N-CSR

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:	12/31/2021

Item 1 – Reports to Stockholders

The Prudential Series Fund

ANNUAL REPORT December 31, 2021  

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.

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   Annual Report                 December 31, 2021        

∎ LETTER TO CONTRACT OWNERS

∎ MARKET OVERVIEW

∎ REPORT OF THE INVESTMENT MANAGERS AND PRESENTATION OF PORTFOLIO HOLDINGS

∎ BENCHMARK GLOSSARY

∎ 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	A61
	PSF PGIM Government Income Portfolio	A95
	PSF PGIM Government Money Market Portfolio	A103
	PSF PGIM High Yield Bond Portfolio	A107
	PSF PGIM Jennison Blend Portfolio	A128
	PSF PGIM Jennison Focused Blend Portfolio	A133
	PSF PGIM Jennison Growth Portfolio	A137
	PSF PGIM Jennison Value Portfolio	A141
	PSF PGIM Total Return Bond Portfolio	A146
	PSF Small-Cap Stock Index Portfolio	A180
	PSF Small-Cap Value Portfolio	A193
	PSF Stock Index Portfolio	A200
Section B	Financial Highlights
Section C	Notes to Financial Statements
Section D	Report of Independent Registered Public Accounting Firm
Section E	Information about Trustees and Officers

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   Annual Report                 December 31, 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 annual 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,

Timothy S. Cronin
President,
The Prudential Series Fund	January 31, 2022

Market Overview — unaudited   Annual Report         December 31, 2021        

Equity Market Overview

Stock markets throughout the world rallied in 2021 in reaction to massive ongoing economic stimulus packages, the re-opening of economies following COVID-19 pandemic lockdowns, rollouts of COVID-19 vaccines, record corporate profits, upbeat employment data, and strong consumer demand. However, supply-chain bottlenecks, concerns about rising inflation, and the emergence of COVID-19 variants led to occasional volatility. While developed markets shined, emerging markets faltered due largely to the poor performance of Chinese stocks and prospects of rising interest rates in the US and elsewhere.

Stocks delivered double-digit returns

For the year, the large-cap S&P 500 Index gained 28.70%, the broad-based Russell 3000 Index rose 25.66%, and the tech-heavy Nasdaq Composite Index returned 21.39%. Internationally, the MSCI ACWI Ex-US Index, a gauge of stock performance in developed and emerging markets outside the US, returned 7.82%. By comparison, fixed income securities, as measured by the Bloomberg US Aggregate Bond Index, declined 1.54%. (Performance is based on net returns in US dollars unless stated otherwise and assumes reinvestment of dividends.)

The economy rebounded, inflation spiked

The pace of economic growth in the US picked up sharply during the first half of 2021, spurred by aggressive fiscal stimulus. Real gross domestic product (GDP) growth surged to 6.7% (at an annual rate) in the second quarter, slipped to 2.3% in the third quarter, and spiked again to 6.9% in the fourth quarter. S&P 500 Index company profits rose significantly during the year. In December, the national unemployment rate dropped to 3.9% and the Consumer Price Index, a measure of inflation, spiked 7% from its level 12 months earlier, triggered in part by product shortages, supply-chain disruptions, labor scarcity, strong consumer demand, and a steep jump in energy prices.

West Texas Intermediate crude oil prices rose from just below $48 a barrel at the start of 2021 to just above $75 a barrel by year-end on expectations that the loosening of pandemic restrictions would boost travel, fueling demand for oil. The US Dollar Index rose 6.71% against a basket of developed market currencies over the year. Despite the pickup in the economy, the Federal Reserve (the Fed) kept its federal funds rate target near zero throughout the year.

US stocks rose despite headwinds

During the first quarter of 2021, US stock prices posted steep gains in anticipation that economic stimulus, which included a $1.9 trillion COVID-19 fiscal relief package in March, and rollouts of COVID-19 vaccines would drive growth. Oil prices rose sharply, the energy sector rallied, and GDP accelerated. The stock market continued its ascent through the second and most of the third quarter but suffered a pullback in September as concerns about inflation mounted.

In November, US inflation rose at its fastest pace in nearly 40 years. To help contain it, the Fed began tapering its monthly purchase of bonds. In December, the Fed signaled it would wind down that stimulus program sooner than previously planned and raise interest rates in 2022. Despite these concerns and worries about the Omicron variant of COVID-19, stocks advanced over the final quarter as investors turned their attention to robust corporate earnings and other positive economic data.

S&P 500 Index: leaders and laggards

In 2021, the top-performing sector in the S&P 500 Index was energy, rising 54.64% on a rebound in oil prices. Next in line were real estate (+46.19%), financials (+35.04%), information technology (+34.53%), materials (+27.28%), health care (+26.13%), consumer discretionary (+24.43%), communication services (+21.57%), and industrials (+21.12%). The “defensive” consumer staples and utilities sectors rose 18.63% and 17.67%, respectively.

Growth performed in line with value, large-cap stocks topped small-cap stocks

Over the year, the Russell 3000 Growth Index returned 25.85%, slightly edging out the Russell 3000 Value Index, which rose 25.37%. The large-cap Russell 1000 Index returned 26.45%, the Russell Midcap Index gained 22.58%, and the small-cap Russell 2000 Index trailed with a return of 14.82%.

International developed market stocks also advanced

Developed equity markets outside the US and Canada, as measured by the MSCI EAFE Index, rose 11.26% during the year. The MSCI UK Index returned 18.50%, and the MSCI Europe Index returned 16.30%, buoyed by government stimulus. The MSCI Japan Index returned 1.71%. Japanese stocks were pressured by supply-chain and COVID-19-related challenges.

Emerging market stocks fell

The MSCI Emerging Markets Index declined 2.54% in 2021. Investor concerns about a slowdown in China’s economy, a plunge in Chinese technology stock prices in response to a government regulatory crackdown, and worries about a stronger US dollar triggered the sell-off. The MSCI China Index dropped 21.72% while the Latin America component of the MSCI Emerging Markets Index fell 8.09% over the year.

Market Overview — unaudited (continued)   Annual Report         December 31, 2021        

Fixed Income Market Overview

Government bond markets dropped modestly in 2021 as investors grew increasingly concerned about rising inflation and the prospect of interest rate hikes. Treasury Inflation-Protected Securities (TIPS) and high yield corporate bonds, however, delivered positive returns.

The global investment-grade bond market, as measured by the Bloomberg Global Aggregate Bond (USD Hedged) Index, fell 1.40% for the year, slightly outperforming the 1.54% decline of the US investment-grade bond market, as measured by the Bloomberg US Aggregate Bond Index. TIPS, issued by the US government and indexed to inflation, rose 5.96%. High yield bonds (i.e., debt rated below investment grade) outperformed their investment-grade counterparts with a gain of 5.28%, as measured by the ICE BofA US High Yield Index. Emerging market debt, based on the J.P. Morgan EMBI Global Diversified Index, dropped 1.80%. (All returns cited are in US dollars unless stated otherwise.)

Aggressive stimulus spurred growth, higher inflation

With unemployment falling and corporate profits rising, the US economy continued to rebound in 2021, despite higher inflation, surging energy prices, and the ongoing COVID-19 pandemic. West Texas Intermediate crude oil prices rose from just below $48 a barrel at the start of the year to just above $75 a barrel by year-end on expectations that the loosening of pandemic restrictions would boost travel, fueling demand for oil. The US Dollar Index rose 6.71% against a basket of developed market currencies over the year.

Bond markets wobbled on fears of inflation, rate hikes

Early in 2021, expectations of aggressive US fiscal stimulus, including a $1.9 trillion COVID-19 fiscal relief package in March, and rollouts of COVID-19 vaccines raised fears that the economy could heat up and lead to higher inflation and interest rate hikes.

These concerns triggered a steep pullback in investment-grade bond prices while their yields, which move in the opposite direction to prices, rose. In the first quarter of 2021, US Treasuries suffered their second-worst quarterly performance in more than 40 years. Investors’ concerns also rippled through many international bond markets. Although US investment-grade bond returns fell over the first quarter, high yield corporate bonds posted positive total returns.

Real gross domestic product growth surged to 6.7% (at an annual rate) in the second quarter of 2021, slipped to 2.3% in the third quarter, and spiked again to 6.9% in the fourth quarter. Yields on long-term US Treasuries dropped modestly during the second quarter but rose notably late in the third quarter as concerns about inflation escalated.

In December, the national unemployment rate dropped to 3.9% and the Consumer Price Index, a measure of inflation, jumped 7% above its level 12 months earlier. The increase was triggered in part by product shortages, supply-chain disruptions, labor scarcity, strong consumer demand, and a steep leap in energy prices. In response, the Federal Reserve signaled it would wind down its monthly purchase of bonds, a program that began at the start of the pandemic to stimulate the economy, sooner than previously planned and raise interest rates in 2022. The inflation fears bolstered demand for TIPS, which returned 2.36% over the fourth quarter, surpassing other fixed income assets.

The yield on the 10-year US Treasury note closed 2021 at 1.51%, up from 0.92% at the beginning of the year. For the year, US Treasuries fell 2.32%, investment-grade US credits declined 1.04%, mortgage-backed (agency) securities dropped 1.04%, and the Bloomberg Municipal Bond Index rose 1.52%. (Returns of US investment-grade bonds are based on Bloomberg bond indexes unless stated otherwise.)

High yield bonds outperformed

US high yield bonds, with the 5.28% gain for 2021 noted above, benefited from the rebound in the US economy, stronger-than-expected corporate earnings, fiscal stimulus, and investors’ search for enhanced yields in the low-interest-rate environment. Fundamentals of corporate bond issuers improved as the economy recovered. High yield bond prices are less susceptible to rising interest rates than US Treasuries and other higher-rated debt, although they are more sensitive to the economic outlook and earnings of companies that issue them. The annual interest rate paid on a high yield bond is typically higher than the rate on an investment-grade bond because high yield bonds are riskier.

Emerging market bonds lagged

As mentioned above, emerging market bonds fell 1.80% in 2021. China’s high yield corporate debt market was a particularly poor performer. Turkey and Brazil also lagged as they both contended with inflation and political turmoil.

The Prudential Series Fund, PSF Global Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	18.23%		15.62%		13.06%		—
Portfolio: Class III	N/A		N/A		N/A		6.76
MSCI World Index® (GD)	22.35		15.64		13.32		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF Global Portfolio Class I shares returned 18.23%. The Portfolio’s Class I shares underperformed the MSCI World Index (GD).

What were the market conditions during the reporting period?

Despite economic constraints brought on by the COVID-19 global pandemic, investment market returns were largely positive in calendar-year 2021 (the reporting period). Generally, equities and real assets outperformed bonds by significant margins. For the period, US equities, as measured by the Russell 3000 Index, rose 25.66%; international equities, as measured by the MSCI EAFE Index, returned 11.78%. Conversely, bonds, as measured by the Bloomberg US Aggregate Bond Index, fell 1.54% over the period.

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

Each of the Portfolio’s subadvisors outperformed their respective style-specific benchmark during the period, with the exception of the domestic large-cap growth sleeve, which underperformed the Russell 1000 Growth index by a wide margin.

From a tactical perspective, the Portfolio was overweight US equities for most of the period, which added to its performance, but it rotated into international equities in the fourth quarter of the period, which subtracted some of those gains. Stylistically, the Portfolio maintained an overweight to domestic value investments. With growth and value stocks oscillating throughout the period, this overweight had minimal impact. An overweight to international growth equities during the fourth quarter was a net positive.

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

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

The Prudential Series Fund, PSF Global Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Global Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
Microsoft Corp.	Software	United States	2.6%
Alphabet, Inc. (Class C Stock)	Interactive Media &Services	United States	1.9%
Thermo Fisher Scientific, Inc.	Life Sciences Tools &Services	United States	1.8%
Service Now, Inc.	Software	United States	1.6%
NXP Semiconductors NV	Semiconductors &Semiconductor Equipment	China	1.6%
Intuit, Inc.	Software	United States	1.5%
Intuitive Surgical, Inc.	Health Care Equipment &Supplies	United States	1.5%
Zoetis, Inc.	Pharmaceuticals	United States	1.3%
Edwards Lifesciences Corp.	Health Care Equipment &Supplies	United States	1.2%
SBA Communications Corp., REIT	Equity Real Estate Investment Trusts (REITs)	United States	1.2%

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

The Prudential Series Fund, PSF International Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	12.48%		18.43%		12.28%
Portfolio: Class II	12.09		17.99		11.84
MSCI EAFE Index® (GD)		11.78		10.07		8.53
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower.
The graph is based on the performance of Class I shares. Performance of Class II shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15% respectively of the average daily net assets of the Class II shares.

For the year ended December 31, 2021, the PSF International Growth Portfolio Class I shares returned 12.48%. The Portfolio’s Class I shares outperformed the MSCI EAFE Index (GD).

What were the market conditions during the reporting period?

For calendar-year 2021 (the reporting period), the MSCI EAFE Index (GD) (the Index) rose 11.78%. While absolute returns were positive, most European and Asian countries trailed US markets, which rose 28.70% for the period (as measured by the S&P 500 Index). The COVID-19 pandemic continued to have a substantial impact globally. International equity returns were also tempered by a strong US dollar, as the Federal Reserve started to sound more hawkish late in the period and signaled possible interest rate increases and asset purchase tapering in 2022. (Hawkish suggests higher interest rates, opposite of dovish.)

By the end of the period, the Omicron variant of COVID-19 had started to spread. Although Omicron appeared to be more contagious than previous COVID-19 variants, the health impact seemed less severe. Investors subsequently focused more on stocks with lower valuations, higher returns on equity, and better profitability characteristics. From a sector perspective, the information technology, energy, and financials sectors advanced the most during the period. Although information technology was not undervalued, many companies in this sector benefited from employees continuing to work from home. Meanwhile, real estate and utilities lagged. Commercial real estate was especially impacted by COVID-19, as companies needed less office space with people working from home.

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

Stock selection drove the Portfolio’s relative performance during the period, as Jennison and William Blair led the way with their information technology and healthcare investments. As mentioned earlier, information technology, in particular, gained, as many continued to work from home. Meanwhile, some of the larger pharmaceutical companies produced strong sales and earnings growth for the period. Given their growth mandate, the Portfolio’s managers favored companies in these faster-growing areas and were rewarded.

Additionally, to the benefit of the Portfolio’s relative results, all three subadvisors were underweight Japan, which underperformed during the period. Delays in COVID-19 vaccine approvals, importations, and distribution caused a delay in the general population of Japan getting vaccinated during the period, resulting in more people there getting sick. Consequently, COVID-19 weighed heavily on the Japanese economy. Japan also has an aging population and slower economic growth rates than other regions. As a result, the Portfolio tended to be underweight Japan given the growth mandate.

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, PSF International Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Finally, exposures by all three subadvisors to companies with profitability and price momentum were key factors driving positive relative returns for the Portfolio during the period. Each subadvisor looks for companies with strong earnings growth rates and profitability. William Blair incorporates momentum as part of its process. For Neuberger Berman and Jennison, their momentum exposures were more of a residual effect of their bottom-up stock selection. In addition, each subadvisor’s underexposure to dividend-paying companies with higher leverage enhanced results. Investors eschewed these characteristics as they doubted whether companies could continue making dividend payments and sustain higher debt ratios during the pandemic.

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

Presentation of Portfolio Holdings — unaudited

PSF International Growth Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
Adyen NV, 144A	IT Services	Netherlands	2.8%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	2.6%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	2.5%
Straumann Holding AG	Health Care Equipment & Supplies	Switzerland	2.4%
Lonza Group AG	Life Sciences Tools & Services	Switzerland	2.3%
Techtronic Industries Co. Ltd.	Machinery	Hong Kong	2.1%
Atlassian Corp. PLC (Class A Stock)	Software	United States	1.9%
Ashtead Group PLC	Trading Companies & Distributors	United Kingdom	1.7%
Keyence Corp.	Electronic Equipment, Instruments & Components	Japan	1.7%
L’Oreal SA	Personal Products	France	1.7%

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, PSF Mid-Cap Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	10.69%		20.46%		15.56%		—
Portfolio: Class II	10.23		19.99		15.10		—
Portfolio: Class III	N/A		N/A		N/A		2.79
Russell MidCap® Growth Index	12.73		19.83		16.63		—
S&P MidCap 400 Index	24.76		13.09		14.20		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares. The Russell Midcap® Growth Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF Mid-Cap Growth Portfolio Class I shares returned 10.69%. The Portfolio’s Class I shares underperformed both the Russell Midcap Growth Index and the S&P Midcap 400 Index.

What were the market conditions during the reporting period?

Despite a volatile calendar-year 2021 (the reporting period) that saw many sector, style, and stock leadership changes, US equity markets ended the period higher, with the S&P 500 Index returning 28.70%.

Within the mid-cap stock universe, the market environment was mixed in the period, with both growth- and value-oriented companies outperforming at different times. Ultimately, value significantly outperformed growth by more than 15% during the period, with the Russell Midcap Value Index returning 28.34% vs. 12.73% for the Portfolio’s benchmark, the Russell Midcap Growth Index (the Index).

Within the Index, the real estate (+22.99%) and industrials (+22.18%) sectors had the highest returns. The communications services (-8.65%) and consumer staples (-7.22%) sectors were the only sectors in the Index to post negative returns for the period.

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

The Portfolio underperformed the Index during the reporting period. Relative performance in the second quarter of the period drove underperformance for the overall period, as the Portfolio’s balanced positioning toward companies with more reasonable growth expectations was not rewarded. June 2021 was particularly challenging, as higher growth, higher valuation segments of the market outperformed. The Portfolio continued to have low exposure to these segments.

Ultimately, stock selection was the primary driver of the Portfolio’s underperformance, led by the healthcare and consumer discretionary sectors. Healthcare detracted largely due to not owning Moderna Inc., while media and travel-related stocks in the consumer discretionary sector were notable laggards. On the positive side, stock selection within industrials contributed, with solid results coming from high-conviction, steady, and cyclical growth companies. Stock selection in information technology was also additive, with strong fundamentals and demand being rewarded in select semiconductor and software companies.

From an individual stock perspective, overweight positions in Global Payments Inc. and Discovery Communications LLC were the top detractors from Portfolio performance during the period. Global Payments traded lower, largely due to concerns about a slower-than-expected recovery in the industry’s payment volumes, a lack of near-term catalysts, and increased competitive pressures from new entrants. While selling some Global Payments shares

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, PSF Mid-Cap Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

during the period based on these concerns, Portfolio managers maintained a high degree of conviction in the company’s management and its ability to drive differentiation through partnerships, acquisitions, and solid execution. Discovery Communications was added to the Portfolio in the first quarter of the period, based on the opportunity for the company to outperform expectations as it ramped up its direct-to-consumer streaming service, Discovery+. Shortly afterward, the company traded lower following a large hedge fund unwinding its exposure to Discovery, as well as an announced combination of Discovery and AT&T’s WarnerMedia assets. The Portfolio sold its Discovery shares in the third quarter of the period, as the combination of both platforms’ content added additional execution risk and likely delayed connected-TV investments, which was central to the Portfolio’s investment thesis.

An overweight position in Blackstone, Inc. was a top positive contributor, with outperformance coming in the first three quarters of the period as the company generated momentum behind its strong investment performance, near-record capital deployment, and record inflows. The Portfolio eliminated its Blackstone position in the fourth quarter of the period due to market capitalization considerations. An overweight position in Generac Holdings Inc. was also a top positive contributor, as the company continued to benefit from accelerated demand for generators and new battery products. While the Portfolio pared its position in Generac due to multi-year strength, it maintained conviction in the company, supported by a strong demand backlog and traction within batteries.

Throughout the period, the Portfolio pared multi-year winners while adding to what it saw as high-quality companies with more reasonable expectations. As a result, the Portfolio continued to exhibit a diversified and balanced posture. That being said, Portfolio managers are developing compelling stock-specific ideas with a focus on areas of emerging leadership, particularly within industrials and financials, which remain the Portfolio’s largest overweight sectors. The Portfolio’s industrials positioning is driven by high-quality franchises with secular growth dynamics and later-cycle end-market exposures. Opportunities in financials include cyclical stocks with attractive risk-reward profiles and steady business services companies. Conviction also remains within healthcare despite relative weakness in that sector, with the Portfolio’s positioning focused on steady, secular growth stocks. Portfolio managers remain cautious within consumer discretionary and information technology, which represented the Portfolio’s largest underweight sectors, as consensus expectations remain elevated. Heading into 2022, the Portfolio is focused on what it considers to be high-quality stocks with strong fundamentals and the most attractive risk-reward prospects.

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

Presentation of Portfolio Holdings — unaudited

PSF Mid-Cap Growth Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Palo Alto Networks, Inc.	Software	2.0%
Trane Technologies PLC	Building Products	2.0%
Dexcom, Inc.	Health Care Equipment & Supplies	1.9%
Agilent Technologies, Inc.	Life Sciences Tools & Services	1.7%
Copart, Inc.	Commercial Services & Supplies	1.7%
Old Dominion Freight Line, Inc.	Road & Rail	1.6%
SolarEdge Technologies, Inc.	Semiconductors & Semiconductor Equipment	1.5%
Teradyne, Inc.	Semiconductors & Semiconductor Equipment	1.5%
Zebra Technologies Corp. (Class A Stock)	Electronic Equipment, Instruments & Components	1.5%
Synopsys, Inc.	Software	1.5%

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, PSF Natural Resources Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	25.50%		4.99%		-0.11%		—
Portfolio: Class II		25.03		4.58		-0.52		—
Portfolio: Class III		N/A		N/A		N/A		10.38
Blended Index		31.03		4.83		3.23		—
MSCI World Index® (GD)		22.35		15.64		13.32		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF Natural Resources Portfolio Class I shares returned 25.50%. The Portfolio’s Class I shares underperformed the Blended Index and outperformed the MSCI World Index (GD).

What were the market conditions during the reporting period?

Calendar-year 2021 (the reporting period) was another solid year for the overall markets, with the S&P 500 Index up 28.70%. While COVID-19 fears led to bouts of volatility, these fears eased as the period progressed. This, combined with tremendous government stimulus worldwide, fueled robust gross domestic product and earnings growth. Inflation became an increasing part of the discussion as the markets moved from a transitory view of price increases to a more long-term view. This dynamic helped drive cyclical and value stocks higher. Energy stocks were the strongest sector of the US equity market, and mining stocks also performed well. Long-duration growth stocks did not fare well, peaking in February and drifting steadily lower through the end of the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) This dynamic adversely impacted the performance of the Portfolio’s energy transition stocks, which have high growth and large addressable markets but carried high valuations. Early in the period, the Portfolio built positions in oil and gas stocks, reversing the underweight position it held during most of 2020. Positions in energy transition stocks also were tactically reduced, given the unfavorable market sentiment toward long-duration growth.

During the period, a majority of commodity prices increased significantly. Oil prices moved steadily higher, driven by a recovery in demand that outpaced the additions of supply. Copper prices rallied throughout the period after a strong recovery in China demand, as well as incremental optimism about long-term demand for copper from electric vehicles, solar, wind, and electrical infrastructure industries.

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

The Portfolio gained approximately 25.50% during the reporting period. While the absolute returns were on par with strong performance in the broad equity market, the Portfolio underperformed its blended Index. This relative underperformance was driven primarily by an overweight of the energy transition theme, in particular solar, as these stocks materially underperformed during the period. This was partially offset by strong stock selection in energy and mining.

The Portfolio maintained its discipline to manage risk and opportunity during changing market conditions as it employed a flexible and adaptive management style.

The Portfolio benefited from robust performance during the period from several energy holdings, including Diamondback Energy Inc., ConocoPhillips, Devon Energy Corp., Marathon Oil Corp., Pioneer Natural Resources Co., EQT Corp., ONEOK Inc., and Marathon Petroleum Corp. These were partially offset by underperformance from certain companies in the renewable energy space such as Suncor Energy Inc. and Renewable Energy Group Inc.; both positions were sold during the period.

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, PSF Natural Resources Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Additionally, holdings in companies focused on solar, wind, and battery themes were detractors, including Enphase Energy Inc., Sunrun Inc., SolarEdge Technologies Inc., Vestas Wind Systems A/S, Sunnova Energy International Inc., LG Chem Ltd., and Samsung SDI Co. Ltd. These were partially offset by positive contributions from Generac Holdings Inc. and Plug Power Inc. The Portfolio tactically reduced exposure to the theme by exiting the Portfolio’s position in Vestas during the period. At the end of the period, the Portfolio still had high conviction in the theme over the long term and will likely add opportunistically to its top ideas in the coming quarters.

In materials, the Portfolio’s positions in copper and rare earths miners delivered the strongest relative performance, led by Freeport-McMoRan Inc. and MP Materials Corp., partially offset by Rio Tinto plc, First Quantum Minerals Ltd., and BHP Group Ltd., which detracted. The Portfolio sold its position in First Quantum during the period.

At the end of the reporting period, the Portfolio’s management was optimistic about continued absolute and relative performance. The Portfolio remains broadly diversified across multiple investment themes, with managers believing it has an attractive combination of cyclical leverage and secular growth. The mega trend of underinvestment in oil and gas (leading to higher prices) and rising investment in the energy transition (leading to higher growth visibility) is continuing, which may benefit both segments. The cyclical sectors within the Portfolio’s strategy have historically done well during times of rising inflation. Economic trends are making it increasingly clear that higher inflation is structural rather than transitory. In oil and gas, Portfolio managers expect a continuation of a strong oil macro environment, combined with staunch capital discipline, robust free cash flow, generous cash return to shareholders, and attractive valuation relative to the market to drive these stocks higher. In materials, these same inflationary forces, combined with increasing structural demand for materials fueled by the multi-decade energy transition, are expected to support strong fundamentals for mining companies. For the energy transition theme, Portfolio managers see continued policy support around the world; robust demand from governments, businesses, and consumers for renewable energy; powerful growth for electric vehicles; and increasing credit given to companies with strong environmental, social, and governance profiles. Over the long term, Portfolio managers expect strong growth for solar, wind, energy storage, and hydrogen to benefit the energy transition pure plays as well as the energy transition enablers.

Regarding derivatives, at times the Portfolio utilizes a buy-write strategy with call options written against long equity positions. At any given time, call options may be written against some of the long exposure depending on the premium income, market volatility, and outlook on the underlying positions. The Portfolio did not use derivatives during the reporting period.

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

Presentation of Portfolio Holdings — unaudited

PSF Natural Resources Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
Chevron Corp.	Integrated Oil & Gas	United States	5.3%
Exxon Mobil Corp.	Integrated Oil & Gas	United States	5.0%
ConocoPhillips	Oil & Gas Exploration & Production	United States	4.9%
Royal Dutch Shell PLC (Class B Stock)	Integrated Oil & Gas	Netherlands	4.1%
Valero Energy Corp.	Oil & Gas Refining & Marketing	United States	3.6%
Linde PLC	Industrial Gases	United Kingdom	3.0%
Freeport-McMoRan, Inc.	Copper	United States	2.8%
Schlumberger NV	Oil & Gas Equipment & Services	United States	2.8%
Equinor ASA	Integrated Oil & Gas	Norway	2.6%
BP PLC	Integrated Oil & Gas	United Kingdom	2.5%

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, PSF PGIM 50/50 Balanced Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	13.38%		10.41%		9.52%		—
Portfolio: Class III	N/A		N/A		N/A		7.76
Blended Index	12.98		10.86		9.52		—
S&P 500 Index	28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM 50/50 Balanced Portfolio Class I shares returned 13.38%. The Portfolio’s Class I shares outperformed the Blended Index and underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

Calendar-year 2021 (the reporting period) was characterized by a stable first half as global economies recovered, before growth slowed in the third quarter on supply-chain disruptions and the increased spread of COVID-19. However, various economic indicators maintained strength through the final quarter of the period, which provided a tailwind for risk assets and helped US equities cap a third year of double-digit gains, despite the ongoing global pandemic and the economic disruptions it caused. Swift medical developments, including the global rollout of COVID-19 vaccines, as well as extraordinary fiscal and monetary stimulus unleashed by global economies, contributed to these gains. Other risk assets also performed well, including international equities, credit, commodities, and real estate.

Inflation was also a key factor during the period, as energy and commodity prices continued to trend higher and pushed the Consumer Price Index to its highest level since the early 1980s. The 10-year US Treasury yield ended the period at 1.5%, roughly in line with the rest of the period but a full half-percent above its level in January. This rise in rates was a decidedly negative factor for fixed income holdings, especially those without credit exposure to help cushion the blow to duration. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Despite the continued rise in inflation throughout the period, longer-term yields remained stable, as investors adopted the Federal Reserve’s view that price increases were transitory. Indeed, various market measures of longer-term inflation expectations remained grounded, including market surveys and yields on Treasury inflation-protected securities. Short-term rates, on the other hand, rose almost 50 basis points as markets gradually priced in the rate hikes expected in 2022. (One basis point equals 0.01%.)

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

Asset allocation decisions had a positive impact on Portfolio performance during the reporting period. A consistent and diversified overweight to risk assets over the course of the period benefited returns as the continued global recovery provided a strong tailwind. An off-benchmark position in international equities, meant to diversify equity exposure, was not exceptionally effective as it trailed domestic equity markets. However, the position was funded by an underweight to fixed income, so it was a positive performer overall. In addition, cash was kept at close-to-benchmark levels, which helped shorten the duration of the underweight fixed income allocation. Lastly, the fixed income manager also added value by prudently responding to duration and using credit exposure effectively to outpace the benchmark in the face of rising interest rates.

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, PSF PGIM 50/50 Balanced Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

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

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM 50/50 Balanced Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	3.6%
Microsoft Corp.	Software	3.3%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.9%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.1%
Tesla, Inc.	Automobiles	1.1%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.1%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	1.0%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	1.0%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	0.7%
UnitedHealth Group, Inc.	Health Care Providers & Services	0.6%

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, PSF PGIM Flexible Managed Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	17.36%		11.17%		10.91%		—
Portfolio: Class III		N/A		N/A		N/A		8.18
Blended Index		15.95		12.48		11.01		—
S&P 500 Index		28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Flexible Managed Portfolio Class I shares returned 17.36%. The Portfolio’s Class I shares outperformed the Blended Index and underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

Calendar-year 2021 (the reporting period) was characterized by a stable first half as global economies recovered, before growth slowed in the third quarter on supply-chain disruptions and the increased spread of COVID-19. However, various economic indicators maintained strength through the final quarter of the period, which provided a tailwind for risk assets and helped US equities cap a third year of double-digit gains, despite the ongoing global pandemic and the economic disruptions it caused. Swift medical developments, including the global rollout of COVID-19 vaccines, as well as extraordinary fiscal and monetary stimulus unleashed by global economies, contributed to these gains. Other risk assets also performed well, including international equities, credit, commodities, and real estate.

Inflation was also a key factor during the period, as energy and commodity prices continued to trend higher and pushed the Consumer Price Index to its highest level since the early 1980s. The 10-year US Treasury yield ended the period at 1.5%, roughly in line with the rest of the period but a full half-percent above its level in January. This rise in rates was a decidedly negative factor for fixed income holdings, especially those without credit exposure to help cushion the blow to duration. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Despite the continued rise in inflation throughout the period, longer-term yields remained stable, as investors adopted the Federal Reserve’s view that price increases were transitory. Indeed, various market measures of longer-term inflation expectations remained grounded, including market surveys and yields on Treasury inflation-protected securities. Short-term rates, on the other hand, rose almost 50 basis points as markets gradually priced in the rate hikes expected in 2022. (One basis point equals 0.01%.)

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

Asset allocation decisions had a positive impact on Portfolio performance during the reporting period. A consistent and diversified overweight to risk assets over the course of the period benefited returns as the continued global recovery provided a strong tailwind. An off-benchmark position in international equities, meant to diversify equity exposure, was not exceptionally effective as it trailed domestic markets. However, the position was funded by an underweight to fixed income, so it was a positive performer overall. In addition, cash was kept at close-to-benchmark levels, which helped shorten the duration of the underweight fixed income allocation.

Managers also added to Portfolio returns during the period. In the face of rising interest rates, the fixed income manager prudently responded to duration and used credit exposure effectively to outpace the benchmark. In addition, the equity managers’ preference for cheap, high-quality stocks was a successful strategy that helped them handily outpace their respective benchmarks.

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, PSF PGIM Flexible Managed Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

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

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Flexible Managed Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	4.5%
Apple, Inc.	Technology Hardware, Storage & Peripherals	4.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.0%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.6%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.6%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	1.5%
Tesla, Inc.	Automobiles	1.4%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	1.0%
Johnson & Johnson	Pharmaceuticals	0.9%
Broadcom, Inc.	Semiconductors & Semiconductor Equipment	0.8%

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, PSF PGIM Government Income Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	-3.17%		2.76%		2.36%		—
Portfolio: Class III		N/A		N/A		N/A		-0.99
Bloomberg Government Bond Index		-2.28		3.07		2.14		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Government Income Portfolio Class I shares returned -3.17%. The Portfolio’s Class I shares underperformed the Bloomberg Government Bond Index.

What were the market conditions during the reporting period?

The strong global rebound from the depths of the COVID-19 pandemic continued throughout much of calendar-year 2021 (the reporting period), as economies continued to respond to monetary and fiscal stimulus. The effective rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (the Fed) on the potential for further stimulus, shifted the prospects for growth and inflation in the first half of the period, kicking off a robust “reflation trade” in bond markets. This caused the US Treasury yield curve to steepen sharply over the first half of the period before flattening again in the second half of the period, as the market pulled forward its expectation for interest rate hikes. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

While the yield on the 2-year Treasury note rose sharply in the fourth quarter of the period as markets began pricing in three interest rate hikes in 2022, long-end Treasury yields declined amid uncertainty around the Omicron variant of COVID-19 and the prospect of slower economic growth. Despite steepening over the first part of the period, the US Treasury yield curve flattened slightly over the full period, with the 10-year/2-year Treasury spread declining from 0.80% to 0.78% as of December 31, 2021.

Mortgage-backed securities (MBS) posted negative returns amid increased supply and concerns around the Fed’s tapering of its asset purchases. Meanwhile, strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with high-quality commercial mortgage-backed securities (CMBS) and collateralized loan obligation (CLO) spreads trading below their pre-pandemic levels at the end of the period.

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

During the period, security selection, especially in US Treasuries, was the largest detractor from the Portfolio’s performance. Selection in MBS also detracted from performance. This was partially offset by security selection in agencies and CMBS, which contributed to returns. Overall sector allocation contributed to the Portfolio’s performance, with overweights to CLOs and CMBS the largest contributors. An underweight to MBS also contributed. The combined impact of the Portfolio’s duration and yield curve strategies detracted from performance for the period. Duration is a measure of a bond’s price sensitivity to interest rate changes over time.

During the period, the Portfolio used interest rate swaps to help manage duration and yield curve exposure. The use of interest rate swaps had a negative impact on performance during the period. The Portfolio used futures to manage the Fund’s interest rate risk, which is a more efficient way of managing interest rate risk than through the purchases and sales of cash bonds. The use of futures detracted from the Portfolio’s performance during the period.

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, PSF PGIM Government Income Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Government Income Portfolio (As of 12/31/2021)
Credit Quality	% of Total Investments
AAA	97.5%
AA	0.8%
NR	-0.4%
Cash/Cash Equivalents	2.1%
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.

The Prudential Series Fund, PSF PGIM Government Money Market Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		7-Day* Current Net Yield		1 Year		5 Years		10 Years		Since Inception	7-DAY CURRENT NET YIELD*
Portfolio: Class I	0.00%		0.04%		0.87%		0.44%		—
Portfolio: Class III	0.00		0.04		N/A		N/A		0.03
Lipper US Government Money Market Index		N/A		0.01		0.76		0.39		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. The Portfolio Class III inception: 05/18/2020. The yield quotation more closely reflects the current earnings of the Portfolio than the total return quotation. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.
*Source: The iMoneyNet Govt & Agency Retail Average is comprised of 174 funds. The weekly 7-day current net yields of the Government Money Market Portfolio and the iMoneyNet Govt & Agency Retail Average universe are as of 12/31/2021. The graph is based on the 7-day current net yields of Class I shares.
An investment in the Government Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $10.00 per share, it is possible to lose money by investing in the Portfolio.

For the year ended December 31, 2021, the PSF PGIM Government Money Market Portfolio Class I shares returned 0.04%. The Portfolio’s Class I shares outperformed the Lipper US Government Money Market Index.

What were the market conditions during the reporting period?

The strong global rebound from the depths of the COVID-19 pandemic continued throughout much of calendar-year 2021 (the reporting period), as economies continued to respond to monetary and fiscal stimulus. The rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (Fed) on the potential for further stimulus, shifted the prospects for growth and inflation in the first half of the period, kicking off a robust “reflation trade” in bond markets. This caused the US Treasury yield curve to steepen sharply over the first half of the period before flattening again in the second half of the period, as the market pulled forward its expectation for interest rate hikes. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

While the yield on the 2-year Treasury note rose sharply in the fourth quarter of the period as markets began pricing in three interest rate hikes in 2022, long-end Treasury yields declined amid uncertainty around the Omicron variant of COVID-19 and the prospect of slower economic growth. Despite steepening over the first part of the period, the US Treasury yield curve flattened slightly over the full period, with the 10-year/2-year Treasury yield spread declining from 0.80% to 0.78% as of December 31, 2021. Meanwhile, the yield on the 3-month Treasury bill declined from 0.08% to 0.05%, while the 3-month LIBOR (London Interbank Offered Rate) declined from 0.24% to 0.22%. In the short-term credit markets, investment-grade credit spreads widened during the period. The Bloomberg 1-3 Year Credit Index, a proxy for the short-term spread market, outperformed similar short-duration Treasuries by 0.29% during the period. (Duration is a measure of a bond’s price sensitivity to interest rate changes over time.)

