Machinery

      6.3  

Oil, Gas & Consumable Fuels

      5.3  

Biotechnology

      3.1  

Insurance

      2.8  

Health Care Providers & Services

      2.7  

Professional Services

      2.6  

Health Care Equipment & Supplies

      2.6  

Specialty Retail

      2.4  

Chemicals

      2.3  

Thrifts & Mortgage Finance

      2.2  

Media

      2.2  

Electric Utilities

      2.0  

Metals & Mining

      1.9  

Mortgage Real Estate Investment Trusts (REITs)

      1.9  

Electronic Equipment, Instruments & Components

      1.8  

Semiconductors & Semiconductor Equipment

      1.8  

Trading Companies & Distributors

      1.8  

Hotels, Restaurants & Leisure

      1.7  

Household Durables

      1.6  

Aerospace & Defense

      1.5  

Construction & Engineering

      1.5  

Food Products

      1.4  

Commercial Services & Supplies

      1.4  

Capital Markets

      1.4  

Building Products

      1.3  

Software

      1.3  

Gas Utilities

      1.3  

Energy Equipment & Services

      1.2  

Auto Components

      1.2 % 

Textiles, Apparel & Luxury Goods

      1.1  

Road & Rail

      1.0  

Consumer Finance

      0.8  

Communications Equipment

      0.7  

Food & Staples Retailing

      0.7  

Leisure Products

      0.6  

Exchange-Traded Fund

      0.6  

Beverages

      0.5  

IT Services

      0.5  

Independent Power & Renewable Electricity Producers

      0.5  

Construction Materials

      0.5  

Airlines

      0.5  

Wireless Telecommunication Services

      0.5  

Health Care Technology

      0.5  

Diversified Telecommunication Services

      0.4  

Life Sciences Tools & Services

      0.4  

Multiline Retail

      0.4  

Water Utilities

      0.3  

Real Estate Management & Development

      0.3  

Pharmaceuticals

      0.3  

Paper & Forest Products

      0.2  

Air Freight & Logistics

      0.2  

Entertainment

      0.2  

Automobiles

      0.1  

Diversified Financial Services

      0.1  
  

 

 

  
     107.3  

Liabilities in excess of other assets

      (7.3 ) 
  

 

 

  
     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:    

 

Description

      Gross Market
Value of
Recognized
Assets/(Liabilities)		      Collateral
Pledged/(Received)(1)		    Net
Amount

Securities on Loan

        $ 22,615,252        $ (22,615,252 )      $ —
      

 

 

         

 

 

       

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A194

 
  

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

 

 

ASSETS

   

Investments at value, including securities on loan of $22,615,252:

   

Unaffiliated investments (cost $220,386,580)

    $ 292,076,036  

Affiliated investments (cost $23,601,811)

      23,607,923  

Receivable for investments sold

      5,028,857  

Dividends receivable

      273,436  

Receivable for Portfolio shares sold

      108,714  

Tax reclaim receivable

      6,135  

Prepaid expenses

      870  
  

 

 

  

Total Assets

      321,101,971  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      23,047,738  

Payable for investments purchased

      3,068,720  

Payable for Portfolio shares purchased

      402,698  

Management fee payable

      220,908  

Accrued expenses and other liabilities

      95,243  

Payable to affiliate

      6,135  

Affiliated transfer agent fee payable

      980  
  

 

 

  

Total Liabilities

      26,842,422  
  

 

 

  

NET ASSETS

    $ 294,259,549  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 294,259,549  
  

 

 

  

Net asset value and redemption price per share, $294,259,549 / 8,650,504 outstanding shares of beneficial interest

    $ 34.02  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

INCOME

   

Unaffiliated dividend income (net of $1,325 foreign withholding tax)

    $ 1,343,066  

Income from securities lending, net (including affiliated income of $7,027)

      8,757  

Affiliated dividend income

      2,584  
  

 

 

  

Total income

      1,354,407  
  

 

 

  

EXPENSES

   

Management fee

      1,273,796  

Custodian and accounting fees

      34,100  

Shareholders’ reports

      28,472  

Audit fee

      15,124  

Legal fees and expenses

      9,033  

Trustees’ fees

      6,084  

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

      5,297  

Miscellaneous

      10,086  
  

 

 

  

Total expenses

      1,381,992  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      (27,585 ) 
  

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS

   

Net realized gain (loss) on investment transactions (including affiliated of $(1,580))

      36,642,689  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(988))

      12,112,045  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      48,754,734  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 48,727,149  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		   Year Ended
December 31, 2020

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income (loss)

      $ (27,585 )     $ 1,146,357

Net realized gain (loss) on investment transactions

        36,642,689       (8,958,111 )

Net change in unrealized appreciation (depreciation) on investments

        12,112,045       16,282,566
    

 

 

      

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

        48,727,149       8,470,812
    

 

 

      

 

 

  

PORTFOLIO SHARE TRANSACTIONS

         

Portfolio shares sold [653,082 and 1,269,719 shares, respectively]

        21,392,286       28,928,500

Portfolio shares purchased [611,109 and 579,007 shares, respectively]

        (20,286,625 )       (13,577,173 )
    

 

 

      

 

 

  

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

        1,105,661       15,351,327
    

 

 

      

 

 

  

TOTAL INCREASE (DECREASE)

        49,832,810       23,822,139

NET ASSETS:

         

Beginning of period

        244,426,739       220,604,600
    

 

 

      

 

 

  

End of period

      $ 294,259,549     $ 244,426,739
    

 

 

      

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A195

 
  

PSF STOCK INDEX PORTFOLIO

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

LONG-TERM INVESTMENTS — 97.9%

 

COMMON STOCKS — 97.4%

      

Aerospace & Defense — 1.6%

      

Boeing Co. (The)*

      94,636      $ 22,671,000  

General Dynamics Corp.

      40,200        7,568,052  

Howmet Aerospace, Inc.*

      67,292        2,319,555  

Huntington Ingalls Industries, Inc.

      7,000        1,475,250  

L3Harris Technologies, Inc.

      35,580        7,690,617  

Lockheed Martin Corp.

      42,658        16,139,654  

Northrop Grumman Corp.

      26,826        9,749,373  

Raytheon Technologies Corp.

      263,148        22,449,156  

Teledyne Technologies, Inc.*

      8,129        3,404,669  

Textron, Inc.

      40,050        2,754,239  

TransDigm Group, Inc.*

      9,430        6,103,945  
     

 

 

  
            102,325,510  
     

 

 

  

Air Freight & Logistics — 0.7%

 

C.H. Robinson Worldwide, Inc.(a)

      23,600        2,210,612  

Expeditors International of Washington, Inc.

      29,500        3,734,700  

FedEx Corp.

      42,140        12,571,626  

United Parcel Service, Inc.
(Class B Stock)

      125,400        26,079,438  
     

 

 

  
        44,596,376  
     

 

 

  

Airlines — 0.3%

      

Alaska Air Group, Inc.*

      21,900        1,320,789  

American Airlines Group, Inc.*(a)

      106,600        2,260,986  

Delta Air Lines, Inc.*

      110,900        4,797,534  

Southwest Airlines Co.*(a)

      102,037        5,417,144  

United Airlines Holdings, Inc.*(a)

      54,100        2,828,889  
     

 

 

  
        16,625,342  
     

 

 

  

Auto Components — 0.1%

      

Aptiv PLC*

      46,700        7,347,311  

BorgWarner, Inc.(a)

      43,100        2,092,074  
     

 

 

  
        9,439,385  
     

 

 

  

Automobiles — 1.8%

      

Ford Motor Co.*

      673,159        10,003,143  

General Motors Co.*

      219,300        12,975,981  

Tesla, Inc.*

      133,490        90,733,153  
     

 

 

  
        113,712,277  
     

 

 

  

Banks — 4.2%

      

Bank of America Corp.

      1,313,182        54,142,494  

Citigroup, Inc.

      360,622        25,514,007  

Citizens Financial Group, Inc.

      73,700        3,380,619  

Comerica, Inc.

      24,550        1,751,397  

Fifth Third Bancorp

      124,149        4,746,216  

First Republic Bank

      30,100        5,633,817  

Huntington Bancshares, Inc.

      255,675        3,648,482  

JPMorgan Chase & Co.

      526,295        81,859,924  

KeyCorp

      168,000        3,469,200  

M&T Bank Corp.

      22,200        3,225,882  

People’s United Financial, Inc.

      73,100        1,252,934  

PNC Financial Services Group, Inc. (The)

      73,293        13,981,373  

Regions Financial Corp.

      166,712        3,364,248  

SVB Financial Group*

      9,400        5,230,442  
     Shares      Value  

COMMON STOCKS (continued)

 

Banks (cont’d.)

      

Truist Financial Corp.

      233,126      $ 12,938,493  

U.S. Bancorp

      236,981        13,500,808  

Wells Fargo & Co.

      716,176        32,435,611  

Zions Bancorp NA

      28,300        1,495,938  
     

 

 

  
            271,571,885  
     

 

 

  

Beverages — 1.4%

      

Brown-Forman Corp.
(Class B Stock)(a)

      32,025        2,399,954  

Coca-Cola Co. (The)

      671,950        36,359,214  

Constellation Brands, Inc. (Class A Stock)

      29,400        6,876,366  

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

      32,300        1,734,187  

Monster Beverage Corp.*

      63,900        5,837,265  

PepsiCo, Inc.

      239,294        35,456,192  
     

 

 

  
        88,663,178  
     

 

 

  

Biotechnology — 1.7%

      

AbbVie, Inc.

      305,889        34,455,337  

Alexion Pharmaceuticals, Inc.*

      37,900        6,962,609  

Amgen, Inc.

      99,794        24,324,788  

Biogen, Inc.*

      26,855        9,299,081  

Gilead Sciences, Inc.

      217,400        14,970,164  

Incyte Corp.*

      32,200        2,708,986  

Regeneron Pharmaceuticals, Inc.*

      18,310        10,226,867  

Vertex Pharmaceuticals, Inc.*

      45,040        9,081,415  
     

 

 

  
        112,029,247  
     

 

 

  

Building Products — 0.5%

      

A.O. Smith Corp.

      23,800        1,715,028  

Allegion PLC

      15,933        2,219,467  

Carrier Global Corp.

      140,867        6,846,136  

Fortune Brands Home & Security, Inc.

      24,400        2,430,484  

Johnson Controls International PLC

      125,215        8,593,506  

Masco Corp.

      45,130        2,658,608  

Trane Technologies PLC

      41,800        7,697,052  
     

 

 

  
        32,160,281  
     

 

 

  

Capital Markets — 3.0%

      

Ameriprise Financial, Inc.

      20,450        5,089,596  

Bank of New York Mellon Corp. (The)

      140,849        7,215,694  

BlackRock, Inc.

      24,620        21,541,761  

Cboe Global Markets, Inc.

      19,200        2,285,760  

Charles Schwab Corp. (The)

      258,700        18,835,947  

CME Group, Inc.

      62,110        13,209,555  

Franklin Resources, Inc.(a)

      47,100        1,506,729  

Goldman Sachs Group, Inc. (The)

      59,720        22,665,532  

Intercontinental Exchange, Inc.

      97,090        11,524,583  

Invesco Ltd.

      65,400        1,748,142  

MarketAxess Holdings, Inc.

      6,600        3,059,694  

Moody’s Corp.

      28,120        10,189,844  

Morgan Stanley

      259,178        23,764,031  

MSCI, Inc.

      14,400        7,676,352  

Nasdaq, Inc.

      19,900        3,498,420  

Northern Trust Corp.

      36,000        4,162,320  

Raymond James Financial, Inc.

      21,500        2,792,850  

S&P Global, Inc.

      41,680        17,107,556  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A196

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Capital Markets (cont’d.)

      

State Street Corp.(a)

      60,975      $ 5,017,023  

T. Rowe Price Group, Inc.(a)

      39,200        7,760,424  
     

 

 

  
            190,651,813  
     

 

 

  

Chemicals — 1.7%

      

Air Products & Chemicals, Inc.

      38,300        11,018,144  

Albemarle Corp.

      20,000        3,369,200  

Celanese Corp.

      20,200        3,062,320  

CF Industries Holdings, Inc.

      37,600        1,934,520  

Corteva, Inc.

      128,856        5,714,764  

Dow, Inc.

      128,222        8,113,888  

DuPont de Nemours, Inc.

      93,256        7,218,947  

Eastman Chemical Co.

      23,800        2,778,650  

Ecolab, Inc.

      43,000        8,856,710  

FMC Corp.

      22,650        2,450,730  

International Flavors & Fragrances, Inc.

      42,940        6,415,236  

Linde PLC (United Kingdom)

      90,400        26,134,640  

LyondellBasell Industries NV (Class A Stock)

      44,500        4,577,715  

Mosaic Co. (The)

      60,100        1,917,791  

PPG Industries, Inc.

      40,900        6,943,593  

Sherwin-Williams Co. (The)

      42,200        11,497,390  
     

 

 

  
        112,004,238  
     

 

 

  

Commercial Services & Supplies — 0.4%

 

Cintas Corp.

      15,200        5,806,400  

Copart, Inc.*

      35,900        4,732,697  

Republic Services, Inc.

      36,835        4,052,219  

Rollins, Inc.(a)

      38,425        1,314,135  

Waste Management, Inc.

      67,230        9,419,595  
     

 

 

  
        25,325,046  
     

 

 

  

Communications Equipment — 0.8%

 

Arista Networks, Inc.*

      9,600        3,478,176  

Cisco Systems, Inc.

      731,175        38,752,275  

F5 Networks, Inc.*

      10,700        1,997,262  

Juniper Networks, Inc.

      57,400        1,569,890  

Motorola Solutions, Inc.

      29,327        6,359,560  
     

 

 

  
        52,157,163  
     

 

 

  

Construction & Engineering — 0.0%

 

Quanta Services, Inc.

      24,300        2,200,851  
     

 

 

  

Construction Materials — 0.1%

      

Martin Marietta Materials, Inc.

      10,800        3,799,548  

Vulcan Materials Co.

      23,200        4,038,424  
     

 

 

  
        7,837,972  
     

 

 

  

Consumer Finance — 0.7%

      

American Express Co.

      113,200        18,704,036  

Capital One Financial Corp.

      79,569        12,308,529  

Discover Financial Services

      53,005        6,269,961  

Synchrony Financial

      93,730        4,547,780  
     

 

 

  
        41,830,306  
     

 

 

  

Containers & Packaging — 0.3%

 

Amcor PLC(a)

      269,800        3,091,908  

Avery Dennison Corp.

      14,500        3,048,480  

Ball Corp.

      56,500        4,577,630  
     Shares      Value  

COMMON STOCKS (continued)

 

Containers & Packaging (cont’d.)

 

International Paper Co.

      67,967      $ 4,167,057  

Packaging Corp. of America

      16,700        2,261,514  

Sealed Air Corp.(a)

      27,320        1,618,710  

Westrock Co.

      45,261        2,408,790  
     

 

 

  
            21,174,089  
     

 

 

  

Distributors — 0.1%

      

Genuine Parts Co.

      24,925        3,152,265  

LKQ Corp.*

      48,000        2,362,560  

Pool Corp.

      7,100        3,256,486  
     

 

 

  
        8,771,311  
     

 

 

  

Diversified Financial Services — 1.4%

 

Berkshire Hathaway, Inc. (Class B Stock)*

      329,460        91,563,523  
     

 

 

  

Diversified Telecommunication Services — 1.2%

 

AT&T, Inc.

      1,234,771        35,536,710  

Lumen Technologies, Inc.(a)

      167,243        2,272,832  

Verizon Communications, Inc.

      716,338        40,136,418  
     

 

 

  
        77,945,960  
     

 

 

  

Electric Utilities — 1.5%

      

Alliant Energy Corp.(a)

      43,700        2,436,712  

American Electric Power Co., Inc.

      85,840        7,261,205  

Duke Energy Corp.

      133,348        13,164,114  

Edison International

      66,000        3,816,120  

Entergy Corp.

      35,000        3,489,500  

Evergy, Inc.

      39,700        2,399,071  

Eversource Energy

      59,600        4,782,304  

Exelon Corp.

      168,673        7,473,901  

FirstEnergy Corp.

      93,680        3,485,833  

NextEra Energy, Inc.

      339,300        24,863,904  

NRG Energy, Inc.

      43,000        1,732,900  

Pinnacle West Capital Corp.

      19,600        1,606,612  

PPL Corp.

      132,900        3,717,213  

Southern Co. (The)

      182,600        11,049,126  

Xcel Energy, Inc.

      91,995        6,060,631  
     

 

 

  
        97,339,146  
     

 

 

  

Electrical Equipment — 0.6%

 

AMETEK, Inc.

      40,200        5,366,700  

Eaton Corp. PLC

      68,961        10,218,641  

Emerson Electric Co.

      103,400        9,951,216  

Generac Holdings, Inc.*

      10,900        4,525,135  

Rockwell Automation, Inc.

      20,120        5,754,722  
     

 

 

  
        35,816,414  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.6%

 

Amphenol Corp. (Class A Stock)

      103,600        7,087,276  

CDW Corp.

      24,800        4,331,320  

Corning, Inc.

      131,700        5,386,530  

IPG Photonics Corp.*

      6,300        1,327,851  

Keysight Technologies, Inc.*

      32,100        4,956,561  

TE Connectivity Ltd.

      57,200        7,734,012  

Trimble, Inc.*

      43,300        3,543,239  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A197

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

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

 

Zebra Technologies Corp. (Class A Stock)*

      9,300      $ 4,924,257  
     

 

 

  
        39,291,046  
     

 

 

  

Energy Equipment & Services — 0.2%

 

Baker Hughes Co.(a)

      124,948        2,857,561  

Halliburton Co.

      152,900        3,535,048  

NOV, Inc.*(a)

      67,100        1,027,972  

Schlumberger NV

      240,398        7,695,140  
     

 

 

  
        15,115,721  
     

 

 

  

Entertainment — 1.9%

      

Activision Blizzard, Inc.

      133,700        12,760,328  

Electronic Arts, Inc.

      50,500        7,263,415  

Live Nation Entertainment, Inc.*

      24,800        2,172,232  

Netflix, Inc.*

      76,950        40,645,760  

Take-Two Interactive Software, Inc.*

      20,000        3,540,400  

Walt Disney Co. (The)*

      314,472        55,274,743  
     

 

 

  
        121,656,878  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.4%

 

Alexandria Real Estate Equities, Inc.

      23,780        4,326,533  

American Tower Corp.

      78,500        21,205,990  

AvalonBay Communities, Inc.

      24,418        5,095,792  

Boston Properties, Inc.

      24,600        2,818,914  

Crown Castle International Corp.

      74,600        14,554,460  

Digital Realty Trust, Inc.

      48,500        7,297,310  

Duke Realty Corp.

      64,500        3,054,075  

Equinix, Inc.

      15,495        12,436,287  

Equity Residential

      59,200        4,558,400  

Essex Property Trust, Inc.

      11,470        3,441,115  

Extra Space Storage, Inc.

      22,700        3,718,714  

Federal Realty Investment Trust(a)

      12,300        1,441,191  

Healthpeak Properties, Inc.

      93,200        3,102,628  

Host Hotels & Resorts, Inc.*(a)

      122,426        2,092,260  

Iron Mountain, Inc.(a)

      50,730        2,146,894  

Kimco Realty Corp.(a)

      74,500        1,553,325  

Mid-America Apartment Communities, Inc.

      20,100        3,385,242  

Prologis, Inc.