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

The Prudential Series Fund, PSF PGIM Government Money Market Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

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

The Portfolio’s weighted average maturity (WAM) was shorter than peers during the first quarter of the period. It remained shorter through the first half of the second quarter, extended mid-second quarter, and remained longer than peers through the third quarter of the period. The Portfolio’s WAM shortened at the beginning of the fourth quarter, as it became clear the Fed was nearing a tightening cycle, and remained shorter than peers for the remainder of the period. The Portfolio’s weighted average life (WAL) remained extended through floating rate securities through the third quarter as short-term (overnight) rates hovered near zero, but shortened in the fourth quarter of the period and remained shorter than peers through quarter-end.

Throughout the period, the Portfolio took advantage of changing floating rate spreads and shifted positioning across LIBOR floaters and secured overnight financing rate floaters accordingly. Floaters are bonds or other types of debt whose coupon rate changes with short-term interest rates.

Additionally, to take advantage of changing relative value between the sectors, the Portfolio shifted its positioning in agency discount notes, repurchase agreements, and US Treasuries throughout the period.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Government Money Market Portfolio (As of 12/31/2021)
Ten Largest Holdings	Interest Rate	Maturity Date	% of Net Assets
U.S. Treasury Bills	0.067%	03/24/2022	6.8%
U.S. Treasury Bills	0.061%	03/10/2022	5.9%
U.S. Cash Management Bills	0.097%	04/26/2022	3.9%
U.S. Treasury Bills	0.055%	03/17/2022	2.9%
U.S. Treasury Bills	0.056%	01/06/2022	2.5%
U.S. Treasury Bills	0.058%	01/11/2022	2.5%
U.S. Treasury Bills	0.047%	02/22/2022	2.5%
Federal Farm Credit Bank	0.080%	05/13/2022	2.3%
U.S. Cash Management Bills	0.051%	03/22/2022	2.1%
Federal Home Loan Bank	0.065%	03/25/2022	2.1%
Holdings reflect only short-term investments.

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

The Prudential Series Fund, PSF PGIM High Yield Bond Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	7.93%		7.44%		7.42%		—
Portfolio: Class III	N/A		N/A		N/A		3.90
Bloomberg US High Yield 1% Issuer Capped Index	5.16		6.13		6.72		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM High Yield Bond Portfolio Class I shares returned 7.93%. The Portfolio’s Class I shares outperformed the Bloomberg US High Yield 1% Issuer Capped Index.

What were market conditions during the reporting period?

US high yield corporate bonds posted strong gains in calendar-year 2021 (the reporting period), driven by positive COVID-19 vaccine news, an accelerated economic recovery, higher-than-expected corporate earnings, ongoing monetary and fiscal stimulus programs, and declining default rates. While flows into high yield corporate bond mutual funds were negative, strong demand from institutional accounts and a new-issue calendar consisting mostly of refinancing activity provided a strong technical backdrop for the asset class. Meanwhile, fundamentals improved markedly from their pandemic lows, as default rates declined sharply, credit quality improved, and corporate earnings continued to surprise to the upside. High yield spreads tightened over the period, as positive momentum from strong corporate earnings and improving fundamentals offset concerns over COVID-19 variants, persistent inflation, and an increasingly hawkish Federal Reserve. For the full period, the Bloomberg US High Yield 1% Issuer Constrained Bond Index returned 5.16% on a total-return basis and 6.47% on an excess-return basis. By quality, lower-quality (CCC-rated) credits significantly outperformed their higher-quality (BB-rated and B-rated) peers during the period, as many of the higher-beta and COVID-19-impacted sectors that should benefit from strong growth and a further reopening of the economy outperformed. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) For the period, energy was the best-performing sector, followed by transportation and metals &mining. The high yield primary market remained active, as issuers continued to take advantage of the low yield environment to push out maturities and lower their cost of capital. After issuing a record $450 billion in high yield corporate bonds during 2020, US companies issued another $485 billion in high yield corporate bonds in 2021. The par-weighted US high yield bond default rate, including distressed exchanges, ended the period at 0.27%, down from 6.17% at the end of 2020, according to JP Morgan.

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

During the reporting period, the Portfolio’s relative outperformance was driven primarily by overall security selection, with selection in the upstream and midstream energy, telecommunications, and gaming/lodging/leisure industries contributing the most. Meanwhile, security selection within cable & satellite, media & entertainment, and healthcare & pharmaceuticals detracted from results. Sector allocation also contributed to performance, with overweights to upstream energy, midstream energy, and aerospace & defense the largest contributors. Overweights to electric utilities and cable & satellite, along with an underweight to transportation & environmental services, detracted. From a beta perspective, on average, having more risk in the Portfolio relative to the benchmark was a strong contributor to returns during the period.

Among the largest single-name contributors to the Portfolio’s performance were positions in Chesapeake Energy Corp. (upstream energy), Ferrellgas Partners LP (upstream energy), and Extraction Oil & Gas Inc. (upstream energy). Overweights to Intelsat Jackson Holdings SA (cable & satellite), Diamond Sports Group LLC (media & entertainment), and Bausch Health Companies Inc. (healthcare & pharmaceuticals) were the largest single-name detractors from the Portfolio’s performance.

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, PSF PGIM High Yield Bond Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

During the period, the Portfolio used US Treasury futures to manage interest rate risk, a more efficient way of managing interest rate risk than through the purchase and sale of cash bonds. The impact of futures detracted from the Portfolio’s performance during the period. The Portfolio used credit derivatives to manage its overall risk profile, which positively impacted performance.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM High Yield Bond Portfolio (As of 12/31/2021)
Credit Quality	% of Total Investments
BBB	1.7%
BB	32.8%
B	39.6%
CCC	14.6%
CC	0.8%
NR	5.0%
Cash/Cash Equivalents	5.5%
Total Investments	100.0%

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

The Prudential Series Fund, PSF PGIM Jennison Blend Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	20.36%		19.08%		15.32%		—
Portfolio: Class II	19.88		18.61		14.86		—
Portfolio: Class III	N/A		N/A		N/A		11.60
Russell 1000® Index	26.45		18.43		16.54		—
S&P 500 Index	28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares. The Russell 1000® Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Jennison Blend Portfolio Class I shares returned 20.36%. The Portfolio’s Class I shares underperformed both the Russell 1000 Index and the S&P 500 Index.

What were the market conditions during the reporting period?

The US economy expanded during calendar-year 2021 (the reporting period), as policymakers continued to support growth with extraordinary monetary and fiscal stimulus programs aimed at combating the effects of the COVID-19 pandemic. The final three months of the period were marked by the emergence of the COVID-19 Omicron variant and heightened concerns over inflation, which led the Federal Reserve to announce an accelerated tapering plan to reduce its monthly asset purchases. Against this backdrop, equity markets rose to all-time highs to close out the period.

Corporate earnings remained strong during the period, benefiting from a robust economic recovery from pandemic lows. The effects of monetary and fiscal stimulus were visible in the record levels of household and corporate cash, which bolstered demand, and strength in corporate capital expenditures. While supply chains remained tight during the period, the worst of the port and logistics congestion showed signs of easing as the period ended. Holiday shopping took place earlier than normal, but overall supply appeared to keep pace with the seasonal step-up in demand.

Employment continued to rebound during the period, with minimum wage increases, bonus payments, and benefit enhancements instituted across a broad spectrum of industries to retain talent and encourage workers to return to the labor force. Consumer confidence remained strong during the period, although it declined following the emergence of the COVID-19 Delta and Omicron variants.

The S&P 500 Index (the Index) gained 28.70% during the period. All Index sectors posted positive results. Energy, real estate, and financials posted the strongest absolute returns, while consumer staples and utilities posted the weakest returns.

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

All Portfolio sectors contributed positively to the Portfolio’s absolute returns during the reporting period.

Relative to the Index, outperforming sectors were consumer staples and financials. Top sectors that lagged relative to the Index were information technology, consumer discretionary, and communication services.

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, PSF PGIM Jennison Blend Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

The most notable stocks to contribute positively to the Portfolio’s performance during the period included positions in Alphabet Inc., Nvidia Corp., Tesla Inc., Microsoft Corp., The ConocoPhillips Company, Johnson Controls International plc, and Apple Inc. Top detractors from the Portfolio’s results during the period included Peloton Interactive Inc., RingCentral Inc., MercadoLibre Inc., BioNTech SE, and Spotify Technology SA. Having underweighted positions in the strongly performing stocks of Microsoft and Apple hurt the Portfolio’s relative performance.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Jennison Blend Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	4.5%
Tesla, Inc.	Automobiles	4.4%
Microsoft Corp.	Software	4.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	3.4%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.3%
ConocoPhillips	Oil, Gas & Consumable Fuels	3.0%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	2.9%
Shopify, Inc. (Canada) (Class A Stock)	IT Services	2.2%
Eli Lilly & Co.	Pharmaceuticals	2.2%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.7%

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, PSF PGIM Jennison Focused Blend Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	16.84%		19.45%		15.04%		—
Portfolio: Class II	16.35		18.97		14.58		—
Portfolio: Class III	N/A		N/A		N/A		7.25
Russell 1000® Index	26.45		18.43		16.54		—
S&P 500 Index	28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares. The Russell 1000® Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Jennison Focused Blend Portfolio Class I shares returned 16.84%. The Portfolio’s Class I shares underperformed both the Russell 1000 Index and the S&P 500 Index.

What were market conditions during the reporting period?

The US economy expanded during calendar-year 2021 (the reporting period), as policymakers continued to support growth with extraordinary monetary and fiscal stimulus programs aimed at combating the effects of the COVID-19 pandemic. The final three months of the period were marked by the emergence of the COVID-19 Omicron variant and heightened concerns over inflation, which led the Federal Reserve to announce an accelerated tapering plan to reduce its monthly asset purchases. Against this backdrop, equity markets rose to all-time highs to close out the period.

Corporate earnings remained strong during the period, benefiting from a robust economic recovery from pandemic lows. The effects of monetary and fiscal stimulus were visible in the record levels of household and corporate cash, which bolstered demand, and strength in corporate capital expenditures. While supply chains remained tight during the period, the worst of the port and logistics congestion showed signs of easing as the period ended. Holiday shopping took place earlier than normal, but overall supply appeared to keep pace with the seasonal step-up in demand.

Employment continued to rebound during the period, with minimum wage increases, bonus payments, and benefit enhancements instituted across a broad spectrum of industries to retain talent and encourage workers to return to the labor force. Consumer confidence remained strong during the period, although it declined following the emergence of the COVID-19 Delta and Omicron variants.

The S&P 500 Index (Index) gained 28.70% during the period. All Index sectors posted positive results. Energy, real estate, and financials posted the strongest absolute returns, while consumer staples and utilities posted the weakest returns.

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

All Portfolio sectors contributed positively to the Portfolio’s absolute returns during the reporting period.

Relative to the Index, the energy sector outperformed. Top sectors that lagged relative to the Index were information technology, consumer discretionary, and communication services.

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, PSF PGIM Jennison Focused Blend Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

The most notable stocks to contribute positively to the Portfolio’s performance during the period included Alphabet Inc., Nvidia Corp., Microsoft Corp., Tesla Inc., The ConocoPhillips Company, Eli Lilly & Co., The Goldman Sachs Group Inc., Johnson Controls International plc, and General Motors Co. Top detractors for the period included Peloton Interactive Inc., RingCentral Inc., Sea Ltd., Uber Technologies Inc., and The Trade Desk Inc.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Jennison Focused Blend Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	5.8%
Tesla, Inc.	Automobiles	4.3%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	4.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	4.0%
Eli Lilly & Co.	Pharmaceuticals	3.8%
ConocoPhillips	Oil, Gas & Consumable Fuels	3.2%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	3.0%
Shopify, Inc. (Canada) (Class A Stock)	IT Services	3.0%
Goldman Sachs Group, Inc. (The)	Capital Markets	2.4%
LVMH Moet Hennessy Louis Vuitton SE  (France)	Textiles, Apparel & Luxury Goods	2.2%

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

The Prudential Series Fund, PSF PGIM Jennison Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	16.01%		26.79%		20.34%		—
Portfolio: Class II	15.55		26.29		19.86		—
Portfolio: Class III	N/A		N/A		N/A		11.02
Russell 1000® Growth Index	27.60		25.32		19.79		—
S&P 500 Index	28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares. The Russell 1000® Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Jennison Growth Portfolio Class I shares returned 16.01%. The Portfolio’s Class I shares underperformed both the Russell 1000 Growth Index and the S&P 500 Index.

What were the market conditions during the reporting period?

The US economy expanded during calendar-year 2021 (the reporting period), as policymakers continued to support growth and address the challenges of the ongoing COVID-19 pandemic. The final three months of the period were marked by the emergence of the COVID-19 Omicron variant, as well as heightened concerns over inflation, which led the Federal Reserve to telegraph its plans for policy tightening in 2022. Against this backdrop, equity markets rose to all-time highs at the end of the period. Growth equities with high valuations, however, underperformed meaningfully. Many of these shares were also at a peak in prices when concerns arose about the potential impact of rising interest rates on valuations.

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

The Portfolio’s information technology holdings were solid contributors to absolute performance but lagged its benchmark index during the reporting period. Nvidia Corp., Microsoft Corp., and Apple Inc. were standout performers. Nvidia posted an impressive gain on the back of compelling secular growth and positive earnings surprises. Jennison remained positive on Apple and Microsoft; however, despite the Portfolio’s significant positions, the benchmark’s high degree of concentration in these two companies led to a consistent underweight position in both of their shares during the period. Block Inc. (formerly Square), RingCentral Inc., Coupa Software Inc., DocuSign Inc., and Twilio Inc. were top detractors during the period. Block’s stock price was challenged by tough year-over-year revenue growth comparisons, particularly related to its Cash App, following strong results in 2020. Twilio came under pressure, as organic growth (i.e., excluding recent acquisitions) slowed significantly. Jennison exited the Portfolio’s position in RingCentral due to competitive pricing pressures and the company’s heavy reliance on third-party partners for distribution. Jennison sold the Portfolio’s position in Coupa Software, as it viewed increased competition in the enterprise cost savings space as a headwind to the company meeting earnings expectations. Jennison exited the Portfolio’s position in DocuSign after the company reported disappointing third-quarter results and provided unclear guidance about the timing of a rebound in growth.

Similarly, the Portfolio’s consumer discretionary positions advanced in the aggregate but underperformed their benchmark counterparts. Shares of Tesla Inc. surged, as the company continued to exceed expectations on production, deliveries, and profit margins. Luxury goods company LVMH Moet Hennessy Louis Vuitton SE and luxury beauty care company The Estée Lauder Cos. Inc. of the consumer staples sector were solid contributors. LVMH benefited from continued growth and new product launches at its flagship brands as well as from successful acquisitions. Estée Lauder benefited from increased

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, PSF PGIM Jennison Growth Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

consumer spending on personal care products and resilience during the pandemic. On the downside, competitive pressures weighed on MercadoLibre Inc., which operates business-to-business and business-to-consumer e-commerce platforms in Latin America. Jennison exited the Portfolio’s position in fitness company Peloton Interactive Inc. during the period.

The Portfolio’s communication services holdings also contributed positively to its absolute results but underperformed their benchmark counterparts during the period. Alphabet Inc. outperformed, ending the period close to its all-time high. The company benefited from the stability of its core business, along with strong growth in its cloud and YouTube segments. Sea Ltd. and Spotify Technology SA were top detractors during the period. Sea, a relatively new position in the Portfolio, is the leading Southeast Asian e-commerce company, operating in three online platforms focused on digital entertainment (i.e., gaming), e-commerce, and digital payments. Sea’s stock was under pressure during the fourth quarter of the period on concerns about slowing gaming revenues, losses from global expansion, and potential regulatory risks related to the company’s entry into Brazil. Spotify faced challenges with subscription growth and content costs.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Jennison Growth Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Tesla, Inc.	Automobiles	7.3%
Amazon.com, Inc.	Internet & Direct Marketing Retail	6.1%
Apple, Inc.	Technology Hardware, Storage & Peripherals	5.9%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	5.6%
Microsoft Corp.	Software	5.2%
Shopify, Inc. (Canada) (Class A Stock)	IT Services	4.2%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	3.1%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	3.1%
Netflix, Inc.	Entertainment	3.0%
Adobe, Inc.	Software	2.9%

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, PSF PGIM Jennison Value Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns	1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	27.79	%	11.96	%	11.69	%	—
Portfolio: Class II	27.28		11.51		11.24		—
Portfolio: Class III	N/A		N/A		N/A		11.20
Russell 1000® Value Index	25.16		11.16		12.97		—
S&P 500 Index	28.70		18.47		16.54		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The Russell 1000® Value Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Jennison Value Portfolio Class I shares returned 27.79%. The Portfolio’s Class I shares outperformed the Russell 1000 Value Index and underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

The US economy expanded during calendar-year 2021 (the reporting period), as policymakers continued to support growth with extraordinary monetary and fiscal stimulus programs aimed at combating the effects of the COVID-19 pandemic. The final three months of the period were marked by the emergence of the COVID-19 Omicron variant and heightened concerns over inflation, which led the Federal Reserve to announce an accelerated tapering plan to reduce its monthly asset purchases. Against this backdrop, equity markets rose to all-time highs to close out the period.

Corporate earnings remained strong during the period, benefiting from a robust economic recovery from pandemic lows. The effects of monetary and fiscal stimulus were visible in the record levels of household and corporate cash, which bolstered demand, and strength in corporate capital expenditures. While supply chains remained tight during the period, the worst of the port and logistics congestion showed signs of easing as the period ended. Holiday shopping took place earlier than normal, but overall supply appeared to keep pace with the seasonal step-up in demand.

Employment continued to rebound during the period, with minimum wage increases, bonus payments, and benefit enhancements instituted across a broad spectrum of industries to retain talent and encourage workers to return to the labor force. Consumer confidence remained strong during the period, although it declined following the emergence of the COVID-19 Delta and Omicron variants.

The Russell 1000 Value Index (the Index) returned 25.16% during the period. All Index sectors posted positive results. The energy, real estate, and financials sectors posted the strongest absolute results. Defensive value sectors such as consumer staples, utilities, and communication services underperformed the Index.

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

Relative to the Index, top sectors that outperformed during the period were information technology, communication services, and financials. The top sectors that detracted from the Portfolio’s relative returns during the period were materials, consumer staples, and real estate, the latter of which was attributable to having an underweight allocation.

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, PSF PGIM Jennison Value Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

The most notable stocks to contribute positively to the Portfolio’s performance during the period included Johnson Controls International plc, Broadcom Inc., The ConocoPhillips Co., Eli Lilly & Co., Bank of America Corp., and The Goldman Sachs Group Inc. Top detractors for the period included FMC Corp., General Electric Co., and Zimmer Biomet Holdings Inc.

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Jennison Value Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
JPMorgan Chase & Co.	Banks	3.3%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.8%
Eli Lilly &Co.	Pharmaceuticals	2.7%
Goldman Sachs Group, Inc. (The)	Capital Markets	2.6%
Bank of America Corp.	Banks	2.6%
Chevron Corp.	Oil, Gas & Consumable Fuels	2.6%
Abbott Laboratories	Health Care Equipment & Supplies	2.5%
ConocoPhillips	Oil, Gas & Consumable Fuels	2.5%
Linde PLC (United Kingdom)	Chemicals	2.3%
Broadcom, Inc.	Semiconductors & Semiconductor Equipment	2.3%

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, PSF PGIM Total Return Bond Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns		1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I	-0.76%		4.98%		4.68%		—
Portfolio: Class III	N/A		N/A		N/A		1.89
Bloomberg US Aggregate Bond Index	-1.54		3.57		2.90		—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance. Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF PGIM Total Return Bond Portfolio Class I shares returned -0.76%. The Portfolio’s Class I shares outperformed the Bloomberg US Aggregate Bond Index.

What were the market conditions during the reporting period?

The strong global rebound from the depths of the COVID-19 pandemic continued throughout much of calendar-year 2021 (the reporting period), as economies continued to respond to monetary and fiscal stimulus. The effective rollout of COVID-19 vaccines, along with clear messaging from both President Biden and the Federal Reserve (the Fed) on the potential for further stimulus, shifted the prospects for growth and inflation in the first half of the period, kicking off a robust “reflation trade” in bond markets. This caused the US Treasury yield curve to steepen sharply over the first half of the period before flattening again in the second half of the period, as the market pulled forward its expectation for interest rate hikes. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

While the yield on the 2-year Treasury note rose sharply in the fourth quarter of the period as markets began pricing in three interest rate hikes in 2022, long-end Treasury yields declined amid uncertainty around the Omicron COVID-19 variant and the prospect of slower economic growth. Despite steepening over the first half of the period, the US Treasury yield curve flattened slightly over the full period, with the 10-year/2-year Treasury spread declining from 0.80% to 0.78% as of December 31, 2021.

Mortgage-backed securities (MBS) posted negative returns amid increased supply and concerns around the Fed’s tapering of its asset purchases. The US investment-grade corporate bond market underperformed, with spreads tightening to near-historic levels in the second quarter of the period, supported by better-than-expected corporate earnings and favorable technicals, before widening in the second half of the period amid concerns around inflation, Omicron, and elevated new issuance. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with high-quality commercial mortgage-backed securities (CMBS) and collateralized loan obligation (CLO) spreads trading below their pre-pandemic levels at the end of the period. US high yield bond spreads generally tightened as fundamentals remained supportive. Meanwhile, emerging market debt spreads widened over the period amid an increasingly uncertain macroeconomic backdrop and a strong US dollar.

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

During the period, individual issue selection and sector allocation both contributed to the Portfolio’s outperformance. Strong sector allocation was highlighted by overweights to high yield, CLOs, CMBS, bank loans, municipal bonds, and asset-backed securities (ABS). An underweight to MBS also contributed. An overweight to investment-grade corporates was a modest detractor. Within security selection, selection in high yield bonds, investment-grade corporate bonds, non-agency MBS, CMBS, emerging market debt, ABS, CLOs, sovereigns, and municipal bonds was positive. This was partially offset by selection in Treasuries, interest rate swaps, and bank loans, which detracted from performance. Within credit, the Portfolio benefited from positions in upstream and midstream energy, foreign non-corporates, and gaming/lodging/leisure. Selection in healthcare & pharmaceuticals, media & entertainment, and

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, PSF PGIM Total Return Bond Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

consumer non-cyclicals detracted. The Portfolio’s duration positioning and yield curve positioning detracted from performance over the period. Duration is a measure of a bond’s price sensitivity to interest rate changes over time.

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

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

Presentation of Portfolio Holdings — unaudited

PSF PGIM Total Return Bond Portfolio (As of 12/31/2021)
Credit Quality	% of Total Investments
AAA	41.2%
AA	2.7%
A	10.9%
BBB	20.4%
BB	10.4%
B	4.3%
CCC	1.5%
CC	0.1%
NR	7.7%
Cash/Cash Equivalents	0.8%
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.

The Prudential Series Fund, PSF Small-Cap Stock Index Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns	1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I		26.34%		12.10%		14.20%	—
Portfolio: Class III		N/A		N/A		N/A	4.35
S&P SmallCap 600 Index		26.82		12.42		14.50	—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF Small-Cap Stock Index Portfolio Class I shares returned 26.34%. The Portfolio’s Class I shares underperformed the S&P SmallCap 600 Index.

What were the market conditions during the reporting period?

Calendar-year 2021 (the reporting period) was characterized by a stable first half as global economies recovered, before growth slowed in the third quarter on supply-chain disruptions and the increased spread of COVID-19. However, various economic indicators maintained strength through the final quarter of the period, which provided a tailwind for risk assets and helped US equities cap a third year of double-digit gains, despite the ongoing global pandemic and the economic disruptions it caused. Swift medical developments, including the global rollout of COVID-19 vaccines, as well as extraordinary fiscal and monetary stimulus unleashed by global economies, contributed to these gains.

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

The Portfolio slightly underperformed its benchmark, the S&P Small Cap 600 Index (the Index), during the reporting period. Potential tracking-error differences (i.e., the difference between the return of the Portfolio and that of the Index), brokerage costs, and other Portfolio costs and expenses may have caused the Portfolio’s return to trail the Index’s return.

In terms of positions, Gamestop Corp. and Macy’s Inc. were the largest positive contributors to Portfolio performance during the period, while Proto Labs Inc. and NeoGenomics Inc. were the largest detractors. Gamestop and Macy’s were eliminated from the Portfolio and the Index during the period because the stocks migrated to the S&P 400 Index.

The Portfolio closely tracked the Index during the period. Most of the buy or sell trades and trades made to increase or decrease the number of shares held in a position were traded market-on-close, or as close as possible to the end of the market day, to track the Index more closely. Securities-lending income consistently added to Portfolio returns. The income was greater for small-cap equities because it is often more difficult to borrow shares of some of the small-cap stocks, which are not typically as widely traded as large-cap stocks.

The Portfolio had a small exposure to derivative instruments during the period to help enhance liquidity, but the position did not have a material impact on performance.

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

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

The Prudential Series Fund, PSF Small-Cap Stock Index Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Small-Cap Stock Index Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Omnicell, Inc.	Health Care Technology	0.7%
Innovative Industrial Properties, Inc.,	Equity Real Estate Investment Trusts (REITs)	0.6%
Exponent, Inc.	Professional Services	0.6%
AMN Healthcare Services, Inc.	Health Care Providers & Services	0.5%
UFP Industries, Inc.	Building Products	0.5%
Chart Industries, Inc.	Machinery	0.5%
Balchem Corp.	Chemicals	0.5%
Watts Water Technologies, Inc. (Class A Stock)	Machinery	0.5%
MaxLinear, Inc.	Semiconductors & Semiconductor Equipment	0.5%
Vonage Holdings Corp.	Software	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.

The Prudential Series Fund, PSF Small-Cap Value Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns	1 Year		5 Years		10 Years		$10,000 INVESTED OVER 10 YEARS
Portfolio		26.45%		8.88%		11.77%
Russell 2000® Value Index		28.27		9.07		12.03
Russell 2500™ Index		18.18		13.75		14.15
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. The Russell 2000® Value and Russell 2500™ Index are trademark/service marks of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.

For the year ended December 31, 2021, the PSF Small-Cap Value Portfolio returned 26.45%. The Portfolio underperformed the Russell 2000 Value Index and outperformed the Russell 2500 Index.

What were the market conditions during the reporting period?

The Russell 2000 Value Index (the Index), a proxy for US small-capitalization value stocks and the Portfolio’s benchmark index, returned 28.27% in calendar-year 2021 (the reporting period). The first quarter of the period was the second-best quarter in the Index’s history, driven by short interest and rallies in low-quality stocks. In the second quarter of the period, there was a continuation and magnification of trends from the first quarter, wherein lower-quality, highly shorted, and so-called “meme” stocks outperformed, but with a more normalized return. (The meme stock phenomenon is where a stock gains a cult-like following online and through social media platforms.) In the second half of the period, the Index was mostly flat, as higher-quality value stocks outperformed and more speculative securities lagged. For the full period, small-cap stocks underperformed large-cap stocks, although small-cap value stocks outperformed small-cap growth stocks, In the small-cap value segment of the US equity market, the best-performing sectors were energy and consumer discretionary, while healthcare and utilities lagged.

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

During the reporting period, the Portfolio underperformed the Index. Stock selection in healthcare contributed positively to the Portfolio’s relative returns, while investments in financials detracted from relative returns.

Herc Holdings Inc., an equipment rental supplier, was a top positive contributor to the Portfolio’s returns during the period. In July 2021, Herc Holdings announced strong second-quarter earnings, which exceeded top- and bottom-line consensus estimates. The rise in Herc Holdings’ share price continued following the company’s investor day in September 2021, as the market reacted favorably to new strategic initiatives and capital allocation plans. Goldman Sachs exited the Portfolio’s position in Herc Holdings in the fourth quarter of the period following continued outperformance and deployed the proceeds to what Goldman Sachs felt were better opportunities elsewhere.

Zurn Water Solutions Corp. was also a top positive contributor to the Portfolio’s relative returns during the period. The market reacted favorably to the announced combination of Rexnord Corp.’s process & motion control business with Regal Beloit Corp., in which Rexnord retained its water management business as a stand-alone company called Zurn Water Solutions Corp. The deal closed in early October 2021, and the stand-alone high-growth water management business re-rated higher. (When the market changes its view of a company sufficiently to make calculation ratios, such as the price/earnings ratio, substantially higher or lower, this is a re-rating.) At the end of the period, Goldman Sachs continued to like Zurn Water Solutions, as the water management business was Rexnord’s highest growth segment and had higher growth and margins than other pure water plays.

Novavax Inc., a developer of vaccines for infectious diseases, was a top detractor from the Portfolio’s relative results during the period. Goldman Sachs initiated a Portfolio position in Novavax following the announcement of strong efficacy data for its COVID-19 vaccine. Goldman Sachs later sold the position, as the fast-evolving regulatory, supply chain, and competitor dynamics of the industry proved challenging for Novavax.

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, PSF Small-Cap Value Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Ovintiv Inc., an oil and gas company, was also a top detractor during the period. Goldman Sachs initiated a Portfolio position in the third quarter of the period, as the company had benefited from the rally in commodity prices. At the end of the period, Goldman Sachs remained optimistic on Ovintiv, as it believed sustainable free cash flows and continued de-levering of the company’s balance sheet can drive return of capital to shareholders.

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

Presentation of Portfolio Holdings — unaudited

PSF Small-Cap Value Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Avient Corp.	Chemicals	1.4%
Terreno Realty Corp.	Equity Real Estate Investment Trusts (REITs)	1.3%
iShares Russell 2000 Value ETF	Exchange-Traded Fund	1.2%
WESCO International, Inc.	Trading Companies & Distributors	1.0%
Healthcare Realty Trust, Inc.	Equity Real Estate Investment Trusts (REITs)	1.0%
KBR, Inc.	Professional Services	1.0%
STAG Industrial, Inc.	Equity Real Estate Investment Trusts (REITs)	1.0%
Tenet Healthcare Corp.	Health Care Providers & Services	1.0%
Pebblebrook Hotel Trust	Equity Real Estate Investment Trusts (REITs)	0.9%
Primo Water Corp.	Beverages	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, PSF Stock Index Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited)

Average Annual Total Returns	1 Year		5 Years		10 Years		Since Inception	$10,000 INVESTED OVER 10 YEARS
Portfolio: Class I		28.28%		18.13%		16.23%	—
Portfolio: Class III		N/A		N/A		N/A	14.67
S&P 500 Index		28.70		18.47		16.54	—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021.Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The graph is based on the performance of Class I shares. Performance of Class III shares will be lower due to differences in the fee structure. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2021, the PSF Stock Index Portfolio Class I shares returned 28.28%. The Portfolio’s Class I shares underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

Calendar-year 2021 (the reporting period) was characterized by a stable first half as global economies recovered, before growth slowed in the third quarter on supply-chain disruptions and the increased spread of COVID-19. However, various economic indicators maintained strength through the final quarter of the period, which provided a tailwind for risk assets and helped US equities cap a third year of double-digit gains, despite the ongoing global pandemic and the economic disruptions it caused. Swift medical developments, including the global rollout of COVID-19 vaccines, as well as extraordinary fiscal and monetary stimulus unleashed by global economies, contributed to these gains.

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

Potential tracking-error differences (i.e., the difference between the return of the Portfolio and that of the Index), brokerage costs, and other Portfolio costs and expenses caused the Portfolio’s return to slightly trail the return of its benchmark, the S&P 500 Index (the Index) during the reporting period.

In terms of positions, Microsoft Corp. and Apple Inc. were the largest contributors to Portfolio performance, while The Walt Disney Co. was the largest detractor.

The Portfolio closely tracked the Index during the period. Most of the buy or sell trades and trades made to increase or decrease the number of shares held in a position were traded market-on-close, or as close as possible to the end of the market day, to more closely track the Index. Securities-lending income consistently added to Portfolio returns. The income was greater for small-cap equities because it is often more difficult to borrow shares of some of the small-cap stocks, which are not typically as widely traded as large-cap stocks.

The Portfolio had a small exposure to derivative instruments during the period to help enhance liquidity, but the position did not have a material impact on performance.

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

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

The Prudential Series Fund, PSF Stock Index Portfolio   December 31, 2021  

Report of the Investment Manager - As of December 31, 2021 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Stock Index Portfolio (As of 12/31/2021)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	6.7%
Microsoft Corp.	Software	6.1%
Amazon.com, Inc.	Internet & Direct Marketing Retail	3.5%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.1%
Tesla, Inc.	Automobiles	2.1%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.9%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	1.9%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	1.8%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	1.3%
UnitedHealth Group, Inc.	Health Care Providers & Services	1.1%

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   Benchmark Glossary — unaudited   December 31, 2021  

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

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

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

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

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

MSCI EAFE (Morgan Stanley Capital International Europe, Australasia, Far East) Index (GD) is an unmanaged, capitalization-weighted index generally accepted as a benchmark for major overseas markets. The GD version does not reflect the impact of withholding taxes on reinvested dividends

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

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

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

PSF Natural Resources Portfolio Blended Index consists of the MSCI (Morgan Stanley Capital International) World Energy Index (ND) (60%), an unmanaged capitalization-weighted index that is designed to capture the large and mid-cap segments across twenty-three Developed Markets countries. All securities in the index are classified in the Energy sector. MSCI (Morgan Stanley Capital International) World Materials Index (ND) (40%), an unmanaged capitalization-weighted index that is designed to capture the large and mid-cap segments across twenty-three Developed Markets countries. All securities in the index are classified in the Materials sector.

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

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

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

Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 companies with lower forecasted growth values.

Russell 2500 Index is an unmanaged market cap-weighted index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

The Prudential Series Fund   Benchmark Glossary — unaudited (continued)   December 31, 2021  

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

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

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

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

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

The S&P 500, S&P MidCap 400, and S&P SmallCap 600 indexes are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by PGIM, Inc. and/or its affiliates. Copyright^© 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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

The Prudential Series Fund   Fees and Expenses — unaudited December 31, 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 July 1, 2021 through December 31, 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 July 1, 2021	Ending Account Value December 31, 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	$1,044.29	0.74%	$3.81
	Hypothetical	$1,000.00	$1,021.48	0.74%	$3.77
PSF Global (Class III)	Actual	$1,000.00	$1,043.03	0.99%	$5.10
	Hypothetical	$1,000.00	$1,020.21	0.99%	$5.04
PSF International Growth (Class I)	Actual	$1,000.00	$1,033.73	1.01%	$5.18
	Hypothetical	$1,000.00	$1,020.11	1.01%	$5.14
PSF International Growth (Class II)	Actual	$1,000.00	$1,032.13	1.41%	$7.22
	Hypothetical	$1,000.00	$1,018.10	1.41%	$7.17
PSF Mid-Cap Growth (Class I)	Actual	$1,000.00	$1,020.31	0.64%	$3.26
	Hypothetical	$1,000.00	$1,021.98	0.64%	$3.26
PSF Mid-Cap Growth (Class II)	Actual	$1,000.00	$1,018.25	1.04%	$5.29
	Hypothetical	$1,000.00	$1,019.96	1.04%	$5.30
PSF Mid-Cap Growth (Class III)	Actual	$1,000.00	$1,019.32	0.88%	$4.48
	Hypothetical	$1,000.00	$1,020.77	0.88%	$4.48
PSF Natural Resources (Class I)	Actual	$1,000.00	$1,050.86	0.48%	$2.48
	Hypothetical	$1,000.00	$1,022.79	0.48%	$2.45
PSF Natural Resources (Class II)	Actual	$1,000.00	$1,048.98	0.88%	$4.54
	Hypothetical	$1,000.00	$1,020.77	0.88%	$4.48

The Prudential Series Fund   Fees and Expenses — unaudited (continued) December 31, 2021  

The Prudential Series Fund Portfolios		Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
PSF Natural Resources (Class III)	Actual	$1,000.00	$1,049.66	0.72%	$3.72
	Hypothetical	$1,000.00	$1,021.58	0.72%	$3.67
PSF PGIM 50/50 Balanced (Class I)	Actual	$1,000.00	$1,058.43	0.56%	$2.91
	Hypothetical	$1,000.00	$1,022.38	0.56%	$2.85
PSF PGIM 50/50 Balanced (Class III)	Actual	$1,000.00	$1,057.13	0.81%	$4.20
	Hypothetical	$1,000.00	$1,021.12	0.81%	$4.13
PSF PGIM Flexible Managed (Class I)	Actual	$1,000.00	$1,064.38	0.61%	$3.17
	Hypothetical	$1,000.00	$1,022.13	0.61%	$3.11
PSF PGIM Flexible Managed (Class III)	Actual	$1,000.00	$1,062.97	0.86%	$4.47
	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Government Income (Class I)	Actual	$1,000.00	$   992.23	0.46%	$2.31
	Hypothetical	$1,000.00	$1,022.89	0.46%	$2.35
PSF PGIM Government Income (Class III)	Actual	$1,000.00	$   990.82	0.69%	$3.46
	Hypothetical	$1,000.00	$1,021.73	0.69%	$3.52
PSF PGIM Government Money Market (Class I)	Actual	$1,000.00	$1,000.44	0.05%	$0.25
	Hypothetical	$1,000.00	$1,024.95	0.05%	$0.26
PSF PGIM Government Money Market (Class III)	Actual	$1,000.00	$1,000.44	0.05%	$0.25
	Hypothetical	$1,000.00	$1,024.95	0.05%	$0.26
PSF PGIM High Yield Bond (Class I)	Actual	$1,000.00	$1,019.88	0.57%	$2.90
	Hypothetical	$1,000.00	$1,022.33	0.57%	$2.91
PSF PGIM High Yield Bond (Class III)	Actual	$1,000.00	$1,018.35	0.81%	$4.12
	Hypothetical	$1,000.00	$1,021.12	0.81%	$4.13
PSF PGIM Jennison Blend (Class I)	Actual	$1,000.00	$1,074.02	0.46%	$2.40
	Hypothetical	$1,000.00	$1,022.89	0.46%	$2.35
PSF PGIM Jennison Blend (Class II)	Actual	$1,000.00	$1,071.84	0.86%	$4.49
	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Jennison Blend (Class III)	Actual	$1,000.00	$1,072.63	0.70%	$3.66
	Hypothetical	$1,000.00	$1,021.68	0.70%	$3.57
PSF PGIM Jennison Focused Blend (Class I)	Actual	$1,000.00	$1,048.06	0.84%	$4.34
	Hypothetical	$1,000.00	$1,020.97	0.84%	$4.28
PSF PGIM Jennison Focused Blend (Class II)	Actual	$1,000.00	$1,045.73	1.24%	$6.39
	Hypothetical	$1,000.00	$1,018.95	1.24%	$6.31
PSF PGIM Jennison Focused Blend (Class III)	Actual	$1,000.00	$1,046.64	1.09%	$5.62
	Hypothetical	$1,000.00	$1,019.71	1.09%	$5.55
PSF PGIM Jennison Growth (Class I)	Actual	$1,000.00	$1,053.42	0.61%	$3.16
	Hypothetical	$1,000.00	$1,022.13	0.61%	$3.11
PSF PGIM Jennison Growth (Class II)	Actual	$1,000.00	$1,051.40	1.01%	$5.22
	Hypothetical	$1,000.00	$1,020.11	1.01%	$5.14
PSF PGIM Jennison Growth (Class III)	Actual	$1,000.00	$1,052.17	0.86%	$4.45
	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Jennison Value (Class I)	Actual	$1,000.00	$1,085.69	0.41%	$2.16
	Hypothetical	$1,000.00	$1,023.14	0.41%	$2.09
PSF PGIM Jennison Value (Class II)	Actual	$1,000.00	$1,083.33	0.81%	$4.25
	Hypothetical	$1,000.00	$1,021.12	0.81%	$4.13

The Prudential Series Fund   Fees and Expenses — unaudited (continued)   December 31, 2021  

The Prudential Series Fund Portfolios		Beginning Account Value July 1, 2021	Ending Account Value December 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
PSF PGIM Jennison Value (Class III)	Actual	$1,000.00	$1,084.11	0.66%	$3.47
	Hypothetical	$1,000.00	$1,021.88	0.66%	$3.36
PSF PGIM Total Return Bond (Class I)	Actual	$1,000.00	$1,003.20	0.42%	$2.12
	Hypothetical	$1,000.00	$1,023.09	0.42%	$2.14
PSF PGIM Total Return Bond (Class III)	Actual	$1,000.00	$1,002.56	0.67%	$3.38
	Hypothetical	$1,000.00	$1,021.83	0.67%	$3.41
PSF Small-Cap Stock Index (Class I)	Actual	$1,000.00	$1,024.62	0.37%	$1.89
	Hypothetical	$1,000.00	$1,023.34	0.37%	$1.89
PSF Small-Cap Stock Index (Class III)	Actual	$1,000.00	$1,023.45	0.62%	$3.16
	Hypothetical	$1,000.00	$1,022.08	0.62%	$3.16
PSF Small-Cap Value (Class I)	Actual	$1,000.00	$1,055.26	0.95%	$4.92
	Hypothetical	$1,000.00	$1,020.42	0.95%	$4.84
PSF Stock Index (Class I)	Actual	$1,000.00	$1,114.91	0.29%	$1.55
	Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48
PSF Stock Index (Class III)	Actual	$1,000.00	$1,113.47	0.54%	$2.88
	Hypothetical	$1,000.00	$1,022.48	0.54%	$2.75

*Portfolio expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended December 31, 2021, and divided by the 365 days in the Portfolio’s fiscal year ended 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.