      127,828        15,279,281  

Public Storage

      26,350        7,923,182  

Realty Income Corp.(a)

      63,500        4,237,990  

Regency Centers Corp.

      27,800        1,781,146  

SBA Communications Corp.

      18,830        6,001,121  

Simon Property Group, Inc.

      57,161        7,458,367  

UDR, Inc.(a)

      51,400        2,517,572  

Ventas, Inc.(a)

      65,404        3,734,568  

Vornado Realty Trust(a)

      26,757        1,248,749  

Welltower, Inc.

      72,800        6,049,680  

Weyerhaeuser Co.

      129,030        4,441,213  
     

 

 

  
            156,901,999  
     

 

 

  

Food & Staples Retailing — 1.3%

 

Costco Wholesale Corp.

      76,492        30,265,590  

Kroger Co. (The)(a)

      133,700        5,122,047  

Sysco Corp.

      88,000        6,842,000  

Walgreens Boots Alliance, Inc.

      124,300        6,539,423  
     Shares      Value  

COMMON STOCKS (continued)

 

Food & Staples Retailing (cont’d.)

      

Walmart, Inc.

      240,100      $ 33,858,902  
     

 

 

  
        82,627,962  
     

 

 

  

Food Products — 0.9%

      

Archer-Daniels-Midland Co.

      96,938        5,874,442  

Campbell Soup Co.(a)

      35,800        1,632,122  

Conagra Brands, Inc.(a)

      84,000        3,055,920  

General Mills, Inc.

      105,700        6,440,301  

Hershey Co. (The)

      25,500        4,441,590  

Hormel Foods Corp.(a)

      48,800        2,330,200  

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

      19,000        2,461,830  

Kellogg Co.(a)

      44,600        2,869,118  

Kraft Heinz Co. (The)

      112,037        4,568,869  

Lamb Weston Holdings, Inc.

      25,700        2,072,962  

McCormick & Co., Inc.

      43,400        3,833,088  

Mondelez International, Inc. (Class A Stock)

      244,311        15,254,779  

Tyson Foods, Inc. (Class A Stock)

      50,900        3,754,384  
     

 

 

  
        58,589,605  
     

 

 

  

Gas Utilities — 0.0%

      

Atmos Energy Corp.(a)

      21,800        2,095,198  
     

 

 

  

Health Care Equipment & Supplies — 3.5%

 

Abbott Laboratories

      308,125        35,720,931  

ABIOMED, Inc.*

      7,900        2,465,669  

Align Technology, Inc.*

      12,620        7,710,820  

Baxter International, Inc.

      88,500        7,124,250  

Becton, Dickinson & Co.

      50,349        12,244,373  

Boston Scientific Corp.*

      247,599        10,587,333  

Cooper Cos., Inc. (The)

      8,630        3,419,810  

Danaher Corp.

      110,100        29,546,436  

DENTSPLY SIRONA, Inc.

      38,200        2,416,532  

Dexcom, Inc.*

      16,680        7,122,360  

Edwards Lifesciences Corp.*

      107,750        11,159,668  

Hologic, Inc.*

      44,500        2,969,040  

IDEXX Laboratories, Inc.*

      14,800        9,346,940  

Intuitive Surgical, Inc.*

      20,450        18,806,638  

Medtronic PLC

      233,228        28,950,592  

ResMed, Inc.

      25,100        6,187,652  

STERIS PLC

      16,900        3,486,470  

Stryker Corp.

      56,570        14,692,926  

Teleflex, Inc.

      8,200        3,294,678  

West Pharmaceutical Services, Inc.

      13,000        4,668,300  

Zimmer Biomet Holdings, Inc.

      36,286        5,835,515  
     

 

 

  
            227,756,933  
     

 

 

  

Health Care Providers & Services — 2.6%

 

AmerisourceBergen Corp.

      25,400        2,908,046  

Anthem, Inc.

      43,000        16,417,400  

Cardinal Health, Inc.

      51,375        2,932,999  

Centene Corp.*

      100,268        7,312,545  

Cigna Corp.

      60,652        14,378,770  

CVS Health Corp.

      226,999        18,940,796  

DaVita, Inc.*

      13,200        1,589,676  

HCA Healthcare, Inc.

      46,000        9,510,040  

Henry Schein, Inc.*

      25,200        1,869,588  

Humana, Inc.

      22,300        9,872,656  

Laboratory Corp. of America Holdings*

      17,100        4,717,035  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A198

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Health Care Providers & Services (cont’d.)

 

McKesson Corp.

      27,807      $ 5,317,811  

Quest Diagnostics, Inc.

      23,300        3,074,901  

UnitedHealth Group, Inc.

      163,630        65,523,997  

Universal Health Services, Inc. (Class B Stock)

      13,700        2,006,091  
     

 

 

  
            166,372,351  
     

 

 

  

Health Care Technology — 0.1%

 

Cerner Corp.

      53,000        4,142,480  
     

 

 

  

Hotels, Restaurants & Leisure — 2.0%

 

Booking Holdings, Inc.*

      7,130        15,601,082  

Caesars Entertainment, Inc.*(a)

      35,000        3,631,250  

Carnival Corp.*(a)

      136,000        3,584,960  

Chipotle Mexican Grill, Inc.*

      4,870        7,550,156  

Darden Restaurants, Inc.

      22,650        3,306,673  

Domino’s Pizza, Inc.(a)

      6,900        3,218,781  

Expedia Group, Inc.*

      24,000        3,929,040  

Hilton Worldwide Holdings, Inc.*

      48,000        5,789,760  

Las Vegas Sands Corp.*

      56,800        2,992,792  

Marriott International, Inc. (Class A Stock)*

      46,023        6,283,060  

McDonald’s Corp.

      129,210        29,846,218  

MGM Resorts International

      71,400        3,045,210  

Norwegian Cruise Line Holdings Ltd.*(a)

      61,100        1,796,951  

Penn National Gaming, Inc.*(a)

      24,700        1,889,303  

Royal Caribbean Cruises Ltd.*(a)

      36,900        3,146,832  

Starbucks Corp.

      203,500        22,753,335  

Wynn Resorts Ltd.*(a)

      17,800        2,176,940  

Yum! Brands, Inc.

      52,200        6,004,566  
     

 

 

  
            126,546,909  
     

 

 

  

Household Durables — 0.4%

      

D.R. Horton, Inc.

      57,800        5,223,386  

Garmin Ltd.

      25,900        3,746,176  

Leggett & Platt, Inc.(a)

      22,600        1,170,906  

Lennar Corp. (Class A Stock)

      47,600        4,729,060  

Mohawk Industries, Inc.*

      10,400        1,998,776  

Newell Brands, Inc.

      65,749        1,806,125  

NVR, Inc.*

      610        3,033,713  

PulteGroup, Inc.

      46,885        2,558,515  

Whirlpool Corp.

      10,967        2,391,025  
     

 

 

  
        26,657,682  
     

 

 

  

Household Products — 1.3%

 

Church & Dwight Co., Inc.

      43,100        3,672,982  

Clorox Co. (The)(a)

      21,800        3,922,038  

Colgate-Palmolive Co.

      147,100        11,966,585  

Kimberly-Clark Corp.

      58,188        7,784,390  

Procter & Gamble Co. (The)

      426,476        57,544,407  
     

 

 

  
        84,890,402  
     

 

 

  

Independent Power & Renewable Electricity Producers — 0.1%

 

AES Corp. (The)

      116,500        3,037,155  
     

 

 

  

Industrial Conglomerates — 1.2%

 

3M Co.

      100,370        19,936,493  

General Electric Co.

      1,513,347        20,369,651  

Honeywell International, Inc.

      120,800        26,497,480  
     Shares      Value  

COMMON STOCKS (continued)

 

Industrial Conglomerates (cont’d.)

 

Roper Technologies, Inc.

      18,300      $ 8,604,660  
     

 

 

  
        75,408,284  
     

 

 

  

Insurance — 1.7%

      

Aflac, Inc.

      113,000        6,063,580  

Allstate Corp. (The)

      52,628        6,864,796  

American International Group, Inc.

      148,929        7,089,021  

Aon PLC (Class A Stock)(a)

      39,025        9,317,609  

Arthur J. Gallagher & Co.

      34,900        4,888,792  

Assurant, Inc.

      10,300        1,608,654  

Chubb Ltd.

      78,130        12,417,982  

Cincinnati Financial Corp.

      26,028        3,035,385  

Everest Re Group Ltd.

      6,900        1,738,869  

Globe Life, Inc.

      16,675        1,588,294  

Hartford Financial Services Group, Inc. (The)

      62,000        3,842,140  

Lincoln National Corp.

      31,463        1,977,135  

Loews Corp.

      40,226        2,198,351  

Marsh & McLennan Cos., Inc.

      87,700        12,337,636  

MetLife, Inc.

      132,280        7,916,958  

Principal Financial Group, Inc.

      44,500        2,811,955  

Progressive Corp. (The)

      101,300        9,948,673  

Travelers Cos., Inc. (The)

      43,798        6,556,999  

Unum Group

      34,756        987,070  

W.R. Berkley Corp.

      24,600        1,830,978  

Willis Towers Watson PLC

      22,500        5,175,450  
     

 

 

  
        110,196,327  
     

 

 

  

Interactive Media & Services — 6.3%

 

Alphabet, Inc. (Class A Stock)*

      52,179        127,410,160  

Alphabet, Inc. (Class C Stock)*

      49,490        124,037,777  

Facebook, Inc. (Class A Stock)*

      416,020        144,654,314  

Twitter, Inc.*

      138,000        9,495,780  
     

 

 

  
            405,598,031  
     

 

 

  

Internet & Direct Marketing Retail — 4.1%

 

Amazon.com, Inc.*

      74,330        255,707,093  

eBay, Inc.

      113,200        7,947,772  

Etsy, Inc.*

      21,800        4,487,312  
     

 

 

  
        268,142,177  
     

 

 

  

IT Services — 5.0%

      

Accenture PLC (Class A Stock)

      110,200        32,485,858  

Akamai Technologies, Inc.*(a)

      28,500        3,323,100  

Automatic Data Processing, Inc.

      74,460        14,789,245  

Broadridge Financial Solutions, Inc.

      20,100        3,246,753  

Cognizant Technology Solutions Corp. (Class A Stock)

      92,500        6,406,550  

DXC Technology Co.*

      43,950        1,711,413  

Fidelity National Information Services, Inc.

      107,500        15,229,525  

Fiserv, Inc.*

      103,000        11,009,670  

FleetCor Technologies, Inc.*

      14,500        3,712,870  

Gartner, Inc.*

      15,700        3,802,540  

Global Payments, Inc.

      51,063        9,576,355  

International Business Machines Corp.

      154,525        22,651,820  

Jack Henry & Associates, Inc.(a)

      13,500        2,207,385  

Mastercard, Inc. (Class A Stock)

      151,500        55,311,135  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A199

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

IT Services (cont’d.)

      

Paychex, Inc.

      55,350      $ 5,939,055  

PayPal Holdings, Inc.*

      203,600        59,345,328  

VeriSign, Inc.*

      17,400        3,961,806  

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

      293,400        68,602,788  

Western Union Co. (The)

      70,104        1,610,289  
     

 

 

  
        324,923,485  
     

 

 

  

Leisure Products — 0.0%

      

Hasbro, Inc.

      22,350        2,112,522  
     

 

 

  

Life Sciences Tools & Services — 1.2%

 

Agilent Technologies, Inc.

      52,982        7,831,269  

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

      3,800        2,448,302  

Charles River Laboratories International, Inc.*

      8,700        3,218,304  

Illumina, Inc.*

      25,260        11,953,285  

IQVIA Holdings, Inc.*

      33,200        8,045,024  

Mettler-Toledo International, Inc.*

      4,120        5,707,601  

PerkinElmer, Inc.

      19,400        2,995,554  

Thermo Fisher Scientific, Inc.

      68,400        34,505,748  

Waters Corp.*

      10,800        3,732,588  
     

 

 

  
        80,437,675  
     

 

 

  

Machinery — 1.6%

      

Caterpillar, Inc.

      95,000        20,674,850  

Cummins, Inc.

      25,800        6,290,298  

Deere & Co.

      54,250        19,134,517  

Dover Corp.

      25,100        3,780,060  

Fortive Corp.

      58,400        4,072,816  

IDEX Corp.

      13,100        2,882,655  

Illinois Tool Works, Inc.

      49,875        11,150,055  

Ingersoll Rand, Inc.*

      64,237        3,135,408  

Otis Worldwide Corp.

      70,383        5,755,218  

PACCAR, Inc.

      59,928        5,348,574  

Parker-Hannifin Corp.

      22,487        6,905,983  

Pentair PLC(a)

      28,907        1,950,933  

Snap-on, Inc.

      9,600        2,144,928  

Stanley Black & Decker, Inc.

      27,935        5,726,396  

Westinghouse Air Brake Technologies Corp.

      31,112        2,560,518  

Xylem, Inc.

      31,200        3,742,752  
     

 

 

  
            105,255,961  
     

 

 

  

Media — 1.3%

      

Charter Communications, Inc. (Class A Stock)*(a)

      24,090        17,379,731  

Comcast Corp. (Class A Stock)

      794,292        45,290,530  

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

      28,000        859,040  

Discovery, Inc. (Class C Stock)*

      50,100        1,451,898  

DISH Network Corp. (Class A Stock)*(a)

      43,175        1,804,715  

Fox Corp. (Class A Stock)

      58,366        2,167,130  

Fox Corp. (Class B Stock)

      27,466        966,803  

Interpublic Group of Cos., Inc. (The)(a)

      68,262        2,217,832  

News Corp. (Class A Stock)

      67,925        1,750,427  

News Corp. (Class B Stock)

      21,400        521,090  

Omnicom Group, Inc.

      37,300        2,983,627  
     Shares      Value  

COMMON STOCKS (continued)

 

Media (cont’d.)

      

ViacomCBS, Inc. (Class B Stock)

      101,566      $ 4,590,783  
     

 

 

  
        81,983,606  
     

 

 

  

Metals & Mining — 0.4%

      

Freeport-McMoRan, Inc.

      251,712        9,341,032  

Newmont Corp.

      138,903        8,803,672  

Nucor Corp.

      52,800        5,065,104  
     

 

 

  
        23,209,808  
     

 

 

  

Multiline Retail — 0.5%

 

Dollar General Corp.

      42,000        9,088,380  

Dollar Tree, Inc.*

      40,747        4,054,327  

Target Corp.

      86,668        20,951,122  
     

 

 

  
        34,093,829  
     

 

 

  

Multi-Utilities — 0.7%

      

Ameren Corp.

      43,200        3,457,728  

CenterPoint Energy, Inc.

      97,310        2,386,041  

CMS Energy Corp.

      49,800        2,942,184  

Consolidated Edison, Inc.

      59,200        4,245,824  

Dominion Energy, Inc.

      139,840        10,288,029  

DTE Energy Co.

      33,700        4,367,520  

NiSource, Inc.

      65,500        1,604,750  

Public Service Enterprise Group, Inc.

      87,500        5,227,250  

Sempra Energy

      54,454        7,214,066  

WEC Energy Group, Inc.

      54,576        4,854,535  
     

 

 

  
        46,587,927  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.5%

 

APA Corp.

      65,250        1,411,357  

Cabot Oil & Gas Corp.(a)

      67,600        1,180,296  

Chevron Corp.

      334,659        35,052,184  

ConocoPhillips

      234,561        14,284,765  

Devon Energy Corp.(a)

      102,700        2,997,813  

Diamondback Energy, Inc.

      31,300        2,938,757  

EOG Resources, Inc.

      100,900        8,419,096  

Exxon Mobil Corp.

      733,804        46,288,356  

Hess Corp.

      47,775        4,171,713  

Kinder Morgan, Inc.

      334,143        6,091,427  

Marathon Oil Corp.

      135,594        1,846,790  

Marathon Petroleum Corp.

      112,487        6,796,465  

Occidental Petroleum Corp.

      145,828        4,560,042  

ONEOK, Inc.

      76,840        4,275,378  

Phillips 66

      75,564        6,484,902  

Pioneer Natural Resources Co.

      39,400        6,403,288  

Valero Energy Corp.

      71,000        5,543,680  

Williams Cos., Inc. (The)

      209,900        5,572,845  
     

 

 

  
            164,319,154  
     

 

 

  

Personal Products — 0.2%

      

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

      40,200        12,786,816  
     

 

 

  

Pharmaceuticals — 3.5%

      

Bristol-Myers Squibb Co.

      389,340        26,015,699  

Catalent, Inc.*

      28,500        3,081,420  

Eli Lilly & Co.

      137,500        31,559,000  

Johnson & Johnson

      456,396        75,186,677  

Merck & Co., Inc.

      437,903        34,055,716  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A200

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

     Shares      Value  

COMMON STOCKS (continued)

 

Pharmaceuticals (cont’d.)

 

Organon & Co.*

      43,790      $ 1,325,085  

Perrigo Co. PLC(a)

      23,900        1,095,815  

Pfizer, Inc.

      969,723        37,974,353  

Viatris, Inc.

      206,194        2,946,512  

Zoetis, Inc.

      82,600        15,393,336  
     

 

 

  
            228,633,613  
     

 

 

  

Professional Services — 0.4%

      

Equifax, Inc.

      21,100        5,053,661  

IHS Markit Ltd.

      64,500        7,266,570  

Jacobs Engineering Group, Inc.

      22,400        2,988,608  

Leidos Holdings, Inc.

      23,400        2,365,740  

Nielsen Holdings PLC

      61,800        1,524,606  

Robert Half International, Inc.

      20,200        1,797,194  

Verisk Analytics, Inc.

      28,400        4,962,048  
     

 

 

  
        25,958,427  
     

 

 

  

Real Estate Management & Development — 0.1%

 

CBRE Group, Inc. (Class A Stock)*

      58,000        4,972,340  
     

 

 

  

Road & Rail — 0.9%

      

CSX Corp.

      396,816        12,729,857  

J.B. Hunt Transport Services, Inc.

      14,700        2,395,365  

Kansas City Southern

      16,000        4,533,920  

Norfolk Southern Corp.

      43,500        11,545,335  

Old Dominion Freight Line, Inc.

      16,650        4,225,770  

Union Pacific Corp.

      115,900        25,489,887  
     

 

 

  
        60,920,134  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.6%

 

Advanced Micro Devices, Inc.*(a)

      210,600        19,781,658  

Analog Devices, Inc.(a)

      63,923        11,004,984  

Applied Materials, Inc.

      158,700        22,598,880  

Broadcom, Inc.

      70,720        33,722,125  

Enphase Energy, Inc.*

      23,000        4,223,490  

Intel Corp.

      703,100        39,472,034  

KLA Corp.

      26,800        8,688,828  

Lam Research Corp.

      24,800        16,137,360  

Maxim Integrated Products, Inc.

      46,700        4,920,312  

Microchip Technology, Inc.(a)

      46,600        6,977,884  

Micron Technology, Inc.*

      193,100        16,409,638  

Monolithic Power Systems, Inc.

      7,400        2,763,530  

NVIDIA Corp.

      107,990        86,402,799  

NXP Semiconductors NV (China)

      47,900        9,853,988  

Qorvo, Inc.*

      19,786        3,871,131  

QUALCOMM, Inc.

      196,450        28,078,598  

Skyworks Solutions, Inc.

      28,800        5,522,400  

Teradyne, Inc.

      28,700        3,844,652  

Texas Instruments, Inc.

      160,000        30,768,000  

Xilinx, Inc.