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
bps — Basis Points
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
DIP — Debtor-In-Possession
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)

iTraxx — International Credit Derivative Index

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

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 December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 97.5%
COMMON STOCKS — 97.3%
Argentina — 0.2%
MercadoLibre, Inc.*		1,751	$	2,361,048
Australia — 1.1%
AGL Energy Ltd.		66,200		296,033
Aristocrat Leisure Ltd.		137,683		4,364,838
Australia & New Zealand Banking Group Ltd.		61,200		1,224,938
Beach Energy Ltd.		395,200		362,996
BHP Group Ltd.(a)		42,090		1,272,447
Fortescue Metals Group Ltd.		163,200		2,285,569
Harvey Norman Holdings Ltd.		258,700		929,609
Inghams Group Ltd.		420,300		1,073,130
Metcash Ltd.		412,500		1,351,764
Perenti Global Ltd.		432,300		290,903
Rio Tinto Ltd.		20,600		1,504,323
Service Stream Ltd.		343,700		201,273
St. Barbara Ltd.		343,600		365,027
Stockland, REIT		279,500		861,993
Super Retail Group Ltd.		105,600		957,264
				17,342,107
Austria — 0.3%
BAWAG Group AG, 144A*		16,000		983,978
OMV AG		33,700		1,916,458
Wienerberger AG		26,400		971,991
				3,872,427
Belgium — 0.2%
Bekaert SA		22,500		1,003,156
Telenet Group Holding NV		23,500		858,803
UCB SA		6,800		778,298
				2,640,257
Brazil — 0.1%
Yara International ASA		18,800		948,521
Canada — 2.0%
Canadian National Railway Co.		43,200		5,306,467
Magna International, Inc.		51,202		4,144,290
Shopify, Inc. (Class A Stock)*		12,273		16,904,708
TC Energy Corp.		77,063		3,586,512
				29,941,977
China — 2.4%
Alibaba Group Holding Ltd.*		186,844		2,804,369
China Resources Cement Holdings Ltd.		1,042,000		786,790
Kingboard Holdings Ltd.		216,000		1,051,370
Lee &Man Paper Manufacturing Ltd.		1,049,000		728,948
NXP Semiconductors NV		105,433		24,015,529
Tencent Holdings Ltd.		72,300		4,201,940
Wilmar International Ltd.		203,400		626,957
Wuxi Biologics Cayman, Inc., 144A*		158,000		1,895,242
				36,111,145
Denmark — 1.3%
AP Moller - Maersk A/S (Class B Stock)		400		1,435,027
Chr Hansen Holding A/S		20,115		1,587,139

	Shares		Value
COMMON STOCKS (continued)
Denmark (cont’d.)
Coloplast A/S (Class B Stock)		20,270	$	3,563,747
D/S Norden A/S		32,500		828,365
Danske Bank A/S		61,200		1,056,143
DSV A/S		14,518		3,392,321
Jyske Bank A/S*		19,600		1,009,398
Novo Nordisk A/S (Class B Stock)		48,666		5,479,408
Orsted A/S, 144A		17,187		2,206,825
				20,558,373
Finland — 0.4%
Neste OYJ		53,667		2,650,325
Nokia OYJ*		236,600		1,491,475
Nordea Bank Abp		83,600		1,021,374
Valmet OYJ		27,100		1,161,503
				6,324,677
France — 4.5%
Airbus SE*		53,508		6,853,801
Arkema SA		8,700		1,227,375
AXA SA		54,100		1,615,412
BNP Paribas SA		28,200		1,950,502
Bouygues SA		33,300		1,194,307
Capgemini SE		4,000		981,070
Carrefour SA		89,600		1,642,399
Cie de Saint-Gobain		15,800		1,113,189
Cie Generale des Etablissements Michelin SCA		5,600		918,356
CNP Assurances		55,200		1,367,738
Credit Agricole SA		78,500		1,121,520
Faurecia SE		1,269		60,357
Ipsen SA		7,557		692,110
L’Oreal SA		8,453		4,013,182
LVMH Moet Hennessy Louis Vuitton SE		10,114		8,364,965
Nexity SA		13,100		616,578
Orange SA		140,000		1,499,031
Rubis SCA		22,100		660,497
Safran SA		39,176		4,791,653
Sanofi		31,700		3,191,947
Sartorius Stedim Biotech		6,400		3,514,978
Societe BIC SA		15,900		856,799
Societe Generale SA		28,600		983,836
Sopra Steria Group SACA		7,100		1,272,476
Teleperformance		6,242		2,779,853
TotalEnergies SE		58,800		2,988,592
TotalEnergies SE, ADR(a)		250,169		12,373,359
				68,645,882
Germany — 2.1%
Allianz SE		6,300		1,485,808
Aurubis AG		10,800		1,082,281
Bayer AG		23,300		1,247,101
Bayerische Motoren Werke AG		15,630		1,566,883
Daimler AG		17,600		1,352,236
Daimler Truck Holding AG*		8,800		323,507
Deutsche Post AG		43,900		2,816,558
Deutsche Telekom AG		45,300		838,724
Fresenius SE & Co. KGaA		18,600		748,149

SEE NOTES TO FINANCIAL STATEMENTS.

A2

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Germany (cont’d.)
HOCHTIEF AG		8,600	$	695,358
Infineon Technologies AG		122,727		5,668,530
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,600		768,879
Rational AG		3,190		3,265,067
Rheinmetall AG		12,300		1,159,742
Siemens AG, ADR		57,659		4,993,269
Siltronic AG		8,900		1,422,895
United Internet AG		18,400		728,186
Volkswagen AG		7,100		2,088,636
				32,251,809
Hong Kong — 0.4%
AIA Group Ltd.		340,000		3,428,072
PAX Global Technology Ltd.		933,000		662,099
Tongda Group Holdings Ltd.*		8,180,000		262,370
WH Group Ltd., 144A		1,173,500		735,581
Xinyi Glass Holdings Ltd.		328,000		819,770
Yue Yuen Industrial Holdings Ltd.*		296,500		496,181
				6,404,073
India — 0.7%
HDFC Bank Ltd., ADR		70,154		4,564,921
Reliance Industries Ltd., 144A, GDR		89,960		5,772,241
				10,337,162
Ireland — 0.8%
ICON PLC*		10,985		3,402,055
Kingspan Group PLC		42,767		5,110,214
Ryanair Holdings PLC, ADR*		33,406		3,418,436
				11,930,705
Israel — 0.2%
Check Point Software Technologies Ltd.*		9,500		1,107,320
Wix.com Ltd.*		12,829		2,024,288
				3,131,608
Italy — 0.4%
A2A SpA		546,200		1,066,150
Enel SpA		103,800		831,168
Leonardo SpA*		97,000		691,085
Mediobanca Banca di Credito Finanziario SpA		87,600		1,006,442
Piaggio &C SpA		29,922		97,876
Pirelli &C SpA, 144A		171,800		1,193,823
UnipolSai Assicurazioni SpA		253,700		714,043
				5,600,587
Japan — 4.8%
Aozora Bank Ltd.		36,000		787,726
Asahi Intecc Co. Ltd.		44,500		954,893
Astellas Pharma, Inc.		46,000		748,344
Brother Industries Ltd.		44,300		853,364
Credit Saison Co. Ltd.		42,600		447,894
Dai-ichi Life Holdings, Inc.		39,900		806,293
Daikin Industries Ltd.		19,300		4,366,320

	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Daiwa House Industry Co. Ltd.		31,900	$	917,483
DCM Holdings Co. Ltd.		47,900		443,814
DTS Corp.		30,500		669,266
EDION Corp.		63,900		596,400
Gunze Ltd.		17,000		596,870
Haseko Corp.		53,900		668,385
Hazama Ando Corp.		119,600		899,122
Hitachi Ltd.		12,900		698,627
Honda Motor Co. Ltd.		61,600		1,744,902
Hoya Corp.		28,600		4,242,657
Isuzu Motors Ltd.		78,200		970,881
ITOCHU Corp.		54,300		1,661,804
Itoham Yonekyu Holdings, Inc.		117,500		671,256
Japan Airlines Co. Ltd.*		35,700		682,242
Japan Aviation Electronics Industry Ltd.		46,000		798,266
KDDI Corp.		98,800		2,883,881
Keiyo Bank Ltd.(The)		76,500		309,767
Keyence Corp.		9,000		5,650,093
Lintec Corp.		30,000		687,720
M3,Inc.		17,700		889,970
Marubeni Corp.		112,900		1,101,133
Medipal Holdings Corp.		30,600		573,958
Mitsubishi Gas Chemical Co.,Inc.		26,000		440,377
Mitsubishi HC Capital,Inc.		210,100		1,037,870
Mitsubishi UFJ Financial Group, Inc.		214,300		1,162,290
Mitsui & Co. Ltd.		56,300		1,333,269
Mitsui Chemicals, Inc.		42,400		1,142,172
Mizuho Financial Group, Inc.		73,620		936,240
Nihon M&A Center Holdings, Inc.		73,900		1,811,233
Nippon Telegraph & Telephone Corp.		107,900		2,955,744
Nishi-Nippon Financial Holdings, Inc.		48,600		314,059
Nisshin Oillio Group Ltd. (The)		21,400		539,400
Nomura Holdings, Inc.		270,700		1,178,868
Nomura Real Estate Holdings, Inc.		28,300		651,568
Obayashi Corp.		97,500		753,942
ORIX Corp.		65,000		1,323,242
Rengo Co. Ltd.		134,300		1,015,371
Resona Holdings, Inc.		366,600		1,424,258
Sankyu, Inc.		18,100		751,256
Sawai Group Holdings Co. Ltd.		14,300		547,198
Seino Holdings Co. Ltd.		72,500		735,308
Shiseido Co. Ltd.		25,400		1,416,453
SKY Perfect JSAT Holdings, Inc.		151,000		551,225
SMC Corp.		4,900		3,301,428
Sompo Holdings, Inc.		15,600		657,570
Sumitomo Heavy Industries Ltd.		32,300		784,403
Sumitomo Mitsui Financial Group, Inc.		40,900		1,399,690
Taisei Corp.		19,200		583,544
Teijin Ltd.		67,300		828,025
Toagosei Co. Ltd.		28,700		288,394
Toho Holdings Co. Ltd.		7,100		108,218
Tokuyama Corp.		26,500		421,366
Tokyo Seimitsu Co. Ltd.		13,200		582,529
Towa Pharmaceutical Co. Ltd.		28,200		702,798
Toyota Motor Corp.		55,000		1,009,601
Tsubakimoto Chain Co.		17,000		466,970
Ube Industries Ltd.		41,500		720,662

SEE NOTES TO FINANCIAL STATEMENTS.

A3

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Yokohama Rubber Co.Ltd. (The)		62,000	$	993,681
				72,193,553
Netherlands — 1.6%
ABN AMRO Bank NV, 144A, CVA		45,300		666,765
Adyen NV, 144A*		1,812		4,764,438
Aegon NV		215,700		1,078,751
ASML Holding NV		8,060		6,456,218
ASR Nederland NV		21,200		978,358
ING Groep NV		71,300		996,611
Koninklijke Ahold Delhaize NV		89,100		3,053,802
NN Group NV		18,700		1,017,180
Randstad NV		14,700		1,007,120
Royal Dutch Shell PLC (Class B Stock)		141,000		3,095,369
Signify NV, 144A		27,400		1,270,763
				24,385,375
New Zealand — 0.1%
Air New Zealand Ltd.*		485,600		502,755
Fisher & Paykel Healthcare Corp. Ltd.		75,032		1,681,949
				2,1 84,704
Norway — 0.4%
DNB Bank ASA		53,600		1,226,518
Equinor ASA		41,200		1,092,958
TOMRA Systems ASA		42,680		3,055,794
				5,375,270
Singapore — 0.1%
DBS Group Holdings Ltd.		41,200		998,177
Venture Corp. Ltd.		79,500		1,081,834
				2,080,011
South Africa — 0.1%
Anglo American PLC		48,300		1,975,529
Spain — 0.6%
Amadeus IT Group SA*		60,373		4,086,857
Banco Santander SA		249,200		830,735
Endesa SA		37,700		866,236
Mapfre SA		494,400		1,015,063
Repsol SA		117,700		1,398,351
Telefonica SA		176,500		772,595
				8,969,837
Sweden — 1.8%
Atlas Copco AB (Class A Stock)		78,817		5,446,825
Boliden AB		35,400		1,369,563
EQT AB		42,129		2,303,174
Hexagon AB (Class B Stock)		347,359		5,501,091
Indutrade AB		77,450		2,370,538
Nibe Industrier AB (Class B Stock)		221,824		3,351,940
Securitas AB (Class B Stock)		65,700		904,000
Skanska AB (Class B Stock)		31,100		805,242
SKF AB (Class B Stock)		70,400		1,665,215
Swedbank AB (Class A Stock)		27,700		557,228
Swedish Orphan Biovitrum AB*		30,200		617,649

	Shares		Value
COMMON STOCKS (continued)
Sweden (cont’d.)
Volvo AB (Class B Stock)		113,600	$	2,629,042
				27,521,507
Switzerland — 2.9%
Adecco Group AG		25,100		1,279,150
Baloise Holding AG		6,000		979,852
Credit Suisse Group AG		112,800		1,092,104
Helvetia Holding AG		7,600		894,301
Holcim Ltd.*		20,100		1,027,283
Lonza Group AG		7,452		6,215,915
Novartis AG		37,120		3,260,289
Partners Group Holding AG		3,074		5,070,332
Roche Holding AG		15,300		6,358,796
Sika AG		10,031		4,182,506
Straumann Holding AG		3,890		8,269,061
Swiss Life Holding AG		4,900		2,996,699
UBS Group AG		166,700		2,986,015
				44,612,303
Taiwan — 0.6%
Sea Ltd., ADR*		9,485		2,121,889
Taiwan Semiconductor Manufacturing Co. Ltd.		295,000		6,557,418
				8,679,307
United Kingdom — 4.1%
3i Group PLC		52,800		1,033,886
Ashtead Group PLC		71,994		5,777,839
Aviva PLC		197,000		1,091,873
BAE Systems PLC		338,300		2,514,700
Barratt Developments PLC		61,900		625,761
Bellway PLC		23,200		1,046,312
British American Tobacco PLC		63,000		2,337,805
BT Group PLC		455,900		1,044,180
Centrica PLC*		457,200		443,188
CK Hutchison Holdings Ltd.		155,500		1,002,751
Compass Group PLC*		130,600		2,911,097
Crest Nicholson Holdings PLC		143,814		724,783
Experian PLC		99,654		4,899,220
GlaxoSmithKline PLC		227,100		4,931,448
Go-Ahead Group PLC (The)*		34,500		312,883
Halma PLC		60,725		2,627,415
Imperial Brands PLC		56,400		1,232,885
International Consolidated Airlines Group SA*(a)		150,000		289,819
Investec PLC		79,700		432,136
J Sainsbury PLC		458,700		1,711,112
Keller Group PLC		48,200		645,630
Kingfisher PLC		357,200		1,636,580
Legal & General Group PLC		302,800		1,216,825
Lloyds Banking Group PLC		1,666,000		1,078,812
London Stock Exchange Group PLC		36,615		3,434,359
Marks &Spencer Group PLC*		279,900		876,980
Micro Focus International PLC		73,300		414,492
Paragon Banking Group PLC		105,900		811,199
Premier Foods PLC		357,756		544,313
Redde Northgate PLC		36,700		217,151
Redrow PLC		77,600		736,426

SEE NOTES TO FINANCIAL STATEMENTS.

A4

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (cont’d.)
Rentokil Initial PLC		321,995	$	2,548,362
Segro PLC, REIT		217,019		4,218,916
Spirax-Sarco Engineering PLC		14,628		3,175,039
Tate & Lyle PLC		97,100		869,563
Taylor Wimpey PLC		263,400		624,339
Tesco PLC		213,800		839,238
Trainline PLC, 144A*		248,440		939,482
Vistry Group PLC		29,222		467,835
				62,286,634
United States — 63.1%
AbbVie, Inc.		57,612		7,800,665
Adobe, Inc.*		26,723		15,153,544
Alphabet, Inc. (Class C Stock)*		10,097		29,216,578
Amazon.com, Inc.*		4,890		16,304,923
Ameren Corp.		54,491		4,850,244
American International Group, Inc.		256,884		14,606,424
Anthem, Inc.		21,511		9,971,209
Applied Materials, Inc.		45,151		7,104,961
Atlassian Corp. PLC (Class A Stock)*		8,091		3,085,017
Autodesk, Inc.*		59,872		16,835,408
AvalonBay Communities, Inc., REIT		21,236		5,364,001
Bank of America Corp.		224,586		9,991,831
Becton, Dickinson & Co.		35,864		9,019,079
Boeing Co. (The)*		14,451		2,909,275
Brown-Forman Corp. (Class B Stock)		124,186		9,048,192
Bunge Ltd.		33,860		3,161,170
CF Industries Holdings, Inc.		81,725		5,784,496
Charles Schwab Corp. (The)		129,389		10,881,615
Chewy, Inc. (Class A Stock)*(a)		167,634		9,885,377
Chubb Ltd.		61,512		11,890,885
Cigna Corp.		28,123		6,457,885
Cintas Corp.		39,311		17,421,456
Cisco Systems, Inc.		80,276		5,087,090
Citigroup, Inc.		16,750		1,011,533
Citrix Systems, Inc.		40,631		3,843,286
Coca-Cola Co. (The)		76,804		4,547,565
Comcast Corp. (Class A Stock)		132,466		6,667,014
Conagra Brands, Inc.		114,354		3,905,189
ConocoPhillips		93,479		6,747,314
Costco Wholesale Corp.		26,003		14,761,903
Coupa Software, Inc.*		46,547		7,356,753
Cummins, Inc.		19,154		4,178,254
CVS Health Corp.		46,090		4,754,644
Dexcom, Inc.*		31,834		17,093,266
Edwards Lifesciences Corp.*		144,687		18,744,201
Elanco Animal Health, Inc.*		105,429		2,992,075
Entergy Corp.		31,491		3,547,461
Equitable Holdings, Inc.		182,165		5,973,190
Estee Lauder Cos., Inc. (The) (Class A Stock)		49,138		18,190,888
Exxon Mobil Corp.		90,948		5,565,108
Fifth Third Bancorp		207,393		9,031,965
Fiserv, Inc.*		56,659		5,880,638
Fox Corp. (Class B Stock)		52,280		1,791,636
General Electric Co.		172,556		16,301,365
Goldman Sachs Group, Inc. (The)		15,732		6,018,277
Hologic, Inc.*		56,833		4,351,134
Huntington Bancshares, Inc.		306,100		4,720,062

	Shares		Value
COMMON STOCKS (continued)
United States (cont’d.)
IDEX Corp.		51,489	$	12,167,880
Illinois Tool Works, Inc.		22,138		5,463,658
International Flavors & Fragrances, Inc.		45,120		6,797,328
International Paper Co.		203,910		9,579,692
Intuit, Inc.		36,283		23,337,951
Intuitive Surgical, Inc.*		64,713		23,251,381
Johnson & Johnson		48,171		8,240,613
Kimberly-Clark Corp.		41,723		5,963,051
Kohl’s Corp.		48,249		2,383,018
L3Harris Technologies, Inc.		54,828		11,691,523
Las Vegas Sands Corp.*		79,466		2,991,100
Lululemon Athletica,Inc.*		34,893		13,658,865
Marsh &McLennan Cos., Inc.		31,238		5,429,789
Mastercard, Inc. (Class A Stock)		48,339		17,369,170
Match Group, Inc.*		103,308		13,662,483
Medtronic PLC		69,010		7,139,085
Merck & Co., Inc.		71,154		5,453,243
MetLife, Inc.		149,538		9,344,630
Microsoft Corp.		117,463		39,505,155
Morgan Stanley		56,755		5,571,071
News Corp. (Class A Stock)		199,355		4,447,610
NextEra Energy,Inc.		62,877		5,870,197
Nielsen Holdings PLC		98,943		2,029,321
PayPal Holdings, Inc.*		78,104		14,728,852
Perrigo Co. PLC		23,034		896,023
Pfizer,Inc.		106,672		6,298,982
Philip Morris International, Inc.		61,155		5,809,725
Pinterest, Inc. (Class A Stock)*		220,414		8,012,049
QUALCOMM, Inc.		64,008		11,705,143
Rockwell Automation, Inc.		9,193		3,206,978
Roper Technologies, Inc.		26,756		13,160,206
SBA Communications Corp., REIT		47,445		18,457,054
Sempra Energy		60,598		8,015,903
ServiceNow,Inc.*		38,210		24,802,493
Sherwin-Williams Co. (The)		50,032		17,619,269
Signature Bank		7,115		2,301,489
Southern Co. (The)		186,020		12,757,252
Southwest Airlines Co.*		74,985		3,212,357
Stellantis NV		74,557		1,416,629
Stericycle, Inc.*		54,849		3,271,194
TE Connectivity Ltd.		25,138		4,055,765
Texas Instruments, Inc.		35,624		6,714,055
Thermo Fisher Scientific, Inc.		40,367		26,934,477
TJX Cos., Inc. (The)		107,941		8,194,881
Tyson Foods, Inc. (Class A Stock)		78,512		6,843,106
United Parcel Service, Inc. (Class B Stock)		68,014		14,578,121
Veeva Systems, Inc. (Class A Stock)*		56,350		14,396,298
Walmart, Inc.		44,163		6,389,944
Walt Disney Co. (The)*		42,523		6,586,387
Wells Fargo & Co.		382,971		18,374,949
Welltower, Inc., REIT		42,524		3,647,283
Weyerhaeuser Co., REIT		245,124		10,094,206
Zimmer Biomet Holdings, Inc.		47,497		6,034,019

SEE NOTES TO FINANCIAL STATEMENTS.

A5

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
United States (cont’d.)
Zoetis, Inc.		78,104	$	19,059,719
				958,728,668
TOTAL COMMON STOCKS (cost $897,963,257)				1,477,395,056
PREFERRED STOCKS — 0.2%
Germany — 0.0%
Porsche Automobil Holding SE (PRFC)		11,600		1,099,226
United States — 0.2%
Becton, Dickinson &Co., Series B, CVT, 6.000%, Maturing 06/01/23(a)		18,231		961,685
Elanco Animal Health, Inc., CVT, 5.000%, Maturing 02/01/23		2,497		111,516
Southern Co. (The), Series 2019, CVT, 6.750%, Maturing 08/01/22		34,946		1,878,348
				2,951,549
TOTAL PREFERRED STOCKS (cost $3,460,607)				4,050,775
TOTAL LONG-TERM INVESTMENTS (cost $901,423,864)				1,481,445,831
SHORT-TERM INVESTMENTS — 3.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		33,642,687		33,642,687
PGIM Institutional Money Market Fund (cost $17,756,072; includes $17,754,240 of cash collateral for securities on loan)(b)(wa)		17,785,479		17,773,029
TOTAL SHORT-TERM INVESTMENTS (cost $51,398,759)				51,415,716
TOTAL INVESTMENTS—100.9% (cost $952,822,623)				1,532,861,547
Liabilities in excess of other assets — (0.9)%				(14,185,649	)
NET ASSETS —100.0%			$	1,518,675,898

See the Glossary for a list of the abbreviation(s)used in the annual 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 $17,214,249; cash collateral of $17,754,240 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Argentina	$	2,361,048	$	—		$—
Australia		—		17,342,107		—

SEE NOTES TO FINANCIAL STATEMENTS.

A6

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Austria		$	—		$	3,872,427		$	—
Belgium			—			2,640,257			—
Brazil			—			948,521			—
Canada			29,941,977			—			—
China			24,015,529			12,095,616			—
Denmark			—			20,558,373			—
Finland			—			6,324,677			—
France			12,373,359			56,272,523			—
Germany			4,993,269			27,258,540			—
Hong Kong			—			6,404,073			—
India			4,564,921			5,772,241			—
Ireland			6,820,491			5,110,214			—
Israel			3,131,608			—			—
Italy			—			5,600,587			—
Japan			—			72,193,553			—
Netherlands			—			24,385,375			—
New Zealand			—			2,184,704			—
Norway			—			5,375,270			—
Singapore			—			2,080,011			—
South Africa			—			1,975,529			—
Spain			—			8,969,837			—
Sweden			—			27,521,507			—
Switzerland			—			44,612,303			—
Taiwan			2,121,889			6,557,418			—
United Kingdom			—			62,286,634			—
United States			957,312,039			1,416,629			—
Preferred Stocks
Germany			—			1,099,226			—
United States			2,951,549			—			—
Short-Term Investments
Affiliated Mutual Funds			51,415,716			—			—
Total		$	1,102,003,395		$	430,858,152		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Software	8.9	%
Health Care Equipment & Supplies	6.9
Banks	4.9
Pharmaceuticals	4.6
Semiconductors & Semiconductor Equipment	4.6
IT Services	4.5
Insurance	4.3
Interactive Media & Services	3.6
Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan)	3.4
Machinery	3.2
Oil, Gas & Consumable Fuels	3.1
Chemicals	2.8
Equity Real Estate Investment Trusts (REITs)	2.8
Life Sciences Tools & Services 2.7
Capital Markets	2.6
Industrial Conglomerates	2.5
Internet & Direct Marketing Retail	2.1

Food & Staples Retailing	2.0	%
Aerospace &Defense	1.9
Commercial Services &Supplies	1.9
Electric Utilities	1.8
Personal Products	1.6
Electronic Equipment, Instruments &Components	1.6
Textiles, Apparel &Luxury Goods	1.4
Health Care Providers & Services	1.4
Air Freight &Logistics	1.4
Food Products	1.2
Building Products	1.1
Health Care Technology	1.0
Multi-Utilities	0.9
Media	0.9
Professional Services	0.9
Beverages	0.9
Hotels, Restaurants &Leisure	0.8
Specialty Retail	0.7

SEE NOTES TO FINANCIAL STATEMENTS.

A7

PSF GLOBAL PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Automobiles	0.7	%
Metals & Mining	0.7
Containers & Packaging	0.7
Trading Companies & Distributors	0.7
Tobacco	0.7
Entertainment	0.6
Diversified Financial Services	0.6
Road & Rail	0.6
Auto Components	0.6
Biotechnology	0.5
Diversified Telecommunication Services	0.5
Airlines	0.4
Communications Equipment	0.4
Household Products	0.4
Multiline Retail	0.4
Construction & Engineering	0.3
Electrical Equipment	0.3

Construction Materials	0.3	%
Wireless Telecommunication Services	0.2
Household Durables	0.1
Marine	0.1
Real Estate Management & Development	0.1
Technology Hardware, Storage & Peripherals	0.1
Thrifts & Mortgage Finance	0.0	*
Paper & Forest Products	0.0	*
Gas Utilities	0.0	*
Consumer Finance	0.0	*
	100.9
Liabilities in excess of other assets	(0.9	)
	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	$17,214,249	$(17,214,249)	$—

(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

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $17,214,249:
Unaffiliated investments (cost $901,423,864)	$	1,481,445,831
Affiliated investments (cost $51,398,759)		51,415,716
Foreign currency, at value (cost $2,564,968)		2,541,569
Tax reclaim receivable		2,161,216
Dividends and interest receivable		1,173,521
Receivable for investments sold		291,848
Receivable for Portfolio shares sold		22,061
Receivable from affiliate		2,563
Prepaid expenses		12,247
Total Assets		1,539,066,572
LIABILITIES
Payable to broker for collateral for securities on loan		17,754,240
Payable to affiliate		936,021
Management fee payable		904,105
Payable for Portfolio shares purchased		349,057
Payable for investments purchased		321,910
Accrued expenses and other liabilities		123,434
Affiliated transfer agent fee payable		980
Trustees’ fees payable		890
Distribution fee payable		37
Total Liabilities		20,390,674
NET ASSETS	$	1,518,675,898
Net assets were comprised of:
Partners’ Equity	$	1,518,675,898
Class I:
Net asset value and redemption price per share, $1,518,488,934 / 26,726,710 outstanding shares of beneficial interest	$	56.82
Class III:
Net asset value and redemption price per share, $186,964 / 3,297 outstanding shares of beneficial interest	$	56.72
Net Asset Values Per Share may not recalculate due to rounding

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $1,554,826 foreign withholding tax, of which $253,438 is reimbursable by an affiliate)	$	23,422,728
Income from securities lending, net (including affiliated income of $18,308)		131,713
Affiliated dividend income		37,078
Total income		23,591,519
EXPENSES
Management fee		11,042,400
Distribution fee—Class III		198
Custodian and accounting fees		231,095
Shareholders’ reports		30,746
Audit fee		30,500
Trustees’ fees		27,979
Legal fees and expenses		26,254
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		77,019
Total expenses		11,476,873
Less: Fee waivers and/or expense reimbursement		(534,452	)
Net expenses		10,942,421
NET INVESTMENT INCOME (LOSS)		12,649,098
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(7,918))		117,594,001
Foreign currency transactions		(161,290	)
		117,432,711
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1,128))		113,121,519
Foreign currencies		(105,861	)
		113,015,658
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		230,448,369
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	243,097,467

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	12,649,098		$	11,999,429
Net realized gain (loss) on investment and foreign currency transactions		117,432,711			96,903,741
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		113,015,658			74,773,343
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		243,097,467			183,676,513
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		17,833,148			15,803,644
Portfolio shares purchased		(119,303,863	)		(86,119,207	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS.		(101,470,715	)		(70,315,563	)
TOTAL INCREASE (DECREASE)		141,626,752			113,360,950
NET ASSETS:
Beginning of year		1,377,049,146			1,263,688,196
End of year	$	1,518,675,898		$	1,377,049,146

SEE NOTES TO FINANCIAL STATEMENTS.

A9

PSF INTERNATIONAL GROWTH PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 99.0%
COMMON STOCKS — 97.6%
Argentina — 1.6%
MercadoLibre, Inc.*		1,304	$	1,758,314
Australia — 0.6%
Aristocrat Leisure Ltd		21,249		673,637
Austria — 0.5%
BAWAG Group AG, 144A*		8,586		528,027
Brazil — 0.3%
NU Holdings Ltd. (Class A Stock)*(a)		33,047		309,981
Canada — 2.3%
Canadian National Railway Co		6,667		818,940
Shopify, Inc. (Class A Stock)*		1,212		1,669,397
				2,488,337
China — 3.4%
Alibaba Group Holding Ltd.*		28,816		432,504
Contemporary Amperex Technology Co Ltd. (Class A Stock)		10,799		998,685
NXP Semiconductors NV		3,939		897,225
Shenzhou International Group Holdings Ltd.		22,400		429,772
Tencent Holdings Ltd		11,200		650,923
Wuxi Biologics Cayman, Inc., 144A*		24,500		293,883
				3,702,992
Denmark — 2.3%
Chr Hansen Holding A/S		3,104		244,916
Coloplast A/S (Class B Stock)		3,128		549,946
DSV A/S		2,241		523,639
Novo Nordisk A/S (Class B Stock)		7,511		845,679
Orsted A/S, 144A		2,653		340,647
				2,504,827
Finland — 0.8%
Neste OYJ		8,283		409,053
Nordea Bank Abp		39,932		487,865
				896,918
France — 13.1%
Air Liquide SA		1,424		248,394
Airbus SE*		8,258		1,057,761
Arkema SA		1,965		277,217
Dassault Systemes SE		20,692		1,233,831
Hermes International		627		1,095,093
Kering SA		1,413		1,137,003
L’Oreal SA		3,812		1,809,801
LVMH Moet Hennessy Louis Vuitton SE		3,457		2,859,174
Pernod Ricard SA		6,814		1,640,137
Remy Cointreau SA		2,467		601,623
Safran SA		6,046		739,492
Sartorius Stedim Biotech		988		542,625
Teleperformance		2,019		899,155
				14,141,306
Germany — 4.6%
adidas AG		1,969		566,660
BioNTech SE, ADR*(a)		614		158,289

	Shares		Value
COMMON STOCKS (continued)
Germany (cont’d.)
Brenntag SE		7,493	$	677,912
Deutsche Boerse AG		2,207		369,027
Gerresheimer AG		5,336		514,432
HelloFresh SE*		2,295		175,499
Infineon Technologies AG		18,941		874,849
Rational AG		492		503,578
SAP SE		671		94,783
SAP SE, ADR(a)		4,436		621,528
Scout24 SE, 144A		6,420		448,062
				5,004,619
Hong Kong — 3.0%
AIA Group Ltd.		92,600		933,645
Techtronic Industries Co. Ltd.		114,680		2,284,067
				3,217,712
India — 1.9%
HDFC Bank Ltd., ADR		10,801		702,821
Infosys Ltd., ADR		16,315		412,932
Reliance Industries Ltd., 144A, GDR		13,838		887,909
				2,003,662
Ireland — 4.2%
AerCap Holdings NV*		7,200		471,024
CRH PLC		17,807		943,336
ICON PLC*		1,695		524,942
Kerry Group PLC (Class A Stock)		4,068		524,052
Kingspan Group PLC		6,601		788,751
Ryanair Holdings PLC, ADR*		5,156		527,614
Smurfit Kappa Group PLC		14,415		794,692
				4,574,411
Israel — 0.3%
Wix.com Ltd.*		1,975		311,635
Italy — 2.5%
Amplifon SpA		6,996		376,866
Brunello Cucinelli SpA*		12,585		868,902
Ferrari NV		4,508		1,169,307
Nexi SpA, 144A*		18,504		294,133
				2,709,208
Japan — 8.8%
Asahi Intecc Co. Ltd.		6,900		148,062
Daikin Industries Ltd.		3,000		678,703
Fujitsu Ltd.		2,700		461,413
GMO Payment Gateway, Inc.		4,122		511,680
Hoya Corp.		4,400		652,716
Keyence Corp.		2,920		1,833,141
M3, Inc.		2,700		135,758
Menicon Co. Ltd.		16,535		489,365
Nihon M&A Center Holdings, Inc.		11,400		279,405
Nitori Holdings Co. Ltd.		2,200		328,409
Otsuka Corp.		9,100		433,463
SCSK Corp.		23,600		468,607
Shiseido Co. Ltd.		4,100		228,640
SMC Corp.		800		539,009
Sony Group Corp.		6,800		856,213
Subaru Corp.		14,000		250,263

SEE NOTES TO FINANCIAL STATEMENTS.