      42,400        6,132,736  
     

 

 

  
        361,175,027  
     

 

 

  

Software — 8.6%

      

Adobe, Inc.*

      83,075        48,652,043  

ANSYS, Inc.*

      15,100        5,240,606  

Autodesk, Inc.*

      38,070        11,112,633  

Cadence Design Systems, Inc.*

      48,300        6,608,406  

Citrix Systems, Inc.

      21,600        2,533,032  

Fortinet, Inc.*

      23,300        5,549,827  
     Shares      Value  

COMMON STOCKS (continued)

 

Software (cont’d.)

      

Intuit, Inc.

      47,400      $ 23,234,058  

Microsoft Corp.

      1,305,480        353,654,532  

NortonLifeLock, Inc.

      100,811        2,744,075  

Oracle Corp.

      317,495        24,713,811  

Paycom Software, Inc.*

      8,500        3,089,495  

PTC, Inc.*

      18,200        2,570,932  

salesforce.com, Inc.*

      160,100        39,107,627  

ServiceNow, Inc.*

      34,180        18,783,619  

Synopsys, Inc.*

      26,400        7,280,856  

Tyler Technologies, Inc.*

      7,100        3,211,827  
     

 

 

  
            558,087,379  
     

 

 

  

Specialty Retail — 2.2%

      

Advance Auto Parts, Inc.

      11,760        2,412,446  

AutoZone, Inc.*

      3,920        5,849,502  

Best Buy Co., Inc.

      39,925        4,590,576  

CarMax, Inc.*(a)

      28,500        3,680,775  

Gap, Inc. (The)(a)

      34,587        1,163,853  

Home Depot, Inc. (The)

      184,769        58,920,986  

L Brands, Inc.

      40,296        2,903,730  

Lowe’s Cos., Inc.

      123,975        24,047,431  

O’Reilly Automotive, Inc.*

      12,360        6,998,356  

Ross Stores, Inc.

      61,600        7,638,400  

TJX Cos., Inc. (The)

      207,600        13,996,392  

Tractor Supply Co.

      20,500        3,814,230  

Ulta Beauty, Inc.*

      9,770        3,378,173  
     

 

 

  
        139,394,850  
     

 

 

  

Technology Hardware, Storage & Peripherals — 6.1%

 

Apple, Inc.

      2,720,820        372,643,507  

Hewlett Packard Enterprise Co.

      224,966        3,280,004  

HP, Inc.

      216,166        6,526,052  

NetApp, Inc.

      39,100        3,199,162  

Seagate Technology Holdings PLC (Ireland)(a)

      34,700        3,051,171  

Western Digital Corp.*

      53,168        3,783,967  
     

 

 

  
        392,483,863  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.7%

 

Hanesbrands, Inc.(a)

      59,100        1,103,397  

NIKE, Inc. (Class B Stock)

      220,600        34,080,494  

PVH Corp.*

      12,400        1,334,116  

Ralph Lauren Corp.

      8,500        1,001,385  

Tapestry, Inc.*

      47,700        2,073,996  

Under Armour, Inc. (Class A Stock)*(a)

      32,700        691,605  

Under Armour, Inc. (Class C Stock)*(a)

      33,303        618,436  

VF Corp.

      55,344        4,540,422  
     

 

 

  
        45,443,851  
     

 

 

  

Tobacco — 0.7%

      

Altria Group, Inc.

      321,300        15,319,584  

Philip Morris International, Inc.

      269,700        26,729,967  
     

 

 

  
        42,049,551  
     

 

 

  

Trading Companies & Distributors — 0.2%

 

Fastenal Co.

      99,300        5,163,600  

United Rentals, Inc.*

      12,540        4,000,385  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A201

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Shares      Value  

COMMON STOCKS (continued)

 

Trading Companies & Distributors (cont’d.)

 

W.W. Grainger, Inc.

 

      7,820      $ 3,425,160  
        

 

 

  
        12,589,145  
        

 

 

  

Water Utilities — 0.1%

 

American Water Works Co., Inc.

 

      31,400        4,839,682  
        

 

 

  

Wireless Telecommunication Services — 0.2%

 

T-Mobile US, Inc.*

 

      100,900        14,613,347  
        

 

 

  

TOTAL COMMON STOCKS
(cost $1,468,034,386)

 

      6,297,640,445  
        

 

 

  

EXCHANGE-TRADED FUNDS — 0.5%

 

iShares Core S&P 500 ETF(a)

 

      55,700        23,946,544  

SPDR S&P 500 ETF Trust(a)

 

      15,200        6,506,512  
        

 

 

  

TOTAL EXCHANGE-TRADED FUNDS
(cost $20,827,874)

 

      30,453,056  
        

 

 

  

TOTAL LONG-TERM INVESTMENTS
(cost $1,488,862,260)

 

      6,328,093,501  
        

 

 

  

SHORT-TERM INVESTMENTS — 6.0%

 

AFFILIATED MUTUAL FUNDS — 5.9%

 

PGIM Core Ultra Short Bond Fund(wa)

 

      127,508,391        127,508,391  

PGIM Institutional Money Market Fund (cost $255,489,469; includes $255,472,598 of cash collateral for securities on
loan)(b)(wa)

 

      255,786,135        255,632,664  
        

 

 

  

TOTAL AFFILIATED MUTUAL FUNDS
(cost $382,997,860)

 

      383,141,055  
        

 

 

  

Interest

Rate

    Maturity
Date		      Principal
Amount
(000)#		         

U.S. TREASURY OBLIGATION(k)(n) — 0.1%

 

U.S. Treasury Bills

 

      

0.040%

      09/16/21        7,250        7,249,302  
        

 

 

  

(cost $7,249,380)

 

      

TOTAL SHORT-TERM INVESTMENTS
(cost $390,247,240)

 

      390,390,357  
        

 

 

  

TOTAL INVESTMENTS—103.9%
(cost $1,879,109,500)

 

      6,718,483,858  

Liabilities in excess of other assets(z) — (3.9)%

 

      (251,493,345 ) 
        

 

 

  

NET ASSETS — 100.0%

 

       $     6,466,990,513  
        

 

 

  

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 $249,787,655; cash collateral of $255,472,598 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(k)

Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n)

Rate shown reflects yield to maturity at purchased date.

(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, 2021:

 

Number
of
Contracts

   

Type

    Expiration
Date		    Current
Notional
Amount		    Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

 

612

    S&P 500 E-Mini Index        Sep. 2021      $ 131,231,160      $ 1,779,367
                 

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A202

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

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

        $—          $7,249,302  
    

 

 

       

 

 

  

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, 2021 in valuing such portfolio securities:

 

       Level 1      Level 2      Level 3

Investments in Securities

                     

Assets

                     

Long-Term Investments

                     

Common Stocks

                     

Aerospace & Defense

        $     102,325,510        $         —        $ —

Air Freight & Logistics

          44,596,376          —          —

Airlines

          16,625,342          —          —

Auto Components

          9,439,385          —          —

Automobiles

          113,712,277          —          —

Banks

          271,571,885          —          —

Beverages

          88,663,178          —          —

Biotechnology

          112,029,247          —          —

Building Products

          32,160,281          —          —

Capital Markets

          190,651,813          —          —

Chemicals

          112,004,238          —          —

Commercial Services & Supplies

          25,325,046          —          —

Communications Equipment

          52,157,163          —          —

Construction & Engineering

          2,200,851          —          —

Construction Materials

          7,837,972          —          —

Consumer Finance

          41,830,306          —          —

Containers & Packaging

          21,174,089          —          —

Distributors

          8,771,311          —          —

Diversified Financial Services

          91,563,523          —          —

Diversified Telecommunication Services

          77,945,960          —          —

Electric Utilities

          97,339,146          —          —

Electrical Equipment

          35,816,414          —          —

Electronic Equipment, Instruments & Components

          39,291,046          —          —

Energy Equipment & Services

          15,115,721          —          —

Entertainment

          121,656,878          —          —

Equity Real Estate Investment Trusts (REITs)

          156,901,999          —          —

Food & Staples Retailing

          82,627,962          —          —

Food Products

          58,589,605          —          —

Gas Utilities

          2,095,198          —          —

Health Care Equipment & Supplies

          227,756,933          —          —

Health Care Providers & Services

          166,372,351          —          —

Health Care Technology

          4,142,480          —          —

Hotels, Restaurants & Leisure

          126,546,909          —          —

Household Durables

          26,657,682          —          —

Household Products

          84,890,402          —          —

Independent Power & Renewable Electricity Producers

          3,037,155          —          —

Industrial Conglomerates

          75,408,284          —          —

Insurance

          110,196,327          —          —

Interactive Media & Services

          405,598,031          —          —

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A203

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

       Level 1        Level 2        Level 3  

Investments in Securities (continued)

               

Assets (continued)

               

Long-Term Investments (continued)

               

Common Stocks (continued)

               

Internet & Direct Marketing Retail

      $ 268,142,177        $ —        $ —  

IT Services

        324,923,485          —          —  

Leisure Products

        2,112,522          —          —  

Life Sciences Tools & Services

        80,437,675          —          —  

Machinery

        105,255,961          —          —  

Media

        81,983,606          —          —  

Metals & Mining

        23,209,808          —          —  

Multiline Retail

        34,093,829          —          —  

Multi-Utilities

        46,587,927          —          —  

Oil, Gas & Consumable Fuels

        164,319,154          —          —  

Personal Products

        12,786,816          —          —  

Pharmaceuticals

        228,633,613          —          —  

Professional Services

        25,958,427          —          —  

Real Estate Management & Development

        4,972,340          —          —  

Road & Rail

        60,920,134          —          —  

Semiconductors & Semiconductor Equipment

        361,175,027          —          —  

Software

        558,087,379          —          —  

Specialty Retail

        139,394,850          —          —  

Technology Hardware, Storage & Peripherals

        392,483,863          —          —  

Textiles, Apparel & Luxury Goods

        45,443,851          —          —  

Tobacco

        42,049,551          —          —  

Trading Companies & Distributors

        12,589,145          —          —  

Water Utilities

        4,839,682          —          —  

Wireless Telecommunication Services

        14,613,347          —          —  

Exchange-Traded Funds

        30,453,056          —          —  

Short-Term Investments

               

Affiliated Mutual Funds

        383,141,055          —          —  

U.S. Treasury Obligation

        —          7,249,302          —  
    

 

 

       

 

 

       

 

 

  

Total

      $ 6,711,234,556        $ 7,249,302        $ —  
    

 

 

       

 

 

       

 

 

  

Other Financial Instruments*

               

Assets

               

Futures Contracts

      $ 1,779,367        $ —        $ —  
    

 

 

       

 

 

       

 

 

  

 

*

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, 2021 were as follows:

Software

      8.6 % 

Interactive Media & Services

      6.3  

Technology Hardware, Storage & Peripherals

      6.1  

Affiliated Mutual Funds (4.0% represents investments purchased with collateral from securities on loan)

      5.9  

Semiconductors & Semiconductor Equipment

      5.6  

IT Services

      5.0  

Banks

      4.2  

Internet & Direct Marketing Retail

      4.1  

Pharmaceuticals

      3.5  

Health Care Equipment & Supplies

      3.5  

Capital Markets

      3.0  

Health Care Providers & Services

      2.6  

Oil, Gas & Consumable Fuels

      2.5  

Equity Real Estate Investment Trusts (REITs)

      2.4  

Specialty Retail

      2.2 % 

Hotels, Restaurants & Leisure

      2.0  

Entertainment

      1.9  

Automobiles

      1.8  

Biotechnology

      1.7  

Chemicals

      1.7  

Insurance

      1.7  

Machinery

      1.6  

Aerospace & Defense

      1.6  

Electric Utilities

      1.5  

Diversified Financial Services

      1.4  

Beverages

      1.4  

Household Products

      1.3  

Food & Staples Retailing

      1.3  
 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A204

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

Industry Classification (continued):

 

Media

      1.3 % 

Life Sciences Tools & Services

      1.2  

Diversified Telecommunication Services

      1.2  

Industrial Conglomerates

      1.2  

Road & Rail

      0.9  

Food Products

      0.9  

Communications Equipment

      0.8  

Multi-Utilities

      0.7  

Textiles, Apparel & Luxury Goods

      0.7  

Air Freight & Logistics

      0.7  

Tobacco

      0.7  

Consumer Finance

      0.7  

Electronic Equipment, Instruments & Components

      0.6  

Electrical Equipment

      0.6  

Multiline Retail

      0.5  

Building Products

      0.5  

Exchange-Traded Funds

      0.5  

Household Durables

      0.4  

Professional Services

      0.4  

Commercial Services & Supplies

      0.4  

Metals & Mining

      0.4  

Containers & Packaging

      0.3  

Airlines

      0.3 % 

Energy Equipment & Services

      0.2  

Wireless Telecommunication Services

      0.2  

Personal Products

      0.2  

Trading Companies & Distributors

      0.2  

Auto Components

      0.1  

Distributors

      0.1  

Construction Materials

      0.1  

U.S. Treasury Obligation

      0.1  

Real Estate Management & Development

      0.1  

Water Utilities

      0.1  

Health Care Technology

      0.1  

Independent Power & Renewable Electricity Producers

      0.1  

Construction & Engineering

      0.0 * 

Leisure Products

      0.0 * 

Gas Utilities

      0.0 * 
  

 

 

  
     103.9  

Liabilities in excess of other assets

      (3.9 ) 
  

 

 

  
     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 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, 2021 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		    $ 1,779,367 *    —    $ —  
     

 

 

       

 

 

  

 

*

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, 2021 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

      $ 17,828,149
    

 

 

  

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for

as hedging instruments,

carried at fair value

    Futures

Equity contracts

      $ (564,710 )
    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A205

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  
SCHEDULE OF INVESTMENTS    as of June 30, 2021 (unaudited)

 

For the six months ended June 30, 2021, the Portfolio’s average volume of derivative activities is as follows:

 

Futures

Contracts—

Long

Positions(1)

$122,448,960

 

 

(1)

Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended June 30, 2021.

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

      $ 249,787,655      $ (249,787,655 )     $ —
    

 

 

       

 

 

      

 

 

  

 

(1)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A206

 
  

PSF STOCK INDEX PORTFOLIO (CONTINUED)

  

 

STATEMENT OF ASSETS AND LIABILITIES (unaudited)

as of June 30, 2021

 

ASSETS

   

Investments at value, including securities on loan of $249,787,655:

   

Unaffiliated investments (cost $1,496,111,640)

    $ 6,335,342,803  

Affiliated investments (cost $382,997,860)

      383,141,055  

Cash

      23,124  

Dividends receivable

      3,672,332  

Receivable for Portfolio shares sold

      2,268,512  

Due from broker-variation margin futures

      201,960  

Receivable for investments sold

      109,643  

Tax reclaim receivable

      18,359  

Prepaid expenses

      687,408  
  

 

 

  

Total Assets

      6,725,465,196  
  

 

 

  

LIABILITIES

   

Payable to broker for collateral for securities on loan

      255,472,598  

Management fee payable

      1,472,459  

Payable for investments purchased

      921,631  

Payable for Portfolio shares purchased

      443,513  

Accrued expenses and other liabilities

      162,910  

Affiliated transfer agent fee payable

      980  

Distribution fee payable

      592  
  

 

 

  

Total Liabilities

      258,474,683  
  

 

 

  

NET ASSETS

    $ 6,466,990,513  
  

 

 

  

Net assets were comprised of:

   

Partners’ Equity

    $ 6,466,990,513  
  

 

 

  

Class I:

   

Net asset value and redemption price per share, $6,463,519,896 / 64,082,333 outstanding shares of beneficial interest

    $ 100.86  
  

 

 

  

Class III:

   

Net asset value and redemption price per share, $3,470,617 / 34,424 outstanding shares of beneficial interest

    $ 100.82  
  

 

 

  

STATEMENT OF OPERATIONS (unaudited)

Six Months Ended June 30, 2021

 

NET INVESTMENT INCOME (LOSS)

   

INCOME

   

Unaffiliated dividend income (net of $4,041 foreign withholding tax)

    $ 41,909,406  

Affiliated dividend income

      86,181  

Income from securities lending, net (including affiliated income of $62,818)

      72,086  

Interest income

      1,940  
  

 

 

  

Total income

      42,069,613  
  

 

 

  

EXPENSES

   

Management fee

      8,469,947  

Distribution fee—Class III

      822  

Custodian and accounting fees

      148,176  

Shareholders’ reports

      64,667  

Trustees’ fees

      38,337  

Legal fees and expenses

      19,226  

Audit fee

      14,861  

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

      5,297  

Miscellaneous

      61,523  
  

 

 

  

Total expenses

      8,822,856  
  

 

 

  

NET INVESTMENT INCOME (LOSS)

      33,246,757  
  

 

 

  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS   

Net realized gain (loss) on:

   

Investment transactions (including affiliated of $(14,370))

      16,901,828  

Futures transactions

      17,828,149  
  

 

 

  
     34,729,977  
  

 

 

  

Net change in unrealized appreciation (depreciation) on:

   

Investments (including affiliated of $(5,693))

      779,286,200  

Futures

      (564,710 ) 
  

 

 

  
     778,721,490  
  

 

 

  

NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS

      813,451,467  
  

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ 846,698,224  
  

 

 

  
 

 

STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

 

     Six Months Ended
June 30, 2021		     Year Ended
December 31, 2020		  

INCREASE (DECREASE) IN NET ASSETS

     

OPERATIONS

     

Net investment income (loss)

    $ 33,246,757     $ 72,019,778  

Net realized gain (loss) on investment transactions

      34,729,977       59,543,856  

Net change in unrealized appreciation (depreciation) on investments

      778,721,490       725,481,123  
  

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      846,698,224       857,044,757  
  

 

 

    

 

 

  

PORTFOLIO SHARE TRANSACTIONS

     

Portfolio shares sold

      142,936,809       296,701,054  

Portfolio shares purchased

      (142,842,586 )      (290,448,745 ) 
  

 

 

    

 

 

  

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

      94,223       6,252,309  
  

 

 

    

 

 

  

TOTAL INCREASE (DECREASE)

      846,792,447       863,297,066  

NET ASSETS:

     

Beginning of period

      5,620,198,066       4,756,901,000  
  

 

 

    

 

 

  

End of period

    $ 6,466,990,513     $ 5,620,198,066  
  

 

 

    

 

 

  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

A207

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 17 Portfolios listed below together with their investment objectives. Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

PSF Global Portfolio (formerly known as, Global Portfolio): Long-term growth of capital.

PSF International Growth Portfolio (formerly known as, SP International Growth Portfolio): Long-term growth of capital.

PSF Mid-Cap Growth Portfolio (formerly known as, SP Prudential U.S. Emerging Growth Portfolio): Long-term capital appreciation.

PSF Natural Resources Portfolio (formerly known as, Natural Resources Portfolio): Long-term growth of capital.

PSF PGIM 50/50 Balanced Portfolio (formerly known as, Conservative Balanced Portfolio): Total investment return consistent with a conservatively managed diversified portfolio.

PSF PGIM Flexible Managed Portfolio (formerly known as, Flexible Managed Portfolio): Total return consistent with an aggressively managed diversified portfolio.

PSF PGIM Government Income Portfolio (formerly known as, Government Income Portfolio): High level of income over the long-term consistent with the preservation of capital.

PSF PGIM Government Money Market Portfolio (formerly known as, Government Money Market Portfolio): Maximum current income consistent with the stability of capital and maintenance of liquidity.

PSF PGIM High Yield Bond Portfolio (formerly known as, High Yield Bond Portfolio): High total return.