A10

PSF INTERNATIONAL GROWTH PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
TechnoPro Holdings, Inc.		3,100	$	93,980
Terumo Corp		11,100		468,866
Tokio Marine Holdings, Inc.		4,900		272,244
Toyota Motor Corp.		22,300		409,347
				9,539,284
Luxembourg — 0.7%
Eurofins Scientific SE		5,966		739,158
Netherlands — 7.4%
Adyen NV, 144A*		1,143		3,005,382
Argenx SE, ADR*		1,839		644,000
ASML Holding NV		3,396		2,720,262
Heineken NV		6,544		735,716
Koninklijke DSM NV		1,432		322,627
Koninklijke Philips NV		15,517		578,298
				8,006,285
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		11,580		259,582
Norway — 0.4%
TOMRA Systems ASA		6,587		471,615
Singapore — 0.5%
DBS Group Holdings Ltd.		20,364		493,371
Spain — 0.6%
Amadeus IT Group SA*		9,318		630,768
Sweden — 4.0%
Assa Abloy AB (Class B Stock)		20,811		635,439
Atlas Copco AB (Class A Stock)		12,164		840,620
Autoliv, Inc.		7,846		811,355
EQT AB		6,502		355,461
Hexagon AB (Class B Stock)		53,610		849,016
Indutrade AB		11,953		365,850
Nibe Industrier AB (Class B Stock)		34,244		517,455
				4,375,196
Switzerland — 11.8%
Alcon, Inc.		6,221		548,698
Cie Financiere Richemont SA (Class A Stock)		3,973		595,009
Givaudan SA		183		960,876
Julius Baer Group Ltd.		6,289		419,771
Lonza Group AG		2,924		2,438,988
Novartis AG		7,598		667,340
Partners Group Holding AG		474		781,827
Roche Holding AG		2,620		1,088,892
SGS SA		121		403,753
SIG Combibloc Group AG*		16,125		451,318
Sika AG		1,548		645,451
Sonova Holding AG		1,343		525,333
Straumann Holding AG		1,202		2,555,119
UBS Group AG		36,921		661,348
				12,743,723
Taiwan — 3.5%
Sea Ltd., ADR*		7,000		1,565,970
Taiwan Semiconductor Manufacturing Co. Ltd.		45,000		1,000,284

	Shares		Value
COMMON STOCKS (continued)
Taiwan (cont’d.)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		10,462	$	1,258,683
				3,824,937
United Kingdom — 12.6%
Ashtead Group PLC		23,065		1,851,069
Bunzl PLC		23,999		937,644
Compass Group PLC*		33,320		742,709
DCC PLC		8,667		709,396
Diageo PLC		11,684		638,173
Electrocomponents PLC		17,556		286,037
Experian PLC		15,380		756,116
Fevertree Drinks PLC		11,039		404,458
Halma PLC		9,372		405,502
Lloyds Banking Group PLC		544,371		352,505
London Stock Exchange Group PLC		13,779		1,292,422
Petershill Partners PLC, 144A*		73,075		274,024
Prudential PLC		30,223		520,787
RELX PLC		25,714		836,479
Rentokil Initial PLC		49,695		393,301
Segro PLC, REIT		33,494		651,134
Smith & Nephew PLC		15,436		269,855
Spirax-Sarco Engineering PLC		2,258		490,104
St. James’s Place PLC		16,907		384,583
Trainline PLC, 144A*		38,005		143,717
Travis Perkins PLC		12,785		268,827
Unilever PLC		10,211		546,908
Weir Group PLC (The)		20,501		476,568
				13,632,318
United States — 5.4%
Aon PLC (Class A Stock)		1,256		377,503
Atlassian Corp. PLC (Class A Stock)*		5,276		2,011,686
Ferguson PLC		4,256		753,749
Globant SA*		2,906		912,746
Lululemon Athletica, Inc.*		1,147		448,993
QIAGEN NV*		9,918		551,243
Schneider Electric SE		3,795		744,866
				5,800,786
Uruguay — 0.3%
Dlocal Ltd.*(a)		9,543		340,590
TOTAL COMMON STOCKS (cost $61,771,740)				105,683,199
PREFERRED STOCK — 1.4%
Germany
Sartorius AG (PRFC)		2,145		1,451,907
(cost $159,341)
TOTAL LONG-TERM INVESTMENTS (cost $61,931,081)				107,135,106
SHORT-TERM INVESTMENTS — 2.2%
AFFILIATED MUTUAL FUNDS — 1.8%
PGIM Core Ultra Short Bond Fund(wa)		602,494		602,494

SEE NOTES TO FINANCIAL STATEMENTS.

A11

PSF INTERNATIONAL GROWTH PORTFOLIO  (CONTINUED)    

	Shares		Value
AFFILIATED MUTUAL FUNDS (continued)
PGIM Institutional Money Market Fund (cost $1,368,732; includes $1,368,682 of cash collateral for securities on loan)(b)(wa)		1,370,037	$	1,369,078
TOTAL AFFILIATED MUTUAL FUNDS (cost $1,971,226)				1,971,572
UNAFFILIATED FUND — 0.4%
BlackRock Liquidity FedFund, (Institutional Shares)		410,271		410,271
(cost $410,271)
TOTAL SHORT-TERM INVESTMENTS (cost $2,381,497)				2,381,843
TOTAL INVESTMENTS—101.2% (cost $64,312,578)				109,516,949
Liabilities in excess of other assets — (1.2)%				(1,264,700	)
NET ASSETS — 100.0%			$	108,252,249

See the Glossary for a list of the abbreviation(s) used in the annual 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 $1,337,611; cash collateral of $1,368,682 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Argentina	$	1,758,314	$	—		$—
Australia		—		673,637		—
Austria		—		528,027		—
Brazil		309,981		—		—
Canada		2,488,337		—		—
China		897,225		2,805,767		—
Denmark		—		2,504,827		—
Finland		—		896,918		—
France		—		14,141,306		—
Germany		779,817		4,224,802		—
Hong Kong		—		3,217,712		—
India		1,115,753		887,909		—
Ireland		1,523,580		3,050,831		—
Israel		311,635		—		—
Italy		—		2,709,208		—
Japan		—		9,539,284		—
Luxembourg		—		739,158		—
Netherlands		644,000		7,362,285		—
New Zealand		—		259,582		—
Norway		—		471,615		—
Singapore		—		493,371		—
Spain		—		630,768		—

SEE NOTES TO FINANCIAL STATEMENTS.

A12

PSF INTERNATIONAL GROWTH PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Sweden		$    811,355		$  3,563,841		$—
Switzerland		—		12,743,723		—
Taiwan		2,824,653		1,000,284		—
United Kingdom		—		13,632,318		—
United States		4,302,171		1,498,615		—
Uruguay		340,590		—		—
Preferred Stock
Germany		—		1,451,907		—
Short-Term Investments
Affiliated Mutual Funds		1,971,572		—		—
Unaffiliated Fund		410,271		—		—
Total		$20,489,254		$89,027,695		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

IT Services	8.7	%
Health Care Equipment & Supplies	7.8
Textiles, Apparel & Luxury Goods	7.3
Semiconductors & Semiconductor Equipment	6.2
Life Sciences Tools & Services	5.3
Machinery	5.0
Trading Companies & Distributors	4.8
Capital Markets	4.1
Beverages	3.8
Software	3.7
Professional Services	3.1
Electronic Equipment, Instruments & Components	2.9
Banks	2.7
Chemicals	2.5
Building Products	2.4
Pharmaceuticals	2.4
Personal Products	2.4
Insurance	2.1
Internet & Direct Marketing Retail	2.0
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	1.8
Automobiles	1.7
Aerospace & Defense	1.7
Electrical Equipment	1.6
Entertainment	1.4
Hotels, Restaurants & Leisure	1.4

Oil, Gas & Consumable Fuels	1.2	%
Containers & Packaging	1.1
Interactive Media & Services	1.0
Construction Materials	0.9
Commercial Services & Supplies	0.8
Household Durables	0.8
Road & Rail	0.8
Auto Components	0.7
Biotechnology	0.7
Industrial Conglomerates	0.7
Equity Real Estate Investment Trusts (REITs)	0.6
Airlines	0.5
Food Products	0.5
Air Freight & Logistics	0.5
Unaffiliated Fund	0.4
Health Care Providers & Services	0.3
Electric Utilities	0.3
Specialty Retail	0.3
Food & Staples Retailing	0.2
Health Care Technology	0.1
	101.2
Liabilities in excess of other assets	(1.2	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A13

PSF INTERNATIONAL GROWTH PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 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		$1,337,611		$(1,337,611)		$—

(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

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $1,337,611:
Unaffiliated investments (cost $62,341,352)	$	107,545,377
Affiliated investments (cost $1,971,226)		1,971,572
Foreign currency, at value (cost $52,273)		52,867
Tax reclaim receivable		309,362
Receivable for investments sold		31,268
Dividends receivable		30,647
Receivable for Portfolio shares sold		16,649
Receivable from affiliate		800
Prepaid expenses and other assets		1,816
Total Assets		109,960,358
LIABILITIES
Payable to broker for collateral for securities on loan		1,368,682
Payable to affiliate		123,091
Accrued expenses and other liabilities		78,789
Management fee payable		76,570
Payable for investments purchased		59,360
Affiliated transfer agent fee payable		980
Trustees’ fees payable		340
Payable for Portfolio shares purchased		235
Distribution fee payable		39
Administration fee payable		23
Total Liabilities		1,708,109
NET ASSETS	$	108,252,249
Net assets were comprised of:
Partners’ Equity	$	108,252,249
Class I:
Net asset value and redemption price per share, $108,066,001 /7,835,315 outstanding shares of beneficial interest	$	13.79
Class II:
Net asset value and redemption price per share, $186,248 /14,142 outstanding shares of beneficial interest	$	13.17

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $119,301 foreign withholding tax, of which $13,625 is reimbursable by an affiliate)	$	1,087,979
Income from securities lending, net (including affiliated income of $2,306)		4,235
Affiliated dividend income		1,072
Total income		1,093,286
EXPENSES
Management fee		921,926
Distribution fee—Class II		471
Administration fee—Class II		283
Custodian and accounting fees		111,897
Audit fee		29,400
Shareholders’ reports		26,649
Legal fees and expenses		20,882
Trustees’ fees		10,920
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		29,598
Total expenses		1,162,708
Less: Fee waivers and/or expense reimbursement		(66,357	)
Net expenses		1,096,351
NET INVESTMENT INCOME (LOSS)		(3,065	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $3,188)		10,850,583
Foreign currency transactions		(10,516	)
		10,840,067
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(4,180))		1,956,011
Foreign currencies		(6,541	)
		1,949,470
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		12,789,537
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,786,472

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(3,065	)	$	38,409
Net realized gain (loss) on investment and foreign currency transactions		10,840,067			8,925,584
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,949,470			16,525,818
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		12,786,472			25,489,811
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		4,771,632			5,403,610
Portfolio shares purchased		(12,643,096	)		(13,300,644	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(7,871,464	)		(7,897,034	)
TOTAL INCREASE (DECREASE)		4,915,008			17,592,777
NET ASSETS:
Beginning of year		103,337,241			85,744,464
End of year	$	108,252,249		$	103,337,241

SEE NOTES TO FINANCIAL STATEMENTS.

A15

PSF MID-CAP GROWTH  PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 98.7%
COMMON STOCKS
Aerospace & Defense — 0.5%
HEICO Corp. (Class A Stock)		15,273	$	1,962,886
Airlines — 1.1%
Delta Air Lines, Inc.*		84,610		3,306,559
Frontier Group Holdings, Inc.*(a)		98,864		1,341,584
				4,648,143
Banks — 2.5%
First Republic Bank		18,228		3,764,264
Signature Bank		10,491		3,393,524
SVB Financial Group*		5,276		3,578,394
				10,736,182
Beverages — 1.2%
Constellation Brands, Inc. (Class A Stock)		19,705		4,945,364
Biotechnology — 5.6%
Agios Pharmaceuticals, Inc.*(a)		50,800		1,669,796
Alnylam Pharmaceuticals, Inc.*		27,558		4,673,286
Exact Sciences Corp.*(a)		41,906		3,261,544
Exelixis, Inc.*		108,842		1,989,632
Horizon Therapeutics PLC*		52,150		5,619,684
Natera, Inc.*		29,368		2,742,678
Neurocrine Biosciences, Inc.*		22,667		1,930,548
Seagen, Inc.*		13,734		2,123,276
				24,010,444
Building Products — 4.2%
Advanced Drainage Systems, Inc.		15,863		2,159,430
Fortune Brands Home & Security, Inc.		35,915		3,839,314
Trane Technologies PLC		42,407		8,567,486
Trex Co., Inc.*		24,109		3,255,438
				17,821,668
Capital Markets — 4.6%
Affiliated Managers Group, Inc.		16,684		2,744,685
Ares Management Corp. (Class A Stock)		31,586		2,566,994
Evercore, Inc. (Class A Stock)		13,906		1,889,130
LPL Financial Holdings, Inc.		25,234		4,039,711
MarketAxess Holdings, Inc.		5,761		2,369,327
Morningstar, Inc.		5,294		1,810,495
MSCI, Inc.		6,509		3,987,999
				19,408,341
Commercial Services & Supplies — 1.8%
ACV Auctions, Inc. (Class A Stock)*		32,630		614,749
Copart, Inc.*		46,817		7,098,394
				7,713,143
Communications Equipment — 0.9%
Arista Networks, Inc.*		26,257		3,774,444
Construction & Engineering — 1.1%
Quanta Services, Inc.(a)		40,426		4,635,245
Consumer Finance — 0.7%
Discover Financial Services		26,891		3,107,524

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions, Inc.*		24,879	$	3,131,769
Electrical Equipment — 2.3%
AMETEK, Inc.		26,274		3,863,329
Generac Holdings, Inc.*		16,342		5,751,077
				9,614,406
Electronic Equipment, Instruments & Components — 4.4%
Keysight Technologies, Inc.*		27,456		5,669,939
Littelfuse, Inc.		12,168		3,829,026
Trimble, Inc.*		31,265		2,725,995
Zebra Technologies Corp. (Class A Stock)*		10,741		6,393,043
				18,618,003
Entertainment — 2.8%
ROBLOX Corp. (Class A Stock)*(a)		23,352		2,408,992
Roku, Inc.*		23,242		5,303,825
Spotify Technology SA*		6,928		1,621,360
Take-Two Interactive Software, Inc.*		15,470		2,749,328
				12,083,505
Health Care Equipment & Supplies — 5.3%
Align Technology, Inc.*		2,624		1,724,440
Cooper Cos., Inc. (The)		8,914		3,734,431
Dexcom, Inc.*		14,994		8,051,028
Hologic, Inc.*		34,093		2,610,160
Insulet Corp.*		13,707		3,647,022
ResMed, Inc.		11,099		2,891,068
				22,658,149
Health Care Providers & Services — 3.4%
Acadia Healthcare Co., Inc.*		36,584		2,220,649
Amedisys, Inc.*		11,090		1,795,249
Centene Corp.*		70,382		5,799,477
McKesson Corp.		18,524		4,604,510
				14,419,885
Health Care Technology — 0.4%
Teladoc Health, Inc.*(a)		19,812		1,819,138
Hotels, Restaurants & Leisure — 4.2%
Aramark		77,554		2,857,865
Booking Holdings, Inc.*		639		1,533,108
Chipotle Mexican Grill, Inc.*		2,166		3,786,710
DraftKings, Inc. (Class A Stock)*(a)		75,086		2,062,612
Hilton Worldwide Holdings, Inc.*		27,755		4,329,502
Royal Caribbean Cruises Ltd.*(a)		43,729		3,362,760
				17,932,557
Household Durables — 1.6%
Garmin Ltd.		19,957		2,717,545
Helen of Troy Ltd.*(a)		16,946		4,142,788
				6,860,333
Insurance — 0.5%
Progressive Corp. (The)		21,510		2,208,002
Interactive Media & Services — 1.6%
Bumble, Inc. (Class A Stock)*(a)		61,190		2,071,893

SEE NOTES TO FINANCIAL STATEMENTS.

A16

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (cont’d.)
Match Group, Inc.*		36,251	$	4,794,195
				6,866,088
Internet & Direct Marketing Retail — 0.7%
Chewy, Inc. (Class A Stock)*(a)		26,768		1,578,509
Etsy, Inc.*		6,155		1,347,576
				2,926,085
IT Services — 4.1%
Affirm Holdings, Inc.*		14,819		1,490,199
Global Payments, Inc.		22,484		3,039,387
Globant SA*		6,266		1,968,088
MongoDB, Inc.*		11,451		6,061,587
Okta, Inc.*		16,214		3,634,692
Remitly Global, Inc.*		52,094		1,074,178
				17,268,131
Leisure Products — 0.4%
Brunswick Corp.		16,277		1,639,582
Life Sciences Tools & Services — 3.7%
Agilent Technologies, Inc.		46,160		7,369,444
Maravai LifeSciences Holdings, Inc. (Class A Stock)*		61,289		2,568,009
Mettler-Toledo International, Inc.*		3,533		5,996,243
				15,933,696
Machinery — 2.0%
Ingersoll Rand, Inc.		79,116		4,894,907
ITT, Inc.		35,720		3,650,227
				8,545,134
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		74,606		3,113,308
Oil, Gas & Consumable Fuels — 0.9%
EOG Resources, Inc.		42,246		3,752,712
Pharmaceuticals — 1.9%
Catalent, Inc.*		27,652		3,540,285
Jazz Pharmaceuticals PLC*		18,829		2,398,815
Royalty Pharma PLC (Class A Stock)		55,836		2,225,065
				8,164,165
Professional Services — 2.4%
Equifax, Inc.		19,913		5,830,327
IHS Markit Ltd		32,420		4,309,267
				10,139,594
Road & Rail — 2.4%
Lyft, Inc. (Class A Stock)*(a)		81,093		3,465,104
Old Dominion Freight Line, Inc.		18,696		6,700,272
				10,165,376
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices, Inc.*		32,849		4,726,971
Entegris, Inc.		44,433		6,157,525
Lam Research Corp.		6,098		4,385,377
Marvell Technology, Inc.		50,897		4,452,978
Microchip Technology, Inc.		45,959		4,001,191

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
SolarEdge Technologies, Inc.*		22,994	$	6,451,427
Teradyne, Inc.		39,133		6,399,419
Wolfspeed, Inc.*(a)		22,493		2,514,043
Xilinx, Inc.		11,898		2,522,733
				41,611,664
Software — 12.5%
Bill. com Holdings, Inc.*		11,373		2,833,583
Cadence Design Systems, Inc.*		30,352		5,656,095
Confluent, Inc. (Class A Stock)*(a)		31,927		2,434,114
Crowdstrike Holdings, Inc. (Class A Stock)*		23,601		4,832,305
Five9, Inc.*(a)		18,687		2,566,099
HashiCorp, Inc. (Class A Stock)*(a)		5,549		505,181
HubSpot, Inc.*		8,805		5,803,816
Palo Alto Networks, Inc.*		15,449		8,601,385
Synopsys, Inc.*		16,916		6,233,546
Trade Desk, Inc. (The) (Class A Stock)*		64,597		5,919,669
UiPath, Inc. (Class A Stock)*(a)		15,395		663,986
Unity Software, Inc.*		15,483		2,213,914
Zscaler, Inc.*		14,908		4,790,388
				53,054,081
Specialty Retail — 5.2%
Burlington Stores, Inc.*		15,094		4,400,052
CarMax, Inc.*		17,922		2,333,982
National Vision Holdings, Inc.*(a)		43,349		2,080,318
O’Reilly Automotive, Inc.*		5,670		4,004,324
Tractor Supply Co.		21,086		5,031,120
Ulta Beauty, Inc.*		10,549		4,349,775
				22,199,571
Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc.*		6,380		2,497,451
TOTAL LONG-TERM INVESTMENTS
( cost $276,820,097)				419,985,769
SHORT-TERM INVESTMENTS — 8.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		6,531,135		6,531,135
PGIM Institutional Money Market Fund (cost $30,947,201; includes $30,944,398 of cash collateral for securities on loan)(b)(wa)		31,017,795		30,996,082
TOTAL SHORT-TERM INVESTMENTS (cost $37,478,336)				37,527,217
TOTAL INVESTMENTS—107.5% ( cost $314,298,433)				457,512,986
Liabilities in excess of other assets — (7.5)%				(31,774,331	)
NET ASSETS — 100.0%			$	425,738,655

SEE NOTES TO FINANCIAL STATEMENTS.

A17

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

See the Glossary for a list of the abbreviation(s) used in the annual 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 $30,237,400; cash collateral of $30,944,398 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$   1,962,886		$—		$—
Airlines		4,648,143		—		—
Banks		10,736,182		—		—
Beverages		4,945,364		—		—
Biotechnology		24,010,444		—		—
Building Products		17,821,668		—		—
Capital Markets		19,408,341		—		—
Commercial Services & Supplies		7,713,143		—		—
Communications Equipment		3,774,444		—		—
Construction & Engineering		4,635,245		—		—
Consumer Finance		3,107,524		—		—
Diversified Consumer Services		3,131,769		—		—
Electrical Equipment		9,614,406		—		—
Electronic Equipment, Instruments & Components		18,618,003		—		—
Entertainment		12,083,505		—		—
Health Care Equipment & Supplies		22,658,149		—		—
Health Care Providers & Services		14,419,885		—		—
Health Care Technology		1,819,138		—		—
Hotels, Restaurants & Leisure		17,932,557		—		—
Household Durables		6,860,333		—		—
Insurance		2,208,002		—		—
Interactive Media & Services		6,866,088		—		—
Internet & Direct Marketing Retail		2,926,085		—		—
IT Services		17,268,131		—		—
Leisure Products		1,639,582		—		—
Life Sciences Tools & Services		15,933,696		—		—
Machinery		8,545,134		—		—
Metals & Mining		3,113,308		—		—
Oil, Gas & Consumable Fuels		3,752,712		—		—
Pharmaceuticals		8,164,165		—		—
Professional Services		10,139,594		—		—
Road & Rail		10,165,376		—		—
Semiconductors & Semiconductor Equipment		41,611,664		—		—
Software		53,054,081		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A18

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Specialty Retail		$  22,199,571		$—		$—
Textiles, Apparel & Luxury Goods		2,497,451		—		—
Short-Term Investments
Affiliated Mutual Funds		37,527,217		—		—
Total		$457,512,986		$—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Software	12.5	%
Semiconductors & Semiconductor Equipment	9.8
Affiliated Mutual Funds (7.3% represents investments purchased with collateral from securities on loan)	8.8
Biotechnology	5.6
Health Care Equipment & Supplies	5.3
Specialty Retail	5.2
Capital Markets	4.6
Electronic Equipment, Instruments & Components	4.4
Hotels, Restaurants & Leisure	4.2
Building Products	4.2
IT Services	4.1
Life Sciences Tools & Services	3.7
Health Care Providers & Services	3.4
Entertainment	2.8
Banks	2.5
Road & Rail	2.4
Professional Services	2.4
Electrical Equipment	2.3
Machinery	2.0
Pharmaceuticals	1.9
Commercial Services & Supplies	1.8

Interactive Media & Services	1.6	%
Household Durables	1.6
Beverages	1.2
Airlines	1.1
Construction & Engineering	1.1
Communications Equipment	0.9
Oil, Gas & Consumable Fuels	0.9
Diversified Consumer Services	0.7
Metals & Mining	0.7
Consumer Finance	0.7
Internet & Direct Marketing Retail	0.7
Textiles, Apparel & Luxury Goods	0.6
Insurance	0.5
Aerospace & Defense	0.5
Health Care Technology	0.4
Leisure Products	0.4
	107.5
Liabilities in excess of other assets	(7.5	)
	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		$30,237,400		$(30,237,400)		$—

(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

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of
$30,237,400:
Unaffiliated investments ( cost $276,820,097)	$	419,985,769
Affiliated investments ( cost $37,478,336)		37,527,217
Cash		32,136
Receivable for Portfolio shares sold		41,427
Dividends receivable		19,166
Tax reclaim receivable		18,826
Prepaid expenses		3,385
Total Assets		457,627,926
LIABILITIES
Payable to broker for collateral for securities on loan		30,944,398
Payable for investments purchased		613,421
Management fee payable		213,672
Accrued expenses and other liabilities		104,464
Payable to affiliate		7,944
Payable for Portfolio shares purchased		3,677
Affiliated transfer agent fee payable		980
Trustees’ fees payable		481
Distribution fee payable		200
Administration fee payable		34
Total Liabilities		31,889,271
NET ASSETS	$	425,738,655
Net assets were comprised of:
Partners’ Equity	$	425,738,655
Class I:
Net asset value and redemption price per share, $424,688,572 / 13,858,546 outstanding shares of beneficial interest	$	30.64
Class II:
Net asset value and redemption price per share, $270,881 /9,520 outstanding shares of beneficial interest	$	28.45
Class III:
Net asset value and redemption price per share, $779,202 / 25,467 outstanding shares of beneficial interest	$	30.60

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $6,157 foreign
withholding tax)	$	1,412,604
Income from securities lending, net ( including affiliated income of $23,191)		61,158
Affiliated dividend income		10,006
Total income		1,483,768
EXPENSES
Management fee		2,448,239
Distribution fee—Class II		747
Distribution fee—Class III		532
Administration fee—Class II		448
Custodian and accounting fees		53,534
Audit fee		31,000
Shareholders’ reports		27,828
Legal fees and expenses		22,171
Trustees’ fees		15,000
Transfer agent’s fees and expenses ( including affiliated expense of $5,882)		10,682
Miscellaneous		21,324
Total expenses		2,631,505
NET INVESTMENT INCOME (LOSS)		(1,147,737	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(6,880))		48,576,527
Foreign currency transactions		(362	)
		48,576,165
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(4,232))		(7,196,032	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		41,380,133
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	40,232,396

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(1,147,737	)	$	(456,313	)
Net realized gain (loss) on investment and foreign currency transactions		48,576,165			44,796,196
Net change in unrealized appreciation (depreciation) on investments		(7,196,032	)		80,524,571
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		40,232,396			124,864,454
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		36,381,574			21,356,366
Portfolio shares purchased		(33,319,232	)		(44,027,064	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		3,062,342			(22,670,698	)
TOTAL INCREASE (DECREASE)		43,294,738			102,193,756
NET ASSETS:
Beginning of year		382,443,917			280,250,161
End of year	$	425,738,655		$	382,443,917

SEE NOTES TO FINANCIAL STATEMENTS.

A20

PSF NATURAL RESOURCES PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 99.7%
COMMON STOCKS
Agricultural Products — 1.0%
Darling Ingredients, Inc.*		62,985	$	4,364,231
Air Freight & Logistics — 1.3%
GXO Logistics, Inc.*		62,915		5,714,569
Aluminum — 1.2%
Norsk Hydro ASA (Norway)		699,410		5,521,302
Auto Parts & Equipment — 1.0%
Aptiv PLC*		27,185		4,484,166
Automobile Manufacturers — 1.3%
Ford Motor Co.		293,035		6,086,337
Building Products — 1.2%
Johnson Controls International PLC		64,080		5,210,345
Construction & Engineering — 1.0%
Quanta Services, Inc.		37,925		4,348,481
Copper — 2.8%
Freeport-McMoRan, Inc.		299,890		12,514,410
Diversified Chemicals — 1.0%
Chemours Co. (The)		130,940		4,394,346
Diversified Metals & Mining — 4.8%
BHP Group Ltd. (Australia)(a)		139,128		4,206,059
Glencore PLC (Australia)*		1,311,300		6,652,835
MP Materials Corp.*(a)		131,455		5,970,686
Rio Tinto PLC (Australia)		68,216		4,524,835
				21,354,415
Electric Utilities — 1.0%
NextEra Energy, Inc.		48,720		4,548,499
Electrical Components & Equipment — 5.7%
Eaton Corp. PLC		26,085		4,508,010
Generac Holdings, Inc.*		22,980		8,087,121
Plug Power, Inc.*(a)		225,525		6,366,571
Shoals Technologies Group, Inc. (Class A Stock)*		55,470		1,347,921
Sunrun, Inc.*(a)		144,560		4,958,408
				25,268,031
Electronic Components — 0.8%
Samsung SDI Co. Ltd. (South Korea)		6,335		3,476,602
Fertilizers & Agricultural Chemicals — 0.5%
Sociedad Quimica y Minera de Chile SA (Chile), ADR		44,130		2,225,476
Gold — 1.0%
Wheaton Precious Metals Corp. (Brazil)		102,167		4,384,066
Industrial Gases — 5.7%
Air Liquide SA (France)		30,107		5,251,686
Air Products & Chemicals, Inc.		22,370		6,806,296
Linde PLC (United Kingdom)		38,795		13,439,752
				25,497,734
Industrial Machinery — 0.9%
Chart Industries, Inc.*		26,425		4,214,523
Integrated Oil & Gas — 21.5%
BP PLC (United Kingdom), ADR		411,350		10,954,251

	Shares		Value
COMMON STOCKS (continued)
Integrated Oil & Gas (cont’d.)
Chevron Corp.		201,865	$	23,688,858
Equinor ASA (Norway)		438,000		11,619,305
Exxon Mobil Corp.		367,170		22,467,132
Royal Dutch Shell PLC (Netherlands)(Class B Stock)		821,795		18,040,840
TotalEnergies SE (France), ADR(a)		180,670		8,935,938
				95,706,324
Oil & Gas Equipment & Services — 5.1%
Baker Hughes Co.		430,180		10,350,131
Schlumberger NV		409,970		12,278,601
				22,628,732
Oil & Gas Exploration & Production — 16.8%
ConocoPhillips		302,366		21,824,778
Coterra Energy, Inc.		115,987		2,203,753
Devon Energy Corp.		245,250		10,803,262
Diamondback Energy, Inc.		84,615		9,125,728
EOG Resources, Inc.		102,575		9,111,737
Hess Corp.		94,820		7,019,525
Marathon Oil Corp.		299,195		4,912,782
Pioneer Natural Resources Co.		54,508		9,913,915
				74,915,480
Oil & Gas Refining & Marketing — 5.9%
Marathon Petroleum Corp.		164,445		10,522,836
Valero Energy Corp.		212,882		15,989,567
				26,512,403
Oil & Gas Storage & Transportation — 6.1%
Cheniere Energy, Inc.		62,480		6,336,722
Kinder Morgan, Inc.		451,660		7,163,328
ONEOK, Inc.		90,075		5,292,807
Williams Cos., Inc. (The)		327,040		8,516,121
				27,308,978
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		24,464
Renewable Electricity — 1.2%
Sunnova Energy International, Inc.*(a)		193,780		5,410,338
Semiconductor Equipment — 2.6%
Enphase Energy, Inc.*		26,790		4,900,962
SolarEdge Technologies, Inc.*		23,675		6,642,495
				11,543,457
Semiconductors — 3.5%
Analog Devices, Inc.		26,350		4,631,539
NXP Semiconductors NV (China)		21,710		4,945,104
ON Semiconductor Corp.*		88,915		6,039,107
				15,615,750
Specialty Chemicals — 4.8%
Albemarle Corp.		37,230		8,703,257
Livent Corp.*(a)		181,535		4,425,823
Shin-Etsu Chemical Co. Ltd. (Japan)		27,800		4,809,951

SEE NOTES TO FINANCIAL STATEMENTS.

A21

PSF NATURAL RESOURCES PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Specialty Chemicals (cont’d.)
SK IE Technology Co. Ltd. (South Korea), 144A*		23,435	$	3,307,453
				21,246,484
TOTAL LONG-TERM INVESTMENTS
( cost $316,566,077)				444,519,943
SHORT-TERM INVESTMENTS — 5.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		2,305,472		2,305,472
PGIM Institutional Money Market Fund ( cost $23,367,207; Includes $23,365,440 of cash collateral for securities on loan)(b)(wa)		23,402,328		23,385,947
TOTAL SHORT-TERM INVESTMENTS ( cost $25,672,679)				25,691,419
TOTAL INVESTMENTS—105.5% ( cost $342,238,756)				470,211,362
Liabilities in excess of other assets — (5.5)%				(24,423,221	)
NET ASSETS — 100.0%			$	445,788,141

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

* Non-income producing security.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $24,464 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 $22,737,976; cash collateral of $23,365,440 (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 $24,464 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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia		$                —		$15,383,729		$       —
Brazil		4,384,066		—		—
Chile		2,225,476		—		—
China		4,945,104		—		—
France		8,935,938		5,251,686		—
Japan		—		4,809,951		—
Netherlands		—		18,040,840		—
Norway		—		17,140,607		—
South Africa		—		—		24,464
South Korea		—		6,784,055		—
United Kingdom		24,394,003		—		—
United States		332,200,024		—		—
Short-Term Investments
Affiliated Mutual Funds		25,691,419		—		—
Total		$402,776,030		$67,410,868		$24,464

SEE NOTES TO FINANCIAL STATEMENTS.

A22

PSF NATURAL RESOURCES PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Country Classification:

The country classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

United States (including 5.2% of collateral for securities on loan)	80.2	%
United Kingdom	5.5
Netherlands	4.1
Norway	3.8
Australia	3.5
France	3.2
South Korea	1.5
China	1.1
Japan	1.1

Brazil	1.0	%
Chile	0.5
South Africa	0.0	*
	105.5
Liabilities in excess of other assets	(5.5	)
	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		$22,737,976		$(22,737,976)		$—

(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

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $22,737,976:
Unaffiliated investments (cost $316,566,077)	$	444,519,943
Affiliated investments (cost $25,672,679)		25,691,419
Foreign currency, at value (cost $1,980)		1,996
Receivable for investments sold		1,206,856
Tax reclaim receivable		917,090
Dividends receivable		371,316
Receivable for Portfolio shares sold		6,537
Prepaid expenses		4,218
Total Assets		472,719,375
LIABILITIES
Payable to broker for collateral for securities on loan		23,365,440
Payable for investments purchased		2,421,303
Payable to affiliate		697,151
Management fee payable		166,177
Payable for Portfolio shares purchased		165,830
Accrued expenses and other liabilities		104,982
Distribution fee payable		5,633
Administration fee payable		3,260
Affiliated transfer agent fee payable		980
Trustees’ fees payable		478
Total Liabilities		26,931,234
NET ASSETS	$	445,788,141
Net assets were comprised of:
Partners’ Equity	$	445,788,141
Class I:
Net asset value and redemption price per share, $419,172,672/12,219,576 outstanding shares of beneficial interest	$	34.30
Class II:
Net asset value and redemption price per share, $25,635,640/782,293 outstanding shares of beneficial interest	$	32.77
Class III:
Net asset value and redemption price per share, $979,829 / 28,613 outstanding shares of beneficial interest	$	34.24

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $281,288 foreign withholding tax, of which $12,726 is reimbursable by an affiliate)	$	12,256,898
Income from securities lending, net (including affiliated income of $21,798)		146,986
Affiliated dividend income		4,001
Total income		12,407,885
EXPENSES
Management fee		1,938,549
Distribution fee—Class II		69,594
Distribution fee—Class III		578
Administration fee—Class II		41,757
Custodian and accounting fees		64,390
Shareholders’ reports		52,707
Audit fee		29,700
Legal fees and expenses		22,129
Trustees’ fees		14,848
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		35,485
Total expenses		2,280,419
Less: Fee waivers and/or expense reimbursement		(34,463	)
Net expenses		2,245,956
NET INVESTMENT INCOME (LOSS)		10,161,929
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(5,989)) (net of foreign capital gains taxes $(88,814))		83,495,283
Foreign currency transactions		(47,685	)
		83,447,598
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1,065)) (net of change in foreign capital gains taxes $128,644)		(100,643	)
Foreign currencies		(14,365	)
		(115,008	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		83,332,590
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	93,494,519

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment Income (loss)	$	10,161,929		$	7,278,252
Net realized gain (loss) on investment and foreign currency transactions		83,447,598			(34,800,100	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(115,008	)		67,213,184
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		93,494,519			39,691,336
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		24,288,772			18,902,478
Portfolio shares purchased		(56,248,016	)		(56,008,630	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(31,959,244	)		(37,106,152	)
TOTAL INCREASE (DECREASE)		61,535,275			2,585,184
NET ASSETS:
Beginning of year		384,252,866			381,667,682
End of year	$	445,788,141		$	384,252,866

SEE NOTES TO FINANCIAL STATEMENTS.