PSF PGIM Jennison Blend Portfolio (formerly known as, Equity Portfolio): Long-term growth of capital.

PSF PGIM Jennison Focused Blend Portfolio (formerly known as, Jennison 20/20 Focus Portfolio): Long-term growth of capital.

PSF PGIM Jennison Growth Portfolio (formerly known as, Jennison Portfolio): Long-term growth of capital.

PSF PGIM Jennison Value Portfolio (formerly known as, Value Portfolio): Capital appreciation.

PSF PGIM Total Return Bond Portfolio (formerly known as, Diversified Bond Portfolio): High level of income over a longer term while providing reasonable safety of capital.

PSF Small-Cap Stock Index Portfolio (formerly known as, Small Capitalization Stock Portfolio): Long-term growth of capital.

PSF Small-Cap Value Portfolio (formerly known as, SP Small-Cap Value Portfolio): Long-term growth of capital.

PSF Stock Index Portfolio (formerly known as, 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.

 

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Securities Valuation: Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Portfolios’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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 Measurements and Disclosures.

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

 

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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.

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 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 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 realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. 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

 

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and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross 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.

 

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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.

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, revolvers, and other instruments issued in the bank loan market. The Portfolios acquires 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 becomes 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 it is 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 it has 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.

Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

 

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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.

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

 

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respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Warrants and Rights: Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have 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.

 

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Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Mortgage Dollar Rolls: Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolio 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 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.

 

B8

3. Agreements

The Series Fund, on behalf of the Portfolios, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment management services and supervises the subadvisers’ performance of such services.

The Manager has entered into subadvisory agreements with each of PGIM, Inc., which provides subadvisory services to the Portfolios through its business unit PGIM Fixed Income (“PFI”), PGIM Limited, Jennison Associates LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.), Allianz Global Investors U.S. LLC (“Allianz”), Brown Advisory LLC (“Brown”), Goldman Sachs Asset Management, L.P. (“GSAM”), J.P. Morgan Investment Management, Inc. (“J.P. Morgan”), LSV Asset Management (“LSV”), Neuberger Berman Investment Advisors, LLC (“Neuberger Berman”), QMALLC (“QMA”) (a wholly-owned subsidiary of PGIM, Inc.), T. Rowe Price Associates, Inc. (“T. Rowe”) and William Blair & Co. LLC (“William Blair”) (collectively, the “subadvisers”), under which each provides investment advisory services for certain Portfolios of the Series Fund. The Manager pays for the services of the subadvisers, cost of compensation officers of the Portfolio, occupancy and certain clerical and administrative expenses of the Portfolios. The Portfolios bear all other costs and expenses.

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 International Growth Portfolio

    0.85        0.75 **

PSF Mid-Cap Growth Portfolio

    0.60        0.60

PSF Natural Resources Portfolio

    0.45        0.44 ***

PSF PGIM 50/50 Balanced Portfolio

    0.55        0.55

PSF PGIM Flexible Managed Portfolio

    0.60        0.60

PSF PGIM Government Income Portfolio

    0.40        0.40

PSF PGIM Government Money Market Portfolio

    0.30        0.04 ****

PSF PGIM High Yield Bond Portfolio

    0.55        0.52 *****

PSF PGIM Jennison Blend Portfolio

    0.45        0.45

PSF PGIM Jennison Focused Blend Portfolio

    0.75        0.75

PSF PGIM Jennison Growth Portfolio

    0.60        0.60

PSF PGIM Jennison Value Portfolio

    0.40        0.40

PSF PGIM Total Return Bond Portfolio

    0.40        0.40

PSF Small-Cap Stock Index Portfolio

    0.35        0.35

PSF Small-Cap Value Portfolio

    0.90        0.90

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.

**

The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.019% of the average daily net assets of the Portfolio. The Manager has also contractually agreed through June 30, 2022 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, administrative fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Portfolio to 1.01% of the Portfolio’s average daily net assets. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

***

The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.008% of the average daily net assets of the Portfolio.

****

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, 2021, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $1,119,094, 0.26% of the Government Money Market Portfolio’s averaged daily net assets.

 

B9

*****

The Manager has contractually agreed through June 30, 2022 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, administrative fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, acquired fund fees and expenses, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of the Portfolio to 0.57% of the Portfolio’s average daily net assets. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

At June 30, 2021, the subadvisers that provide investment advisory services to the Portfolios are listed directly below. Where more than one subadviser is listed, each subadviser provides services to a segment of the Portfolio:

 

Portfolio

   

Subadviser(s)

PSF Global Portfolio

    Brown; LSV; QMA; T. Rowe & William Blair

PSF International Growth Portfolio

    Jennison; Neuberger Berman & William Blair

PSF Mid-Cap Growth Portfolio

    J.P. Morgan

PSF Natural Resources Portfolio

    Allianz

PSF PGIM 50/50 Balanced Portfolio

    PFI; PGIM Limited & QMA

PSF PGIM Flexible Managed Portfolio

    PFI; PGIM Limited & QMA

PSF PGIM Government Income Portfolio

    PFI

PSF PGIM Government Money Market Portfolio

    PFI

PSF PGIM High Yield Bond Portfolio

    PFI & PGIM Limited

PSF PGIM Jennison Blend Portfolio

    Jennison

PSF PGIM Jennison Focused Blend Portfolio

    Jennison

PSF PGIM Jennison Growth Portfolio

    Jennison

PSF PGIM Jennison Value Portfolio

    Jennison

PSF PGIM Total Return Bond Portfolio

    PFI & PGIM Limited

PSF Small-Cap Stock Index Portfolio

    QMA

PSF Small-Cap Value Portfolio

    GSAM

PSF Stock Index Portfolio

    QMA

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 Fund’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, 2021, brokerage commission recaptured under these agreements was as follows:

 

Portfolio

    Amount  

PSF Global Portfolio

    $ 26,492  

PSF International Growth Portfolio

      3,189  

PSF Mid-Cap Growth Portfolio

      1,765  

PSF PGIM Jennison Blend Portfolio

      74,609  

 

B10

Portfolio

    Amount  

PSF PGIM Jennison Focused Blend Portfolio

    $ 2,501  

PSF PGIM Jennison Growth Portfolio

      31,514  

PSF PGIM Jennison Value Portfolio

      10,372  

PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, QMA and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent 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. The Portfolios may also invest in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”) registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended June 30, 2021, 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.

 

B11

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

    2021 Payments  

PSF Global Portfolio

      $195,169      

PSF International Growth Portfolio

      10,432      

PSF Natural Resources Portfolio

      10,267      

PSF PGIM 50/50 Balanced Portfolio

      14,622      

PSF PGIM Flexible Managed Portfolio

      48,476      

PSF PGIM High Yield Bond Portfolio

      426      

PSF PGIM Jennison Focused Blend Portfolio

      19,332      

PSF PGIM Jennison Value Portfolio

      582      

PSF Small-Cap Stock Index Portfolio

      205      

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

    2021 Payments  

PSF Global Portfolio

      $  13,827      

PSF International Growth Portfolio

      10,626      

PSF Natural Resources Portfolio

      58,813      

PSF PGIM 50/50 Balanced Portfolio

      9,952      

PSF PGIM Jennison Blend Portfolio

      76,536      

PSF PGIM Jennison Growth Portfolio

      131,518      

PSF PGIM Jennison Value Portfolio

      4,154      

PSF Small-Cap Value Portfolio

      857      

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, 2021, were as follows:

 

Portfolio

    Cost of
Purchases		      Proceeds
from Sales		  

PSF Global Portfolio

    $ 140,757,770      $ 202,707,925  

PSF International Growth Portfolio

      14,080,781        15,439,044  

PSF Mid-Cap Growth Portfolio

      102,526,264        112,358,473  

PSF Natural Resources Portfolio

      212,447,537        220,662,029  

PSF PGIM 50/50 Balanced Portfolio

      623,512,658        752,412,512  

PSF PGIM Flexible Managed Portfolio

      2,221,149,578        2,415,240,904  

PSF PGIM Government Income Portfolio

      152,262,846        202,807,346  

PSF PGIM High Yield Bond Portfolio

      155,239,134        151,110,872  

PSF PGIM Jennison Blend Portfolio

      1,191,087,880        1,380,636,969  

PSF PGIM Jennison Focused Blend Portfolio

      106,027,683        116,209,887  

PSF PGIM Jennison Growth Portfolio

      768,518,875        902,404,460  

PSF PGIM Jennison Value Portfolio

      160,142,806        199,655,464  

PSF PGIM Total Return Bond Portfolio

      197,126,587        287,534,725  

PSF Small-Cap Stock Index Portfolio

      87,338,772        110,659,695  

PSF Small-Cap Value Portfolio

      126,194,580        122,375,263  

PSF Stock Index Portfolio

      80,764,459        44,907,166  

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended June 30, 2021, is presented as follows:

 

B12

 

 

 PSF Global Portfolio

 

  

 

Value,

Beginning

of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:  
 

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

    
  $26,392,925      $ 96,626,960      $ 100,103,354      $ —     $ —     $ 22,916,531        22,916,531      $ 18,037  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  17,555,978        145,038,747        127,748,316        (358 )      (3,839 )      34,842,212        34,863,130        4,111 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $43,948,903      $ 241,665,707      $ 227,851,670      $ (358 )    $ (3,839 )    $ 57,758,743         $ 22,148  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF International Growth Portfolio  

Value,

Beginning

of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $  979,546      $ 6,973,106      $ 7,721,861      $ —     $ —     $ 230,791        230,791      $ 562  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  5,979,911        25,814,044        30,013,900        (1,184 )      271       1,779,142        1,780,210        1,905 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $6,959,457      $ 32,787,150      $ 37,735,761      $ (1,184 )    $ 271     $ 2,009,933         $ 2,467  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF Mid-Cap Growth Portfolio  

Value,
Beginning
of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $  4,451,129      $ 45,351,257      $ 42,287,045      $ —     $ —     $ 7,515,341        7,515,341      $ 3,734  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  37,675,892        159,797,587        142,281,727        (2,039 )      (4,217 )      55,185,496        55,218,627        11,050 (2) 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $42,127,021      $ 205,148,844      $ 184,568,772      $ (2,039 )    $ (4,217 )    $ 62,700,837         $ 14,784  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF Natural Resources Portfolio  

Value,
Beginning
of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $  1,121,990      $ 71,881,197      $ 72,448,869      $ —     $ —     $ 554,318        554,318      $ 1,388  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  36,621,121        225,423,564        225,698,705        115       (3,617 )      36,342,478        36,364,296        14,534 (2) 

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $37,743,111      $ 297,304,761      $ 298,147,574      $ 115     $ (3,617 )    $ 36,896,796         $ 15,922  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  

 

B13

  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)

    
  $386,462,547      $ 327,681,521      $ 385,693,452      $ —     $ —     $ 328,450,616        328,450,616      $ 266,799  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  72,964,955        219,353,300        226,129,576        (3,992 )      (2,235 )      66,182,452        66,222,186        19,869 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $459,427,502      $ 547,034,821      $ 611,823,028      $ (3,992 )    $ (2,235 )    $ 394,633,068         $ 286,668  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  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)

    
  $353,385,879      $ 597,166,660      $ 693,058,201      $ —     $ —     $ 257,494,338        257,494,338      $ 226,736  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  41,097,233        219,091,098        223,094,361        (2,927 )      (3,837 )      37,087,206        37,109,471        16,979 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $394,483,112      $ 816,257,758      $ 916,152,562      $ (2,927 )    $ (3,837 )    $ 294,581,544         $ 243,715  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  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)

    
  $33,734,048      $ 65,656,020      $ 88,999,568      $ —     $ —     $ 10,390,500        10,390,500      $ 10,497  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  —        64,463,255        50,093,120        (3 )      (2,150 )      14,367,982        14,376,608        2,665 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $33,734,048      $ 130,119,275      $ 139,092,688      $ (3 )    $ (2,150 )    $ 24,758,482         $ 13,162  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF PGIM High Yield Bond Portfolio            

Value,

Beginning

of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $15,920,182      $ 65,084,890      $ 60,793,588      $ —     $ —     $ 20,211,484        20,211,484      $ 10,158  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  130,341,153        311,307,593        258,756,205        (1,067 )      (24,073 )      182,867,401        182,977,187        49,440 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $146,261,335      $ 376,392,483      $ 319,549,793      $ (1,067 )    $ (24,073 )    $ 203,078,885         $ 59,598  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  

 

B14

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)

 

     

$  34,536,497

      $ 514,834,258      $ 513,126,530      $ —     $ —     $ 36,244,225        36,244,225      $ 37,164

PGIM Institutional Money Market Fund (1)(b)(wa)

 

     

509,328,849

        1,298,980,333        1,461,604,555        (6,107 )       (20,698 )       346,677,822        346,885,953        126,640 (2) 

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  

$543,865,346

      $ 1,813,814,591      $ 1,974,731,085      $ (6,107 )     $ (20,698 )     $ 382,922,047           $ 163,804

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  
PSF PGIM Jennison Focused 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)

 

     

$ 3,948,214

      $ 27,258,432      $ 30,225,107      $ —     $ —     $ 981,539        981,539      $ 2,356

PGIM Institutional Money Market Fund (1)(b)(wa)

 

     

13,233,266

        64,810,618        70,247,899        —       (44 )       7,795,941        7,800,622        3,905 (2)  

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  

$17,181,480

      $ 92,069,050      $ 100,473,006      $ —     $ (44 )     $ 8,777,480           $ 6,261

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  
PSF PGIM Jennison Growth Portfolio

 

                  

Value,
Beginning

of

Period

    Cost of
Purchases		    Proceeds
from Sales		    Change in
Unrealized
Gain
(Loss)		   Realized
Gain
(Loss)		   Value,
End of
Period		    Shares,
End
of
Period		    Income
Short-Term Investments - Affiliated Mutual Funds:

 

          

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

 

     

$      573,256

      $ 365,464,791      $ 344,304,079      $ —     $ —     $ 21,733,968        21,733,968      $ 7,932

PGIM Institutional Money Market Fund (1)(b)(wa)

 

     

339,841,014

        1,013,541,034        1,164,004,629        (2,962 )       (14,355 )       189,360,102        189,473,786        72,082 (2)  

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  

$340,414,270

      $ 1,379,005,825      $ 1,508,308,708      $ (2,962 )     $ (14,355 )     $ 211,094,070           $ 80,014

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  
PSF PGIM Jennison Value Portfolio

 

                  

Value,

Beginning

of

Period

    Cost of
Purchases		    Proceeds
from Sales		    Change in
Unrealized
Gain
(Loss)		   Realized
Gain
(Loss)		   Value,
End of
Period		    Shares,
End
of
Period		    Income
Short-Term Investments - Affiliated Mutual Funds:

 

          

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

 

     

$  5,147,064

      $ 78,726,187      $ 76,919,001      $ —     $ —     $ 6,954,250        6,954,250      $ 5,723

PGIM Institutional Money Market Fund (1)(b)(wa)

 

     

29,095,213

        245,666,135        215,540,617        68       (1,260 )       59,219,539        59,255,093        10,878 (2)  

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  

$34,242,277

      $ 324,392,322      $ 292,459,618      $ 68     $ (1,260 )     $ 66,173,789           $ 16,601

 

     

 

 

       

 

 

       

 

 

      

 

 

      

 

 

            

 

 

  

 

B15

  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)

    
  $14,079,089      $ 222,657,294      $ 217,333,419      $ —     $ —     $ 19,402,964        19,402,964      $ 23,715  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  44,065,963        156,753,055        158,843,902        (1,282 )      (5,505 )      41,968,329        41,993,525        17,766 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $58,145,052      $ 379,410,349      $ 376,177,321      $ (1,282 )    $ (5,505 )    $ 61,371,293         $ 41,481  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF Small-Cap Stock Index Portfolio            

Value,
Beginning

of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $    1,916,230      $ 48,283,271      $ 47,625,063      $ —     $ —     $ 2,574,438        2,574,438      $ 2,196  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  153,807,687        435,983,695        314,115,236        (15,393 )      (6,376 )      275,654,377        275,819,868        63,684 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $155,723,917      $ 484,266,966      $ 361,740,299      $ (15,393 )    $ (6,376 )    $ 278,228,815         $ 65,880  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  PSF Small-Cap Value Portfolio            

Value,
Beginning

of

Period

      Cost of
Purchases		      Proceeds
from Sales		      Change in
Unrealized
Gain
(Loss)		     Realized
Gain
(Loss)		     Value,
End of
Period		      Shares,
End
of
Period		      Income  
  Short-Term Investments - Affiliated Mutual Funds:        
 

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

    
  $  4,141,818      $ 34,173,033      $ 37,762,249      $ —     $ —     $ 552,602        552,602      $ 2,584  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  18,138,979        92,604,475        87,685,565        (988 )      (1,580 )      23,055,321        23,069,162        7,027 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $22,280,797      $ 126,777,508      $ 125,447,814      $ (988 )    $ (1,580 )    $ 23,607,923         $ 9,611  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  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)

    
  $110,777,275      $ 115,569,373      $ 98,838,257      $ —     $ —     $ 127,508,391        127,508,391      $ 86,181  
 

PGIM Institutional Money Market Fund (1)(b)(wa)

    
  215,854,846        1,119,854,623        1,080,056,742        (5,693 )      (14,370 )      255,632,664        255,786,135        62,818 (2)  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  
  $326,632,121      $ 1,235,423,996      $ 1,178,894,999      $ (5,693 )    $ (14,370 )    $ 383,141,055         $ 148,999  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

  

 

  (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.

 

B16

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, 2020 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

    10/2/2020 – 9/30/2021

Total Commitment

    $ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA    0.15%
Annualized Interest Rate on Borrowings   

1.30% 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 methodology designed to treat the Participating Funds in the SCA equitably.

The following Portfolios utilized the SCA during the reporting period ended June 30, 2021. The average balance outstanding is for the number of days the Portfolios utilized the credit facility.