A24

PSF PGIM 50/50 BALANCED PORTFOLIO      

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 87.6%
COMMON STOCKS — 53.6%
Aerospace & Defense — 0.7%
Airbus SE (France)*		1,220	$	156,269
Boeing Co. (The)*		20,650		4,157,258
General Dynamics Corp.		8,600		1,792,842
Howmet Aerospace, Inc.		14,980		476,814
Huntington Ingalls Industries, Inc.		1,600		298,784
L3Harris Technologies, Inc.		7,670		1,635,551
Lockheed Martin Corp.		9,420		3,347,962
Northrop Grumman Corp.		5,762		2,230,297
Raytheon Technologies Corp.		56,555		4,867,123
Textron, Inc.		8,700		671,640
TransDigm Group, Inc.*		1,940		1,234,383
				20,868,923
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.(a)		5,200		559,676
Deutsche Post AG (Germany)		5,503		353,064
DSV A/S (Denmark)		837		195,576
Expeditors International of Washington, Inc.		6,300		846,027
FedEx Corp.		9,280		2,400,179
United Parcel Service, Inc. (Class B Stock)		27,300		5,851,482
				10,206,004
Airlines — 0.1%
Alaska Air Group, Inc.*		4,900		255,290
American Airlines Group, Inc.*(a)		25,100		450,796
Delta Air Lines, Inc.*		24,200		945,736
Southwest Airlines Co.*		21,900		938,196
United Airlines Holdings, Inc.*		12,400		542,872
				3,132,890
Auto Components — 0.1%
Aisin Corp. (Japan)		300		11,517
Aptiv PLC*(a)		10,200		1,682,490
BorgWarner, Inc.		8,700		392,109
Bridgestone Corp. (Japan)		2,200		94,681
Cie Generale des Etablissements Michelin SCA (France)		356		58,381
Denso Corp. (Japan)		1,000		82,866
				2,322,044
Automobiles — 1.4%
Bayerische Motoren Werke AG (Germany)		671		67,267
Daimler AG (Germany)		3,749		288,042
Ferrari NV (Italy)		234		60,696
Ford Motor Co.		147,285		3,059,109
General Motors Co.*		54,500		3,195,335
Isuzu Motors Ltd. (Japan)		16,400		203,612
Stellantis NV		2,124		40,008
Suzuki Motor Corp. (Japan)		800		30,796
Tesla, Inc.*		30,600		32,337,468
Toyota Motor Corp. (Japan)		8,500		156,029
Volkswagen AG (Germany)		65		19,121
				39,457,483

	Shares		Value
COMMON STOCKS (continued)
Banks — 2.2%
Australia & New Zealand Banking Group Ltd. (Australia)		12,411	$	248,410
Bank Hapoalim BM (Israel)		24,327		250,479
Bank Leumi Le-Israel BM (Israel)		24,516		263,774
Bank of America Corp.		270,941		12,054,165
Barclays PLC (United Kingdom)		35,682		90,331
BNP Paribas SA (France)		4,019		277,981
Citigroup, Inc.		76,035		4,591,754
Citizens Financial Group, Inc.		16,400		774,900
Comerica, Inc.		4,900		426,300
Commonwealth Bank of Australia (Australia)		1,280		94,025
DBS Group Holdings Ltd. (Singapore)		9,000		218,048
DNB Bank ASA (Norway)		2,007		45,926
Fifth Third Bancorp.		25,621		1,115,795
First Republic Bank		6,500		1,342,315
Huntington Bancshares, Inc.		56,736		874,869
ING Groep NV (Netherlands)		8,003		111,864
Israel Discount Bank Ltd. (Israel) (Class A Stock)		2,329		15,687
Japan Post Bank Co. Ltd. (Japan)		1,400		12,829
JPMorgan Chase & Co.		111,145		17,599,811
KBC Group NV (Belgium)		528		45,634
KeyCorp.		36,500		844,245
Lloyds Banking Group PLC (United Kingdom)		459,888		297,799
M&T Bank Corp.		5,000		767,900
Mediobanca Banca di Credito Finanziario SpA (Italy)		19,726		226,633
Mitsubishi UFJ Financial Group, Inc. (Japan)		64,800		351,453
Mizuho Financial Group, Inc. (Japan)		4,920		62,569
National Australia Bank Ltd. (Australia)		6,699		140,516
NatWest Group PLC (United Kingdom)		12,155		37,175
Nordea Bank Abp (Finland)		6,685		81,673
Oversea-Chinese Banking Corp. Ltd. (Singapore)		3,900		33,008
People’s United Financial, Inc.		15,300		272,646
PNC Financial Services Group, Inc. (The)		15,933		3,194,885
Raiffeisen Bank International AG (Austria)		315		9,368
Regions Financial Corp.		35,403		771,785
Signature Bank		2,300		743,981
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		3,021		41,985
Sumitomo Mitsui Financial Group, Inc. (Japan)		2,000		68,444
SVB Financial Group*		2,180		1,478,563
Svenska Handelsbanken AB (Sweden) (Class A Stock)		3,245		35,120
Swedbank AB (Sweden) (Class A Stock)		1,800		36,210
Truist Financial Corp.		50,101		2,933,414
U.S. Bancorp.		50,685		2,846,976
United Overseas Bank Ltd. (Singapore)		1,900		37,919
Wells Fargo & Co.		149,964		7,195,273

SEE NOTES TO FINANCIAL STATEMENTS.

A25

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
Zions Bancorp NA.		6,350	$	401,066
				63,365,503
Beverages — 0.7%
Brown-Forman Corp. (Class B Stock)		7,075		515,484
Carlsberg A/S (Denmark) (Class B Stock)		195		33,706
Coca-Cola Co. (The)		145,801		8,632,877
Coca-Cola HBC AG (Russia)*		6,855		237,017
Constellation Brands, Inc. (Class A Stock)		6,200		1,556,014
Diageo PLC (United Kingdom)		931		50,851
Molson Coors Beverage Co. (Class B Stock)(a)		7,300		338,355
Monster Beverage Corp.*		13,900		1,334,956
PepsiCo, Inc.		51,907		9,016,765
				21,716,025
Biotechnology — 0.9%
AbbVie, Inc.		66,301		8,977,155
Amgen, Inc.		21,337		4,800,185
Biogen, Inc.*		5,660		1,357,947
Gilead Sciences, Inc.		47,100		3,419,931
Incyte Corp.*		6,900		506,460
Moderna, Inc.*		13,050		3,314,439
Regeneron Pharmaceuticals, Inc.*		3,900		2,462,928
Vertex Pharmaceuticals, Inc.*		9,800		2,152,080
				26,991,125
Building Products — 0.3%
A.O. Smith Corp.		5,200		446,420
Allegion PLC		3,433		454,667
Carrier Global Corp.		32,202		1,746,637
Cie de Saint-Gobain (France)		4,482		315,779
Fortune Brands Home & Security, Inc.		5,300		566,570
Geberit AG (Switzerland)		354		289,010
Johnson Controls International PLC.		26,822		2,180,897
Kingspan Group PLC (Ireland)		303		36,205
Lixil Corp. (Japan)		600		15,994
Masco Corp.		9,200		646,024
Trane Technologies PLC.		8,800		1,777,864
Xinyi Glass Holdings Ltd. (Hong Kong)		73,000		182,449
				8,658,516
Capital Markets — 1.6%
3i Group PLC (United Kingdom)		14,126		276,604
abrdn PLC (United Kingdom)		13,050		42,527
Ameriprise Financial, Inc.		4,220		1,273,005
Bank of New York Mellon Corp. (The)		29,458		1,710,921
BlackRock, Inc.		5,370		4,916,557
Cboe Global Markets, Inc.		4,000		521,600
Charles Schwab Corp. (The)		56,350		4,739,035
CME Group, Inc.		13,500		3,084,210
Daiwa Securities Group, Inc. (Japan)		40,200		226,635
EQT AB (Sweden)		608		33,239
FactSet Research Systems, Inc.		1,400		680,414
Franklin Resources, Inc.(a)		11,000		368,390
Goldman Sachs Group, Inc. (The)		12,780		4,888,989

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (cont’d.)
Intercontinental Exchange, Inc.		21,855	$	2,989,108
Invesco Ltd.		13,300		306,166
Macquarie Group Ltd. (Australia)		2,163		322,641
MarketAxess Holdings, Inc.		1,420		584,003
Moody’s Corp.		6,150		2,402,067
Morgan Stanley		54,819		5,381,033
MSCI, Inc.		3,060		1,874,832
Nasdaq, Inc.		4,500		945,045
Northern Trust Corp.		7,700		920,997
Partners Group Holding AG (Switzerland)		47		77,523
Raymond James Financial, Inc.		7,050		707,820
S&P Global, Inc.		9,160		4,322,879
SBI Holdings, Inc. (Japan)		600		16,333
State Street Corp.		13,500		1,255,500
T. Rowe Price Group, Inc.(a)		8,400		1,651,776
UBS Group AG (Switzerland)		20,471		366,687
				46,886,536
Chemicals — 1.0%
Air Products & Chemicals, Inc.		8,200		2,494,932
Albemarle Corp.		4,500		1,051,965
Arkema SA (France)		130		18,340
Asahi Kasei Corp. (Japan)		2,600		24,442
Celanese Corp.		4,300		722,658
CF Industries Holdings, Inc.		8,400		594,552
Corteva, Inc.		27,247		1,288,238
Covestro AG (Germany), 144A		4,060		249,051
Dow, Inc.		27,647		1,568,138
DuPont de Nemours, Inc.		19,747		1,595,163
Eastman Chemical Co.		5,200		628,732
Ecolab, Inc.		9,400		2,205,146
Evonik Industries AG (Germany)		440		14,256
FMC Corp.		5,000		549,450
ICL Group Ltd. (Israel)		8,550		82,065
International Flavors & Fragrances, Inc.		9,200		1,385,980
Linde PLC (United Kingdom)		19,500		6,755,385
LyondellBasell Industries NV (Class A Stock)		9,800		903,854
Mitsubishi Chemical Holdings Corp. (Japan)		2,700		20,047
Mitsui Chemicals, Inc. (Japan)		7,800		210,116
Mosaic Co. (The)		14,300		561,847
Nitto Denko Corp. (Japan)		300		23,150
PPG Industries, Inc.		9,200		1,586,448
Sherwin-Williams Co. (The)		9,150		3,222,264
Shin-Etsu Chemical Co. Ltd. (Japan)		700		121,114
Solvay SA (Belgium)		155		18,001
Sumitomo Chemical Co. Ltd. (Japan)		3,100		14,616
Tosoh Corp. (Japan)		9,500		141,267
Yara International ASA (Brazil)		350		17,659
				28,068,876
Commercial Services & Supplies — 0.2%
Cintas Corp.		3,420		1,515,641
Copart, Inc.*		7,900		1,197,798
Rentokil Initial PLC (United Kingdom)		3,827		30,288
Republic Services, Inc.		7,765		1,082,829
Rollins, Inc.		8,700		297,627

SEE NOTES TO FINANCIAL STATEMENTS.

A26

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (cont’d.)
Securitas AB (Sweden) (Class B Stock)		663	$	9,123
Waste Management, Inc.		14,542		2,427,060
				6,560,366
Communications Equipment — 0.5%
Arista Net works, Inc.*		8,300		1,193,125
Cisco Systems, Inc.		158,100		10,018,797
F5, Inc.*		2,300		562,833
Juniper Net works, Inc.		12,000		428,520
Motorola Solutions, Inc.		6,489		1,763,061
Nokia OYJ (Finland)*		11,130		70,161
				14,036,497
Construction & Engineering — 0.0%
Eiffage SA (France)		180		18,546
Quanta Services, Inc.		5,100		584,766
Skanska AB (Sweden) (Class B Stock)		437		11,315
Vinci SA (France)		1,115		117,796
				732,423
Construction Materials — 0.1%
HeidelbergCement AG (Germany)		1,503		101,917
Martin Marietta Materials, Inc.		2,480		1,092,489
Vulcan Materials Co.		5,100		1,058,658
				2,253,064
Consumer Finance — 0.3%
American Express Co.		23,600		3,860,960
Capital One Financial Corp.		16,561		2,402,836
Discover Financial Services		11,140		1,287,338
Synchrony Financial		21,172		982,169
				8,533,303
Containers & Packaging — 0.2%
Amcor PLC		59,850		718,798
Avery Dennison Corp.		3,100		671,367
Ball Corp.		12,100		1,164,867
International Paper Co.		14,473		679,942
Packaging Corp. of America		3,500		476,525
Sealed Air Corp.		5,700		384,579
Smurfit Kappa Group PLC (Ireland)		4,519		249,130
Westrock Co.		10,444		463,296
				4,808,504
Distributors — 0.1%
Genuine P Arts Co.		5,500		771,100
LKQ Corp.		10,000		600,300
Pool Corp.		1,480		837,680
				2,209,080
Diversified Consumer Services — 0.0%
IDP Education Ltd. (Australia)		448		11,293
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc. (Class B Stock)*		69,230		20,699,770
EXOR NV (Netherlands)		154		13,869
Industrivarden AB (Sweden) (Class A Stock)		49		1,560

	Shares		Value
COMMON STOCKS (continued)
Diversified Financial Services (cont’d.)
Investor AB (Sweden) (Class A Stock)		1,064	$	28,121
Investor AB (Sweden) (Class B Stock)		3,828		96,245
				20,839,565
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		267,936		6,591,226
Deutsche Telekom AG (Germany)		6,933		128,364
Elisa OYJ (Finland)		297		18,283
Koninklijke KPN NV (Netherlands)		48,562		150,948
Lumen Technologies, Inc.(a)		37,179		466,596
Nippon Telegraph & Telephone Corp. (Japan)		5,400		147,924
Telefonica Deutschland Holding AG (Germany)		73,551		204,343
Telefonica SA (Spain)		29,040		127,117
Verizon Communications, Inc.		155,676		8,088,925
				15,923,726
Electric Utilities — 0.9%
Alliant Energy Corp.		9,300		571,671
American Electric Power Co., Inc.		18,560		1,651,283
Chubu Electric Power Co., Inc. (Japan)		1,200		12,680
CK Infrastructure Holdings Ltd. (Hong Kong)		1,500		9,558
Duke Energy Corp.		28,861		3,027,519
Edison International		14,100		962,325
Electricite de France SA (France)		2,448		28,762
Endesa SA (Spain)		10,083		231,678
Enel SpA (Italy)		16,295		130,480
Entergy Corp.		7,700		867,405
Evergy, Inc.		8,500		583,185
Eversource Energy		12,700		1,155,446
Exelon Corp.		36,313		2,097,439
FirstEnergy Corp.		20,156		838,288
Fortum OYJ (Finland)		930		28,510
Iberdrola SA (Spain)		19,293		228,303
NextEra Energy, Inc.		73,600		6,871,296
NRG Energy, Inc.		8,700		374,796
Pinnacle West Capital Corp.		4,100		289,419
Power Assets Holdings Ltd. (Hong Kong)		28,500		177,635
PPL Corp.		29,900		898,794
Red Electrica Corp. SA (Spain)		911		19,753
Southern Co. (The)		39,300		2,695,194
SSE PLC (United Kingdom)		7,676		171,174
Xcel Energy, Inc.		20,010		1,354,677
				25,277,270
Electrical Equipment — 0.3%
AMETEK, Inc.		8,600		1,264,544
Eaton Corp. PLC		14,937		2,581,412
Emerson Electric Co.		22,200		2,063,934
Generac Holdings, Inc.*		2,500		879,800
Mitsubishi Electric Corp. (Japan)		3,700		47,017
Rockwell Automation, Inc.		4,500		1,569,825
Schneider Electric SE		1,105		216,885
				8,623,417

SEE NOTES TO FINANCIAL STATEMENTS.

A27

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp. (Class A Stock)		22,200	$	1,941,612
CDW Corp.		5,050		1,034,139
Corning, Inc.		28,500		1,061,055
IPG Photonics Corp.*		1,400		240,996
Keyence Corp. (Japan)		500		313,894
Keysight Technologies, Inc.*		6,800		1,404,268
TE Connectivity Ltd.		12,200		1,968,348
Teledyne Technologies, Inc.*		1,860		812,615
Trimble, Inc.*		9,300		810,867
Zebra Technologies Corp. (Class A Stock)*		1,970		1,172,544
				10,760,338
Energy Equipment & Services — 0.1%
Baker Hughes Co.		30,698		738,594
Halliburton Co.		33,300		761,571
Schlumberger NV		51,924		1,555,124
				3,055,289
Entertainment — 0.9%
Activision Blizzard, Inc.		28,900		1,922,717
Electronic Arts, Inc.		10,500		1,384,950
Konami Holdings Corp. (Japan)		200		9,568
Live Nation Entertainment, Inc.*		4,900		586,481
Netflix, Inc.*		16,610		10,006,528
Nintendo Co. Ltd. (Japan)		300		139,930
Take-Two Interactive Software, Inc.*		4,500		799,740
Walt Disney Co. (The)*		68,182		10,560,710
				25,410,624
Equity Real Estate Investment Trusts (REITs) — 1.4%
Alexandria Real Estate Equities, Inc.		5,380		1,199,525
American Tower Corp.		17,060		4,990,050
AvalonBay Communities, Inc.		5,375		1,357,671
Boston Properties, Inc.		5,200		598,936
Crown Castle International Corp.		16,200		3,381,588
Dexus (Australia)		29,980		243,366
Digital Realty Trust, Inc.		10,500		1,857,135
Duke Realty Corp.		14,000		918,960
Equinix, Inc.		3,364		2,845,406
Equity Residential		12,600		1,140,300
Essex Property Trust, Inc.		2,550		898,186
Extra Space Storage, Inc.		4,900		1,110,977
Federal Realty Investment Trust		2,700		368,064
Goodman Group (Australia)		3,740		72,161
GPT Group (The) (Australia)		4,163		16,443
Healthpeak Properties, Inc.		20,900		754,281
Host Hotels & Resorts, Inc.*		26,682		464,000
Iron Mountain, Inc.(a)		11,302		591,434
Kimco Realty Corp.		23,700		584,205
Klepierre SA (France)*		435		10,311
Link REIT (Hong Kong)		4,400		38,721
Mid-America Apartment Communities, Inc.		4,500		1,032,480
Prologis, Inc.		27,777		4,676,536
Public Storage		5,820		2,179,939
Realty Income Corp.		21,300		1,524,867
Regency Centers Corp.		5,600		421,960

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
SBA Communications Corp.		4,000	$	1,556,080
Simon Property Group, Inc.		12,393		1,980,030
Stockland (Australia)		49,094		151,409
UDR, Inc.		10,300		617,897
Ventas, Inc.		14,568		744,716
Vornado Realty Trust		6,125		256,393
Welltower, Inc.		15,700		1,346,589
Weyerhaeuser Co.		27,818		1,145,545
				41,076,161
Food & Staples Retailing — 0.8%
Carrefour SA (France)		1,080		19,797
Coles Group Ltd. (Australia)		2,544		33,192
Costco Wholesale Corp.		16,580		9,412,466
Etablissements Franz Colruyt NV (Belgium)		120		5,085
Jeronimo Martins SGPS SA (Portugal)		496		11,332
Kesko OYJ (Finland) (Class B Stock)		528		17,615
Koninklijke Ahold Delhaize NV (Netherlands)		9,594		328,824
Kroger Co. (The)		25,192		1,140,190
Seven & i Holdings Co. Ltd. (Japan)		1,100		48,344
Sysco Corp.		19,000		1,492,450
Tesco PLC (United Kingdom)		33,576		131,797
Walgreens Boots Alliance, Inc.		26,600		1,387,456
Walmart, Inc.		53,600		7,755,384
				21,783,932
Food Products — 0.5%
Archer-Daniels-Midland Co.		20,726		1,400,870
Campbell Soup Co.(a)		7,900		343,334
Conagra Brands, Inc.		18,500		631,775
General Mills, Inc.		22,500		1,516,050
Hershey Co. (The)		5,700		1,102,779
Hormel Foods Corp.		11,000		536,910
J.M. Smucker Co. (The)		4,200		570,444
Kellogg Co.(a)		9,500		611,990
Kraft Heinz Co. (The)		26,767		960,935
Lamb Weston Holdings, Inc.		5,400		342,252
McCormick & Co., Inc.		9,540		921,660
MEIJI Holdings Co. Ltd. (Japan)		300		17,899
Mondelez International, Inc. (Class A Stock)		52,453		3,478,159
Nestle SA (Switzerland)		4,179		584,873
NH Foods Ltd. (Japan)		200		7,202
Orkla ASA (Norway)		22,383		224,584
Tate & Lyle PLC (United Kingdom)		5,783		51,789
Tyson Foods, Inc. (Class A Stock)		10,900		950,044
Wilmar International Ltd. (China)		74,800		230,562
				14,484,111
Gas Utilities — 0.0%
Atmos Energy Corp.		4,800		502,896
Osaka Gas Co. Ltd. (Japan)		800		13,248
Snam SpA (Italy)		4,231		25,501
				541,645

SEE NOTES TO FINANCIAL STATEMENTS.

A28

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		66,500	$	9,359,210
ABIOMED, Inc.*		1,660		596,222
Align Technology, Inc.*		2,720		1,787,530
Baxter International, Inc.		18,900		1,622,376
Becton, Dickinson & Co.		10,810		2,718,499
Boston Scientific Corp.*		52,867		2,245,790
Cooper Cos., Inc. (The)		1,840		770,850
DENTSPLY SIRONA, Inc.		8,600		479,794
Dexcom, Inc.*		3,640		1,954,498
Edwards Lifesciences Corp.*		23,400		3,031,470
Hologic, Inc.*		9,400		719,664
Hoya Corp. (Japan)		800		118,676
IDEXX Laboratories, Inc.*		3,160		2,080,734
Intuitive Surgical, Inc.*		13,460		4,836,178
Medtronic PLC		50,490		5,223,190
ResMed, Inc.		5,600		1,458,688
STERIS PLC		3,850		937,128
Straumann Holding AG (Switzerland)		20		42,514
Stryker Corp.		12,600		3,369,492
Teleflex, Inc.		1,800		591,264
Zimmer Biomet Holdings, Inc.		7,700		978,208
				44,921,975
Health Care Providers & Services — 1.5%
AmerisourceBergen Corp.		5,700		757,473
Anthem, Inc.		9,200		4,264,568
Cardinal Health, Inc.		11,150		574,114
Centene Corp.*		21,650		1,783,960
Cigna Corp.		12,800		2,939,264
CVS Health Corp.		49,483		5,104,666
DaVita, Inc.*		2,700		307,152
Fresenius SE & Co. KGaA (Germany)		5,262		211,654
HCA Healthcare, Inc.		9,300		2,389,356
Henry Schein, Inc.*		5,300		410,909
Humana, Inc.		4,950		2,296,107
Laboratory Corp. of America Holdings*		3,600		1,131,156
McKesson Corp.		5,930		1,474,020
Medipal Holdings Corp. (Japan)		11,800		221,330
Quest Diagnostics, Inc.		4,700		813,147
Sonic Healthcare Ltd. (Australia)		8,342		283,379
UnitedHealth Group, Inc.		35,360		17,755,670
Universal Health Services, Inc. (Class B Stock)		3,000		388,980
				43,106,905
Health Care Technology — 0.0%
Cerner Corp.		10,900		1,012,283
Hotels, Restaurants & Leisure — 1.0%
Aristocrat Leisure Ltd. (Australia)		418		13,251
Booking Holdings, Inc.*		1,540		3,694,814
Caesars Entertainment, Inc.*		8,200		766,946
Carnival Corp.*(a)		31,000		623,720
Chipotle Mexican Grill, Inc.*		1,060		1,853,145
Darden Restaurants, Inc.		5,050		760,732
Domino’s Pizza, Inc.		1,360		767,489
Evolution AB (Sweden), 144A		1,208		171,235
Expedia Group, Inc.*		5,350		966,852
Hilton Worldwide Holdings, Inc.*		10,300		1,606,697

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (cont’d.)
InterContinental Hotels Group PLC (United Kingdom)*		220	$	14,241
La Francaise des Jeux SAEM (France), 144A		195		8,639
Las Vegas Sands Corp.*		13,350		502,494
Marriott International, Inc. (Class A Stock)*		10,328		1,706,599
McDonald’s Corp.		28,100		7,532,767
McDonald’s Holdings Co. Japan Ltd. (Japan)		5,000		221,332
MGM Resorts International		15,000		673,200
Norwegian Cruise Line Holdings Ltd.*(a)		13,800		286,212
Penn National Gaming, Inc.*(a)		6,000		311,100
Royal Caribbean Cruises Ltd.*(a)		8,700		669,030
Sodexo SA (France)		184		16,163
Starbucks Corp.		44,300		5,181,771
Wynn Resorts Ltd.*		3,900		331,656
Yum! Brands, Inc.		11,600		1,610,776
				30,290,861
Household Durables — 0.2%
Barratt Developments PLC (United Kingdom)		2,156		21,795
D.R. Horton, Inc.		12,100		1,312,245
Electrolux AB (Sweden) (Class B Stock)		450		10,925
Garmin Ltd.		5,600		762,552
Iida Group Holdings Co. Ltd. (Japan)		10,100		235,242
Lennar Corp. (Class A Stock)		10,200		1,184,832
Mohawk Industries, Inc.*		2,240		408,083
Newell Brands, Inc.		13,814		301,698
NVR, Inc.*		130		768,153
Persimmon PLC (United Kingdom)		658		25,423
PulteGroup, Inc.		10,122		578,574
Sony Group Corp. (Japan)		500		62,957
Whirlpool Corp.(a)		2,426		569,285
				6,241,764
Household Products — 0.7%
Church & Dwight Co., Inc.		9,100		932,750
Clorox Co. (The)		4,500		784,620
Colgate-Palmolive Co.		31,700		2,705,278
Henkel AG & Co. KGaA (Germany)		198		15,447
Kimberly-Clark Corp.		12,500		1,786,500
Procter & Gamble Co. (The)		91,125		14,906,227
				21,130,822
Independent Power & Renewable Electricity Producers — 0.0%
AES Corp. (The)		25,900		629,370
Industrial Conglomerates — 0.5%
3M Co.		21,700		3,854,571
DCC PLC (United Kingdom)		2,812		230,163
General Electric Co.		41,178		3,890,086
Honeywell International, Inc.		25,912		5,402,911
Roper Technologies, Inc.		4,080		2,006,789
Siemens AG (Germany)		173		29,889

SEE NOTES TO FINANCIAL STATEMENTS.

A29

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates (cont’d.)
Toshiba Corp. (Japan)		2,900	$	119,177
				15,533,586
Insurance — 1.0%
Aflac, Inc.		22,900		1,337,131
Ageas SA/NV (Belgium)		364		18,859
AIA Group Ltd. (Hong Kong)		5,800		58,479
Allianz SE (Germany)		1,776		418,856
Allstate Corp. (The)		11,000		1,294,150
American International Group, Inc.		31,739		1,804,680
Aon PLC (Class A Stock)		8,600		2,584,816
Arthur J. Gallagher & Co.		7,900		1,340,393
Assurant, Inc.		2,200		342,892
AXA SA (France)		4,040		120,633
Brown & Brown, Inc.		9,100		639,548
Chubb Ltd.		16,486		3,186,909
Cincinnati Financial Corp.		5,537		630,830
Dai-ichi Life Holdings, Inc. (Japan)		4,100		82,852
Everest Re Group Ltd.		1,540		421,837
Globe Life, Inc.		3,425		320,991
Hartford Financial Services Group, Inc. (The)		12,900		890,616
Japan Post Holdings Co. Ltd. (Japan)		24,600		191,887
Japan Post Insurance Co. Ltd. (Japan)		500		8,032
Legal & General Group PLC (United Kingdom)		12,177		48,934
Lincoln National Corp.		6,918		472,223
Loews Corp.		7,675		443,308
Marsh & McLennan Cos., Inc.		19,400		3,372,108
Medibank Private Ltd. (Australia)		5,560		13,540
MetLife, Inc.		27,050		1,690,354
MS&AD Insurance Group Holdings, Inc. (Japan)		1,000		30,803
NN Group NV (Netherlands)		5,746		312,552
Poste Italiane SpA (Italy), 144A		3,032		39,697
Principal Financial Group, Inc.		9,200		665,436
Progressive Corp. (The)		22,100		2,268,565
Sompo Holdings, Inc. (Japan)		700		29,506
Suncorp Group Ltd. (Australia)		2,262		18,250
T&D Holdings, Inc. (Japan)		1,200		15,308
Travelers Cos., Inc. (The)		9,235		1,444,631
W.R. Berkley Corp.		5,200		428,428
Willis Towers Watson PLC		4,740		1,125,703
Zurich Insurance Group AG (Switzerland)		311		136,371
				28,250,108
Interactive Media & Services — 3.3%
Alphabet, Inc. (Class A Stock)*		11,300		32,736,552
Alphabet, Inc. (Class C Stock)*		10,523		30,449,248
Auto Trader Group PLC (United Kingdom), 144A		1,230		12,321
Match Group, Inc.*		10,300		1,362,175
Meta Platforms, Inc. (Class A Stock)*		89,030		29,945,240
Twitter, Inc.*		29,600		1,279,312
				95,784,848

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail — 2.0%
Amazon.com, Inc.*		16,410	$	54,716,519
eBay, Inc.		24,100		1,602,650
Etsy, Inc.*		4,700		1,029,018
				57,348,187
IT Services — 2.4%
Accenture PLC (Class A Stock)		23,800		9,866,290
Adyen NV (Netherlands), 144A*		41		107,805
Akamai Technologies, Inc.*		6,000		702,240
Automatic Data Processing, Inc.		15,900		3,920,622
Bechtle AG (Germany)		180		12,905
Broadridge Financial Solutions, Inc.		4,500		822,690
Capgemini SE (France)		557		136,614
Cognizant Technology Solutions Corp. (Class A Stock)		19,500		1,730,040
DXC Technology Co.*		9,028		290,611
EPAM Systems, Inc.*		2,140		1,430,483
Fidelity National Information Services, Inc.		23,200		2,532,280
Fiserv, Inc.*		22,400		2,324,896
FleetCor Technologies, Inc.*		3,200		716,288
Fujitsu Ltd. (Japan)		1,700		290,519
Gartner, Inc.*		3,100		1,036,392
Global Payments, Inc.		10,877		1,470,353
International Business Machines Corp.		33,700		4,504,342
Jack Henry & Associates, Inc.		2,900		484,271
Mastercard, Inc. (Class A Stock)		32,750		11,767,730
NEC Corp. (Japan)		500		23,092
NTT Data Corp. (Japan)		1,400		30,040
Paychex, Inc.		11,900		1,624,350
PayPal Holdings, Inc.*		44,100		8,316,378
TIS, Inc. (Japan)		500		14,861
VeriSign, Inc.*		3,800		964,516
Visa, Inc. (Class A Stock)(a)		63,300		13,717,743
				68,838,351
Leisure Products — 0.0%
Hasbro, Inc.(a)		5,100		519,078
Life Sciences Tools & Services — 1.1%
Agilent Technologies, Inc.		11,414		1,822,245
Bio-Rad Laboratories, Inc. (Class A Stock)*		800		604,456
Bio-Techne Corp.		1,600		827,744
Charles River Laboratories International, Inc.*		1,960		738,489
Danaher Corp.		23,900		7,863,339
Eurofins Scientific SE (Luxembourg)		269		33,328
Illumina, Inc.*		5,900		2,244,596
IQVIA Holdings, Inc.*		7,300		2,059,622
Mettler-Toledo International, Inc.*		880		1,493,545
PerkinElmer, Inc.		4,800		965,088
Thermo Fisher Scientific, Inc.		14,760		9,848,462
Waters Corp.*		2,400		894,240
West Pharmaceutical Services, Inc.		2,900		1,360,129
				30,755,283

SEE NOTES TO FINANCIAL STATEMENTS.

A30

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Machinery — 0.8%
Atlas Copco AB (Sweden) (Class B Stock)		754	$	44,228
Caterpillar, Inc.		20,600		4,258,844
CNH Industrial NV (United Kingdom)		2,144		41,762
Cummins, Inc.		5,500		1,199,770
Daimler Truck Holding AG (Germany)*		1,875		68,911
Deere & Co.		10,540		3,614,061
Dover Corp.		5,300		962,480
Epiroc AB (Sweden) (Class B Stock)		784		16,649
Fortive Corp.		13,250		1,010,842
GEA Group AG (Germany)		323		17,636
Hino Motors Ltd. (Japan)		12,400		102,028
Husqvarna AB (Sweden) (Class B Stock)		3,554		56,792
IDEX Corp.		2,910		687,691
Illinois Tool Works, Inc.		10,800		2,665,440
Ingersoll Rand, Inc.		15,000		928,050
Komatsu Ltd. (Japan)		1,800		42,124
MISUMI Group, Inc. (Japan)		600		24,645
NGK Insulators Ltd. (Japan)		13,300		225,010
Otis Worldwide Corp.		15,801		1,375,793
PACCAR, Inc.		12,843		1,133,523
Parker-Hannifin Corp.		4,965		1,579,466
Pentair PLC(a)		6,577		480,318
Schindler Holding AG (Switzerland)		71		18,991
SKF AB (Sweden) (Class B Stock)		750		17,740
SMC Corp. (Japan)		200		134,752
Snap-on, Inc.		2,100		452,298
Stanley Black & Decker, Inc.		5,997		1,131,154
Techtronic Industries Co. Ltd. (Hong Kong)		3,000		59,751
Volvo AB (Sweden) (Class A Stock)		442		10,370
Westinghouse Air Brake Technologies Corp.		6,951		640,257
Xylem, Inc.(a)		6,700		803,464
				23,804,840
Marine — 0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		6		19,985
AP Moller - Maersk A/S (Denmark) (Class B Stock)		90		322,881
Kuehne + Nagel International AG (Switzerland)		436		140,692
Nippon Yusen KK (Japan)		400		30,459
SITC International Holdings Co. Ltd. (China)		32,000		115,817
				629,834
Media — 0.5%
Charter Communications, Inc. (Class A Stock)*		4,760		3,103,377
Comcast Corp. (Class A Stock)		171,880		8,650,720
Dentsu Group, Inc. (Japan)		500		17,825
Discovery, Inc. (Class A Stock)*(a)		6,400		150,656
Discovery, Inc. (Class C Stock)*(a)		11,800		270,220
DISH Network Corp. (Class A Stock)*		9,017		292,512
Fox Corp. (Class A Stock)		12,100		446,490
Fox Corp. (Class B Stock)		5,733		196,470

	Shares		Value
COMMON STOCKS (continued)
Media (cont’d.)
Interpublic Group of Cos., Inc. (The)(a)		14,531	$	544,186
News Corp. (Class A Stock)		15,175		338,554
News Corp. (Class B Stock)		4,800		108,000
Omnicom Group, Inc.(a)		8,300		608,141
Publicis Groupe SA (France)		2,740		184,504
ViacomCBS, Inc. (Class B Stock)		23,030		695,045
Vivendi SE (France)		1,219		16,500
WPP PLC (United Kingdom)		18,535		280,403
				15,903,603
Metals & Mining — 0.2%
Anglo American PLC (South Africa)		2,595		106,139
ArcelorMittal SA (Luxembourg)		8,083		258,652
BHP Group Ltd. (Australia)(a)		6,240		188,645
BHP Group PLC (Australia)		1,816		54,144
BlueScope Steel Ltd. (Australia)		14,921		227,255
Evraz PLC (Russia)		1,057		8,624
Fortescue Metals Group Ltd. (Australia)		3,598		50,389
Freeport-McMoRan, Inc.		54,488		2,273,784
Glencore PLC (Australia)*		20,720		105,122
Newmont Corp.		29,600		1,835,792
Norsk Hydro ASA (Norway)		2,850		22,498
Nucor Corp.		10,900		1,244,235
Rio Tinto Ltd. (Australia)		705		51,483
Rio Tinto PLC (Australia)		3,274		217,168
South32 Ltd. (Australia)		9,633		28,250
voestalpine AG (Austria)		240		8,766
				6,680,946
Multiline Retail — 0.3%
Dollar General Corp.		8,900		2,098,887
Dollar Tree, Inc.*		8,565		1,203,554
Next PLC (United Kingdom)		276		30,383
Target Corp.		18,560		4,295,526
				7,628,350
Multi-Utilities — 0.4%
Ameren Corp.		9,500		845,595
CenterPoint Energy, Inc.		23,000		641,930
CMS Energy Corp.		11,200		728,560
Consolidated Edison, Inc.		13,100		1,117,692
Dominion Energy, Inc.		30,015		2,357,978
DTE Energy Co.		7,200		860,688
E.ON SE (Germany)		21,647		300,607
Engie SA (France)		10,590		156,832
NiSource, Inc.		15,200		419,672
Public Service Enterprise Group, Inc.		18,700		1,247,851
Sempra Energy		11,819		1,563,417
WEC Energy Group, Inc.		11,713		1,136,981
				11,377,803
Oil, Gas & Consumable Fuels — 1.3%
APA Corp.		13,914		374,148
BP PLC (United Kingdom)		76,290		341,306
Chevron Corp.		72,622		8,522,192
ConocoPhillips		50,219		3,624,807
Coterra Energy, Inc.		30,400		577,600
Devon Energy Corp.		23,400		1,030,770

SEE NOTES TO FINANCIAL STATEMENTS.

A31

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Diamondback Energy, Inc.		6,300	$	679,455
EOG Resources, Inc.		21,700		1,927,611
Equinor ASA (Norway)		7,504		199,067
Exxon Mobil Corp.		158,899		9,723,030
Hess Corp.		10,600		784,718
Inpex Corp. (Japan)		19,600		170,562
Kinder Morgan, Inc.		72,398		1,148,232
Lundin Energy AB (Sweden)		5,595		200,108
Marathon Oil Corp.		28,782		472,600
Marathon Petroleum Corp.		23,719		1,517,779
Occidental Petroleum Corp.		32,904		953,887
OMV AG (Austria)		4,685		266,427
ONEOK, Inc.		16,500		969,540
Phillips 66		16,238		1,176,606
Pioneer Natural Resources Co.		8,550		1,555,074
Repsol SA (Spain)		2,945		34,988
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		8,420		184,834
Royal Dutch Shell PLC (Netherlands) (Class B Stock)		3,378		74,157
TotalEnergies SE (France)		1,440		73,190
Valero Energy Corp.		15,200		1,141,672
Williams Cos., Inc. (The)		45,100		1,174,404
				38,898,764
Paper & Forest Products — 0.0%
Stora Enso OYJ (Finland) (Class R Stock)		1,218		22,322
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) (Class A Stock)		8,800		3,257,760
L’Oreal SA (France)		602		285,808
Unilever PLC (United Kingdom)		9,540		510,480
				4,054,048
Pharmaceuticals — 2.1%
AstraZeneca PLC (United Kingdom)		1,092		127,888
Bayer AG (Germany)		856		45,816
Bristol-Myers Squibb Co.		83,370		5,198,120
Catalent, Inc.*		6,300		806,589
Chugai Pharmaceutical Co. Ltd. (Japan)		1,400		45,488
Eli Lilly & Co.		29,800		8,231,356
GlaxoSmithKline PLC (United Kingdom)		20,597		447,261
Hikma Pharmaceuticals PLC (Jordan)		367		11,026
Ipsen SA (France)		2,296		210,280
Johnson & Johnson		98,758		16,894,531
Merck & Co., Inc.		95,033		7,283,329
Merck KGaA (Germany)		852		219,985
Novartis AG (Switzerland)		4,592		403,320
Novo Nordisk A/S (Denmark) (Class B Stock)		3,644		410,286
Ono Pharmaceutical Co. Ltd. (Japan)		800		19,846
Organon & Co.		9,853		300,024
Otsuka Holdings Co. Ltd. (Japan)		2,500		90,543
Pfizer, Inc.		210,370		12,422,349
Roche Holding AG (Switzerland)		2,040		847,839

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Sanofi (France)		4,420	$	445,060
Shionogi & Co. Ltd. (Japan)		300		21,228
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		400		4,607
Takeda Pharmaceutical Co. Ltd. (Japan)		3,900		106,420
Viatris, Inc.		46,386		627,603
Vifor Pharma AG (Switzerland)		102		18,084
Zoetis, Inc.		17,800		4,343,734
				59,582,612
Professional Services — 0.2%
Equifax, Inc.		4,700		1,376,113
Experian PLC (United Kingdom)		1,920		94,392
IHS Markit Ltd.		14,800		1,967,216
Jacobs Engineering Group, Inc.		4,800		668,304
Leidos Holdings, Inc.		5,200		462,280
Nielsen Holdings PLC		13,200		270,732
Randstad NV (Netherlands)		3,536		242,257
RELX PLC (United Kingdom)		3,979		129,437
Robert Half International, Inc.		4,200		468,384
SGS SA (Switzerland)		5		16,684
Verisk Analytics, Inc.		6,200		1,418,126
Wolters Kluwer NV (Netherlands)		552		65,011
				7,178,936
Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		12,400		1,345,524
CK Asset Holdings Ltd. (Hong Kong)		33,000		207,839
Daito Trust Construction Co. Ltd. (Japan)		600		68,772
Daiwa House Industry Co. Ltd. (Japan)		1,200		34,513
ESR Cayman Ltd. (China), 144A*		4,000		13,516
Hang Lung Properties Ltd. (Hong Kong)		4,000		8,218
Henderson Land Development Co. Ltd. (Hong Kong)		3,000		12,769
HongKong Land Holdings Ltd. (Hong Kong)		2,400		12,477
New World Development Co. Ltd. (Hong Kong)		4,000		15,803
Swiss Prime Site AG (Switzerland)		156		15,331
				1,734,762
Road & Rail — 0.5%
CSX Corp.		84,600		3,180,960
J.B. Hunt Transport Services, Inc.(a)		3,200		654,080
Norfolk Southern Corp.		9,300		2,768,703
Old Dominion Freight Line, Inc.		3,665		1,313,462
Union Pacific Corp.		24,660		6,212,594
				14,129,799
Semiconductors & Semiconductor Equipment — 3.4%
Advanced Micro Devices, Inc.*		45,500		6,547,450
Advantest Corp. (Japan)		400		37,704
Analog Devices, Inc.		20,247		3,558,815
Applied Materials, Inc.		34,300		5,397,448
ASM International NV (Netherlands)		96		42,378

SEE NOTES TO FINANCIAL STATEMENTS.

A32

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
ASML Holding NV (Netherlands)		748	$	599,163
Broadcom, Inc.		15,500		10,313,855
Disco Corp. (Japan)		100		30,443
Enphase Energy, Inc.*		5,200		951,288
Intel Corp.		152,200		7,838,300
KLA Corp.		5,850		2,516,144
Lam Research Corp.		5,350		3,847,452
Microchip Technology, Inc.		20,700		1,802,142
Micron Technology, Inc.		42,300		3,940,245
Monolithic Power Systems, Inc.		1,600		789,328
NVIDIA Corp.		94,060		27,663,987
NXP Semiconductors NV (China)		10,000		2,277,800
Qorvo, Inc.*		4,307		673,572
QUALCOMM, Inc.		42,300		7,735,401
Renesas Electronics Corp. (Japan)*		1,600		19,771
Skyworks Solutions, Inc.(a)		6,300		977,382
SolarEdge Technologies, Inc.*		2,000		561,140
STMicroelectronics NV (Singapore)		3,738		184,471
Teradyne, Inc.		6,300		1,030,239
Texas Instruments, Inc.		34,700		6,539,909
Xilinx, Inc.		9,400		1,993,082
				97,868,909
Software — 5.0%
Adobe, Inc.*		17,880		10,139,033
ANSYS, Inc.*		3,400		1,363,808
Autodesk, Inc.*		8,300		2,333,877
Cadence Design Systems, Inc.*		10,500		1,956,675
Ceridian HCM Holding, Inc.*		4,950		517,077
Check Point Software Technologies Ltd. (Israel)*		200		23,312
Citrix Systems, Inc.		4,600		435,114
Dassault Systemes SE (France)		5,490		327,360
Fortinet, Inc.*		5,200		1,868,880
Intuit, Inc.		10,620		6,830,996
Microsoft Corp.		282,420		94,983,494
Nemetschek SE (Germany)		119		15,200
NortonLifeLock, Inc.		22,178		576,184
Oracle Corp.		60,650		5,289,287
Paycom Software, Inc.*		1,920		797,165
PTC, Inc.*		3,900		472,485
salesforce.com, Inc.*		36,850		9,364,691
SAP SE (Germany)		2,126		300,312
ServiceNow, Inc.*		7,430		4,822,887
Synopsys, Inc.*		5,800		2,137,300
Trend Micro, Inc. (Japan)*		300		16,657
Tyler Technologies, Inc.*		1,510		812,305
				145,384,099
Specialty Retail — 1.3%
Advance Auto Parts, Inc.		2,500		599,700
AutoZone, Inc.*		820		1,719,040
Bath & Body Works, Inc.		9,806		684,361
Best Buy Co., Inc.		8,325		845,820
CarMax, Inc.*		6,000		781,380
Chow Tai Fook Jewellery Group Ltd. (China)*		7,000		12,588
Gap, Inc. (The)		8,400		148,260
Home Depot, Inc. (The)		39,950		16,579,649

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (cont’d.)
Industria de Diseno Textil SA (Spain)		2,261	$	73,326
JD Sports Fashion PLC (United Kingdom)		42,480		125,120
Kingfisher PLC (United Kingdom)		49,004		224,521
Lowe’s Cos., Inc.		26,500		6,849,720
O’Reilly Automotive, Inc.*		2,550		1,800,887
Ross Stores, Inc.		13,200		1,508,496
Shimamura Co. Ltd. (Japan)		2,600		218,535
TJX Cos., Inc. (The)		45,300		3,439,176
Tractor Supply Co.		4,400		1,049,840
Ulta Beauty, Inc.*		2,200		907,148
USS Co. Ltd. (Japan)		8,900		138,999
				37,706,566
Technology Hardware, Storage & Peripherals — 3.8%
Apple, Inc.		586,340		104,116,394
Brother Industries Ltd. (Japan)		500		9,632
Canon, Inc. (Japan)		11,100		270,090
FUJIFILM Holdings Corp. (Japan)		800		59,220
Hewlett Packard Enterprise Co.		48,448		764,025
HP, Inc.		44,548		1,678,123
NetApp, Inc.		8,300		763,517
Seagate Technology Holdings PLC		7,700		869,946
Seiko Epson Corp. (Japan)		10,000		179,986
Western Digital Corp.*		11,303		737,068
				109,448,001
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC (United Kingdom)		874		21,449
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		2,137		320,044
EssilorLuxottica SA (France)		588		125,205
Hermes International (France)		144		251,505
Kering SA (France)		124		99,779
LVMH Moet Hennessy Louis Vuitton SE (France)		579		478,872
Moncler SpA (Italy)		432		31,358
NIKE, Inc. (Class B Stock)		48,000		8,000,160
Pandora A/S (Denmark)		196		24,406
PVH Corp.		2,800		298,620
Ralph Lauren Corp.		1,800		213,948
Swatch Group AG (The) (Switzerland)		60		18,329
Swatch Group AG (The) (registered shares) (Switzerland)		77		4,517
Tapestry, Inc.		10,500		426,300
Under Armour, Inc. (Class A Stock)*		7,300		154,687
Under Armour, Inc. (Class C Stock)*		7,374		133,027
VF Corp.		12,400		907,928
				11,510,134
Tobacco — 0.3%
Altria Group, Inc.		69,200		3,279,388
British American Tobacco PLC (United Kingdom)		10,470		388,521
Imperial Brands PLC (United Kingdom)		1,916		41,883
Japan Tobacco, Inc. (Japan)		13,100		264,567
Philip Morris International, Inc.		58,500		5,557,500

SEE NOTES TO FINANCIAL STATEMENTS.

A33

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Tobacco (cont’d.)
Swedish Match AB (Sweden)		26,980	$	214,788
				9,746,647
Trading Companies & Distributors — 0.2%
Ashtead Group PLC (United Kingdom)		1,812		145,421
Brenntag SE (Germany)		2,571		232,605
Bunzl PLC (United Kingdom)		700		27,349
Fastenal Co.		21,300		1,364,478
Ferguson PLC		1,032		182,770
ITOCHU Corp. (Japan)		2,500		76,510
Marubeni Corp. (Japan)		22,000		214,570
Mitsubishi Corp. (Japan)		3,200		101,813
Mitsui & Co. Ltd. (Japan)		13,000		307,860
Toyota Tsusho Corp. (Japan)		500		23,066
United Rentals, Inc.*		2,800		930,412
W.W. Grainger, Inc.		1,640		849,914
				4,456,768
Water Utilities — 0.0%
American Water Works Co., Inc.		6,700		1,265,362
Wireless Telecommunication Services — 0.1%
KDDI Corp. (Japan)		6,600		192,648
SoftBank Group Corp. (Japan)		700		33,213
T-Mobile US, Inc.*		21,800		2,528,364
Vodafone Group PLC (United Kingdom)		64,289		97,289
				2,851,514
TOTAL COMMON STOCKS (cost $345,799,609)				1,554,822,573
EXCHANGE-TRADED FUNDS — 0.3%
iShares Core S&P 500 ETF		15,900		7,584,141
iShares MSCI EAFE ETF(a)		1,759		138,398
TOTAL EXCHANGE-TRADED FUNDS (cost $4,266,112)				7,722,539
PREFERRED STOCKS — 0.0%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		75		6,221
Banks — 0.0%
Citigroup Capital XIII, 6.499%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40		20,000		558,000
Capital Markets — 0.0%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		30,000		858,300
Household Products — 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)		423		34,162
TOTAL PREFERRED STOCKS (cost $1,290,359)				1,456,683

Interest     Rate	Maturity     Date			Principal Amount     (000)#		Value
ASSET-BACKED SECURITIES — 6.7%
Automobiles — 2.0%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class B
3.130%		02/18/25			600	$	604,124
Series 2019-01, Class C
3.360%		02/18/25			700		715,740
Series 2019-02, Class C
2.740%		04/18/25			1,400		1,428,450
Series 2019-03, Class C
2.320%		07/18/25			2,300		2,332,790
Series 2020-02, Class C
1.480%		02/18/26			400		402,346
Series 2020-03, Class C
1.060%		08/18/26			700		698,236
Series 2021-02, Class C
1.010%		01/19/27			900		884,818
Series 2021-03, Class C
1.410%		08/18/27			900		892,407
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A
4.000%		03/20/25			1,100		1,159,586
Series 2019-02A, Class A, 144A
3.350%		09/22/25			2,000		2,094,520
Series 2019-03A, Class A, 144A
2.360%		03/20/26			2,700		2,759,895
Series 2020-01A, Class A, 144A
2.330%		08/20/26			1,300		1,331,026
Series 2021-01A, Class A, 144A
1.380%		08/20/27			2,400		2,356,745
Series 2021-02A, Class A, 144A
1.660%		02/20/28			2,600		2,576,340
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%		02/16/27			800		791,774
Series 2021-04, Class C
1.380%		07/15/27			600		588,322
Carvana Auto Receivables Trust,
Series 2021-P03, Class B
1.420%		08/10/27			100		98,209
Series 2021-P04, Class B
1.980%		02/10/28			200		199,865
Ford Auto Securitization Trust (Canada),
Series 2019-BA, Class A2, 144A
2.321%		10/15/23	CAD		455		361,575
Ford Credit Auto Owner Trust,
Series 2018-01, Class A, 144A
3.190%		07/15/31			2,700		2,844,516
Series 2019-01, Class A, 144A
3.520%		07/15/30			3,300		3,459,732
Series 2020-01, Class A, 144A
2.040%		08/15/31			2,500		2,545,031
Series 2020-02, Class A, 144A
1.060%		04/15/33			3,100		3,037,771
Series 2021-02, Class B, 144A
1.910%		05/15/34			400		397,269
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C
3.620%		06/17/24			300		306,143

SEE NOTES TO FINANCIAL STATEMENTS.

A34

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity     Date			Principal Amount     (000)#		Value
ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
GM Financial Revolving Receivables Trust, Series 2021-01, Class B, 144A
1.490%		06/12/34			200	$	195,928
Hertz Vehicle Financing III LP, Series 2021-02A, Class A, 144A
1.680%		12/27/27			1,300		1,280,483
Hertz Vehicle Financing LLC, Series 2021-01A, Class A, 144A
1.210%		12/26/25			1,500		1,485,201
OneMain Direct Auto Receivables Trust, Series 2018-01A, Class A, 144A
3.430%		12/16/24			113		112,562
Series 2019-01A, Class A, 144A
3.630%		09/14/27			4,100		4,325,871
Series 2021-01A, Class B, 144A
1.260%		07/14/28			1,800		1,779,111
Santander Drive Auto Receivables Trust, Series 2020-02, Class C
1.460%		09/15/25			600		602,804
Series 2020-03, Class C
1.120%		01/15/26			1,800		1,805,241
Series 2020-04, Class C
1.010%		01/15/26			1,100		1,101,467
Series 2021-01, Class C
0.750%		02/17/26			2,100		2,097,873
Series 2021-02, Class C
0.900%		06/15/26			1,500		1,495,520
Series 2021-02, Class D
1.350%		07/15/27			2,000		1,987,723
Series 2021-03, Class C
0.950%		09/15/27			2,000		1,980,718
Series 2021-04, Class C
1.260%		02/16/27			1,900		1,888,419
World Omni Select Auto Trust, Series 2021-A, Class C
1.090%		11/15/27			400		393,147
							57,399,298
Collateralized Loan Obligations — 3.5%
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.334%(c)		07/20/34			2,500		2,503,163
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)
0.994%(c)		07/15/29			916		916,340
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
0.600%(c)		04/15/31	EUR		1,750		1,985,107
Brookside Mill CLO Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)
0.942%(c)		01/17/28			305		305,223

Interest     Rate	Maturity     Date			Principal Amount     (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
1.124%(c)		07/15/30			2,750	$	2,749,392
Carlyle Euro CLO DAC (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		4,996		5,670,862
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)
1.212%(c)		01/20/32			6,750		6,747,684
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.322%(c)		10/17/31			7,000		7,000,201
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)
0.850%(c)		05/22/32	EUR		1,750		1,989,650
Series 14A, Class A2R, 144A
1.250%		05/22/32	EUR		3,800		4,318,771
Elevation CLO Ltd. (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)
1.404%(c)		07/15/29			500		499,921
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
1.134%(c)		04/15/31			1,000		999,443
HPS Loan Management Ltd. (Cayman Islands),
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
1.448%(c)		07/22/32			2,500		2,500,820
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.140%(c)		02/05/31			248		248,241
ICG US CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)
1.264%(c)		10/19/28			5,821		5,820,546
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)
1.602%(c)		04/20/32			4,750		4,752,219
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)
1.307%(c)		10/20/31			4,237		4,235,308
Madison Park Funding Ltd. (Cayman Islands),
Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
1.142%(c)		01/20/29			3,428		3,425,733
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
1.250%(c)		04/21/31			3,458		3,458,510

SEE NOTES TO FINANCIAL STATEMENTS.

A35

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

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%)
1.244%(c)		07/15/31			2,500	$	2,498,066
Octagon Investment Partners 31 LLC (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)
1.182%(c)		07/20/30			2,500		2,499,495
OZLM Ltd. (Cayman Islands),
Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)
1.202%(c)		04/17/31			2,956		2,948,240
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
1.382%(c)		10/30/30			742		742,442
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
1.232%(c)		07/20/30			5,000		4,997,513
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
1.364%(c)		06/20/34			3,750		3,747,925
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
1.305%(c)		07/25/34			4,750		4,752,270
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)
1.332%(c)		07/20/31			1,750		1,750,113
Toro European CLO DAC (Ireland),
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
0.990%(c)		07/25/34	EUR		3,000		3,385,976
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
1.592%(c)		07/20/32			7,500		7,511,224
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR +0.880% (Cap N/A, Floor 0.000%)
1.004%(c)		07/15/27			282		281,598
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
1.272%(c)		01/17/31			2,000		2,000,098
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.332%(c)		10/20/31			3,750		3,748,147
							100,990,241
Consumer Loans — 0.3%
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A
2.780%		04/20/28			2,400		2,433,511

Interest     Rate	Maturity     Date		Principal Amount     (000)#		Value
ASSET-BACKED SECURITIES (continued)
Consumer Loans (cont’d.)
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A
3.840%		05/14/32		800	$	818,086
Series 2020-02A, Class A, 144A
1.750%		09/14/35		1,400		1,390,842
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
0.810%(c)		06/16/36		2,000		2,000,996
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A
1.210%		03/08/28		700		698,415
						7,341,850
Equipment — 0.2%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A
2.720%		06/15/40		2,100		2,155,281
Series 2018-A, Class A5, 144A
3.610%		03/10/42		500		523,383
Series 2019-A, Class A5, 144A
3.080%		11/12/41		1,600		1,663,663
Series 2019-B, Class A5, 144A
2.290%		11/12/41		1,600		1,640,650
						5,982,977
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%)
1.752%(c)		03/25/33		21		22,724
Other — 0.1%
Home Partners of America Trust,
Series 2021-03, Class A, 144A
2.200%		01/17/41		1,350		1,345,649
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		2,233,242
						3,578,891
Residential Mortgage-Backed Securities — 0.2%
Countrywide Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.852%(c)		03/25/34		161		160,863
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%
2.252%(c)		04/25/38		769		778,181
Legacy Mortgage Asset Trust,
Series 2019-GS02, Class A1, 144A
3.750%		01/25/59		103		103,175
Series 2019-GS04, Class A1, 144A
3.438%		05/25/59		729		729,404
Long Beach Mortgage Loan Trust,
Series 2004-02, Class M1, 1 Month LIBOR +0.795% (Cap N/A, Floor 0.795%)
0.897%(c)		06/25/34		123		122,166

SEE NOTES TO FINANCIAL STATEMENTS.

A36

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Residential Mortgage-Backed Securities (cont’d.)
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A
2.750%(cc)		01/25/61		520	$	526,394
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
3.000%(c)		04/16/23		EUR     1,547		1,585,015
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		807		806,295
Series 2020-04, Class A1, 144A
1.750%		10/25/60		725		723,035
						5,534,528
Student Loans — 0.4%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%		09/25/42		675		684,018
Series 2018-AGS, Class A1, 144A
3.210%		02/25/44		500		513,317
Series 2018-CGS, Class A1, 144A
3.870%		02/25/46		145		148,704
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A
2.810%		11/25/42		230		231,954
Series 2018-B, Class A2FX, 144A
3.540%		05/26/43		429		434,702
Series 2019-A, Class A2FX, 144A
2.730%		10/25/48		350		353,137
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A
3.190%		02/18/42		745		751,369
Series 2018-CA, Class A2, 144A
3.520%		06/16/42		405		411,312
Series 2019-CA, Class A2, 144A
3.130%		02/15/68		866		882,806
Series 2020-BA, Class A2, 144A
2.120%		01/15/69		825		833,831
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%)
0.633%(c)		05/25/70		1,775		1,776,229
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%		06/15/48		743		761,290
Series 2019-B, Class A2FX, 144A
3.090%		08/17/48		847		863,843
Series 2019-C, Class A2FX, 144A
2.370%		11/16/48		1,297		1,313,084
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%		08/25/47		976		993,382

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Series 2020- A, Class A2FX, 144A
2.540%		05/15/46		1,684	$	1,713,798
						12,666,776
TOTAL ASSET-BACKED SECURITIES (cost $193,900,718)						193,517,285
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.2%
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%		05/15/49		3,100		3,186,279
BANK,
Series 2021-BN35, Class A3
1.717%		06/15/64		3,500		3,408,382
Series 2021-BN35, Class ASB
2.067%		06/15/64		2,300		2,306,408
Series 2021-BN37, Class A4
2.370%		11/15/64		3,900		3,957,577
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%		12/15/51		3,850		4,301,712
Series 2021-C12, Class A4
2.421%		11/15/54		4,500		4,566,952
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%		04/10/51		3,600		3,902,570
Series 2021-B24, Class A3
2.010%		03/15/54		2,000		2,008,519
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%		01/15/44		5,500		5,599,212
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A3
3.014%		05/10/58		2,500		2,608,137
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4
3.575%		05/10/47		835		859,918
Series 2016-C01, Class A3
2.944%		05/10/49		2,700		2,785,347
Series 2017-P07, Class A3
3.442%		04/14/50		4,000		4,271,548
Commercial Mortgage Trust,
Series 2014-CR18, Class A4
3.550%		07/15/47		1,770		1,826,114
Series 2014-LC17, Class A4
3.648%		10/10/47		4,216		4,372,837
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%		11/15/48		2,483		2,604,829
Series 2017-C08, Class A3
3.127%		06/15/50		3,800		3,923,409
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO
1.333%(cc)		05/25/22		16,375		31,653
Series K021, Class X1, IO
1.376%(cc)		06/25/22		4,783		3,742
Series K055, Class X1, IO
1.354%(cc)		03/25/26		4,447		218,999

SEE NOTES TO FINANCIAL STATEMENTS.

A37

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series K080, Class AM
3.986%(cc)		07/25/28		3,960	$	4,494,605
Series K157, Class A2
3.990%(cc)		05/25/33		3,100		3,608,418
Series W5FX, Class AFX
3.214%(cc)		04/25/28		860		935,406
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.803%(c)		11/21/35		1,075		1,070,326
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4
3.136%		02/10/48		2,907		3,000,750
Series 2015-GC34, Class A3
3.244%		10/10/48		4,715		4,845,173
Series 2016-GS03, Class A3
2.592%		10/10/49		3,901		3,998,430
Series 2016-GS04, Class A3
3.178%		11/10/49		4,000		4,161,065
Series 2020-GSA02, Class A4
1.721%		12/12/53		4,150		3,998,465
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%		11/15/47		627		648,913
Series 2015-C27, Class A3A1
2.920%		02/15/48		3,978		4,090,906
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A3
3.109%		07/15/50		5,581		5,702,824
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%		06/15/49		2,500		2,568,231
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A4
2.694%		04/15/46		498		505,023
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)
1.461%(c)		04/15/38		2,150		2,145,288
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C08, Class A3
2.863%		12/15/48		935		940,918
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A3
3.540%		12/15/48		5,000		5,279,422
Series 2016-BNK02, Class A3
2.791%		11/15/49		2,000		2,075,213
Series 2016-UB11, Class A3
2.531%		08/15/49		6,300		6,432,029
Series 2019-H06, Class A3
3.158%		06/15/52		5,000		5,283,497
Series 2019-H07, Class A2
2.492%		07/15/52		9,400		9,545,187
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%		08/15/50		2,500		2,615,983

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2017-C05, Class A4
3.212%		11/15/50			5,000	$	5,237,239
Series 2018-C09, Class A3
3.854%		03/15/51			1,800		1,948,936
Series 2018-C14, Class A3
4.180%		12/15/51			2,900		3,166,313
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C04, Class A4
2.792%		12/10/45			1,400		1,403,629
Series 2013-C05, Class A3
2.920%		03/10/46			577		582,672
Series 2013-C06, Class A3
2.971%		04/10/46			1,405		1,422,688
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%		11/15/49			4,500		4,657,392
Series 2017-C38, Class A4
3.190%		07/15/50			3,300		3,511,005
Series 2019-C49, Class A3
3.749%		03/15/52			7,300		7,876,261
Series 2020-C58, Class A3
1.810%		07/15/53			5,000		4,862,826
Series 2021-C61, Class A3
2.406%		11/15/54			9,000		9,098,563
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $173,659,001)							178,457,740
CORPORATE BONDS — 10.4%
Aerospace & Defense — 0.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%		02/04/26			1,610		1,609,748
3.750%		02/01/50	(a)		1,470		1,523,229
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes
5.050%		06/15/25			551		570,132
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A
5.696%		09/16/23			765		799,480
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
4.125%		11/16/28			910		1,018,349
							5,520,938
Agriculture — 0.1%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
3.557%		08/15/27			1,365		1,432,835
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		02/01/29			875		851,171
							2,284,006

SEE NOTES TO FINANCIAL STATEMENTS.

A38

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest         Rate	Maturity         Date			Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Airlines — 0.2%
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.375%		11/01/28			1,782	$	1,765,632
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates
4.000%		04/29/26			244		252,373
Southwest Airlines Co.,
Sr. Unsec’d. Notes
2.625%		02/10/30	(a)		1,765		1,764,822
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			590		615,605
4.625%		04/15/29			115		119,273
							4,517,705
Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%		08/15/29			550		532,296
Auto Manufacturers — 0.4%
Daimler Trucks Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%		12/13/24			3,770		3,797,098
Ford Motor Co.,
Sr. Unsec’d. Notes
5.291%		12/08/46			665		780,182
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%		02/16/28			200		200,944
3.350%		11/01/22			2,845		2,883,753
General Motors Co.,
Sr. Unsec’d. Notes
6.250%		10/02/43			740		1,012,150
6.600%		04/01/36			585		789,932
General Motors Financial Co., Inc.,
Gtd. Notes
3.950%		04/13/24			1,700		1,790,290
							11,254,349
Banks — 2.8%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
1.241%(c)		04/12/23			400		404,004
Sr. Unsec’d. Notes
1.849%		03/25/26			800		795,477
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)		06/20/24	(oo)		1,145		1,193,079
Jr. Sub. Notes, Series MM
4.300%(ff)		01/28/25	(oo)		310		314,380
Sr. Unsec’d. Notes, MTN
1.898%(ff)		07/23/31			1,805		1,730,765
2.496%(ff)		02/13/31			5,165		5,183,709
3.194%(ff)		07/23/30			1,050		1,107,230
3.824%(ff)		01/20/28			615		666,445
Sub. Notes, MTN
4.000%		01/22/25			1,700		1,817,926

Interest         Rate	Maturity         Date			Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
4.200%		08/26/24	(a)		745	$	798,315
4.450%		03/03/26			4,790		5,278,254
Bank of America NA,
Sub. Notes
6.000%		10/15/36			805		1,100,097
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%		03/16/25			610		644,977
3.932%(ff)		05/07/25			320		336,812
4.375%		01/12/26			323		352,882
Sr. Unsec’d. Notes, MTN
4.972%(ff)		05/16/29			705		806,710
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
2.219%(ff)		06/09/26			1,650		1,666,906
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)		01/30/25	(oo)		1,675		1,703,181
Sr. Unsec’d. Notes
2.561%(ff)		05/01/32			2,100		2,111,976
3.200%		10/21/26			670		710,186
3.700%		01/12/26			1,610		1,740,595
3.887%(ff)		01/10/28			560		607,209
Sub. Notes
4.450%		09/29/27			1,485		1,655,786
4.750%		05/18/46			440		544,628
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
2.193%(ff)		06/05/26			1,100		1,106,856
3.091%(ff)		05/14/32			560		569,291
4.282%		01/09/28			980		1,065,941
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes
2.129%(ff)		11/24/26			460		459,418
Sr. Unsec’d. Notes, Series D
5.000%		02/14/22			1,350		1,356,136
Discover Bank,
Sr. Unsec’d. Notes
4.250%		03/13/26			595		649,801
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series O
5.300%(ff)		11/10/26	(oo)		560		608,238
Sr. Unsec’d. Notes
1.542%(ff)		09/10/27			2,345		2,298,782
3.750%		02/25/26			1,165		1,253,504
3.814%(ff)		04/23/29			440		478,902
3.850%		01/26/27			2,625		2,826,231
Sub. Notes
6.750%		10/01/37			225		319,032
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes
3.550%		04/09/24			400		419,505
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)		08/01/24	(oo)		540		557,232
Jr. Sub. Notes, Series HH
4.600%(ff)		02/01/25	(oo)		1,245		1,272,615

SEE NOTES TO FINANCIAL STATEMENTS.

A39

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest         Rate	Maturity         Date			Principal Amount         (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Jr. Sub. Notes, Series I, 3 Month LIBOR +3.470%
3.599%(c)		04/30/22	(oo)		979	$	981,578
Jr. Sub. Notes, Series II
4.000%(ff)		04/01/25	(oo)		230		231,321
Sr. Unsec’d. Notes
2.580%(ff)		04/22/32			1,585		1,604,750
3.782%(ff)		02/01/28			270		292,504
3.964%(ff)		11/15/48			2,240		2,622,477
4.005%(ff)		04/23/29			1,360		1,502,528
Sub. Notes
3.875%		09/10/24			3,525		3,751,431
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR +3.610%
3.734%(c)		01/18/22	(a)(oo)		640		640,237
Sr. Unsec’d. Notes, GMTN
2.239%(ff)		07/21/32			2,770		2,713,865
3.772%(ff)		01/24/29			1,295		1,410,051
3.875%		01/27/26			550		596,273
4.431%(ff)		01/23/30			455		518,121
Sr. Unsec’d. Notes, MTN
3.591%(ff)		07/22/28			1,030		1,111,058
Sub. Notes, GMTN
4.350%		09/08/26			3,050		3,378,251
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes
5.076%(ff)		01/27/30			1,570		1,821,413
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A
1.488%(ff)		12/14/26			3,200		3,119,586
State Bank of India (India),
Sr. Unsec’d. Notes, 144A
4.375%		01/24/24			1,255		1,322,976
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
1.364%(ff)		01/30/27			2,250		2,199,656
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN
2.572%(ff)		02/11/31			2,895		2,954,947
							81,286,036
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
(Belgium),
Gtd. Notes
4.700%		02/01/36			1,220		1,473,682
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A
2.750%		07/15/26			2,785		2,869,554
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%		08/01/31			780		762,397
							5,105,633
Biotechnology — 0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%		08/15/41			2,840		2,747,326

Interest         Rate	Maturity         Date			Principal Amount         (000)#		Value
CORPORATE BONDS (continued)
Biotechnology (cont’d.)
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes
2.800%		09/15/50			395	$	371,091
							3,118,417
Building Materials — 0.0%
Masonite International Corp.,
Gtd. Notes, 144A
3.500%		02/15/30			650		644,623
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.750%		01/15/28			300		310,337
							954,960
Chemicals — 0.1%
CF Industries, Inc.,
Gtd. Notes
5.375%		03/15/44			740		934,064
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%		11/15/42			5		5,963
5.250%		11/15/41			350		452,203
9.400%		05/15/39			15		26,960
LYB International Finance BV,
Gtd. Notes
5.250%		07/15/43			620		796,087
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%		06/01/24			875		907,357
Sasol Financing USA LLC (South Africa),
Gtd. Notes
5.875%		03/27/24			600		624,832
6.500%		09/27/28			405		438,637
							4,186,103
Commercial Services — 0.1%
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%		11/01/46			875		1,033,341
7.000%		10/15/37			390		575,370
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			250		251,978
4.875%		01/15/28			735		772,311
5.250%		01/15/30			265		286,892
							2,919,892
Diversified Financial Services — 0.2%
BOC Aviation USA Corp. (Singapore),
Gtd. Notes, 144A, MTN
1.625%		04/29/24			445		444,537
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%		07/24/24	(a)		445		469,133
Discover Financial Services,
Sr. Unsec’d. Notes
3.850%		11/21/22			900		923,964

SEE NOTES TO FINANCIAL STATEMENTS.

A40

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date			Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31			1,490	$	1,468,888
OneMain Finance Corp.,
Gtd. Notes
8.250%		10/01/23			1,100		1,216,347
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%		06/15/25			255		270,072
							4,792,941
Electric — 0.9%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%		04/29/28			370		365,915
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%		09/27/51			440		432,111
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%		10/01/36	(a)		530		750,579
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%		05/15/37			335		451,591
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%		03/01/31			1,400		1,350,378
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%		03/15/33			300		412,050
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%		07/01/31			2,290		2,264,768
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%		12/01/39			145		187,084
Duke Energy Carolinas LLC,
First Mortgage
6.050%		04/15/38			530		734,303
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%		05/15/35			845		1,106,492
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%		07/12/31			1,500		1,453,011
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A
3.400%		01/28/30			400		404,444
Florida Power & Light Co.,
First Mortgage
5.950%		10/01/33			380		506,386
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33			140		189,734
Indiana Michigan Power Co.,
Sr. Unsec’d. Notes
3.850%		05/15/28			2,105		2,326,946

Interest     Rate	Maturity         Date		Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28		575	$	631,816
Monongahela Power Co.,
First Mortgage, 144A
4.100%		04/15/24		1,560		1,642,507
Northern States Power Co.,
First Mortgage
3.600%		09/15/47		1,035		1,157,190
NRG Energy, Inc.,
Gtd. Notes, 144A
3.875%		02/15/32		200		196,727
Sr. Sec’d. Notes, 144A
2.000%		12/02/25		225		226,549
2.450%		12/02/27		970		962,386
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%		06/01/49		465		535,379
PECO Energy Co.,
First Mortgage
2.800%		06/15/50		785		770,759
Public Service Electric & Gas Co.,
First Mortgage, MTN
3.700%		05/01/28		850		939,737
Sr. Sec’d. Notes, MTN
5.800%		05/01/37		515		699,775
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%		08/15/30		1,235		1,146,015
San Diego Gas & Electric Co.,
First Mortgage
4.150%		05/15/48		1,010		1,206,550
Southern California Edison Co.,
First Ref. Mortgage
4.000%		04/01/47		350		386,517
First Ref. Mortgage, Series C
3.600%		02/01/45		690		703,813
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27		495		513,855
Sr. Sec’d. Notes, 144A
3.550%		07/15/24		1,475		1,520,944
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%		09/15/41		480		586,768
						26,763,079
Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%		03/15/27		900		979,680
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
5.500%		07/31/47		1,350		1,351,452
						2,331,132

SEE NOTES TO FINANCIAL STATEMENTS.

A41

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest	Maturity			Principal Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Foods — 0.1%
Kraft Heinz Foods Co.,
Gtd. Notes
4.875%		10/01/49			1,030	$	1,297,285
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%		01/31/30			350		359,545
4.375%		01/31/32			350		361,091
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%		07/16/40			535		509,000
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
5.875%		09/30/27			1,200		1,266,984
							3,793,905
Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes
4.500%		08/01/24			207		219,943
Gas — 0.2%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%		02/15/31	(a)		835		781,371
3.600%		05/01/30			1,600		1,728,465
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
3.500%		06/01/29			2,090		2,237,021
							4,746,857
Healthcare-Products — 0.1%
DH Europe Finance II Sarl,
Gtd. Notes
1.350%		09/18/39		EUR	1,125		1,277,901
Medtronic Global Holdings SCA,
Gtd. Notes
2.250%		03/07/39		EUR	300		389,640
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29			475		473,347
							2,140,888
Healthcare-Services — 0.1%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%		06/15/36			480		685,188
Anthem, Inc.,
Sr. Unsec’d. Notes
3.600%		03/15/51			885		983,977
4.625%		05/15/42			330		410,940
HCA, Inc.,
Gtd. Notes
5.875%		02/01/29			575		685,661
Sr. Sec’d. Notes
5.125%		06/15/39			665		822,434

Interest	Maturity			Principal Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%		05/01/47			670	$	829,078
							4,417,278
Home Builders — 0.1%
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			405		454,285
6.625%		07/15/27			425		447,636
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A
5.625%		03/01/24			600		640,688
							1,542,609
Housewares — 0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.700%		04/01/26	(a)		2,010		2,192,283
Insurance — 0.2%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50			1,125		1,248,195
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%		10/09/37			701		978,445
Markel Corp.,
Sr. Unsec’d. Notes
5.000%		03/30/43			165		199,934
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%		11/15/39			650		980,956
Principal Financial Group, Inc.,
Gtd. Notes
4.625%		09/15/42			105		130,707
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%		05/15/47			1,430		1,733,561
6.850%		12/16/39			122		181,856
							5,453,654
Lodging — 0.0%
Marriott International, Inc.,
Sr. Unsec’d. Notes
3.250%		09/15/22			805		812,985
Media — 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.500%		05/01/26			500		515,772
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%		06/01/52			500		500,326
4.800%		03/01/50			870		975,248
6.384%		10/23/35			1,695		2,195,596
6.484%		10/23/45			1,000		1,367,151

SEE NOTES TO FINANCIAL STATEMENTS.

A42

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Comcast Cable Holdings LLC,
Gtd. Notes
9.875%		06/15/22			1,440	$	1,493,256
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%		06/15/31			3,695		3,695,984
CSC Holdings LLC,
Gtd. Notes, 144A
4.500%		11/15/31			1,000		988,523
Discovery Communications LLC,
Gtd. Notes
4.000%		09/15/55			823		866,626
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%		09/01/41			270		327,074
ViacomCBS, Inc.,
Sr. Unsec’d. Notes
5.250%		04/01/44			1,340		1,673,328
Walt Disney Co. (The),
Gtd. Notes
7.625%		11/30/28			515		696,684
							15,295,568
Miscellaneous Manufacturing — 0.1%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%		07/01/27	(a)		800		832,333
Pentair Finance Sarl,
Gtd. Notes
4.500%		07/01/29			2,415		2,730,895
							3,563,228
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
2.750%		01/06/23			385		392,309
North American Development Bank (Supranational Bank),
Sr. Unsec’d. Notes
2.400%		10/26/22			226		228,177
							620,486
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%		12/01/26			1,270		1,303,218
5.500%		12/01/24			500		547,337
							1,850,555
Oil & Gas — 0.5%
Antero Resources Corp.,
Gtd. Notes
5.000%		03/01/25			950		964,938
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%		06/15/47			850		1,057,926

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
ConocoPhillips,
Gtd. Notes, 144A
4.875%		10/01/47			150	$	198,044
Continental Resources, Inc.,
Gtd. Notes
4.500%		04/15/23			430		443,934
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%		07/15/41			225		283,251
Gazprom PJSC Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A
4.950%		07/19/22			255		259,517
6.510%		03/07/22			440		444,539
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%		04/24/25			400		434,865
Lundin Energy Finance BV (Netherlands),
Gtd. Notes, 144A
3.100%		07/15/31			530		535,615
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.450%		09/15/36			1,040		1,326,041
Ovintiv, Inc.,
Gtd. Notes
6.625%		08/15/37			240		313,571
Petrobras Global Finance BV (Brazil),
Gtd. Notes
5.600%		01/03/31	(a)		840		894,091
Petroleos Mexicanos (Mexico),
Gtd. Notes
4.750%		02/26/29		EUR	100		112,304
6.350%		02/12/48	(a)		458		394,096
6.490%		01/23/27			346		368,963
6.500%		03/13/27			130		138,671
Gtd. Notes, MTN
6.750%		09/21/47			561		496,370
6.875%		08/04/26	(a)		770		845,425
Qatar Energy (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%		09/12/26			1,544		1,513,402
2.250%		07/12/31			545		539,955
Sinopec Group Overseas Development 2018 Ltd. (China),
Gtd. Notes, 144A
3.680%		08/08/49			990		1,060,828
Valero Energy Corp.,
Sr. Unsec’d. Notes
4.000%		04/01/29	(a)		580		632,482
							13,258,828
Packaging & Containers — 0.1%
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%		01/15/26	(a)		3,570		3,494,143
Pharmaceuticals — 0.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.600%		05/14/25			950		1,009,590

SEE NOTES TO FINANCIAL STATEMENTS.