 

Portfolio

    Average
Balance
Outstanding		    Weighted
Average
Interest Rates		   Number
of Days
Outstanding		    Maximum
Balance
Outstanding		    Balance
Outstanding at
June 30, 2021
PSF Global Portfolio      $ 29,831,667        1.41 %       3      $ 40,063,000    $—
PSF Natural Resources Portfolio        231,111        1.41       9        370,000    —
PSF PGIM Jennison Focused Blend Portfolio        341,700        1.42       20        612,000    —
PSF PGIM Jennison Growth Portfolio        880,455        1.41       11        2,931,000    —
PSF Small-Cap Stock Index Portfolio        349,750        1.41       4        439,000    —

8. Capital and Ownership

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

 

B17

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, 2021, 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

     27,192,398   100.0%
     

PSF Global Portfolio–Class III

              1,587   100.0   
     

PSF International Growth Portfolio–Class I

       8,255,118   100.0   
     

PSF Mid-Cap Growth Portfolio–Class I

     13,600,208   100.0   
     

PSF Mid-Cap Growth Portfolio–Class III

              2,090   100.0   
     

PSF Natural Resources Portfolio–Class I

     12,527,466   100.0   
     

PSF Natural Resources Portfolio–Class III

              1,820   100.0   
     

PSF PGIM 50/50 Balanced Portfolio–Class I

     75,032,231   100.0   
     

PSF PGIM 50/50 Balanced Portfolio–Class III

              9,113   100.0   
     

PSF PGIM Flexible Managed Portfolio–Class I

   115,757,594   100.0   
     

PSF PGIM Flexible Managed Portfolio–Class III

              2,809   100.0   
     

PSF PGIM Government Income Portfolio–Class I

     16,231,269   100.0   
     

PSF PGIM Government Income Portfolio–Class III

              1,369   100.0   
     

PSF PGIM Government Money Market Portfolio–Class I

     76,763,276     99.9   
     

PSF PGIM Government Money Market Portfolio–Class III

     12,619,093   100.0   
     

PSF PGIM High Yield Bond Portfolio–Class I

     84,656,650   100.0   
     

PSF PGIM High Yield Bond Portfolio–Class III

          165,282   100.0   
     

PSF PGIM Jennison Blend Portfolio–Class I

     67,141,689   100.0   
     

PSF PGIM Jennison Blend Portfolio–Class III

              1,259   100.0   
     

PSF PGIM Jennison Focused Blend Portfolio–Class I

       1,685,970   100.0   
     

PSF PGIM Jennison Focused Blend Portfolio–Class III

              2,019   100.0   
     

PSF PGIM Jennison Growth Portfolio–Class I

     24,705,222   100.0   
     

PSF PGIM Jennison Growth Portfolio–Class III

              7,137   100.0   
     

PSF PGIM Jennison Value Portfolio–Class I

     35,593,161   100.0   
     

PSF PGIM Jennison Value Portfolio–Class III

              2,683   100.0   
     

PSF PGIM Total Return Bond Portfolio–Class I

     82,411,815     98.6   
     

PSF PGIM Total Return Bond Portfolio–Class III

            61,758   100.0   
     

PSF Small-Cap Stock Index Portfolio–Class I

     17,461,989   100.0   
     

PSF Small-Cap Stock Index Portfolio–Class III

            22,170   100.0   
     

PSF Small-Cap Value Portfolio–Composite

       8,650,504   100.0   
     

PSF Stock Index Portfolio–Class I

     64,082,333   100.0   
     

PSF Stock Index Portfolio–Class III

            34,424   100.0   

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

 

     
     Affiliated   Unaffiliated
         
Portfolio   Number of
  Shareholders  		   Percentage of
  Outstanding Shares  		   Number of
  Shareholders  		   Percentage of
  Outstanding Shares  
         

PSF Global Portfolio

   2   97.6%   —   —%
         

PSF International Growth Portfolio

   3   95.3      —   —   
         

PSF Mid-Cap Growth Portfolio

   2   99.5      —   —   
         

PSF Natural Resources Portfolio

   2   89.7       1   5.4   

 

B18

     
     Affiliated   Unaffiliated
         
Portfolio   Number of
  Shareholders  		   Percentage of
  Outstanding Shares  		   Number of
  Shareholders  		   Percentage of
  Outstanding Shares  
         

PSF PGIM 50/50 Balanced Portfolio

   3   100.0%   —   —%
         

PSF PGIM Flexible Managed Portfolio

   3   100.0      —   —   
         

PSF PGIM Government Income Portfolio

   2   98.4    —   —   
         

PSF PGIM Government Money Market Portfolio

   4   99.9    —   —   
         

PSF PGIM High Yield Bond Portfolio

   3   100.0      —   —   
         

PSF PGIM Jennison Blend Portfolio

   3   99.9    —   —   
         

PSF PGIM Jennison Focused Blend Portfolio

   1   35.9     2   54.5      
         

PSF PGIM Jennison Growth Portfolio

   2   93.2    —   —   
         

PSF PGIM Jennison Value Portfolio

   2   95.1    —   —   
         

PSF PGIM Total Return Bond Portfolio

   3   98.6    —   —   
         

PSF Small-Cap Stock Index Portfolio

   2   96.3    —   —   
         

PSF Small-Cap Value Portfolio

   2   99.4    —   —   
         

PSF Stock Index Portfolio

   3   100.0      —   —   

Transactions in shares of beneficial interest of the Portfolios were as follows:

PSF Global Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      181,704     $ 9,264,766  

Portfolio shares purchased

      (1,642,384 )      (84,867,462 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,460,680 )    $ (75,602,696 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      386,642     $ 15,803,644  

Portfolio shares purchased

      (2,188,536 )      (86,119,207 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,801,894 )    $ (70,315,563 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      1,588     $ 85,003  

Portfolio shares purchased

      (1 )      (45 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      1,587     $ 84,958  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

 

B19

PSF International Growth Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      209,708     $ 2,658,948  

Portfolio shares purchased

      (370,431 )      (4,725,019 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (160,723 )    $ (2,066,071 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      543,521     $ 5,403,599  

Portfolio shares purchased

      (1,353,938 )      (13,293,021 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (810,417 )    $ (7,889,422 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      2,361     $ 28,072  

Portfolio shares purchased

      (2,368 )      (27,683 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (7 )    $ 389  
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      1     $ 11  

Portfolio shares purchased

      (795 )      (7,623 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (794 )    $ (7,612 ) 
  

 

 

    

 

 

  

PSF Mid-Cap Growth Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      533,788     $ 15,378,062  

Portfolio shares purchased

      (737,456 )      (20,896,404 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (203,668 )    $ (5,518,342 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      979,430     $ 21,347,038  

Portfolio shares purchased

      (2,081,043 )      (43,735,970 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,101,613 )    $ (22,388,932 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      639     $ 17,136  

Portfolio shares purchased

      (2,222 )      (59,822 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,583 )    $ (42,686 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      414     $ 9,328  

Portfolio shares purchased

      (14,678 )      (291,094 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (14,264 )    $ (281,766 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      2,090     $ 62,090  

Portfolio shares purchased

      — **      (5 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      2,090     $ 62,085  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

**

Less than 1 share.

 

B20

PSF Natural Resources Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      105,296     $ 3,338,955  

Portfolio shares purchased

      (451,208 )      (14,068,819 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (345,912 )    $ (10,729,864 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      372,607     $ 7,379,403  

Portfolio shares purchased

      (1,146,855 )      (24,955,570 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (774,248 )    $ (17,576,167 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      118,278     $ 3,531,141  

Portfolio shares purchased

      (251,015 )      (7,503,304 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (132,737 )    $ (3,972,163 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      661,009     $ 11,523,075  

Portfolio shares purchased

      (1,531,511 )      (31,053,060 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (870,502 )    $ (19,529,985 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      1,822     $ 58,377  

Portfolio shares purchased

      (2 )      (59 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      1,820     $ 58,318  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF PGIM 50/50 Balanced Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      225,642     $ 8,089,864  

Portfolio shares purchased

      (2,653,620 )      (95,537,236 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (2,427,978 )    $ (87,447,372 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      401,718     $ 12,730,292  

Portfolio shares purchased

      (5,642,700 )      (179,703,549 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (5,240,982 )    $ (166,973,257 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      9,118     $ 337,006  

Portfolio shares purchased

      (5 )      (181 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      9,113     $ 336,825  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

 

B21

PSF PGIM Flexible Managed Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      125,053     $ 4,850,971  

Portfolio shares purchased

      (3,450,643 )      (136,481,108 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (3,325,590 )    $ (131,630,137 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      273,315     $ 8,597,942  

Portfolio shares purchased

      (7,294,813 )      (249,244,194 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (7,021,498 )    $ (240,646,252 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      2,889     $ 118,149  

Portfolio shares purchased

      (80 )      (3,292 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      2,809     $ 114,857  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF PGIM Government Income Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      107,037     $ 1,516,775  

Portfolio shares purchased

      (850,729 )      (12,083,241 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (743,692 )    $ (10,566,466 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      1,083,338     $ 15,481,186  

Portfolio shares purchased

      (1,725,391 )      (24,541,321 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (642,053 )    $ (9,060,135 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      1,369     $ 19,380  

Portfolio shares purchased

      — **      (2 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      1,369     $ 19,378  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

**

Less than 1 share.

PSF PGIM Government Money Market Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      41,707,617     $ 417,076,170  

Shares issued in reinvestment of dividends and distributions

      297       2,975  

Portfolio shares purchased

      (44,128,942 )      (441,289,425 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (2,421,028 )    $ (24,210,280 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      70,339,155     $ 703,391,553  

Shares issued in reinvestment of dividends and distributions

      179,185       1,791,854  

Portfolio shares purchased

      (51,256,624 )      (512,566,244 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      19,261,716     $ 192,617,163  
  

 

 

    

 

 

  

 

B22

Class III:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      17,579,206     $ 175,792,062  

Shares issued in reinvestment of dividends and distributions

      37       373  

Portfolio shares purchased

      (11,521,367 )      (115,213,672 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      6,057,876     $ 60,578,763  
  

 

 

    

 

 

  

Period ended December 31, 2020*:

     

Portfolio shares sold

      14,739,505     $ 147,395,045  

Shares issued in reinvestment of dividends and distributions

      9       87  

Portfolio shares purchased

      (8,178,297 )      (81,782,967 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      6,561,217     $ 65,612,165  
  

 

 

    

 

 

  

 

*

Commencement of offering was May 18, 2020.

PSF PGIM High Yield Bond Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      2,111,626     $ 13,441,911  

Portfolio shares purchased

      (3,068,240 )      (19,543,294 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (956,614 )    $ (6,101,383 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      3,153,074     $ 17,957,341  

Portfolio shares purchased

      (8,052,712 )      (45,352,928 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (4,899,638 )    $ (27,395,587 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      165,357     $ 1,069,854  

Portfolio shares purchased

      (75 )      (489 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      165,282     $ 1,069,365  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF PGIM Jennison Blend Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      42,815     $ 3,646,696  

Portfolio shares purchased

      (2,496,380 )      (213,463,893 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (2,453,565 )    $ (209,817,197 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      181,520     $ 10,472,312  

Portfolio shares purchased

      (5,150,263 )      (344,048,385 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (4,968,743 )    $ (333,576,073 ) 
  

 

 

    

 

 

  

 

B23

Class II:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares purchased

      (476 )    $ (40,410 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (476 )    $ (40,410 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      278     $ 21,699  

Portfolio shares purchased

      (3,338 )      (215,385 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (3,060 )    $       (193,686 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      1,259     $ 110,251  

Portfolio shares purchased

      — **      (35 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

           1,259     $ 110,216  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

**   Less than 1 share.

PSF PGIM Jennison Focused Blend Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      51,496     $ 2,704,225  

Portfolio shares purchased

      (105,226 )      (5,529,808 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (53,730 )    $ (2,825,583 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      135,606     $ 5,549,775  

Portfolio shares purchased

      (279,439 )      (11,452,948 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (143,833 )    $ (5,903,173 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      81,831     $ 4,006,734  

Portfolio shares purchased

      (325,527 )      (16,132,122 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (243,696 )    $ (12,125,388 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      129,143     $ 5,004,111  

Portfolio shares purchased

      (711,872 )      (27,640,357 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (582,729 )    $ (22,636,246 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      2,020     $ 107,949  

Portfolio shares purchased

      (1 )      (75 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      2,019     $ 107,874  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

 

B24

PSF PGIM Jennison Growth Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      184,622     $ 24,103,300  

Portfolio shares purchased

      (1,050,238 )      (135,566,695 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (865,616 )    $ (111,463,395 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      434,139     $ 41,958,227  

Portfolio shares purchased

      (2,327,216 )      (227,484,202 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,893,077 )    $ (185,525,975 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      54,965     $ 6,754,005  

Portfolio shares purchased

      (129,552 )      (15,975,345 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (74,587 )    $ (9,221,340 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      152,672     $ 15,214,498  

Portfolio shares purchased

      (277,016 )      (26,248,687 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (124,344 )    $ (11,034,189 ) 
  

 

 

    

 

 

  
Class III:             

Period ended June 30, 2021*:

     

Portfolio shares sold

      7,399     $ 953,156  

Portfolio shares purchased

      (262 )      (34,469 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      7,137     $ 918,687  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF PGIM Jennison Value Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      190,394     $ 7,753,428  

Portfolio shares purchased

      (1,376,484 )      (56,874,918 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,186,090 )    $ (49,121,490 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      469,060     $ 14,940,937  

Portfolio shares purchased

      (3,418,107 )      (112,766,386 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (2,949,047 )    $ (97,825,449 ) 
  

 

 

    

 

 

  

Class II:

             

Six months ended June 30, 2021:

     

Portfolio shares sold

      5,405     $ 228,932  

Portfolio shares purchased

      (13,662 )      (562,937 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (8,257 )    $ (334,005 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      12,657     $ 360,612  

Portfolio shares purchased

      (10,965 )      (357,784 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      1,692     $ 2,828  
  

 

 

    

 

 

  

 

B25

Class III:

    Shares     Amount  

Period ended June 30, 2021*:

     

Portfolio shares sold

      2,684     $ 117,810  

Portfolio shares purchased

      (1 )      (63 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

            2,683     $       117,747  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF PGIM Total Return Bond Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      4,852,844     $ 74,321,370  

Portfolio shares purchased

      (3,143,583 )      (48,377,015 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      1,709,261     $ 25,944,355  
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      7,159,168     $ 108,389,140  

Portfolio shares purchased

      (7,041,212 )      (106,131,559 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      117,956     $ 2,257,581  
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      62,080     $ 955,469  

Portfolio shares purchased

      (322 )      (4,953 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      61,758     $ 950,516  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

PSF Small-Cap Stock Index Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      239,806     $ 13,379,864  

Portfolio shares purchased

      (742,965 )      (41,557,027 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (503,159 )    $ (28,177,163 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      412,603     $ 15,006,733  

Portfolio shares purchased

      (1,826,796 )      (69,049,362 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (1,414,193 )    $ (54,042,629 ) 
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      22,172     $ 1,295,043  

Portfolio shares purchased

      (2 )      (127 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      22,170     $ 1,294,916  
  

 

 

    

 

 

  

 

*

Commencement of offering was April 26, 2021.

 

B26

PSF Stock Index Portfolio

 

Class I:

    Shares     Amount  

Six months ended June 30, 2021:

     

Portfolio shares sold

      1,492,668     $ 139,552,001  

Portfolio shares purchased

      (1,524,811 )      (142,842,015 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      (32,143 )    $ (3,290,014 ) 
  

 

 

    

 

 

  

Year ended December 31, 2020:

     

Portfolio shares sold

      3,906,549     $ 296,701,054  

Portfolio shares purchased

      (3,862,546 )      (290,448,745 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      44,003     $ 6,252,309  
  

 

 

    

 

 

  

Class III:

             

Period ended June 30, 2021*:

     

Portfolio shares sold

      34,430     $ 3,384,808  

Portfolio shares purchased

      (6 )      (571 ) 
  

 

 

    

 

 

  

Net increase (decrease) in shares outstanding

      34,424     $ 3,384,237  
  

 

 

    

 

 

  

 

*

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.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to a Portfolio. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, a Portfolio will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to a Portfolio. A Portfolio’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for a Portfolio’s derivatives positions. In fact, many OTC derivative instruments lack liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to a Portfolio.

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. 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. Emerging market countries may have policies that restrict investments by non-US investors, or that prevent non-US 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 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: There is a risk that the value of a particular stock or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a Portfolio invests could go down. A Portfolio’s holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily

 

B27

carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial condition of the stock’s issuer. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

Fixed Income Securities Risk: Investment in fixed income securities involves a variety of risks, including credit risk, liquidity risk and interest rate risk.

Credit risk: Credit risk is the risk that an issuer or guarantor of a security will be unable or unwilling to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able or willing to make required principal and interest payments. The downgrade of the credit of a security held by a Portfolio may decrease its value. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by a Portfolio, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Portfolio assets allocated to lower-rated securities generally will increase the credit risk to which a Portfolio is subject.

Liquidity risk: Liquidity risk is the risk that a Portfolio may not be able to sell some or all of the securities it holds, either at the price it values the security or at any price. Liquidity risk also includes the risk that there may be delays in selling a security, if it can be sold at all, which could prevent a Portfolio from taking advantage of other investment opportunities. In addition, liquidity risk refers to the risk that a Portfolio may not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, redemption requests by certain large shareholders such as institutional investors, or other reasons. Meeting such redemption requests may cause a Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of a Portfolio and dilute remaining investors’ interests.

Interest rate risk: Interest rate risk is the risk that the value of an investment may go down in value when interest rates rise. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Changes in interest rates may also affect the liquidity of a Portfolio’s investments in fixed income securities. The risks associated with changing interest rates are heightened, given that interest rates in the US may increase, possibly suddenly and significantly, with unpredictable effects on the markets and a Portfolio’s investments. Volatility in interest rates and in fixed income markets may increase the risk that a Portfolio’s investment in fixed income securities will go down in value. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities.

Foreign Securities Risk: A Portfolios’ investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than US markets. The value of a Portfolios’ investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Portfolio as well as loan facilities

 

B28

used by a Portfolio. As such, the potential impact of a transition away from LIBOR on a Portfolio or the financial instruments in which a Portfolio invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Market and Management Risk: Market risk is the risk that the markets in which a Portfolio invests will experience market volatility and go down in value, including the possibility that a market will go down sharply and unpredictably. All markets go through cycles, and market risk involves being on the wrong side of a cycle. Factors affecting market risk include political events, broad economic and social changes, and the mood of the investing public. If investor sentiment turns negative, the price of all securities may decline. Market risk also includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics) and natural/environmental disasters can all negatively impact the securities markets, which could cause a Portfolio to lose value. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Exchanges and securities markets may close early, close late or issue trading halts on specific securities, which may result in, among other things, a Portfolio being unable to buy or sell certain securities at an advantageous time or accurately price its portfolio investments. In addition, a Portfolio may rely on various third-party sources to calculate its net asset value. As a result, a Portfolio is subject to certain operational risks associated with reliance on service providers and service providers’ data sources. In particular, errors or systems failures and other technological issues may adversely impact the Portfolio’s calculations of its net asset value. Such net asset value calculation issues may result in inaccurately calculated net asset values, delays in net asset value calculations and/or the inability to calculate net asset values over extended periods. A Portfolio may be unable to recover any losses associated with such failures.

Management risk is the risk that the investment strategy or the Manager or a subadviser will not work as intended. All decisions by the Manager or a subadviser require judgment and are based on imperfect information. In addition, if a Portfolio is managed using a quantitative investment model, it is subject to the risk that the model may not perform as expected. Similarly, there can be no assurance that quantitative models or methods utilized by the Manager or a subadviser, or related data sources, will always be available, and the loss of access to any such model(s) or data sources could have an adverse impact on a Portfolio’s ability to realize its investment objective. Moreover, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause the Manager or a subadviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.

Real Estate Risk: Investments in REITs and real estate-linked derivative instruments will subject a Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, operating expenses, overbuilding, construction delays and the supply of real estate generally, extended vacancies of properties, and the management skill and credit worthiness of the issuer. An investment in a real estate-linked derivative instrument that is linked to the value of a REIT is subject to additional risks, such as poor performance by the manager of the REIT, adverse changes to tax laws, or failure by the REIT to qualify for tax-free pass-through of income under the tax laws. 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 and, as a result, may be more exposed to events that adversely affect such properties or areas than REITs that invest more broadly.

Small and Medium Sized Company Risk: Securities of small and medium sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the price of these securities and on a Portfolio’s ability to sell these securities. Changes in the demand for these securities

 

B29

generally have a disproportionate effect on their market price, tending to make prices rise more in response to buying demand and fall more in response to selling pressure. Such investments also may be more volatile than investments in larger companies, as smaller and medium sized companies generally experience higher growth and failure rates, and typically have less diversified product lines, less experienced senior management, and less access to capital than larger companies. In the case of small sized technology companies, the risks associated with technology company stocks, which tend to be more volatile than other sectors, are magnified.