A43

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
4.250%		11/21/49			1,480	$	1,776,871
4.500%		05/14/35			1,595		1,906,634
4.550%		03/15/35			1,770		2,116,161
4.700%		05/14/45			855		1,057,239
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%		12/15/25			1,150		1,247,749
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
3.734%		12/15/24			102		108,489
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.125%		06/15/39			280		331,188
5.000%		08/15/45			566		753,738
Cigna Corp.,
Gtd. Notes
4.375%		10/15/28			1,870		2,125,825
Sr. Unsec’d. Notes
3.200%		03/15/40			1,555		1,606,053
CVS Health Corp.,
Sr. Unsec’d. Notes
5.125%		07/20/45			991		1,288,545
5.300%		12/05/43			185		243,849
Mylan, Inc.,
Gtd. Notes
5.400%		11/29/43			590		730,509
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%		04/30/28			925		948,432
Viatris, Inc.,
Gtd. Notes
3.850%		06/22/40			520		554,662
							17,805,534
Pipelines — 0.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
7.875%		05/15/26			525		578,430
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes, 144A
4.600%		12/15/44			45		53,466
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%		06/15/28			795		896,473
5.000%		05/15/50			990		1,139,926
6.125%		12/15/45			120		149,804
Energy Transfer LP/Regency Energy Finance Corp.,
Sr. Unsec’d. Notes
5.000%		10/01/22			610		621,693
Enterprise Products Operating LLC,
Gtd. Notes
3.750%		02/15/25	(a)		1,055		1,123,349
Kinder Morgan, Inc.,
Gtd. Notes
3.600%		02/15/51			1,575		1,592,691

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
MPLX LP,
Sr. Unsec’d. Notes
4.000%		02/15/25			1,140	$	1,215,366
4.700%		04/15/48			750		873,395
4.875%		06/01/25			2,275		2,489,545
5.200%		03/01/47			25		30,595
ONEOK Partners LP,
Gtd. Notes
6.650%		10/01/36			130		170,858
ONEOK, Inc.,
Gtd. Notes
3.100%		03/15/30	(a)		3,495		3,568,185
4.500%		03/15/50			245		271,897
4.950%		07/13/47			640		745,734
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%		08/15/29			80		83,273
4.125%		08/15/31			80		85,361
Western Midstream Operating LP,
Sr. Unsec’d. Notes
4.000%		07/01/22			1,315		1,320,876
5.300%		03/01/48			80		96,396
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.850%		03/01/48			230		279,992
4.900%		01/15/45			1,100		1,316,854
							18,704,159
Real Estate Investment Trusts (REITs) — 0.3%
Corporate Office Properties LP,
Gtd. Notes
2.900%		12/01/33			945		930,221
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%		04/15/26			725		809,783
Kimco Realty Corp.,
Sr. Unsec’d. Notes
2.700%		10/01/30			2,420		2,463,059
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%		03/15/31	(a)		750		759,397
Realty Income Corp.,
Sr. Unsec’d. Notes
3.250%		01/15/31			2,250		2,417,505
							7,379,965
Retail — 0.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%		01/15/28			650		658,120
AutoZone, Inc.,
Sr. Unsec’d. Notes
3.750%		04/18/29			1,820		1,991,735
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%		05/15/25			3,395		3,648,789

SEE NOTES TO FINANCIAL STATEMENTS.

A44

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date			Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%		10/01/29			200	$	197,808
3.875%		10/01/31			200		197,639
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%		12/01/25			1,020		1,041,989
							7,736,080
Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.187%		11/15/36			3,650		3,661,816
Software — 0.1%
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes
2.250%		03/01/31	(a)		2,175		2,127,740
Microsoft Corp.,
Sr. Unsec’d. Notes
2.675%		06/01/60			360		358,462
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%		09/01/30			1,425		1,328,713
							3,814,915
Telecommunications — 0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%		12/01/33			1,371		1,342,642
3.100%		02/01/43			1,070		1,036,261
3.500%		09/15/53			2,817		2,847,289
3.650%		09/15/59			4		4,038
4.300%		02/15/30			490		552,054
4.500%		05/15/35			225		259,674
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes
9.625%		12/15/30			350		514,667
Level 3 Financing, Inc.,
Gtd. Notes
5.375%		05/01/25			1,300		1,326,150
Sr. Sec’d. Notes, 144A
3.400%		03/01/27			250		258,127
T-Mobile USA, Inc.,
Sr.Sec’d. Notes
3.875%		04/15/30			5,500		6,018,461
Sr. Sec’d. Notes, 144A
2.700%		03/15/32			875		881,156
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.550%		03/21/31			1,515		1,530,402
2.650%		11/20/40			1,095		1,039,315
4.016%		12/03/29			1,365		1,530,009
4.500%		08/10/33			865		1,019,116
							20,159,361

Interest     Rate	Maturity         Date		Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%		08/01/28		735	$	933,891
CSX Corp.,
Sr. Unsec’d. Notes
6.150%		05/01/37		690		963,815
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%		05/17/25		120		134,989
						2,032,695
TOTAL CORPORATE BONDS (cost $283,611,160)						300,265,222
MUNICIPAL BONDS — 0.5%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%		09/15/32		180		199,649
California — 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%		04/01/49		1,305		2,112,447
Taxable, Revenue Bonds
2.574%		04/01/31		415		431,821
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39		1,250		1,971,467
General Obligation Unlimited, Taxable, BABs
7.500%		04/01/34		350		539,723
7.625%		03/01/40		205		339,981
						5,395,439
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		565		893,477
Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		970		1,450,612
State of Illinois,
General Obligation Unlimited, Series D
5.000%		11/01/22		2,305		2,392,657
						3,843,269
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		1,000		1,627,261
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		1,371,711

SEE NOTES TO FINANCIAL STATEMENTS.

A45

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date		Principal Amount       (000)#		Value
MUNICIPAL BONDS (continued)
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		415	$	552,096
Ohio Water Development Authority Water Pollution Control Loan Fund, Taxable, Revenue Bonds, BABs, Series B2
4.879%		12/01/34		275		320,627
						872,723
Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		425		570,739
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		505		720,974
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%		09/01/2117		355		487,384
TOTAL MUNICIPAL BONDS (cost $11,774,023)						15,982,626
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.4%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1
5.250%		09/25/35		10		10,437
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
2.509%(cc)		02/25/35		54		56,072
Bellemeade Re Ltd. (Bermuda),
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)
1.702%(c)		04/25/28		24		23,970
Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)
2.702%(c)		06/25/30		15		14,962
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)
1.250%(c)		06/25/31		2,014		2,009,052
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
1.050%(c)		09/25/31		1,500		1,485,213
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
1.050%(c)		09/25/31		1,100		1,094,310
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)
2.852%(c)		08/29/22		2,311		2,304,161
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5
2.326%(cc)		02/25/37		100		101,216
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A
3.850%(cc)		09/25/57		631		655,713

Interest     Rate	Maturity         Date		Principal Amount       (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Eagle Re Ltd. (Bermuda),
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)
1.600%(c)		04/25/34		3,840	$	3,839,828
Fannie Mae REMICS,
Series 2014-73, Class CZ
3.000%		11/25/44		2,506		2,660,868
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)
2.650%(c)		11/25/50		1,901		1,920,465
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)
3.703%(c)		07/25/50		259		259,737
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
5.353%(c)		09/25/50		155		161,436
Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
2.150%(c)		10/25/33		2,005		2,040,800
Series 2021-DNA05, Class M1, 144A, 30 Day Average SOFR + 0.650% (Cap N/A, Floor 0.000%)
0.700%(c)		01/25/34		443		443,066
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
1.700%(c)		01/25/34		210		210,899
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)
0.900%(c)		09/25/41		4,870		4,867,755
FHLMC Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)
0.853%(c)		09/25/48		2		2,361
Freddie Mac REMICS,
Series 4117, Class ZC
3.000%		10/15/42		2,202		2,325,253
Series 4535, Class PA
3.000%		03/15/44		498		511,380
Series 4680, Class GZ
3.500%		03/15/47		1,174		1,270,757
Government National Mortgage Assoc.,
Series 2019-69, Class KB
3.000%		06/20/49		2,400		2,570,687
Home Re Ltd. (Bermuda),
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
1.752%(c)		05/25/29		116		115,866
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)
1.300%(c)		01/25/34		950		950,447
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1
2.314%(cc)		07/25/35		36		36,134
Legacy Mortgage Asset Trust,
Series 2021-GS01, Class A1, 144A
1.892%		10/25/66		270		269,801

SEE NOTES TO FINANCIAL STATEMENTS.

A46

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Mello Warehouse Securitization Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
1.002%(c)		10/25/53		1,260	$	1,259,390
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.789%(c)		02/25/55		1,600		1,590,385
MFA Trust,
Series 2021-RPL01, Class A1, 144A
1.131%(cc)		07/25/60		2,351		2,311,608
Mortgage Repurchase Agreement Financing Trust,
Series 2020-05, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.101%(c)		08/10/23		1,090		1,090,135
Series 2021-01, Class A2, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.000%)
0.601%(c)		03/10/22		2,600		2,600,212
Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)
0.601%(c)		09/10/22		1,800		1,799,631
MRA Issuance Trust,
Series 2020-07, Class A2X, 144A, 1 Month LIBOR + 1.300%
1.399%(c)		09/15/22^		7,800		7,800,000
MSG III Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.842%(c)		06/25/54		1,500		1,498,911
Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
0.992%(c)		06/25/54		270		269,852
Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
1.192%(c)		06/25/54		230		229,875
Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)
1.392%(c)		06/25/54		90		89,951
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.853%(c)		01/25/48		232		231,847
Oaktown Re II Ltd. (Bermuda),
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
1.652%(c)		07/25/28		103		103,277
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)
1.502%(c)		07/25/29		29		28,743
Oaktown Re VII Ltd. (Bermuda),
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR+ 1.600% (Cap N/A, Floor 1.600%)
1.650%(c)		04/25/34		2,700		2,695,093
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)
3.917%(c)		12/25/22		1,473		1,476,226

Interest Rate	Maturity Date			Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)
3.002%(c)		02/27/24			2,357	$	2,387,806
Provident Funding Mortgage Warehouse Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.802%(c)		02/25/55			2,340		2,327,530
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA
3.500%		08/25/58			969		1,011,187
Station Place Securitization Trust,
Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
1.002%(c)		04/11/22			2,600		2,597,290
Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)
0.902%(c)		06/20/22			2,040		2,041,761
Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)
0.752%(c)		01/26/54			657		656,592
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
2.431%(cc)		02/25/34			75		75,336
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $68,411,353)							68,385,284
SOVEREIGN BONDS — 0.7%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
3.125%		10/11/27	(a)		2,420		2,599,707
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%		08/20/30			465		463,837
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%		01/28/26			220		230,400
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A
3.875%		02/01/28			745		796,638
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%		06/04/25			400		415,953
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
3.375%		07/30/25			EUR      1,200		1,502,179
Sr. Unsec’d. Notes, 144A, MTN
5.875%		01/15/24			750		821,407
Sr. Unsec’d. Notes, EMTN
2.150%		07/18/24			EUR      1,510		1,798,604
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes
3.375%		10/31/23			200		209,216
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN
2.125%		10/25/23			1,000		1,021,133
2.625%		04/20/22			1,400		1,409,255

SEE NOTES TO FINANCIAL STATEMENTS.

A47

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
SOVEREIGN BONDS (continued)
3.000%		03/12/24			200	$	208,493
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%		04/16/50	(a)		340		374,772
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%		01/23/31			514		511,770
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
3.875%		04/23/23			800		831,983
5.103%		04/23/48			665		898,973
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN
4.125%		03/11/39			EUR      960		1,169,376
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN
2.875%		03/04/23			1,285		1,315,104
4.000%		04/17/25			750		807,983
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A
2.500%		06/08/22			1,200		1,210,276
3.250%		06/01/23			600		620,103
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
4.975%		04/20/55	(a)		405		531,564
5.100%		06/18/50	(a)		395		523,652
TOTAL SOVEREIGN BONDS (cost $19,154,191)							20,272,378
U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.2%
Federal Home Loan Bank
5.500%		07/15/36			850		1,228,346
Federal Home Loan Mortgage Corp.
1.500%		11/01/50			1,353		1,307,122
2.000%		01/01/32			471		484,046
2.000%		06/01/40			840		852,745
2.000%		10/01/40			1,387		1,407,707
2.000%		09/01/50			3,150		3,143,532
2.000%		03/01/51			1,014		1,011,775
2.500%		03/01/30			274		284,955
2.500%		03/01/51			780		804,789
2.500%		04/01/51			6,900		7,050,150
2.500%		08/01/51			2,881		2,944,472
2.500%		09/01/51			4,963		5,076,411
3.000%		10/01/28			183		193,264
3.000%		06/01/29			392		413,542
3.000%		01/01/37			104		109,223
3.000%		06/01/42			162		171,598
3.000%		10/01/42			402		424,861
3.000%		01/01/43			377		398,301
3.000%		07/01/43			1,009		1,064,733
3.000%		11/01/49			1,430		1,482,273
3.000%		02/01/50			1,685		1,751,154
3.000%		05/01/50			367		380,848
3.500%		06/01/42			173		186,633
3.500%		01/01/47			298		318,211
3.500%		02/01/47			461		491,682
4.000%		06/01/26			192		201,868

Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.000%	09/01/26		68	$	71,959
4.000%	03/01/38		207		222,785
4.000%	10/01/39		355		389,654
4.000%	09/01/40		417		457,910
4.000%	12/01/40		186		204,368
4.000%	10/01/41		189		207,424
4.000%	01/01/42		65		71,768
4.500%	02/01/39		50		55,139
4.500%	09/01/39		69		76,875
4.500%	10/01/39		605		667,175
4.500%	12/01/39		61		67,679
4.500%	07/01/41		77		82,960
4.500%	07/01/41		1,105		1,224,933
4.500%	08/01/41		113		121,526
4.500%	08/01/41		175		191,005
4.500%	08/01/41		195		212,087
4.500%	10/01/41		100		107,035
4.500%	12/01/47		133		143,534
4.500%	08/01/48		277		297,080
5.000%	05/01/34		14		15,499
5.000%	05/01/34		165		186,684
5.000%	10/01/35		4		4,474
5.000%	07/01/37		224		253,324
5.000%	05/01/39		32		36,151
5.500%	12/01/33		35		38,843
5.500%	01/01/34		31		34,407
5.500%	06/01/34		63		72,192
5.500%	07/01/34		119		134,938
5.500%	05/01/37		29		33,596
5.500%	02/01/38		234		268,382
5.500%	05/01/38		26		29,381
5.500%	07/01/38		62		70,837
6.000%	03/01/32		124		137,700
6.000%	12/01/33		45		49,840
6.000%	11/01/36		30		34,197
6.000%	01/01/37		28		32,498
6.000%	05/01/37		13		14,812
6.000%	02/01/38		2		2,660
6.000%	08/01/39		37		42,459
6.750%	03/15/31(k)		550		788,458
7.000%	05/01/31		6		5,847
7.000%	06/01/31		12		12,318
7.000%	08/01/31		96		106,371
7.000%	10/01/31		6		6,028
Federal National Mortgage Assoc.
1.500%	11/01/50		933		901,898
1.500%	12/01/50		3,742		3,617,191
2.000%	TBA		1,500		1,495,378
2.000%	08/01/31		460		472,656
2.000%	02/01/41		1,759		1,787,417
2.000%	05/01/41		9,654		9,809,034
2.000%	08/01/50		1,290		1,286,837
2.000%	10/01/50		7,257		7,240,716
2.000%	11/01/50		1,745		1,741,510
2.000%	03/01/51		3,505		3,497,046
2.000%	05/01/51		2,535		2,529,214
2.500%	05/01/41		7,844		8,098,378
2.500%	10/01/43		385		397,005

SEE NOTES TO FINANCIAL STATEMENTS.

A48

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
2.500%	12/01/46		790	$	811,325
2.500%	03/01/50		788		806,867
2.500%	08/01/50		2,791		2,849,783
2.500%	04/01/51		3,701		3,779,880
3.000%	TBA		1,000		1,034,440
3.000%	TBA(tt)		2,500		2,589,908
3.000%	02/01/27		689		723,371
3.000%	08/01/30		520		546,871
3.000%	11/01/36		810		845,625
3.000%	12/01/42		662		695,744
3.000%	03/01/43		142		150,109
3.000%	11/01/46		498		519,859
3.000%	01/01/47		741		777,192
3.000%	02/01/47		780		815,984
3.000%	03/01/47		411		430,702
3.000%	06/01/49		19		19,522
3.000%	12/01/49		1,629		1,688,325
3.000%	02/01/50		3,357		3,478,773
3.000%	03/01/50		340		352,307
3.500%	TBA(tt)		500		526,362
3.500%	07/01/31		493		522,618
3.500%	02/01/33		1,094		1,157,304
3.500%	06/01/39		311		335,735
3.500%	01/01/42		1,809		1,941,047
3.500%	05/01/42		895		959,750
3.500%	07/01/42		478		516,301
3.500%	08/01/42		185		200,185
3.500%	08/01/42		487		525,477
3.500%	09/01/42		237		255,494
3.500%	09/01/42		955		1,031,329
3.500%	11/01/42		127		135,765
3.500%	03/01/43		1,469		1,586,275
3.500%	04/01/43		291		314,789
3.500%	04/01/43		407		439,260
3.500%	01/01/46		740		798,046
3.500%	07/01/46		554		588,840
3.500%	11/01/46		674		718,278
3.500%	09/01/47		337		356,653
3.500%	01/01/48		2,888		3,058,640
3.500%	05/01/48		574		605,809
3.500%	07/01/48		354		373,862
4.000%	10/01/41		1,263		1,385,989
4.000%	09/01/44		807		878,406
4.000%	10/01/46		279		300,720
4.000%	02/01/47		160		171,165
4.000%	09/01/47		575		615,357
4.000%	11/01/47		386		420,455
4.000%	11/01/47		844		903,906
4.000%	03/01/49		3,739		3,972,960
4.500%	07/01/33		30		32,700
4.500%	08/01/33		28		30,384
4.500%	09/01/33		55		60,535
4.500%	10/01/33		4		4,347
4.500%	10/01/33		20		22,015
4.500%	10/01/33		69		76,027
4.500%	01/01/35		1		936
4.500%	07/01/39		469		518,321
4.500%	08/01/39		695		768,668

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.500%	03/01/41		223		$	246,486
4.500%	11/01/47		1,292			1,395,309
4.500%	01/01/49		222			237,707
5.000%	03/01/34		140			157,572
5.000%	06/01/35		50			56,413
5.000%	07/01/35		63			71,705
5.000%	09/01/35		52			58,753
5.000%	11/01/35		59			66,145
5.000%	02/01/36		61			69,293
5.000%	05/01/36		31			34,609
5.500%	09/01/33		113			126,554
5.500%	10/01/33		52			58,972
5.500%	12/01/33		33			37,157
5.500%	01/01/34		1			808
5.500%	12/01/34		109			123,566
5.500%	10/01/35		379			426,617
5.500%	03/01/36		46			51,026
5.500%	05/01/36		108			123,056
5.500%	04/01/37		57			64,683
6.000%	08/01/22		3			2,879
6.000%	04/01/33		8			8,766
6.000%	06/01/33		3			3,588
6.000%	10/01/33		186			208,013
6.000%	11/01/33		2			2,496
6.000%	11/01/33		13			13,893
6.000%	11/01/33		42			46,321
6.000%	01/01/34		191			217,307
6.000%	02/01/34		42			46,915
6.000%	03/01/34		24			26,581
6.000%	03/01/34		37			40,706
6.000%	07/01/34		135			155,659
6.000%	08/01/34		—(r	)		606
6.000%	10/01/34		3			3,188
6.000%	11/01/34		2			2,568
6.000%	11/01/34		7			8,056
6.000%	01/01/35		49			55,198
6.000%	01/01/35		99			108,547
6.000%	02/01/35		38			41,584
6.000%	02/01/35		161			184,903
6.000%	03/01/35		1			1,189
6.000%	04/01/35		1			603
6.000%	07/01/36		24			27,420
6.000%	02/01/37		45			52,453
6.000%	05/01/37		17			19,181
6.000%	06/01/37		—(r	)		387
6.000%	08/01/37		9			10,558
6.000%	09/01/37		—(r	)		225
6.000%	10/01/37		28			32,804
6.000%	05/01/38		39			45,692
6.000%	06/01/38		2			2,171
6.250%	05/15/29(k)		610			810,351
6.500%	07/01/32		30			33,859
6.500%	09/01/32		1			1,537
6.500%	09/01/32		38			42,295
6.500%	09/01/32		46			50,884
6.500%	09/01/32		52			58,232
6.500%	04/01/33		55			62,801
6.500%	11/01/33		19			21,826

SEE NOTES TO FINANCIAL STATEMENTS.

A49

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
6.500%	01/01/34		20	$	22,474
6.500%	09/01/34		54		59,951
6.500%	09/01/36		46		53,320
6.500%	10/01/36		11		12,999
6.500%	11/01/36		19		21,397
6.500%	01/01/37		37		40,569
6.500%	01/01/37		93		104,430
6.625%	11/15/30(k)		800		1,128,733
7.000%	02/01/32		12		13,556
7.000%	05/01/32		10		12,322
7.000%	06/01/32		10		11,013
7.000%	07/01/32		36		40,526
7.125%	01/15/30(k)		3,195		4,528,705
Government National Mortgage Assoc.
2.000%	03/20/51		914		923,327
2.500%	TBA		1,000		1,021,835
2.500%	TBA		1,000		1,024,061
2.500%	03/20/43		159		164,673
2.500%	12/20/46		299		307,732
2.500%	05/20/51		479		490,914
2.500%	08/20/51		787		806,719
3.000%	TBA		3,000		3,103,958
3.000%	12/20/44		111		116,188
3.000%	03/15/45		369		384,531
3.000%	11/20/45		339		354,237
3.000%	03/20/46		718		749,460
3.000%	07/20/46		1,832		1,912,501
3.000%	08/20/46		484		505,077
3.000%	10/20/46		423		441,766
3.000%	11/20/46		255		266,646
3.000%	12/20/46		463		483,120
3.000%	01/20/47		132		137,770
3.000%	04/20/47		591		616,534
3.000%	12/20/49		210		217,406
3.500%	12/20/42		660		702,808
3.500%	05/20/43		199		213,642
3.500%	04/20/45		611		646,666
3.500%	07/20/46		2,250		2,370,077
3.500%	07/20/48		1,764		1,848,497
3.500%	11/20/48		582		609,062
3.500%	06/20/49		2,277		2,373,237
4.000%	06/15/40		37		41,023
4.000%	05/20/41		34		36,869
4.000%	12/20/42		364		393,920
4.000%	08/20/44		140		151,201
4.000%	11/20/45		273		295,507
4.000%	12/20/45		750		811,957
4.000%	09/20/47		2,190		2,327,877
4.000%	02/20/49		815		861,602
4.000%	01/20/50		326		343,801
4.500%	04/15/40		216		242,027
4.500%	01/20/41		253		280,890
4.500%	02/20/41		399		442,795
4.500%	03/20/41		199		219,408
4.500%	06/20/44		300		331,774
4.500%	09/20/46		244		270,043
4.500%	11/20/46		349		385,832
4.500%	03/20/47		192		206,460

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.500%	05/20/48		323		$	343,271
4.500%	08/20/48		566			599,946
5.000%	10/20/37		61			68,877
5.000%	04/20/45		340			384,408
5.500%	08/15/33		161			176,781
5.500%	08/15/33		166			182,379
5.500%	09/15/33		36			39,585
5.500%	12/15/33		11			11,795
5.500%	03/15/34		105			115,932
5.500%	12/15/34		205			234,694
5.500%	07/15/35		36			41,960
5.500%	04/15/36		42			46,627
6.000%	04/15/33		5			5,287
6.000%	12/15/33		69			75,895
6.000%	01/15/34		19			20,821
6.000%	01/15/34		23			25,597
6.000%	01/15/34		39			45,167
6.000%	06/20/34		70			80,516
6.000%	07/15/34		49			57,546
6.500%	10/15/23		—(r	)		292
6.500%	12/15/23		1			1,002
6.500%	01/15/24		—(r	)		216
6.500%	01/15/24		2			1,705
6.500%	01/15/24		4			4,129
6.500%	01/15/24		4			4,923
6.500%	01/15/24		9			9,710
6.500%	01/15/24		17			18,536
6.500%	02/15/24		—(r	)		345
6.500%	02/15/24		1			737
6.500%	02/15/24		2			1,693
6.500%	02/15/24		2			1,986
6.500%	02/15/24		2			2,649
6.500%	02/15/24		3			3,453
6.500%	03/15/24		—(r	)		237
6.500%	03/15/24		1			769
6.500%	04/15/24		—(r	)		194
6.500%	04/15/24		1			762
6.500%	04/15/24		1			858
6.500%	04/15/24		1			1,031
6.500%	04/15/24		3			3,821
6.500%	04/15/24		4			4,856
6.500%	05/15/24		1			1,639
6.500%	05/15/24		2			2,008
6.500%	05/15/24		6			6,074
6.500%	10/15/24		5			5,351
6.500%	11/15/28		3			3,280
6.500%	08/15/31		4			3,987
6.500%	12/15/31		7			8,242
6.500%	02/15/32		25			27,680
6.500%	06/15/32		12			12,914
6.500%	07/15/32		24			26,594
6.500%	08/15/32		3			3,642
6.500%	08/15/32		4			5,075
6.500%	08/15/32		7			7,325
6.500%	08/15/32		23			25,312
6.500%	08/15/32		117			133,649
6.500%	08/15/34		22			25,051
6.500%	06/15/35		23			26,024

SEE NOTES TO FINANCIAL STATEMENTS.

A50

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest         Rate	Maturity         Date			Principal Amount         (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.500%		09/15/36			30	$	34,886
8.000%		01/15/24			3		3,122
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%		09/15/31			200		195,840
7.125%		05/01/30			510		724,984
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $176,351,473)							179,618,375
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Bonds
2.000%		11/15/41			4,230		4,276,927
2.250%		05/15/41			10,220		10,727,806
U.S. Treasury Strips Coupon
1.760%(s)		08/15/40	(k)		830		566,540
2.000%(s)		08/15/39	(k)		360		253,533
2.378%(s)		11/15/43			3,600		2,281,359
TOTAL U.S. TREASURY OBLIGATIONS (cost $18,147,473)							18,106,165
TOTAL LONG-TERM INVESTMENTS (cost $1,296,365,472)							2,538,606,870
				Shares
SHORT-TERM INVESTMENTS — 13.8%
AFFILIATED MUTUAL FUNDS — 13.7%
PGIM Core Ultra Short Bond Fund(wa)					363,398,511		363,398,511
PGIM Institutional Money Market Fund (cost $35,455,211; includes $35,452,395 of cash collateral for securities on loan)(b)(wa)					35,557,940		35,533,049
TOTAL AFFILIATED MUTUAL FUNDS (cost $398,853,722)							398,931,560
Interest         Rate	Maturity         Date			Principal Amount         (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.1%
U.S. Treasury Bills
0.043%		03/17/22			1,920		1,919,785
(cost $1,919,830)
OPTIONS PURCHASED*~ — 0.0% (cost $58,689)							25,402
TOTAL SHORT-TERM INVESTMENTS (cost $400,832,241)							400,876,747
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.4% (cost $1,697,197,713)							2,939,483,617

	Value
OPTIONS WRITTEN*~ — (0.0)% (premiums received $59,861)	$	(76,842	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.4% (cost $1,697,137,852)		2,939,406,775
Liabilities in excess of other assets(z) — (1.4)%		(40,364,207	)
NET ASSETS — 100.0%	$	2,899,042,568

See the Glossary for a list of the abbreviation(s) used in the annual 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 $7,803,288 and 0.3% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $34,821,643; cash collateral of $35,452,395 (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 December 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 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.

(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 3,000,000 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:

SEE NOTES TO FINANCIAL STATEMENTS.

A51

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Purchased:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration

Receive

Pay

Notional Amount (000)#

Value

Date

Strike

CDX.NA.IG.37.V1, 12/20/26

Call

BNP Paribas S.A.

02/16/22

0.35%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

6,880

$

—

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.35%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

6,520

—

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.35%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

6,490

—

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.35%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

3,260

—

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.35%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

9,900

—

CDX.NA.IG.37.V1, 12/20/26

Put

BNP Paribas S.A.

02/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,880

5,288

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,520

5,011

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,490

4,988

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

3,260

2,506

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

9,900

7,609

Total Options Purchased (cost $58,689)

$

25,402

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration

Receive

Pay

Notional Amount (000)#

Value

Date

Strike

CDX.NA.IG.37.V1, 12/20/26

Call

BNP Paribas S.A.

02/16/22

0.53%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,880

$

(13,964

)

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.53%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,520

(13,233

)

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.53%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

6,490

(13,173

)

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.53%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

3,260

(6,617

)

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

02/16/22

0.53%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

9,900

(20,094

)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.73%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

6,490

(1,960

)

CDX.NA.IG.37.V1, 12/20/26

Put

BNP Paribas S.A.

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

6,880

(1,839

)

SEE NOTES TO FINANCIAL STATEMENTS.

A52

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Written (continued):

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.75%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		6,520	$	(1,742	)
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.75%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		3,260		(871	)
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.75%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,900		(2,646	)
GS_21-PJ2A^	Put	Goldman Sachs International	11/15/24	0.50%	0.50%(M)	GS_21-PJ2A(M)		4,720		(264	)
GS_21-PJA^	Put	Goldman Sachs International	06/17/24	0.25%	0.25%(M)	GS_21-PJA(M)		9,100		(439	)
Total Options Written (premiums received $59,861)									$	(76,842	)

Futures contracts outstanding at December 31, 2021:

Number of Contracts	Type	Expiration Date	Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
310	2 Year U.S. Treasury Notes	Mar. 2022		$	67,633,282		$	(55,703	)
363	5 Year U.S. Treasury Notes	Mar. 2022			43,914,491			76,944
135	10 Year U.S. Treasury Notes	Mar. 2022			17,613,281			137,214
64	20 Year U.S. Treasury Bonds	Mar. 2022			10,268,000			19,383
375	30 Year U.S. Ultra Treasury Bonds	Mar. 2022			73,921,875			1,171,911
6	Mini MSCI EAFE Index	Mar. 2022			696,540			12,026
124	S&P 500 E-Mini Index	Mar. 2022			29,502,700			347,084
								1,708,859
Short Positions:
29	5 Year Euro-Bobl	Mar. 2022			4,399,118			37,284
23	10 Year Euro-Bund	Mar. 2022			4,487,409			75,083
63	10 Year U.S. Ultra Treasury Notes	Mar. 2022			9,225,563			(158,219	)
23	Euro Schatz Index	Mar. 2022			2,933,562			4,899
								(40,953	)
							$	1,667,906

Forward foreign currency exchange contracts outstanding at December 31, 2021:

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 01/19/22	Morgan Stanley & Co. International PLC	CAD	1,384	$	1,108,933	$	1,093,936	$	14,997	$	—
Euro,
Expiring 01/12/22	BNP Paribas S.A.	EUR	22,253		25,082,844		25,341,216		—		(258,372	)
				$	26,191,777	$	26,435,152	$	14,997	$	(258,372	)

SEE NOTES TO FINANCIAL STATEMENTS.

A53

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Credit default swap agreement outstanding at December 31, 2021:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at December 31, 2021(4)		Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_21-PJ2A		01/14/22		0.500%(M)		4,720		*		$	2,032		$	(441	)		$	2,473	Goldman Sachs International
GS_21-PJA		01/14/22		0.250%(M)		9,100		*			1,959			(425	)			2,384	Goldman Sachs International
										$	3,991		$	(866	)		$	4,857

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

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

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

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation swap agreement outstanding at December 31, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at December 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally Cleared Inflation Swap Agreements:
	5,200		01/13/26		2.152	%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	—		$	(430,251	)	$	(430,251	)
	15,685		02/02/26		2.295	%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		(43,291	)		(1,178,080	)		(1,134,789	)
	7,790		02/18/26		2.370	%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—			(547,769	)		(547,769	)
								$	(43,291	)	$	(2,156,100	)	$	(2,112,809	)

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

SEE NOTES TO FINANCIAL STATEMENTS.

A54

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Total return swap agreements outstanding at December 31, 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:

U.S. Treasury Bonds(T)

1 Day USOIS +4.5bps(T)

JPMorgan Chase Bank, N.A.

2/22/22

13,010

$

38,221

$

—

$

38,221

(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	$—	$(866)	$43,078	$—

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

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

Broker	Cash and/or Foreign Currency			Securities Market Value
CitiGroup Global Markets, Inc.		$	—		$	4,530,317
Goldman Sachs & Co. LLC			—			1,919,785
Total		$	—		$	6,450,102

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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	1,519,120,293	$	35,702,280	$	—
Exchange-Traded Funds		7,722,539		—		—
Preferred Stocks		1,416,300		40,383		—
Asset-Backed Securities
Automobiles		—		57,399,298		—
Collateralized Loan Obligations		—		100,990,241		—
Consumer Loans		—		7,341,850		—
Equipment		—		5,982,977		—
Home Equity Loans		—		22,724		—
Other		—		3,578,891		—
Residential Mortgage-Backed Securities		—		5,534,528		—
Student Loans		—		12,666,776		—
Commercial Mortgage-Backed Securities		—		178,457,740		—
Corporate Bonds		—		300,265,222		—
Municipal Bonds		—		15,982,626		—
Residential Mortgage-Backed Securities		—		60,585,284		7,800,000

SEE NOTES TO FINANCIAL STATEMENTS.

A55

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1				Level 2				Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds		$	—			$	20,272,378			$	—
U.S. Government Agency Obligations			—				179,618,375				—
U.S. Treasury Obligations			—				18,106,165				—
Short-Term Investments
Affiliated Mutual Funds			398,931,560				—				—
U.S. Treasury Obligation			—				1,919,785				—
Options Purchased			—				25,402				—
Total		$	1,927,190,692			$	1,004,492,925			$	7,800,000
Liabilities
Options Written		$	—			$	(76,139	)		$	(703	)
Other Financial Instruments*
Assets
Futures Contracts		$	1,881,828			$	—			$	—
OTC Forward Foreign Currency Exchange Contract			—				14,997				—
OTC Credit Default Swap Agreements			—				—				3,991
OTC Total Return Swap Agreement			—				38,221				—
Total		$	1,881,828			$	53,218			$	3,991
Liabilities
Futures Contracts		$	(213,922	)		$	—			$	—
OTC Forward Foreign Currency Exchange Contract			—				(258,372	)			—
Centrally Cleared Inflation Swap Agreements			—				(2,112,809	)			—
Total		$	(213,922	)		$	(2,371,181	)		$	—

* 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 December 31, 2021 were

as follows (unaudited):

Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan)	13.7	%
U.S. Government Agency Obligations	6.2
Commercial Mortgage-Backed Securities	6.2
Software	5.1
Banks	5.0
Technology Hardware, Storage & Peripherals	3.8
Collateralized Loan Obligations	3.5
Semiconductors & Semiconductor Equipment	3.4
Automobiles	3.4
Interactive Media & Services	3.3
Pharmaceuticals	2.7
Residential Mortgage-Backed Securities	2.6
IT Services	2.4
Internet & Direct Marketing Retail	2.0
Capital Markets	1.6
Health Care Equipment & Supplies	1.6
Health Care Providers & Services	1.5
Equity Real Estate Investment Trusts (REITs)	1.4
Oil, Gas & Consumable Fuels	1.3
Specialty Retail	1.3
Insurance	1.2

Chemicals	1.1	%
Life Sciences Tools & Services	1.1
Media	1.0
Hotels, Restaurants & Leisure	1.0
Biotechnology	1.0
Beverages	0.9
Electric	0.9
Aerospace & Defense	0.9
Diversified Financial Services	0.9
Entertainment	0.9
Electric Utilities	0.9
Machinery	0.8
Food & Staples Retailing	0.8
Household Products	0.7
Sovereign Bonds	0.7
Telecommunications	0.7
U.S. Treasury Obligations	0.7
Pipelines	0.6
Municipal Bonds	0.5
Diversified Telecommunication Services	0.5
Industrial Conglomerates	0.5
Food Products	0.5

SEE NOTES TO FINANCIAL STATEMENTS.