US Government Securities Risk: US Treasury obligations are backed by the “full faith and credit” of the US Government. Securities issued or guaranteed by federal agencies or authorities and US Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the US Government. These securities may be supported by the ability to borrow from the US Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the US Treasury. Further, the US Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the US Congress to increase the statutory debt ceiling. If the US Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the US Government may default on payments on certain US Government securities, including those held by a Portfolio (including the Government Money Market Portfolio), which could have a negative impact on the Portfolio. An increase in demand for US Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

10. 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. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

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 Funds.

 

B30

Financial Highlights

(unaudited)

 

PSF Global Portfolio—Class I

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 48.06     $ 41.49     $ 31.83     $ 34.33     $ 27.50     $ 26.33
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       0.29       0.41       0.52       0.47       0.42       0.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions       6.06       6.16       9.14       (2.99 )       6.41       0.81
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       6.35       6.57       9.66       (2.52 )       6.83       1.15
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

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

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 54.41     $ 48.06     $ 41.49     $ 31.83     $ 34.33     $ 27.50
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

      13.21 %       15.84 %       30.39 %(f)       (7.28 )%(g)       24.84 %       4.44 %(h)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 1,479.5     $ 1,377.0     $ 1,263.7     $ 1,006.6     $ 1,132.9     $ 955.4

Average net assets (in millions)

     $ 1,434.7     $ 1,190.6     $ 1,157.5     $ 1,139.9     $ 1,051.8     $ 942.1

Ratios to average net assets(i):

                        

Expenses after waivers and/or expense reimbursement

       0.75 %(j)       0.76 %       0.77 %       0.77 %       0.79 %       0.80 %

Expenses before waivers and/or expense reimbursement

       0.79 %(j)       0.80 %       0.80 %       0.80 %       0.81 %       0.81 %

Net investment income (loss)

       1.15 %(j)       1.01 %       1.41 %       1.33 %       1.34 %       1.29 %

Portfolio turnover rate(k)

      10 %       34 %       26 %       28 %       33 %       40 %

 

PSF Global Portfolio—Class III

     
     April 26, 2021(l)
through June 30,
2021

Per Share Operating Performance(a):

     

Net Asset Value, beginning of period

      $ 53.13
    

 

 

  

Income (Loss) From Investment Operations:

     

Net investment income (loss)

        0.08

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

        1.17
    

 

 

  

Total from investment operations

        1.25
    

 

 

  

Net Asset Value, end of period

      $ 54.38
    

 

 

  

Total Return(e)

       2.35 %

Ratios/Supplemental Data:

     

Net assets, end of period (in millions)

      $ 0.1

Average net assets (in millions)

      $ 0.1

Ratios to average net assets(i):

     

Expenses after waivers and/or expense reimbursement

        1.00 %(j)

Expenses before waivers and/or expense reimbursement

        1.04 %(j)

Net investment income (loss)

        0.84 %(j)

Portfolio turnover rate(k)

       10 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

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

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 4.36%.

(i)

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

(j)

Annualized.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C1

Financial Highlights

(unaudited)

 

PSF International Growth Portfolio—Class I

    
    Six Months Ended
June 30, 2021		       Year Ended December 31,
    2020       2019       2018       2017       2016

Per Share Operating Performance(a):

                                            

Net Asset Value, beginning of period

     $ 12.26         $ 9.28         $ 7.01         $ 8.05         $ 5.92         $ 6.14
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Income (Loss) From Investment Operations:

                                            

Net investment income (loss)

       0.02           — (b)             0.05           0.07           0.05           0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions       1.06           2.98           2.21           (1.12 )           2.08           (0.28 )
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Total from investment operations

       1.08           2.98           2.26           (1.05 )           2.13           (0.23 )
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Capital Contributions

       —           —           0.01 (d)(e)            0.01 (e)             —           0.01 (f)  
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Net Asset Value, end of period

     $ 13.34         $ 12.26         $ 9.28         $ 7.01         $ 8.05         $ 5.92
   

 

 

          

 

 

          

 

 

          

 

 

          

 

 

          

 

 

  

Total Return(g)

      8.81 %           32.11 %           32.38 %(h)           (12.92 )%(i)           35.98 %           (3.58 )%(j)

Ratios/Supplemental Data:

                                            

Net assets, end of period (in millions)

     $ 110.1         $ 103.2         $ 85.6         $ 70.1         $ 84.3         $ 63.9

Average net assets (in millions)

     $ 106.1         $ 86.3         $ 79.6         $ 81.8         $ 75.1         $ 66.7

Ratios to average net assets(k):

                                            

Expenses after waivers and/or expense reimbursement

       1.01 %(l)           1.01 %           1.01 %           1.01 %           1.01 %           1.03 %

Expenses before waivers and/or expense reimbursement

       1.11 %(l)           1.21 %           1.24 %           1.20 %           1.34 %           1.25 %

Net investment income (loss)

       0.28 %(l)           0.05 %           0.64 %           0.83 %           0.67 %           0.80 %

Portfolio turnover rate(m)

      14 %           44 %           26 %           37 %           45 %           57 %

 

PSF International Growth Portfolio—Class II

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 11.75     $ 8.93     $ 6.77     $ 7.81     $ 5.76     $ 6.01
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       (0.01 )(c)       (0.03 )       0.02       0.03       0.03       0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions       1.02       2.85       2.13       (1.08 )       2.02       (0.30 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       1.01       2.82       2.15       (1.05 )       2.05       (0.26 )
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

       —       —       0.01 (d)(e)        0.01 (e)         —       0.01 (f)  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 12.76     $ 11.75     $ 8.93     $ 6.77     $ 7.81     $ 5.76
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(g)

      8.60 %       31.58 %       31.91 %(h)       (13.32 )%(i)       35.59 %       (4.16 )%(j)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 0.2     $ 0.2     $ 0.1     $ 0.1     $ 0.1     $ 0.3

Average net assets (in millions)

     $ 0.2     $ 0.1     $ 0.1     $ 0.1     $ 0.3     $ 4.3

Ratios to average net assets(k):

                        

Expenses after waivers and/or expense reimbursement

       1.41 %(l)       1.41 %       1.41 %       1.41 %       1.41 %       1.43 %

Expenses before waivers and/or expense reimbursement

       1.51 %(l)       1.61 %       1.64 %       1.60 %       1.72 %       1.65 %

Net investment income (loss)

       (0.10 )%(l)       (0.36 )%       0.24 %       0.44 %       0.39 %       0.61 %

Portfolio turnover rate(m)

      14 %       44 %       26 %       37 %       45 %       57 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d)

Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.

(e)

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.

(f)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(g)

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.

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 32.24% and 31.76% for Class I and Class II, respectively.

(i)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (13.04)% and (13.45)% for Class I and Class II, respectively.

(j)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (3.74)% and (4.33)% for Class I and Class II, respectively.

(k)

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

(l)

Annualized.

(m)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

C2

Financial Highlights

(unaudited)

 

PSF Mid-Cap Growth Portfolio—Class I

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 27.68     $ 18.77     $ 13.63     $ 14.79     $ 12.08     $ 11.58
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       (0.04 )       (0.03 )       — (b)         0.02       0.02       0.01

Net realized and unrealized gain (loss) on investment transactions

       2.39       8.94       5.14       (1.18 )       2.69       0.47
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       2.35       8.91       5.14       (1.16 )       2.71       0.48
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

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

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 30.03     $ 27.68     $ 18.77     $ 13.63     $ 14.79     $ 12.08
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

      8.49 %       47.47 %       37.71 %       (7.84 )%(f)       22.43 %       4.32 %(g)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 408.4     $ 382.1     $ 279.8     $ 214.8     $ 249.8     $ 217.7

Average net assets (in millions)

     $ 393.6     $ 302.1     $ 257.0     $ 248.2     $ 235.7     $ 215.0

Ratios to average net assets(h):

                        

Expenses after waivers and/or expense reimbursement

       0.65 %(i)       0.67 %       0.70 %       0.68 %       0.71 %       0.69 %

Expenses before waivers and/or expense reimbursement

       0.65 %(i)       0.67 %       0.70 %       0.68 %       0.71 %       0.69 %

Net investment income (loss)

       (0.28 )%(i)       (0.15 )%       (0.01 )%       0.15 %       0.18 %       0.10 %

Portfolio turnover rate(j)

      27 %       63 %       106 %       43 %       39 %       35 %

 

PSF Mid-Cap Growth Portfolio—Class II

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 25.81     $ 17.57     $ 12.81     $ 13.95     $ 11.44     $ 11.02
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       (0.09 )       (0.10 )       (0.06 )       (0.03 )       (0.03 )       (0.03 )

Net realized and unrealized gain (loss) on investment transactions

       2.22       8.34       4.82       (1.11 )       2.54       0.43
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       2.13       8.24       4.76       (1.14 )       2.51       0.40
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

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

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 27.94     $ 25.81     $ 17.57     $ 12.81     $ 13.95     $ 11.44
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

      8.25 %       46.90 %       37.16 %       (8.17 )%(f)       21.94 %       3.81 %(g)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 0.3     $ 0.3     $ 0.5     $ 0.5     $ 0.6     $ 0.8

Average net assets (in millions)

     $ 0.3     $ 0.4     $ 0.6     $ 0.6     $ 0.8     $ 0.8

Ratios to average net assets(h):

                        

Expenses after waivers and/or expense reimbursement

       1.05 %(i)       1.07 %       1.10 %       1.08 %       1.10 %       1.09 %

Expenses before waivers and/or expense reimbursement

       1.05 %(i)       1.07 %       1.10 %       1.08 %       1.10 %       1.09 %

Net investment income (loss)

       (0.67 )%(i)       (0.53 )%       (0.40 )%       (0.24 )%       (0.22 )%       (0.30 )%

Portfolio turnover rate(j)

      27 %       63 %       106 %       43 %       39 %       35 %

 

PSF Mid-Cap Growth Portfolio—Class III

        
        April 26, 2021(k)
through June 30,
2021

Per Share Operating Performance(a):

        

Net Asset Value, beginning of period

         $ 29.77
       

 

 

  

Income (Loss) From Investment Operations:

        

Net investment income (loss)

           (0.03 )

Net realized and unrealized gain (loss) on investment transactions

           0.28
       

 

 

  

Total from investment operations

           0.25
       

 

 

  

Net Asset Value, end of period

         $ 30.02
       

 

 

  

Total Return(e)

          0.84 %

Ratios/Supplemental Data:

        

Net assets, end of period (in millions)

         $ 0.1

Average net assets (in millions)

         $ 0.0 (b)  

Ratios to average net assets(h):

        

Expenses after waivers and/or expense reimbursement

           0.90 %(i)

Expenses before waivers and/or expense reimbursement

           0.90 %(i)

Net investment income (loss)

           (0.52 )%(i)

Portfolio turnover rate(j)

          27 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C3

Financial Highlights

(unaudited)

 

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 4.15% and 3.63% for Class I and Class II, respectively.

(h)

Does not include expenses of the investment companies in which the Portfolio invests.

(i)

Annualized.

(j)

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

(k)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C4

Financial Highlights

(unaudited)

 

PSF Natural Resources Portfolio—Class I

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 27.33     $ 24.34     $ 21.99     $ 26.84     $ 26.89     $ 21.45
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       0.40       0.49       0.72       0.60       0.40       0.26

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

       4.91       2.50       1.63       (5.46 )       (0.45 )       5.15
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       5.31       2.99       2.35       (4.86 )       (0.05 )       5.41
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

       —       —       — (b)(c)         0.01 (b)         —       0.03 (d) 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 32.64     $ 27.33     $ 24.34     $ 21.99     $ 26.84     $ 26.89
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

      19.43 %       12.28 %       10.69 %(f)       (18.07 )%(g)       (0.19 )%       25.36 %(h)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 408.8     $ 351.8     $ 332.2     $ 324.3     $ 424.6     $ 456.1

Average net assets (in millions)

     $ 397.3     $ 284.9     $ 338.8     $ 398.1     $ 410.3     $ 416.1

Ratios to average net assets(i):

                        

Expenses after waivers and/or expense reimbursement

       0.51 %(j)       0.54 %       0.53 %       0.51 %       0.52 %       0.56 %

Expenses before waivers and/or expense reimbursement

       0.52 %(j)       0.55 %       0.54 %       0.52 %       0.53 %       0.57 %

Net investment income (loss)

       2.58 %(j)       2.28 %       3.04 %       2.30 %       1.60 %       1.08 %

Portfolio turnover rate(k)

      51 %       136 %       132 %       108 %       114 %       140 %

 

PSF Natural Resources Portfolio—Class II

    
    Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                        

Net Asset Value, beginning of period

     $ 26.21     $ 23.44     $ 21.26     $ 26.06     $ 26.20     $ 20.99
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                        

Net investment income (loss)

       0.32       0.41       0.61       0.49       0.29       0.15

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

       4.71       2.36       1.57       (5.30 )       (0.43 )       5.03
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

       5.03       2.77       2.18       (4.81 )       (0.14 )       5.18
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

       —       —       — (b)(c)         0.01 (b)         —       0.03 (d) 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

     $ 31.24     $ 26.21     $ 23.44     $ 21.26     $ 26.06     $ 26.20
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

      19.19 %       11.82 %       10.25 %(f)       (18.42 )%(g)       (0.53 )%       24.82 %(h)

Ratios/Supplemental Data:

                        

Net assets, end of period (in millions)

     $ 34.6     $ 32.5     $ 49.5     $ 48.4     $ 53.4     $ 42.0

Average net assets (in millions)

     $ 34.2     $ 37.6     $ 50.1     $ 52.0     $ 48.3     $ 37.8

Ratios to average net assets(i):

                        

Expenses after waivers and/or expense reimbursement

       0.91 %(j)       0.94 %       0.93 %       0.91 %       0.92 %       0.96 %

Expenses before waivers and/or expense reimbursement

       0.92 %(j)       0.95 %       0.94 %       0.92 %       0.93 %       0.97 %

Net investment income (loss)

       2.16 %(j)       2.05 %       2.63 %       1.93 %       1.21 %       0.64 %

Portfolio turnover rate(k)

      51 %       136 %       132 %       108 %       114 %       140 %

 

PSF Natural Resources Portfolio—Class III

        
        April 26, 2021(l)
through June 30,
2021

Per Share Operating Performance(a):

        

Net Asset Value, beginning of period

         $ 31.02
       

 

 

  

Income (Loss) From Investment Operations:

        

Net investment income (loss)

           0.13

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

           1.47
       

 

 

  

Total from investment operations

           1.60
       

 

 

  

Net Asset Value, end of period

         $ 32.62
       

 

 

  

Total Return(e)

          5.16 %

Ratios/Supplemental Data:

        

Net assets, end of period (in millions)

         $ 0.1

Average net assets (in millions)

         $ 0.0 (c)  

Ratios to average net assets(i):

        

Expenses after waivers and/or expense reimbursement

           0.75 %(j)

Expenses before waivers and/or expense reimbursement

           0.76 %(j)

Net investment income (loss)

           2.16 %(j)

Portfolio turnover rate(k)

          51 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C5

Financial Highlights

(unaudited)

 

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (18.11)% and (18.46)% for Class I and Class II, respectively.

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 25.22% and 24.68% for Class I and Class II, respectively.

(i)

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

(j)

Annualized.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C6

Financial Highlights

(unaudited)

 

PSF PGIM 50/50 Balanced Portfolio—Class I

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 34.99          $ 31.40     $ 26.50     $ 27.17     $ 24.18      $ 22.54
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.20            0.50       0.59       0.53       0.45        0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions        2.29            3.09       4.31       (1.20 )       2.54        1.20
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        2.49            3.59       4.90       (0.67 )       2.99        1.62
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

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

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 37.48          $ 34.99     $ 31.40     $ 26.50     $ 27.17      $ 24.18
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

       7.12 %            11.43 %       18.49 %(f)       (2.47 )%(f)       12.37 %        7.28 %(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 2,812.1          $ 2,710.0     $ 2,597.0     $ 2,369.8     $ 2,594.7      $ 2,473.2

Average net assets (in millions)

      $ 2,745.5          $ 2,540.2     $ 2,506.2     $ 2,535.4     $ 2,534.8      $ 2,487.3

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.58 %(i)            0.58 %       0.59 %       0.59 %       0.58 %        0.58 %

Expenses before waivers and/or expense reimbursement

        0.58 %(i)            0.58 %       0.59 %       0.59 %       0.58 %        0.58 %

Net investment income (loss)

        1.13 %(i)            1.58 %       2.02 %       1.94 %       1.75 %        1.79 %

Portfolio turnover rate(j)(k)

       28 %            75 %       90 %       101 %       136 %        185 %

 

PSF PGIM 50/50 Balanced Portfolio—Class III

     
     April 26, 2021(l)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 36.75
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.06

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

        0.65
    

 

 

  

Total from investment operations

        0.71
    

 

 

  

Net Asset Value, end of period

      $ 37.46
    

 

 

  
Total Return(e)        1.93 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.3

Average net assets (in millions)

      $ 0.2

Ratios to average net assets(h):

     

Expenses after waivers and/or expense reimbursement

        0.83 %(i)

Expenses before waivers and/or expense reimbursement

        0.83 %(i)

Net investment income (loss)

        0.88 %(i)

Portfolio turnover rate(j)(k)

       28 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 7.19%.

(h)

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

(i)

Annualized.

(j)

The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C7

Financial Highlights

(unaudited)

 

PSF PGIM Flexible Managed Portfolio—Class I

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 37.61          $ 34.32     $ 28.63     $ 29.88     $ 25.99      $ 23.95
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.24            0.56       0.61       0.53       0.45        0.44
Net realized and unrealized gain (loss) on investment and foreign currency transactions        3.62            2.73       5.08       (1.78 )       3.44        1.58
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        3.86            3.29       5.69       (1.25 )       3.89        2.02
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

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

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 41.47          $ 37.61     $ 34.32     $ 28.63     $ 29.88      $ 25.99
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

       10.26 %            9.59 %       19.87 %(f)       (4.18 )%(f)       14.97 %        8.52 %(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 4,800.1          $ 4,479.1     $ 4,327.9     $ 3,833.5     $ 4,229.7      $ 3,889.7

Average net assets (in millions)

      $ 4,647.7          $ 4,170.8     $ 4,127.1     $ 4,157.4     $ 4,043.2      $ 3,799.2

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.62 %(i)            0.62 %       0.63 %       0.63 %       0.62 %        0.63 %

Expenses before waivers and/or expense reimbursement

        0.62 %(i)            0.62 %       0.63 %       0.63 %       0.62 %        0.63 %

Net investment income (loss)

        1.24 %(i)            1.64 %       1.92 %       1.75 %       1.62 %        1.78 %

Portfolio turnover rate(j)(k)

       52 %            120 %       125 %       139 %       175 %        203 %

 

PSF PGIM Flexible Managed Portfolio—Class III

     
     April 26, 2021(l)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 40.73
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.06

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

        0.66
    

 

 

  

Total from investment operations

        0.72
    

 

 

  

Net Asset Value, end of period

      $ 41.45
    

 

 

  
Total Return(e)        1.77 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.1

Average net assets (in millions)

      $ 0.1

Ratios to average net assets(h):

     

Expenses after waivers and/or expense reimbursement

        0.87 %(i)

Expenses before waivers and/or expense reimbursement

        0.87 %(i)

Net investment income (loss)

        0.73 %(i)

Portfolio turnover rate(j)(k)

       52 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 8.44%.

(h)

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

(i)

Annualized.

(j)

The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C8

Financial Highlights

(unaudited)

 

PSF PGIM Government Income Portfolio—Class I

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 14.51          $ 13.54     $ 12.70     $ 12.62     $ 12.26      $ 12.00
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.10            0.23       0.31       0.28       0.23        0.20
Net realized and unrealized gain (loss) on investment transactions        (0.45 )            0.74       0.53       (0.20 )       0.13        0.06
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        (0.35 )            0.97       0.84       0.08       0.36        0.26
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       —       — (b)(c)         —        — (c)(d)  
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 14.16          $ 14.51     $ 13.54     $ 12.70     $ 12.62      $ 12.26
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

       (2.41 )%            7.16 %       6.61 %       0.63 %(f)       2.94 %        2.17 %(f)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 229.9          $ 246.2     $ 238.6     $ 221.1     $ 244.1      $ 226.3

Average net assets (in millions)

      $ 235.5          $ 246.6     $ 234.6     $ 230.5     $ 252.4      $ 235.8

Ratios to average net assets(g):

                               

Expenses after waivers and/or expense reimbursement

        0.50 %(h)            0.51 %       0.52 %       0.51 %       0.53 %        0.51 %

Expenses before waivers and/or expense reimbursement

        0.50 %(h)            0.51 %       0.52 %       0.51 %       0.53 %        0.51 %

Net investment income (loss)

        1.45 %(h)            1.58 %       2.34 %       2.28 %       1.84 %        1.60 %

Portfolio turnover rate(i)(j)

       93 %            150 %       269 %       284 %       495 %        705 %

 

PSF PGIM Government Income Portfolio—Class III

     
     April 26, 2021(k)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 14.17
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.04

Net realized and unrealized gain (loss) on investment transactions

        (0.05 )
    

 

 

  

Total from investment operations

        (0.01 )
    

 

 

  

Net Asset Value, end of period

      $ 14.16
    

 

 

  
Total Return(e)        (0.07 )%
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.0 (c)  

Average net assets (in millions)

      $ 0.0 (c)  

Ratios to average net assets(g):

     

Expenses after waivers and/or expense reimbursement

        0.73 %(h)

Expenses before waivers and/or expense reimbursement

        0.73 %(h)

Net investment income (loss)

        1.35 %(h)

Portfolio turnover rate(i)(j)

       93 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

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

(h)

Annualized.

(i)

The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(j)

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

(k)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C9

Financial Highlights

(unaudited)

 

PSF PGIM Government Money Market Portfolio—Class I

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

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)

        — (b)              0.03       0.19       0.15       0.06        0.01

Less Dividends and Distributions

        — (b)              (0.03 )       (0.19 )       (0.15 )       (0.06 )        (0.01 )
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 10.00          $ 10.00     $ 10.00     $ 10.00     $ 10.00      $ 10.00
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(c)

       — %(b)            0.30 %       1.92 %       1.53 %       0.56 %        0.10 %

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 768          $ 792     $ 600     $ 536     $ 560      $ 724

Average net assets (in millions)

      $ 754          $ 667     $ 563     $ 560     $ 665      $ 717

Ratios to average net assets(d):

                               

Expenses after waivers and/or expense reimbursement

        0.07 %(e)            0.21 %       0.35 %       0.35 %       0.35 %        0.35 %

Expenses before waivers and/or expense reimbursement

        0.33 %(e)            0.34 %       0.35 %       0.35 %       0.35 %        0.35 %

Net investment income (loss)

        — %(b)(e)            0.26 %       1.88 %       1.52 %       0.55 %        0.09 %

 

PSF PGIM Government Money Market Portfolio—Class III

         
           Six Months      
Ended
June 30,
2021		   May 18, 2020(f)
    through December 31,     
2020
Per Share Operating Performance(a):         

Net Asset Value, beginning of period

      $ 10.00     $ 10.00
    

 

 

      

 

 

  
Income (Loss) From Investment Operations:         

Net investment income (loss) and realized gains (losses)

        — (b)         — (b)  

Less Dividends and Distributions:

        — (b)         — (b)  
    

 

 

      

 

 

  

Net Asset Value, end of period

      $ 10.00     $ 10.00
    

 

 

      

 

 

  

Total Return(c)

       — %(b)       — %(b)

Ratios/Supplemental Data:

         

Net assets, end of period (in millions)

      $ 126     $ 66

Average net assets (in millions)

      $ 108     $ 34

Ratios to average net assets(d):

         

Expenses after waivers and/or expense reimbursement

        0.07 %(e)       0.13 %(e)

Expenses before waivers and/or expense reimbursement

        0.58 %(e)       0.58 %(e)

Net investment income (loss)

        — %(b)(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.

 

C10

Financial Highlights

(unaudited)

 

PSF PGIM High Yield Bond Portfolio—Class I

                              
     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 6.18          $ 5.77     $ 4.96     $ 5.17     $ 5.10     $ 4.68
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.17            0.35       0.34       0.33       0.32       0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions        0.19            0.06       0.47       (0.39 )       0.07       0.42
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        0.36            0.41       0.81       (0.06 )       0.39       0.74
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Less Dividends and Distributions

        —            —       —       (0.15 )       (0.32 )       (0.32 )

Capital Contributions

        —            —       —       — (b)(c)         —       — (c)(d)  
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 6.54          $ 6.18     $ 5.77     $ 4.96     $ 5.17     $ 5.10
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

       5.83 %            7.11 %       16.33 %       (1.26 )%(f)       7.80 %       16.24 %(f)

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 554          $ 529     $ 522     $ 474     $ 508     $ 3,568

Average net assets (in millions)

      $ 542          $ 497     $ 507     $ 499     $ 3,549     $ 3,362

Ratios to average net assets(g):

                              

Expenses after waivers and/or expense reimbursement

        0.57 %(h)            0.57 %       0.57 %       0.57 %       0.57 %       0.57 %

Expenses before waivers and/or expense reimbursement

        0.60 %(h)            0.61 %       0.62 %       0.62 %       0.57 %       0.57 %

Net investment income (loss)

        5.27 %(h)            6.16 %       6.28 %       6.50 %       6.17 %       6.61 %

Portfolio turnover rate(i)

       29 %            61 %       58 %       47 %       54 %(j)       39 %

 

PSF PGIM High Yield Bond Portfolio—Class III

     
     April 26, 2021(k)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 6.41
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.06

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

        0.07
    

 

 

  

Total from investment operations

        0.13
    

 

 

  

Net Asset Value, end of period

      $ 6.54
    

 

 

  
Total Return(e)        2.03 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 1

Average net assets (in millions)

      $ 1

Ratios to average net assets(g):

     

Expenses after waivers and/or expense reimbursement

        0.82 %(h)

Expenses before waivers and/or expense reimbursement

        0.85 %(h)

Net investment income (loss)

        4.77 %(h)

Portfolio turnover rate(i)

       29 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

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

(h)

Annualized.

(i)

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

(j)

The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher.

(k)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C11

Financial Highlights

(unaudited)

PSF PGIM Jennison Blend Portfolio—Class I

 

     Six Months Ended
June 30, 2021		   Year Ended December 31,
    2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                         

Net Asset Value, beginning of period

      $ 81.50     $ 63.18     $ 49.02     $ 51.52     $ 40.96     $ 39.47
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                         

Net investment income (loss)

        0.20       0.53       0.66       0.53       0.41       0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions        9.63       17.79       13.50       (3.07 )       10.15       1.07
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        9.83       18.32       14.16       (2.54 )       10.56       1.45
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —       —       — (b)(c)        0.04 (b)        —       0.04 (d) 
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 91.33     $ 81.50     $ 63.18     $ 49.02     $ 51.52     $ 40.96
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

        12.06 %       29.00 %       28.89 %(f)       (4.85 )%(g)       25.78 %       3.78 %(h)

Ratios/Supplemental Data:

                         

Net assets, end of period (in millions)

      $ 6,132.2     $ 5,672.4     $ 4,711.0     $ 3,919.6     $ 4,415.6     $ 3,741.7

Average net assets (in millions)

      $ 5,848.1     $ 4,776.8     $ 4,406.8     $ 4,497.1     $ 4,098.8     $ 3,615.1

Ratios to average net assets(i):

                         

Expenses after waivers and/or expense reimbursement

        0.46 %(j)       0.47 %       0.47 %       0.47 %       0.47 %       0.47 %

Expenses before waivers and/or expense reimbursement

        0.46 %(j)       0.47 %       0.47 %       0.47 %       0.47 %       0.47 %

Net investment income (loss)

        0.47 %(j)       0.80 %       1.16 %       0.98 %       0.89 %       1.01 %

Portfolio turnover rate(k)

        21 %       62 %       43 %       37 %       55 %       39 %

PSF PGIM Jennison Blend Portfolio—Class II

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 79.78          $ 62.09     $ 48.37     $ 51.04     $ 40.74     $ 39.42
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.03            0.26       0.43       0.32       0.23       0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions        9.42            17.43       13.29       (3.03 )       10.07       1.05
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        9.45            17.69       13.72       (2.71 )       10.30       1.28
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       — (b)(c)        0.04 (b)        —       0.04 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 89.23          $ 79.78     $ 62.09     $ 48.37     $ 51.04     $ 40.74
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

        11.85 %            28.49 %       28.36 %(f)       (5.23 )%(g)       25.28 %       3.35 %(h)

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 2.2          $ 2.0     $ 1.7     $ 1.5     $ 1.7     $ 1.7

Average net assets (in millions)

      $ 2.1          $ 1.7     $ 1.6     $ 1.8     $ 1.8     $ 1.8

Ratios to average net assets(i):

                              

Expenses after waivers and/or expense reimbursement

        0.86 %(j)            0.87 %       0.87 %       0.87 %       0.87 %       0.87 %

Expenses before waivers and/or expense reimbursement

        0.86 %(j)            0.87 %       0.87 %       0.87 %       0.87 %       0.87 %

Net investment income (loss)

        0.07 %(j)            0.40 %       0.76 %       0.59 %       0.50 %       0.61 %

Portfolio turnover rate(k)

        21 %            62 %       43 %       37 %       55 %       39 %

PSF PGIM Jennison Blend Portfolio—Class III

 

     April 26, 2021(l)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 87.74
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.02

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

        3.53
    

 

 

  

Total from investment operations

        3.55
    

 

 

  

Net Asset Value, end of period

      $ 91.29
    

 

 

  
Total Return(e)        4.05 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.1

Average net assets (in millions)

      $ 0.1

Ratios to average net assets(i):

     

Expenses after waivers and/or expense reimbursement

        0.71 %(j)

Expenses before waivers and/or expense reimbursement

        0.71 %(j)

Net investment income (loss)

        0.11 %(j)

Portfolio turnover rate(k)

        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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C12

Financial Highlights

(unaudited)

 

(e)

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.

(f)

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

(g)

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.

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 3.68% and 3.25% for Class I and Class II, respectively.

(i)

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

(j)

Annualized.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C13

Financial Highlights

(unaudited)

PSF PGIM Jennison Focused Blend Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 49.83          $ 38.06     $ 29.52     $ 31.19     $ 23.94     $ 23.56
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        0.03 (b)             0.16       0.23       0.26       0.10       0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions        5.69            11.61       8.31       (1.95 )       7.15       0.27
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        5.72            11.77       8.54       (1.69 )       7.25       0.36
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       0.02 (d)        —       0.02 (e) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 55.55          $ 49.83     $ 38.06     $ 29.52     $ 31.19     $ 23.94
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(f)

        11.48 %            30.92 %       28.93 %       (5.35 )%(g)       30.28 %       1.61 %(h)

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 93.7          $ 86.7     $ 71.7     $ 59.0     $ 68.9     $ 59.3

Average net assets (in millions)

      $ 90.0          $ 73.4     $ 66.3     $ 68.9     $ 64.7     $ 60.1

Ratios to average net assets(i):

                              

Expenses after waivers and/or expense reimbursement

        0.84 %(j)            0.86 %       0.87 %       0.82 %       0.82 %       0.83 %

Expenses before waivers and/or expense reimbursement

        0.84 %(j)            0.86 %       0.87 %       0.84 %       0.87 %       0.83 %

Net investment income (loss)

        0.10 %(j)            0.39 %       0.66 %       0.80 %       0.36 %       0.39 %

Portfolio turnover rate(k)

        49 %            82 %       61 %       42 %       99 %       69 %

PSF PGIM Jennison Focused Blend Portfolio—Class II

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017   2016

Per Share Operating Performance(a):

                              

Net Asset Value, beginning of period

      $ 47.17          $ 36.17     $ 28.17     $ 29.88     $ 23.03     $ 22.75
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Income (Loss) From Investment Operations:

                              

Net investment income (loss)

        (0.07 )            — (c)        0.09       0.13       (0.01 )       — (c) 
Net realized and unrealized gain (loss) on investment and foreign currency transactions        5.38            11.00       7.91       (1.86 )       6.86       0.26
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total from investment operations

        5.31            11.00       8.00       (1.73 )       6.85       0.26
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Capital Contributions

        —            —       —       0.02 (d)        —       0.02 (e) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net Asset Value, end of period

      $ 52.48          $ 47.17     $ 36.17     $ 28.17     $ 29.88     $ 23.03
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(f)

        11.26 %            30.41 %       28.40 %       (5.72 )%(g)       29.74 %       1.23 %(h)

Ratios/Supplemental Data:

                              

Net assets, end of period (in millions)

      $ 132.7          $ 130.8     $ 121.4     $ 118.6     $ 156.1     $ 142.5

Average net assets (in millions)

      $ 131.0          $ 117.4     $ 118.1     $ 147.4     $ 150.7     $ 146.2

Ratios to average net assets(i):

                              

Expenses after waivers and/or expense reimbursement

        1.24 %(j)            1.26 %       1.27 %       1.22 %       1.22 %       1.23 %

Expenses before waivers and/or expense reimbursement

        1.24 %(j)            1.26 %       1.27 %       1.24 %       1.27 %       1.23 %

Net investment income (loss)

        (0.30 )%(j)            — %(c)       0.26 %       0.40 %       (0.04 )%       (0.01 )%

Portfolio turnover rate(k)

        49 %            82 %       61 %       42 %       99 %       69 %

PSF PGIM Jennison Focused Blend Portfolio—Class III

 

     April 26, 2021(l)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 54.19
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        (0.04 )

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

        1.38
    

 

 

  

Total from investment operations

        1.34
    

 

 

  

Net Asset Value, end of period

      $ 55.53
    

 

 

  
Total Return(f)        2.47 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.1

Average net assets (in millions)

      $ 0.0

Ratios to average net assets(i):

     

Expenses after waivers and/or expense reimbursement

        1.09 %(j)

Expenses before waivers and/or expense reimbursement

        1.09 %(j)

Net investment income (loss)

        (0.39 )%(j)

Portfolio turnover rate(k)

        49 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)

Amount rounds to zero.

(d)

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.

(e)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C14

Financial Highlights

(unaudited)

 

(f)

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.

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (5.41)% and (5.79)% for Class I and Class II, respectively.

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 1.53% and 1.14% for Class I and Class II, respectively.

(i)

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

(j)

Annualized.

(k)

The Portfolio’s turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments.

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C15

Financial Highlights

(unaudited)

PSF PGIM Jennison Growth Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 127.49          $ 81.62     $ 61.21     $ 61.69     $ 45.13      $ 45.54
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        (0.19 )            (0.13 )       0.09       0.13       0.13        0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions        13.10            46.00       20.32       (0.61 )       16.43        (0.55 )
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        12.91            45.87       20.41       (0.48 )       16.56        (0.45 )
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       — (b)(c)        — (b)(c)        —        0.04 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 140.40          $ 127.49     $ 81.62     $ 61.21     $ 61.69      $ 45.13
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        10.13 %            56.20 %       33.34 %(f)       (0.78 )%(f)       36.69 %        (0.90 )%(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 3,468          $ 3,260     $ 2,242     $ 1,803     $ 1,937      $ 1,520

Average net assets (in millions)

      $ 3,262          $ 2,606     $ 2,073     $ 2,052     $ 1,761      $ 1,529

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.62 %(i)            0.62 %       0.62 %       0.62 %       0.63 %        0.63 %

Expenses before waivers and/or expense reimbursement

        0.62 %(i)            0.62 %       0.62 %       0.62 %       0.63 %        0.63 %

Net investment income (loss)

        (0.29 )%(i)            (0.13 )%       0.13 %       0.19 %       0.25 %        0.23 %

Portfolio turnover rate(j)

        23 %            56 %       41 %       38 %       51 %        35 %

PSF PGIM Jennison Growth Portfolio—Class II

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 121.26          $ 77.94     $ 58.68     $ 59.38     $ 43.62      $ 44.19
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        (0.43 )            (0.49 )       (0.19 )       (0.14 )       (0.08 )        (0.07 )
Net realized and unrealized gain (loss) on investment and foreign currency transactions        12.43            43.81       19.45       (0.56 )       15.84        (0.54 )
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        12.00            43.32       19.26       (0.70 )       15.76        (0.61 )
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       — (b)(c)        — (b)(c)        —        0.04 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 133.26          $ 121.26     $ 77.94     $ 58.68     $ 59.38      $ 43.62
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        9.91 %            55.57 %       32.82 %(f)       (1.18 )%(f)       36.13 %        (1.29 )%(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 87          $ 88     $ 66     $ 61     $ 60      $ 41

Average net assets (in millions)

      $ 84          $ 72     $ 64     $ 70     $ 49      $ 50

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        1.02 %(i)            1.02 %       1.02 %       1.02 %       1.03 %        1.03 %

Expenses before waivers and/or expense reimbursement

        1.02 %(i)            1.02 %       1.02 %       1.02 %       1.03 %        1.03 %

Net investment income (loss)

        (0.70 )%(i)            (0.53 )%       (0.27 )%       (0.22 )%       (0.16 )%        (0.17 )%

Portfolio turnover rate(j)

        23 %            56 %       41 %       38 %       51 %        35 %

PSF PGIM Jennison Growth Portfolio—Class III

 

     April 26, 2021(k)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 132.99
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        (0.13 )

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

        7.46
    

 

 

  

Total from investment operations

        7.33
    

 

 

  

Net Asset Value, end of period

      $ 140.32
    

 

 

  
Total Return(e)        5.51 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 1

Average net assets (in millions)

      $ 1

Ratios to average net assets(h):

     

Expenses after waivers and/or expense reimbursement

        0.87 %(i)

Expenses before waivers and/or expense reimbursement

        0.87 %(i)

Net investment income (loss)

        (0.52 )%(i)

Portfolio turnover rate(j)

        23 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C16

Financial Highlights

(unaudited)

 

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (0.99)% and (1.38)% for Class I and Class II, respectively

(h)

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

(i)

Annualized.

(j)

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

(k)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C17

Financial Highlights

(unaudited)

PSF PGIM Jennison Value Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 37.28          $ 35.99     $ 28.55     $ 31.68     $ 27.08      $ 24.31
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.32            0.66       0.67       0.56       0.47        0.46
Net realized and unrealized gain (loss) on investment and foreign currency transactions        6.28            0.63       6.77       (3.71 )       4.13        2.28
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        6.60            1.29       7.44       (3.15 )       4.60        2.74
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       — (b)(c)        0.02 (b)        —        0.03 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 43.88          $ 37.28     $ 35.99     $ 28.55     $ 31.68      $ 27.08
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        17.70 %            3.58 %       26.06 %(f)       (9.88 )%(g)       16.99 %        11.39 %(h)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 1,562.0          $ 1,371.2     $ 1,429.9     $ 1,226.4     $ 1,480.3      $ 1,375.1

Average net assets (in millions)

      $ 1,497.1          $ 1,236.8     $ 1,354.1     $ 1,416.6     $ 1,412.8      $ 1,289.8

Ratios to average net assets(i):

                               

Expenses after waivers and/or expense reimbursement

        0.42 %(j)            0.43 %       0.43 %       0.43 %       0.43 %        0.42 %

Expenses before waivers and/or expense reimbursement

        0.42 %(j)            0.43 %       0.43 %       0.43 %       0.43 %        0.42 %

Net investment income (loss)

        1.55 %(j)            2.03 %       2.04 %       1.76 %       1.63 %        1.90 %

Portfolio turnover rate(k)

        11 %            32 %       25 %       23 %       16 %        24 %

PSF PGIM Jennison Value Portfolio—Class II

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 36.36          $ 35.25     $ 28.07     $ 31.27     $ 26.84      $ 24.19
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.23            0.51       0.53       0.42       0.35        0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions        6.13            0.60       6.65       (3.64 )       4.08        2.25
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        6.36            1.11       7.18       (3.22 )       4.43        2.62
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       — (b)(c)        0.02 (b)        —        0.03 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 42.72          $ 36.36     $ 35.25     $ 28.07     $ 31.27      $ 26.84
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        17.49 %            3.15 %       25.58 %(f)       (10.23 )%(g)       16.51 %        10.95 %(h)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 10.2          $ 9.0     $ 8.7     $ 6.1     $ 7.5      $ 7.1

Average net assets (in millions)

      $ 9.8          $ 7.9     $ 7.4     $ 7.2     $ 7.1      $ 8.0

Ratios to average net assets(i):

                               

Expenses after waivers and/or expense reimbursement

        0.82 %(j)            0.83 %       0.83 %       0.83 %       0.83 %        0.82 %

Expenses before waivers and/or expense reimbursement

        0.82 %(j)            0.83 %       0.83 %       0.83 %       0.83 %        0.82 %

Net investment income (loss)

        1.15 %(j)            1.62 %       1.63 %       1.36 %       1.23 %        1.53 %

Portfolio turnover rate(k)

        11 %            32 %       25 %       23 %       16 %        24 %

PSF PGIM Jennison Value Portfolio—Class III

 

     April 26, 2021(l)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 42.77
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.10

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

        1.00
    

 

 

  

Total from investment operations

        1.10
    

 

 

  

Net Asset Value, end of period

      $ 43.87
    

 

 

  
Total Return(e)        2.57 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 0.1

Average net assets (in millions)

      $ 0.1

Ratios to average net assets(i):

     

Expenses after waivers and/or expense reimbursement

        0.67 %(j)

Expenses before waivers and/or expense reimbursement

        0.67 %(j)

Net investment income (loss)

        1.18 %(j)

Portfolio turnover rate(k)

        11 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C18

Financial Highlights

(unaudited)

 

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (9.94)% and (10.29)% for Class I and Class II, respectively.

(h)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 11.27% and 10.83% for Class I and Class II, respectively.

(i)

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

(j)

Annualized.

(k)

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

(l)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C19

Financial Highlights

(unaudited)

PSF PGIM Total Return Bond Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 15.78          $ 14.55     $ 13.12     $ 13.14     $ 12.28      $ 11.64
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.20            0.45       0.49       0.45       0.42        0.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions        (0.37 )            0.78       0.94       (0.48 )       0.44        0.21
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        (0.17 )            1.23       1.43       (0.03 )       0.86        0.64
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       —       0.01 (b)        —        — (c)(d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 15.61          $ 15.78     $ 14.55     $ 13.12     $ 13.14      $ 12.28
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        (1.08 )%            8.45 %       10.90 %       (0.15 )%(f)       7.00 %        5.50 %(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 1,305          $ 1,293     $ 1,190     $ 1,123     $ 1,145      $ 1,105

Average net assets (in millions)

      $ 1,276          $ 1,235     $ 1,166     $ 1,132     $ 1,123      $ 1,121

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.43 %(i)            0.43 %       0.44 %       0.44 %       0.44 %        0.44 %

Expenses before waivers and/or expense reimbursement

        0.43 %(i)            0.43 %       0.44 %       0.44 %       0.44 %        0.44 %

Net investment income (loss)

        2.63 %(i)            2.99 %       3.53 %       3.44 %       3.28 %        3.52 %

Portfolio turnover rate(j)

        24 %            35 %       48 %       51 %       71 %        49 %

PSF PGIM Total Return Bond Portfolio—Class III

 

     April 26, 2021(k)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 15.35
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.07

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

        0.18 (l) 
    

 

 

  

Total from investment operations

        0.25
    

 

 

  

Net Asset Value, end of period

      $ 15.60
    

 

 

  
Total Return(e)        1.63 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 1

Average net assets (in millions)

      $ 1

Ratios to average net assets(h):

     

Expenses after waivers and/or expense reimbursement

        0.68 %(i)

Expenses before waivers and/or expense reimbursement

        0.68 %(i)

Net investment income (loss)

        2.30 %(i)

Portfolio turnover rate(j)

        24 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(d)

Amount rounds to zero.

(e)

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.

(f)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (0.23)%.

(g)

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

(h)

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

(i)

Annualized.

(j)

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

(k)

Commencement of offering.

(l)

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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C20

Financial Highlights

(unaudited)

PSF Small-Cap Stock Index Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 47.76          $ 43.03     $ 35.15     $ 38.51     $ 34.08      $ 26.94
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.20            0.40       0.46       0.40       0.39        0.35
Net realized and unrealized gain (loss) on investment transactions        10.93            4.33       7.42       (3.76 )       4.04        6.72
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        11.13            4.73       7.88       (3.36 )       4.43        7.07
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       —       — (b)(c)        —        0.07 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 58.89          $ 47.76     $ 43.03     $ 35.15     $ 38.51      $ 34.08
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        23.30 %            10.99 %       22.42 %       (8.73 )%(f)       13.00 %        26.50 %(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 1,028          $ 858     $ 834     $ 729     $ 850      $ 811

Average net assets (in millions)

      $ 994          $ 701     $ 794     $ 871     $ 811      $ 704

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.38 %(i)            0.40 %       0.39 %       0.39 %       0.40 %        0.40 %

Expenses before waivers and/or expense reimbursement

        0.38 %(i)            0.40 %       0.39 %       0.39 %       0.40 %        0.42 %

Net investment income (loss)

        0.71 %(i)            1.07 %       1.15 %       0.98 %       1.11 %        1.21 %

Portfolio turnover rate(j)

        9 %            18 %       19 %       18 %       17 %        20 %

PSF Small-Cap Stock Index Portfolio—Class III

 

     April 26, 2021(k)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 57.73
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.04

Net realized and unrealized gain (loss) on investment transactions

        1.09
    

 

 

  

Total from investment operations

        1.13
    

 

 

  

Net Asset Value, end of period

      $ 58.86
    

 

 

  
Total Return(e)        1.96 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 1

Average net assets (in millions)

      $ 1

Ratios to average net assets(h):

     

Expenses after waivers and/or expense reimbursement

        0.63 %(i)

Expenses before waivers and/or expense reimbursement

        0.63 %(i)

Net investment income (loss)

        0.38 %(i)

Portfolio turnover rate(j)

        9 %

 

(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)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 26.24%.

(h)

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

(i)

Annualized.

(j)

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

(k)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C21

Financial Highlights

(unaudited)

PSF Small-Cap Value Portfolio

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 28.39          $ 27.86     $ 22.69     $ 26.32     $ 23.46      $ 18.70
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        — (b)             0.14       0.20       0.13       0.12        0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions        5.63            0.39       4.97       (3.76 )       2.74        4.60
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        5.63            0.53       5.17       (3.63 )       2.86        4.75
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Capital Contributions

        —            —       —       — (b)(c)        —        0.01 (d) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 34.02          $ 28.39     $ 27.86     $ 22.69     $ 26.32      $ 23.46
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(e)

        19.83 %            1.90 %       22.79 %       (13.79 )%(f)       12.19 %        25.45 %(g)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 294          $ 244     $ 221     $ 180     $ 214      $ 211

Average net assets (in millions)

      $ 285          $ 188     $ 207     $ 211     $ 208      $ 189

Ratios to average net assets(h):

                               

Expenses after waivers and/or expense reimbursement

        0.98 %(i)            1.03 %       1.01 %       0.99 %       1.01 %        1.01 %

Expenses before waivers and/or expense reimbursement

        0.98 %(i)            1.03 %       1.02 %       1.00 %       1.02 %        1.02 %

Net investment income (loss)

        (0.02 )%(i)            0.61 %       0.76 %       0.48 %       0.51 %        0.75 %

Portfolio turnover rate(j)

        44 %            69 %       56 %       58 %       62 %        57 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Amount rounds to zero.

(c)

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

(d)

Represents payment received by the Portfolio, from Prudential, in connection with the failure to maximize securities lending income due to a restriction that benefited Prudential.

(e)

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.

(f)

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

(g)

Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been 25.40%.

(h)

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

(i)

Annualized.

(j)

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

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C22

Financial Highlights

(unaudited)

PSF Stock Index Portfolio—Class I

 

     Six Months Ended
June 30, 2021		        Year Ended December 31,
     2020   2019   2018   2017    2016

Per Share Operating Performance(a):

                               

Net Asset Value, beginning of period

      $ 87.66          $ 74.24     $ 56.64     $ 59.38     $ 50.70      $ 48.59
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Income (Loss) From Investment Operations:

                               

Net investment income (loss)

        0.52            1.12       1.12       1.00       0.92        0.89
Net realized and unrealized gain (loss) on investment transactions        12.68            12.30       16.48       (3.74 )       9.75        4.52
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total from investment operations

        13.20            13.42       17.60       (2.74 )       10.67        5.41
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Less Dividends and Distributions

        —            —       —       —       (1.99 )        (3.37 )

Capital Contributions

        —            —       —       —       —        0.07 (b) 
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Net Asset Value, end of period

      $ 100.86          $ 87.66     $ 74.24     $ 56.64     $ 59.38      $ 50.70
    

 

 

           

 

 

      

 

 

      

 

 

      

 

 

       

 

 

  

Total Return(c)

        15.06 %            18.08 %       31.07 %       (4.61 )%       21.46 %        11.83 %(d)

Ratios/Supplemental Data:

                               

Net assets, end of period (in millions)

      $ 6,464          $ 5,620     $ 4,757     $ 3,672     $ 3,928      $ 3,305

Average net assets (in millions)

      $ 6,031          $ 4,802     $ 4,298     $ 4,051     $ 3,630      $ 3,122

Ratios to average net assets(e):

                               

Expenses after waivers and/or expense reimbursement

        0.29 %(f)            0.31 %       0.31 %       0.31 %       0.32 %        0.32 %

Expenses before waivers and/or expense reimbursement

        0.29 %(f)            0.31 %       0.31 %       0.31 %       0.32 %        0.34 %

Net investment income (loss)

        1.11 %(f)            1.50 %       1.69 %       1.63 %       1.69 %        1.84 %

Portfolio turnover rate(g)

        1 %            4 %       3 %       4 %       4 %        5 %

PSF Stock Index Portfolio—Class III

 

     April 26, 2021(h)
through June 30,
2021
Per Share Operating Performance(a):     

Net Asset Value, beginning of period

      $ 97.90
    

 

 

  
Income (Loss) From Investment Operations:     

Net investment income (loss)

        0.15

Net realized and unrealized gain (loss) on investment transactions

        2.77
    

 

 

  

Total from investment operations

        2.92
    

 

 

  

Net Asset Value, end of period

      $ 100.82
    

 

 

  
Total Return(c)        2.98 %
Ratios/Supplemental Data:     

Net assets, end of period (in millions)

      $ 3

Average net assets (in millions)

      $ 2

Ratios to average net assets(e):

     

Expenses after waivers and/or expense reimbursement

        0.54 %(f)

Expenses before waivers and/or expense reimbursement

        0.54 %(f)

Net investment income (loss)

        0.80 %(f)

Portfolio turnover rate(g)

        1 %

 

(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 maximize securities lending income due to a restriction that benefited Prudential.

(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 11.69%.

(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 and certain derivatives. If such transactions were included, the Portfolio’s portfolio turnover rate may be higher.

(h)

Commencement of offering.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C23

The Prudential Series Fund

 

Portfolio Liquidity Risk Management Program — unaudited

   June 30, 2021

 

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 Series Fund’s Board of Trustees (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 2-5, 2021, 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, 2020 through December 31, 2020 (“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.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

C24

The Prudential Series Fund

Approval of Advisory Agreements

Renewal of Management and Subadvisory Agreements

The Trust’s Board of Trustees

The Board of Trustees (the Board) of The Prudential Series Fund (the Trust, and each series thereof, the Portfolios) consists of nine individuals, eight 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) 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 14-16, 2021 (the Meeting) and approved the renewal of the agreements through July 31, 2022, 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 QMA LLC (QMA), 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 QMA, 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, 2020, 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 2020. 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
   1st 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 all periods.

 

•  

The Board noted that PGIM Investments had contractually agreed to waive 0.0363% of its management fee through June 30, 2022.

 

•  

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 International Growth Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    1st Quartile    1st Quartile    1st Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 4th Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over all periods.

 

•  

The Board noted that PGIM Investments had contractually agreed to waive 0.019% of its management fee through June 30, 2022.

 

•  

The Board also noted that PGIM Investments contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 1.01% of the Portfolio’s average daily net assets through June 30, 2022.

•  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the agreements, and that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

 

PSF Mid-Cap Growth Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    2nd Quartile    2nd Quartile    3rd 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 management agreement, and that the management fees (including sub-advisory fees) and total expenses were reasonable in light of the services provided.

 

PSF Natural Resources Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    1st Quartile    2nd Quartile    3rd Quartile
Actual Management Fee: 1st Quartile
Net Total Expenses: 1st Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over all periods, other than the ten-year period.

 

•  

The Board noted that PGIM Investments had contractually agreed to waive 0.008% of its management fee through June 30, 2022.

 

•  

The Board concluded that, after considering a variety of information, including the factors set forth above, it would be in the best interests of the Portfolio and its shareholders to renew the management agreement, and that the management fees (including 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
   2nd Quartile    1st Quartile    1st Quartile    1st Quartile
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over all periods other than 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.

 

PSF PGIM Flexible Managed Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   3rd Quartile    2nd Quartile    2nd Quartile    1st Quartile
Actual Management Fees: 4th Quartile
Net Total Expenses: 3rd Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over the ten-year period, though it underperformed its benchmark index over the other periods.

 

•  

The Board considered that the Portfolio’s recent performance had improved, with the Portfolio outperforming both its benchmark index and Peer Universe median during the first quarter of 2021 and outperforming its benchmark index over the one-year period ended March 31, 2021.

•  

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
   1st Quartile    2nd Quartile    1st Quartile    2nd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over all periods other than 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.

 

PSF PGIM Government Money Market Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   3rd Quartile    2nd Quartile    2nd Quartile    3rd Quartile
Actual Management Fees: 2nd 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 High Yield Bond Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    1st 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 also noted that PGIM Investments contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 0.57% of the Portfolio’s average daily net assets through June 30, 2022.

 

•  

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
   1st Quartile    1st 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 all periods other than 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 Jennison Focused Blend Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    1st 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 other than 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 Jennison Growth Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   1st Quartile    1st Quartile    1st Quartile    1st Quartile
Actual Management Fees: 2nd 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 Value Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   2nd Quartile    3rd Quartile    4th Quartile    4th Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over the one-year period, though it underperformed its benchmark index over the other periods.

 

•  

The Board also noted information provided by the Manager indicating the continued rebound of the Portfolio, which outperformed its benchmark and Peer Universe in 2020.

 

•  

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
   4th Quartile    2nd 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 considered the Manager’s assertion that it believes the Portfolio’s underperformance was primarily attributable to performance challenges in the first quarter of 2020.

 

•  

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 Small-Cap Stock Index Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   3rd Quartile    2nd Quartile    2nd Quartile    1st Quartile
Actual Management Fees: 4th Quartile
Net Total Expenses: 3rd 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 Small-Cap Value Portfolio

Gross Performance

   

1 Year

    3 Years    5 Years    10 Years
   4th Quartile    3rd Quartile    2nd Quartile    2nd Quartile
Actual Management Fees: 4th Quartile
Net Total Expenses: 4th Quartile

 

•  

The Board noted that the Portfolio outperformed its benchmark index over the five- and ten-year periods, and it underperformed over the one- and three-year periods.

 

•  

The Board considered the Manager’s assertion that it believes the Portfolio’s underperformance to be temporary and largely attributed to 2020. In that regard, the Board noted that when it considered the performance of the Portfolio one year before (for periods ended December 31, 2019), the Portfolio outperformed its Peer Universe median and benchmark index over all periods.

 

•  

The Board also noted that the Manager contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio’s investment management fee and other expenses (subject to certain exclusions) do not exceed 0.97% of the Portfolio’s average daily net assets through June 30, 2022.

 

•  

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
   1st Quartile    1st 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 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.

**********

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.

The prospectuses for the Prudential Series Fund portfolios and the applicable variable annuity or variable life prospectuses contain information on the investment objectives, risks, charges and expenses of the portfolios and on the contracts and should be read carefully.

Information regarding how the Fund 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 the Fund’s website at www.prudential.com/variableinsuranceportfolios.

The Fund files with the Commission a complete listing of portfolio holdings as of its first and third calendar quarter-end on Form N-PORT. Form N-PORT is available on the Commission’s website at www.sec.gov or call (800) SEC-0330.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge upon request by calling the appropriate phone number listed below.

To contact your client services representative, please call the phone number listed below. Thank you.

Owners of Individual Annuity contracts should call (888) 778-2888.

Owners of Individual Life Insurance contracts should call (800) 778-2255.

Owners of Group Variable Universal Life Insurance contracts should call (800) 562-9874.

Owners of Group Variable Universal Life Insurance contracts through AICPA should call (800) 223-7473.

 

 

 

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

LOGO

   
 
            The Prudential Insurance Company of America

  751 Broad Street

  Newark, NJ 07102-3714

  

The Audited Financial Statements of Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities Life Assurance Corporation and The Prudential Insurance Company of America are available upon request. You may call (800) 944-8786 to obtain a free copy of the audited financial statements of the insurance company that issued your contract.

Every year we will send you an updated summary prospectus. We will also send you, or make available to you pursuant to Rule 30e-3 under the Investment Company Act of 1940, an annual report and a semi-annual report, which contain important financial information about the Portfolios.

To reduce Portfolio expenses, we may send or make available one annual shareholder report, one semi-annual shareholder report and one summary prospectus per household (householding), unless you instruct us or the relevant participating insurance company otherwise.

Householding is not yet available on all products. You should be aware that by calling (800) 778-2255, you can revoke, or “opt out,” of householding at any time, which may increase the volume of mail you will receive. Note: Effective January 1, 2021 you may no longer receive mailed copies of the annual and semi-annual reports, unless you elect to continue to receive these mailings.

©2021 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

PSF-SAR-A

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 Series Fund
By:    /s/ Andrew R. French
   Andrew R. French
   Secretary
Date:    August 18, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:    /s/ Timothy S. Cronin
   Timothy S. Cronin
   Principal Executive Officer
Date:    August 18, 2021
By:    /s/ Christian J. Kelly
   Christian J. Kelly
   Treasurer and Principal Financial and Accounting Officer
Date:    August 18, 2021