A56

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Road & Rail	0.5	%
Communications Equipment	0.5
Oil & Gas	0.5
Student Loans	0.4
Textiles, Apparel & Luxury Goods	0.4
Multi-Utilities	0.4
Auto Manufacturers	0.4
Electronic Equipment, Instruments & Components	0.4
Air Freight & Logistics	0.4
Tobacco	0.3
Building Products	0.3
Electrical Equipment	0.3
Consumer Finance	0.3
Retail	0.3
Exchange-Traded Funds	0.3
Airlines	0.3
Multiline Retail	0.3
Real Estate Investment Trusts (REITs)	0.3
Consumer Loans	0.3
Professional Services	0.2
Metals & Mining	0.2
Commercial Services & Supplies	0.2
Household Durables	0.2
Equipment	0.2
Containers & Packaging	0.2
Gas	0.2
Trading Companies & Distributors	0.2
Healthcare-Services	0.1
Personal Products	0.1
Foods	0.1
Semiconductors	0.1
Other	0.1
Miscellaneous Manufacturing	0.1
Packaging & Containers	0.1
Energy Equipment & Services	0.1
Commercial Services	0.1

Wireless Telecommunication Services	0.1	%
Engineering & Construction	0.1
Auto Components	0.1
Agriculture	0.1
Construction Materials	0.1
Distributors	0.1
Housewares	0.1
Healthcare-Products	0.1
Transportation	0.1
Office/Business Equipment	0.1
Real Estate Management & Development	0.1
Home Builders	0.1
Water Utilities	0.0	*
Health Care Technology	0.0	*
Building Materials	0.0	*
Lodging	0.0	*
Construction & Engineering	0.0	*
Marine	0.0	*
Independent Power & Renewable Electricity Producers	0.0	*
Multi-National	0.0	*
Gas Utilities	0.0	*
Apparel	0.0	*
Leisure Products	0.0	*
Forest Products & Paper	0.0	*
Options Purchased	0.0	*
Home Equity Loans	0.0	*
Paper & Forest Products	0.0	*
Diversified Consumer Services	0.0	*
	101.4
Options Written	(0.0	)*
Liabilities in excess of other assets	(1.4	)
	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 December 31, 2021 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	—	$	—		Premiums received for OTC swap agreements	$	866
Credit contracts	Unaffiliated investments		25,402		Options written outstanding, at value		76,842
Credit contracts	Unrealized appreciation on OTC swap agreements		4,857		—		—
Equity contracts	Due from/to broker-variation margin futures		359,110	*	—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A57

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	14,997		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	258,372
Interest rate contracts	Due from/to broker-variation margin futures		1,522,718	*	Due from/to broker-variation margin futures		213,922	*
Interest rate contracts	—		—		Due from/to broker-variation margin swaps		2,112,809	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		38,221		—		—
		$	1,965,305			$	2,662,811

* 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 year ended December 31, 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		$	—		$	—			$	—			$	—		$	25,361
Equity contracts			—			—				9,915,585				—			—
Foreign exchange contracts			—			—				—				1,538,177			—
Interest rate contracts			300,714			(131,928	)			(6,491,343	)			—			67,476
Total		$	300,714		$	(131,928	)		$	3,424,242			$	1,538,177		$	92,837

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)				Options Written				Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	(33,287	)		$	(16,981	)		$	—			$	—		$	11,079
Equity contracts			—				—				(338,354	)			—			—
Foreign exchange contracts			—				—				—				44,551			—
Interest rate contracts			—				—				1,931,547				—			(1,772,319	)
Total		$	(33,287	)		$	(16,981	)		$	1,593,193			$	44,551		$	(1,761,240	)

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 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)
$34,398	$19,648,200	$231,230,664	$29,492,237	$11,940,700

SEE NOTES TO FINANCIAL STATEMENTS.

A58

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Forward Foreign	Interest Rate
Currency Exchange	Swap
Contracts—Sold(3)	Agreements(2)
$33,373,939	$7,057,307

Credit Default	Total Return
Swap Agreements—	Swap	Inflation Swap
Sell Protection(2)	Agreements(2)	Agreements(2)
$8,644,000	$7,004,928	$24,500,000

(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 year ended December 31, 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		$34,821,643		$(34,821,643	)		$—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)		Net Amount
BNP Paribas S.A.		$5,288		$(274,175	)		$(268,887	)		$—		$(268,887	)
Goldman Sachs International		4,857		(1,569	)		3,288			—		3,288
JPMorgan Chase Bank, N.A.		38,221		—			38,221			—		38,221
Morgan Stanley & Co. International PLC		35,111		(60,336	)		(25,225	)		—		(25,225	)
		$83,477		$(336,080	)		$(252,603	)		$—		$(252,603	)

(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.

A59

PSF PGIM 50/50 BALANCED PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $34,821,643:
Unaffiliated investments (cost $1,298,343,991)	$	2,540,552,057
Affiliated investments (cost $398,853,722)		398,931,560
Foreign currency, at value (cost $618,442)		613,910
Cash		605,017
Dividends and interest receivable		5,689,454
Receivable for investments sold		1,532,520
Due from broker-variation margin futures		650,971
Tax reclaim receivable		279,424
Receivable for Portfolio shares sold		172,263
Unrealized appreciation on OTC swap agreements		43,078
Due from broker-variation margin swaps		25,470
Unrealized appreciation on OTC forward foreign currency exchange contracts		14,997
Receivable from affiliate		1,278
Prepaid expenses		20,794
Total Assets		2,949,132,793
LIABILITIES
Payable to broker for collateral for securities on loan		35,452,395
Payable for investments purchased		12,337,753
Management fee payable		1,341,588
Accrued expenses and other liabilities		378,974
Unrealized depreciation on OTC forward foreign currency exchange contracts		258,372
Due to broker-variation margin futures		85,640
Payable to affiliate		80,716
Options written outstanding, at value (premiums received $59,861)		76,842
Payable for Portfolio shares purchased		74,099
Trustees’ fees payable		1,470
Affiliated transfer agent fee payable		980
Premiums received for OTC swap agreements		866
Distribution fee payable		530
Total Liabilities		50,090,225
NET ASSETS	$	2,899,042,568
Net assets were comprised of:
Partners’ Equity	$	2,899,042,568
Class I:
Net asset value and redemption price per share, $2,896,378,610 / 73,017,679 outstanding shares of beneficial interest	$	39.67
Class III:
Net asset value and redemption price per share, $2,663,958 / 67,274 outstanding shares of beneficial interest	$	39.60

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $474 foreign withholding tax)	$	23,987,229
Unaffiliated dividend income (net of $153,100 foreign withholding tax, of which $23,037 is reimbursable by an affiliate)		21,206,861
Affiliated dividend income		484,263
Income from securities lending, net (including affiliated income of $33,122)		37,995
Total income		45,716,348
EXPENSES
Management fee		15,404,639
Distribution fee—Class III		1,898
Custodian and accounting fees		268,216
Shareholders’ reports		70,383
Audit fee		51,200
Trustees’ fees		45,190
Legal fees and expenses		31,643
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		72,894
Total expenses		15,956,745
NET INVESTMENT INCOME (LOSS)		29,759,603
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $12,763)		178,084,110
Futures transactions		3,424,242
Forward currency contract transactions		1,538,177
Options written transactions		(131,928	)
Swap agreements transactions		92,837
Foreign currency transactions		264,170
		183,271,608
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(23,300))		138,805,337
Futures		1,593,193
Forward currency contracts		44,551
Options written		(16,981	)
Swap agreements		(1,761,240	)
Foreign currencies		(37,336	)
		138,627,524
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		321,899,132
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	351,658,735

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021				Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	29,759,603			$	40,139,745
Net realized gain (loss) on investment and foreign currency transactions			183,271,608				110,065,845
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			138,627,524				129,736,806
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			351,658,735				279,942,396
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			16,716,926				12,730,292
Portfolio shares purchased			(179,291,386	)			(179,703,549	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(162,574,460	)			(166,973,257	)
TOTAL INCREASE (DECREASE)			189,084,275				112,969,139
NET ASSETS:
Beginning of year			2,709,958,293				2,596,989,154
End of year		$	2,899,042,568			$	2,709,958,293

SEE NOTES TO FINANCIAL STATEMENTS.

A60

PSF PGIM FLEXIBLE MANAGED PORTFOLIO     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 93.9%
COMMON STOCKS — 65.9%
Aerospace & Defense — 1.3%
Airbus SE (France)*		1,708	$	218,776
General Dynamics Corp.		102,100		21,284,787
Lockheed Martin Corp.		55,700		19,796,337
Northrop Grumman Corp.		17,600		6,812,432
Raytheon Technologies Corp.		169,000		14,544,140
				62,656,472
Air Freight & Logistics — 0.3%
Deutsche Post AG (Germany)		7,680		492,737
DSV A/S (Denmark)		596		139,263
FedEx Corp.		47,400		12,259,536
				12,891,536
Auto Components — 0.0%
Aisin Corp. (Japan)		400		15,356
Bridgestone Corp. (Japan)		5,300		228,094
Cie Generale des Etablissements Michelin SCA (France)		492		80,684
Denso Corp. (Japan)		1,300		107,726
				431,860
Automobiles — 1.6%
Bayerische Motoren Werke AG (Germany)		931		93,331
Daimler AG (Germany)		3,973		305,252
Ferrari NV (Italy)		363		94,157
Ford Motor Co.		208,900		4,338,853
Isuzu Motors Ltd. (Japan)		24,800		307,901
Mazda Motor Corp. (Japan)*		1,700		13,051
Stellantis NV		2,982		56,170
Suzuki Motor Corp. (Japan)		1,100		42,344
Tesla, Inc.*		68,100		71,966,718
Thor Industries, Inc.(a)		24,600		2,552,742
Toyota Motor Corp. (Japan)		11,500		211,098
Volkswagen AG (Germany)		88		25,887
				80,007,504
Banks — 2.2%
Australia & New Zealand Banking Group Ltd. (Australia)		11,589		231,958
Bank Hapoalim BM (Israel)		32,484		334,466
Bank Leumi Le-Israel BM (Israel)		40,523		435,997
Bank of America Corp.		304,200		13,533,858
Barclays PLC (United Kingdom)		48,858		123,687
BNP Paribas SA (France)		5,583		386,158
Citigroup, Inc.		218,850		13,216,351
Commonwealth Bank of Australia (Australia)		2,885		211,925
Credit Agricole SA (France)		3,355		47,933
DBS Group Holdings Ltd. (Singapore)		13,500		327,073
DNB Bank ASA (Norway)		2,736		62,607
ING Groep NV (Netherlands)		11,115		155,362
Israel Discount Bank Ltd. (Israel) (Class A Stock)		3,230		21,755
Japan Post Bank Co. Ltd. (Japan)		1,000		9,164
JPMorgan Chase & Co.		163,894		25,952,615
KBC Group NV (Belgium)		744		64,302

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
Lloyds Banking Group PLC (United Kingdom)		651,173	$	421,665
Mediobanca Banca di Credito Finanziario SpA (Italy)		27,671		317,914
Mitsubishi UFJ Financial Group, Inc. (Japan)		89,800		487,045
Mizuho Financial Group, Inc. (Japan)		7,140		90,801
National Australia Bank Ltd. (Australia)		8,326		174,643
Nordea Bank Abp (Finland)		9,366		114,428
Oversea-Chinese Banking Corp. Ltd. (Singapore)		6,200		52,474
Popular, Inc. (Puerto Rico)		17,600		1,443,904
Raiffeisen Bank International AG (Austria)		429		12,759
Regions Financial Corp.		342,700		7,470,860
Signature Bank		10,000		3,234,700
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		11,835		164,479
Sumitomo Mitsui Financial Group, Inc. (Japan)		2,200		75,289
Svenska Handelsbanken AB (Sweden) (Class A Stock)		4,482		48,508
Swedbank AB (Sweden) (Class A Stock)		2,652		53,349
U.S. Bancorp		149,900		8,419,883
United Overseas Bank Ltd. (Singapore)		3,400		67,854
Wells Fargo & Co.		634,900		30,462,502
				108,228,268
Beverages — 1.4%
Carlsberg A/S (Denmark) (Class B Stock)		275		47,534
Coca-Cola Co. (The)		630,000		37,302,300
Coca-Cola HBC AG (Russia)*		5,691		196,771
Diageo PLC (United Kingdom)		3,465		189,256
PepsiCo, Inc.		191,700		33,300,207
				71,036,068
Biotechnology — 1.0%
AbbVie, Inc.		151,300		20,486,020
Amgen, Inc.		16,800		3,779,496
Gilead Sciences, Inc.		68,850		4,999,198
Regeneron Pharmaceuticals, Inc.*		15,200		9,599,104
Vertex Pharmaceuticals, Inc.*		38,400		8,432,640
				47,296,458
Building Products — 0.3%
Carlisle Cos., Inc.		26,000		6,451,120
Carrier Global Corp.		101,100		5,483,664
Cie de Saint-Gobain (France)		6,230		438,935
Geberit AG (Switzerland)		492		401,675
Johnson Controls International PLC		30,400		2,471,824
Kingspan Group PLC (Ireland)		406		48,513
Lixil Corp. (Japan)		700		18,660
UFP Industries, Inc.		10,400		956,904
Xinyi Glass Holdings Ltd. (Hong Kong)		101,000		252,429
				16,523,724

SEE NOTES TO FINANCIAL STATEMENTS.

A61

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Capital Markets — 2.0%
3i Group PLC (United Kingdom)		18,384	$	359,980
abrdn PLC (United Kingdom)		15,905		51,831
Daiwa Securities Group, Inc. (Japan)		55,800		314,583
EQT AB (Sweden)		851		46,524
Goldman Sachs Group, Inc. (The)		72,800		27,849,640
Macquarie Group Ltd. (Australia)		3,002		447,789
Morgan Stanley		257,400		25,266,384
Northern Trust Corp.		97,000		11,602,170
Partners Group Holding AG (Switzerland)		65		107,213
Raymond James Financial, Inc.		112,500		11,295,000
SBI Holdings, Inc. (Japan)		700		19,055
State Street Corp.		207,300		19,278,900
Stifel Financial Corp.		61,500		4,330,830
UBS Group AG (Switzerland)		28,571		511,778
				101,481,677
Chemicals — 1.6%
Arkema SA (France)		182		25,676
Asahi Kasei Corp. (Japan)		3,600		33,843
CF Industries Holdings, Inc.		280,200		19,832,556
Covestro AG (Germany),144A		5,618		344,623
Dow, Inc.		349,000		19,795,280
DuPont de Nemours, Inc.		257,000		20,760,460
Evonik Industries AG (Germany)		616		19,959
ICL Group Ltd. (Israel)		1,974		18,947
LyondellBasell Industries NV (Class A Stock)		49,000		4,519,270
Mitsubishi Chemical Holdings Corp. (Japan)		3,600		26,729
Mitsui Chemicals, Inc. (Japan)		10,800		290,931
Nippon Sanso Holdings Corp. (Japan)		500		10,932
Nitto Denko Corp. (Japan)		500		38,583
Shin-Etsu Chemical Co. Ltd. (Japan)		500		86,510
Solvay SA (Belgium)		217		25,202
Sumitomo Chemical Co. Ltd.(Japan)		4,400		20,745
Tosoh Corp. (Japan)		14,600		217,104
Westlake Chemical Corp.		150,000		14,569,500
Yara International ASA (Brazil)		475		23,965
				80,660,815
Commercial Services & Supplies — 0.1%
Clean Harbors, Inc.*		33,200		3,312,364
Rentokil Initial PLC (United Kingdom)		5,306		41,993
Securitas AB (Sweden) (Class B Stock)		918		12,631
Sohgo Security Services Co. Ltd. (Japan)		300		11,924
TOPPAN, Inc. (Japan)		800		14,996
				3,393,908
Communications Equipment — 0.3%
Cisco Systems, Inc.		193,800		12,281,106
Motorola Solutions, Inc.		8,000		2,173,600
Nokia OYJ (Finland)*		15,485		97,614
Ubiquiti, Inc.		3,300		1,012,110
				15,564,430

	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering — 0.1%
Eiffage SA (France)		250	$	25,758
EMCOR Group, Inc.		53,500		6,815,365
Skanska AB (Sweden) (Class B Stock)		1,001		25,918
Vinci SA (France)		1,512		159,739
				7,026,780
Construction Materials — 0.0%
Eagle Materials, Inc.		7,800		1,298,388
HeidelbergCement AG (Germany)		2,767		187,627
				1,486,015
Consumer Finance — 0.6%
Capital One Financial Corp.		144,700		20,994,523
OneMain Holdings, Inc.		141,100		7,060,644
				28,055,167
Containers &Packaging — 0.0%
Smurfit Kappa Group PLC (Ireland)		6,275		345,938
Distributors — 0.4%
Genuine Parts Co.		83,000		11,636,600
LKQ Corp.		178,700		10,727,361
				22,363,961
Diversified Consumer Services — 0.0%
IDP Education Ltd. (Australia)		608		15,326
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc. (Class B Stock)*		92,350		27,612,650
EXOR NV (Netherlands)		310		27,917
Industrivarden AB (Sweden) (Class A Stock)		380		12,095
Investor AB (Sweden) (Class A Stock)		1,443		38,138
Investor AB (Sweden) (Class B Stock)		5,289		132,978
				27,823,778
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		505,300		12,430,380
Deutsche Telekom AG (Germany)		9,603		177,798
Elisa OYJ (Finland)		405		24,931
Koninklijke KPN NV (Netherlands)		60,727		188,761
Nippon Telegraph & Telephone Corp. (Japan)		7,600		208,190
Telefonica Deutschland Holding AG (Germany)		103,776		288,316
Telefonica SA (Spain)		22,499		98,485
United Internet AG (Germany)		322		12,743
Verizon Communications, Inc.		626,788		32,567,905
				45,997,509
Electric Utilities — 0.6%
Chubu Electric Power Co., Inc. (Japan) .		1,700		17,963
CK Infrastructure Holdings Ltd.(Hong Kong)		2,000		12,744
Duke Energy Corp.		9,600		1,007,040
Electricite de France SA (France)		1,326		15,579
Endesa SA (Spain)		14,006		321,817
Enel SpA (Italy)		22,623		181,152
Entergy Corp.		19,900		2,241,735

SEE NOTES TO FINANCIAL STATEMENTS.

A62

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities (cont’d.)
Exelon Corp.		386,500	$	22,324,240
Fortum OYJ (Finland)		1,266		38,810
Iberdrola SA (Spain)		22,677		268,347
Power Assets Holdings Ltd. (Hong Kong)		16,500		102,841
PPL Corp.		35,900		1,079,154
Red Electrica Corp. SA (Spain)		10,693		231,851
Southern Co. (The)		16,000		1,097,280
SSE PLC (United Kingdom)		9,338		208,237
				29,148,790
Electrical Equipment — 0.9%
Acuity Brands, Inc.		14,900		3,154,628
AMETEK, Inc.		36,000		5,293,440
Atkore, Inc.*		95,650		10,635,324
Emerson Electric Co.		211,500		19,663,155
Mitsubishi Electric Corp. (Japan)		4,900		62,266
Regal Rexnord Corp.		18,800		3,199,384
Schneider Electric SE		1,538		301,872
				42,310,069
Electronic Equipment, Instruments & Components — 0.5%
CDW Corp.		57,900		11,856,762
Keyence Corp. (Japan)		700		439,452
TD SYNNEX Corp.		14,900		1,703,964
Vontier Corp.		30,700		943,411
Zebra Technologies Corp. (Class A Stock)*		13,600		8,094,720
				23,038,309
Energy Equipment & Services — 0.2%
Halliburton Co.		417,200		9,541,364
Entertainment — 1.4%
Activision Blizzard, Inc.		336,100		22,360,733
Electronic Arts, Inc.		41,800		5,513,420
Konami Holdings Corp. (Japan)		300		14,352
Netflix, Inc.*		61,800		37,230,792
Nintendo Co. Ltd. (Japan)		500		233,216
Playtika Holding Corp.*(a)		114,600		1,981,434
Walt Disney Co. (The)*		21,600		3,345,624
				70,679,571
Equity Real Estate Investment Trusts (REITs) — 1.2%
Apple Hospitality REIT, Inc.		319,800		5,164,770
Dexus (Australia)		41,598		337,677
Extra Space Storage, Inc.		29,100		6,597,843
Goodman Group (Australia)		4,773		92,092
GPT Group (The) (Australia)		5,522		21,811
Kite Realty Group Trust		71,100		1,548,558
Klepierre SA (France)*		574		13,606
Lamar Advertising Co. (Class A Stock)		8,500		1,031,050
Link REIT (Hong Kong)		6,100		53,681
Prologis, Inc.		119,200		20,068,512
Public Storage		6,200		2,322,272
SBA Communications Corp.		45,500		17,700,410
Stockland (Australia)		69,197		213,408

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Weyerhaeuser Co.		162,600	$	6,695,868
				61,861,558
Food & Staples Retailing — 0.5%
Carrefour SA (France)		1,718		31,492
Coles Group Ltd. (Australia)		3,495		45,599
Kesko OYJ (Finland) (Class B Stock)		680		22,687
Koninklijke Ahold Delhaize NV (Netherlands)		13,373		458,344
Kroger Co. (The)		164,800		7,458,848
Seven & i Holdings Co. Ltd. (Japan)		900		39,554
Tesco PLC (United Kingdom)		67,475		264,863
Walgreens Boots Alliance, Inc.		30,200		1,575,232
Walmart, Inc.		103,600		14,989,884
				24,886,503
Food Products — 0.9%
Archer-Daniels-Midland Co.		135,000		9,124,650
Kraft Heinz Co. (The)		337,400		12,112,660
MEIJI Holdings Co. Ltd. (Japan)		400		23,866
Nestle SA (Switzerland)		7,192		1,006,558
NH Foods Ltd. (Japan)		300		10,803
Orkla ASA (Norway)		10,287		103,216
Sanderson Farms, Inc.		11,700		2,235,636
Tyson Foods, Inc. (Class A Stock)		231,700		20,194,972
Wilmar International Ltd. (China)		104,000		320,568
				45,132,929
Gas Utilities — 0.0%
Osaka Gas Co. Ltd. (Japan)		1,100		18,216
Snam SpA (Italy)		5,797		34,940
UGI Corp.		35,000		1,606,850
				1,660,006
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories		146,300		20,590,262
Align Technology, Inc.*		3,700		2,431,566
Baxter International, Inc.		17,700		1,519,368
Becton, Dickinson & Co.		79,800		20,068,104
Boston Scientific Corp.*		477,400		20,279,952
DENTSPLY SIRONA, Inc.		101,100		5,640,369
Edwards Lifesciences Corp.*		78,500		10,169,675
Hoya Corp. (Japan)		700		103,841
Intuitive Surgical, Inc.*		10,100		3,628,930
Medtronic PLC		253,000		26,172,850
Straumann Holding AG (Switzerland)		30		63,772
				110,668,689
Health Care Providers & Services — 1.7%
Anthem, Inc.		39,200		18,170,768
Cigna Corp.		27,300		6,268,899
CVS Health Corp.		176,400		18,197,424
Fresenius SE & Co. KGaA (Germany)		7,336		295,076
HCA Healthcare, Inc.		48,500		12,460,620
Medipal Holdings Corp. (Japan)		16,000		300,109
Sonic Healthcare Ltd. (Australia)		11,553		392,457
UnitedHealth Group, Inc.		54,600		27,416,844
				83,502,197

SEE NOTES TO FINANCIAL STATEMENTS.

A63

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure — 1.8%
Aristocrat Leisure Ltd. (Australia)		1,715	$	54,369
Booking Holdings, Inc.*		9,700		23,272,531
Evolution AB (Sweden), 144A		1,676		237,574
Hilton Worldwide Holdings, Inc.*		7,200		1,123,128
InterContinental Hotels Group PLC (United Kingdom)*		528		34,179
La Francaise des Jeux SAEM (France), 144A		266		11,784
Marriott International, Inc. (Class A Stock)*		39,100		6,460,884
McDonald’s Corp.		127,900		34,286,153
McDonald’s Holdings Co. Japan Ltd. (Japan)		6,900		305,438
Planet Fitness, Inc. (Class A Stock)*		28,000		2,536,240
SeaWorld Entertainment, Inc.*		29,700		1,926,342
Sodexo SA (France)		253		22,224
Starbucks Corp.		112,600		13,170,822
Yum! Brands, Inc.		37,300		5,179,478
				88,621,146
Household Durables — 0.1%
Barratt Developments PLC (United Kingdom)		3,024		30,570
Electrolux AB (Sweden) (Class B Stock)		630		15,294
Iida Group Holdings Co. Ltd. (Japan)		14,000		326,078
Lennar Corp. (Class A Stock)		9,600		1,115,136
Persimmon PLC (United Kingdom)		924		35,701
Skyline Champion Corp.*		16,100		1,271,578
Sony Group Corp. (Japan)		700		88,140
Tri Pointe Homes, Inc.*		67,200		1,874,208
				4,756,705
Household Products — 0.4%
Essity AB (Sweden) (Class B Stock)		934		30,494
Henkel AG & Co. KGaA (Germany)		279		21,766
Procter & Gamble Co. (The)		125,505		20,530,108
				20,582,368
Independent Power & Renewable Electricity Producers — 0.3%
AES Corp. (The)		675,000		16,402,500
Industrial Conglomerates — 0.6%
DCC PLC (United Kingdom)		3,511		287,376
Honeywell International, Inc.		129,500		27,002,045
Siemens AG (Germany)		322		55,632
Toshiba Corp. (Japan)		2,100		86,301
				27,431,354
Insurance —1.4%
Ageas SA/NV (Belgium)		513		26,578
AIA Group Ltd. (Hong Kong)		8,000		80,660
Allianz SE (Germany)		2,487		586,540
American International Group, Inc.		17,300		983,678
Arch Capital Group Ltd.*		26,600		1,182,370
AXA SA (France)		5,623		167,901
Chubb Ltd.		107,100		20,703,501
Dai-ichi Life Holdings, Inc. (Japan)		3,000		60,624

	Shares		Value
COMMON STOCKS (continued)
Insurance (cont’d.)
Hartford Financial Services Group, Inc. (The)		116,400	$	8,036,256
Japan Post Holdings Co. Ltd. (Japan)		39,400		307,332
Japan Post Insurance Co. Ltd. (Japan) .		700		11,245
Legal & General Group PLC (United Kingdom)		17,344		69,698
Medibank Private Ltd. (Australia)		7,700		18,751
MetLife, Inc.		329,900		20,615,451
MS&AD Insurance Group Holdings, Inc. (Japan)		1,300		40,044
NN Group NV (Netherlands)		7,753		421,722
Old Republic International Corp.		255,200		6,272,816
Poste Italiane SpA (Italy), 144A		15,516		203,147
Reinsurance Group of America, Inc.		86,000		9,416,140
Sompo Holdings, Inc. (Japan)		1,000		42,152
Suncorp Group Ltd. (Australia)		3,672		29,626
T&D Holdings, Inc. (Japan)		1,600		20,411
Zurich Insurance Group AG (Switzerland)		104		45,603
				69,342,246
Interactive Media & Services — 4.2%
Alphabet, Inc. (Class A Stock)*		27,750		80,392,860
Alphabet, Inc. (Class C Stock)*		26,732		77,351,448
Auto Trader Group PLC (United Kingdom), 144A		1,938		19,413
Meta Platforms, Inc. (Class A Stock)*		148,650		49,998,427
				207,762,148
Internet & Direct Marketing Retail — 2.3%
Amazon.com, Inc.*		30,200		100,697,068
eBay, Inc.		206,900		13,758,850
				114,455,918
IT Services — 3.1%
Accenture PLC (Class A Stock)		70,250		29,122,138
Adyen NV (Netherlands), 144A*		56		147,245
Automatic Data Processing, Inc.		61,200		15,090,696
Bechtle AG (Germany)		247		17,708
Capgemini SE (France)		1,020		250,173
Cognizant Technology Solutions Corp. (Class A Stock)		39,000		3,460,080
Edenred (France)		748		34,520
EPAM Systems, Inc.*		19,500		13,034,775
Fidelity National Information Services, Inc.		109,300		11,930,095
Fujitsu Ltd. (Japan)		2,300		393,055
Gartner, Inc.*		41,500		13,874,280
International Business Machines Corp.		110,600		14,782,796
Mastercard, Inc. (Class A Stock)		52,700		18,936,164
NEC Corp. (Japan)		700		32,329
NTT Data Corp. (Japan)		1,800		38,623
PayPal Holdings, Inc.*		9,200		1,734,936
TIS, Inc. (Japan)		700		20,805
Visa, Inc. (Class A Stock)(a)		148,500		32,181,435
				155,081,853

SEE NOTES TO FINANCIAL STATEMENTS.

A64

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Leisure Products — 0.0%
Smith & Wesson Brands, Inc.		129,000	$	2,296,200
Life Sciences Tools & Services — 1.3%
Danaher Corp.		66,700		21,944,967
Eurofins Scientific SE (Luxembourg)		373		46,213
IQVIA Holdings, Inc.*		80,700		22,768,698
Thermo Fisher Scientific, Inc.		31,500		21,018,060
				65,777,938
Machinery — 1.0%
ANDRITZ AG (Austria)		1,641		84,693
Atlas Copco AB (Sweden) (Class B Stock)		1,042		61,122
Caterpillar, Inc.		33,100		6,843,094
CNH Industrial NV (United Kingdom)		2,961		57,675
Cummins, Inc.		78,000		17,014,920
Daifuku Co. Ltd. (Japan)		300		24,487
Daimler Truck Holding AG (Germany)*		1,987		73,028
Deere & Co.		36,600		12,549,774
Epiroc AB (Sweden) (Class B Stock)		1,075		22,829
GEA Group AG (Germany)		456		24,898
Hino Motors Ltd. (Japan)		36,400		299,502
Husqvarna AB (Sweden) (Class B Stock)		1,199		19,160
Komatsu Ltd. (Japan)		2,500		58,505
MINEBEAMITSUMI, Inc. (Japan)		900		25,537
MISUMI Group, Inc. (Japan)		900		36,967
NGK Insulators Ltd. (Japan)		18,400		311,292
Otis Worldwide Corp.		46,100		4,013,927
Parker-Hannifin Corp.		22,200		7,062,264
Rational AG (Germany)		15		15,353
Schindler Holding AG (Switzerland)		55		14,712
SKF AB (Sweden) (Class B Stock)		1,085		25,664
SMC Corp. (Japan)		200		134,752
Techtronic Industries Co. Ltd. (Hong Kong)		4,000		79,667
Volvo AB (Sweden) (Class A Stock)		612		14,358
				48,868,180
Marine — 0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		9		29,978
AP Moller - Maersk A/S (Denmark) (Class B Stock)		122		437,683
Kuehne + Nagel International AG (Switzerland)		453		146,178
Nippon Yusen KK (Japan)		500		38,074
SITC International Holdings Co. Ltd. (China)		35,000		126,674
				778,587
Media — 0.6%
Comcast Corp. (Class A Stock)		455,200		22,910,216
Dentsu Group, Inc. (Japan)		700		24,955
Publicis Groupe SA (France)		2,791		187,938
Schibsted ASA (Norway) (Class B Stock)		276		9,230
ViacomCBS, Inc. (Class B Stock)		214,000		6,458,520
Vivendi SE (France)		2,072		28,045

	Shares		Value
COMMON STOCKS (continued)
Media (cont’d.)
WPP PLC (United Kingdom)		26,273	$	397,465
				30,016,369
Metals & Mining — 0.4%
Anglo American PLC (South Africa)		3,569		145,976
ArcelorMittal SA (Luxembourg)		11,758		376,250
BHP Group Ltd. (Australia)(a)		8,482		256,424
BHP Group PLC (Australia)		4,079		121,615
BlueScope Steel Ltd. (Australia)		21,685		330,275
Boliden AB (Sweden)		814		31,492
Evraz PLC (Russia)		1,553		12,670
Fortescue Metals Group Ltd. (Australia).		5,007		70,122
Freeport-McMoRan, Inc.		207,400		8,654,802
Glencore PLC (Australia)*		29,055		147,410
Norsk Hydro ASA (Norway)		3,960		31,261
Reliance Steel & Aluminum Co.		34,700		5,629,034
Rio Tinto Ltd. (Australia)		1,099		80,255
Rio Tinto PLC (Australia)		5,287		350,692
South32 Ltd. (Australia)		13,377		39,230
Steel Dynamics, Inc.		52,000		3,227,640
voestalpine AG (Austria)		338		12,345
				19,517,493
Multiline Retail — 0.1%
Next PLC (United Kingdom)		384		42,272
Target Corp.		29,200		6,758,048
				6,800,320
Multi-Utilities — 0.2%
E.ON SE (Germany)		30,336		421,269
Engie SA (France)		5,203		77,053
MDU Resources Group, Inc.		84,400		2,602,896
Sempra Energy		54,100		7,156,348
				10,257,566
Oil, Gas & Consumable Fuels — 2.1%
APA Corp.		36,700		986,863
BP PLC (United Kingdom)		118,543		530,337
Cheniere Energy, Inc.		84,800		8,600,416
Chevron Corp.		196,100		23,012,335
ConocoPhillips		52,500		3,789,450
Coterra Energy, Inc.		69,000		1,311,000
EOG Resources, Inc.		239,100		21,239,253
Equinor ASA (Norway)		10,826		287,193
Exxon Mobil Corp.		645,300		39,485,907
Inpex Corp. (Japan)		35,800		311,536
Lundin Energy AB (Sweden)		9,040		323,321
Occidental Petroleum Corp.		59,800		1,733,602
OMV AG (Austria)		6,301		358,326
Repsol SA (Spain)		4,092		48,616
Royal Dutch Shell PLC (Netherlands) (Class A Stock)		11,898		261,183
TotalEnergies SE (France)		360		18,297
				102,297,635
Paper & Forest Products — 0.0%
Oji Holdings Corp. (Japan)		2,400		11,631

SEE NOTES TO FINANCIAL STATEMENTS.

A65

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products (cont’d.)
Stora Enso OYJ (Finland) (Class R Stock)		1,652	$	30,275
				41,906
Personal Products — 0.1%
L’Oreal SA (France)		717		340,406
Medifast, Inc.		8,700		1,822,041
Unilever PLC (United Kingdom)		13,246		708,785
				2,871,232
Pharmaceuticals — 3.0%
AstraZeneca PLC (United Kingdom)		1,493		174,851
Bayer AG (Germany)		955		51,115
Bristol-Myers Squibb Co.		352,400		21,972,140
Chugai Pharmaceutical Co. Ltd. (Japan)		2,600		84,479
GlaxoSmithKline PLC (United Kingdom)		28,503		618,939
Hikma Pharmaceuticals PLC (Jordan)		504		15,142
Ipsen SA (France)		3,341		305,986
Johnson & Johnson		266,248		45,547,046
Merck & Co., Inc.		412,100		31,583,344
Merck KGaA (Germany)		1,345		347,276
Novartis AG (Switzerland)		6,387		560,977
Novo Nordisk A/S (Denmark) (Class B Stock)		5,424		610,700
Ono Pharmaceutical Co. Ltd. (Japan)		1,100		27,288
Otsuka Holdings Co. Ltd. (Japan)		6,600		239,033
Pfizer, Inc.		598,800		35,359,140
Roche Holding AG (Switzerland)		2,831		1,176,585
Sanofi (France)		6,191		623,386
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		600		6,911
Takeda Pharmaceutical Co. Ltd. (Japan)		5,600		152,809
Zoetis, Inc.		39,000		9,517,170
				148,974,317
Professional Services — 0.1%
Benefit One, Inc. (Japan)		700		30,046
Experian PLC (United Kingdom)		2,668		131,165
Korn Ferry		49,000		3,710,770
ManpowerGroup, Inc.		21,500		2,092,595
Randstad NV (Netherlands)		4,898		335,570
RELX PLC (United Kingdom)		1,890		61,482
Wolters Kluwer NV (Netherlands)		760		89,507
				6,451,135
Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		53,000		5,751,030
CK Asset Holdings Ltd. (Hong Kong)		49,500		311,758
Daito Trust Construction Co. Ltd. (Japan)		800		91,696
Daiwa House Industry Co. Ltd. (Japan).		1,600		46,018
ESR Cayman Ltd. (China), 144A*		5,600		18,923
Hang Lung Properties Ltd. (Hong Kong)		6,000		12,328

	Shares		Value
COMMON STOCKS (continued)
Real Estate Management & Development (cont’d.)
Henderson Land Development Co. Ltd. (Hong Kong)		4,000	$	17,025
Hongkong Land Holdings Ltd. (Hong Kong)		3,200		16,635
				6,265,413
Road & Rail — 0.2%
AMERCO		6,100		4,430,003
Union Pacific Corp.		12,800		3,224,704
				7,654,707
Semiconductors & Semiconductor Equipment — 4.6%
Advanced Micro Devices, Inc.*		30,500		4,388,950
Advantest Corp. (Japan)		600		56,556
Analog Devices, Inc.		21,000		3,691,170
Applied Materials, Inc.		55,400		8,717,744
ASM International NV (Netherlands)		134		59,153
ASML Holding NV (Netherlands)		952		762,571
Broadcom, Inc.		60,400		40,190,764
Cirrus Logic, Inc.*		10,600		975,412
Disco Corp. (Japan)		100		30,443
Intel Corp.		424,250		21,848,875
MaxLinear, Inc.*		18,300		1,379,637
Microchip Technology, Inc.		75,800		6,599,148
NVIDIA Corp.		250,600		73,703,966
NXP Semiconductors NV (China)		60,800		13,849,024
QUALCOMM, Inc.		216,500		39,591,355
Renesas Electronics Corp. (Japan)*		3,600		44,485
STMicroelectronics NV (Singapore)		6,353		313,522
SUMCO Corp. (Japan)		1,000		20,297
Texas Instruments, Inc.		66,800		12,589,796
				228,812,868
Software — 6.7%
Adobe, Inc.*		62,850		35,639,721
Autodesk, Inc.*		13,900		3,908,541
Black Knight, Inc.*		87,300		7,236,297
Check Point Software Technologies Ltd. (Israel)*		300		34,968
Dassault Systemes SE (France)		7,204		429,563
Dolby Laboratories, Inc. (Class A Stock)		18,200		1,733,004
Manhattan Associates, Inc.*		27,100		4,213,779
Microsoft Corp.		663,800		223,249,216
Nemetschek SE (Germany)		160		20,437
Oracle Corp.		172,450		15,039,364
Paycom Software, Inc.*		32,500		13,493,675
salesforce.com, Inc.*		49,200		12,503,196
SAP SE (Germany)		2,956		417,556
SS&C Technologies Holdings, Inc.		106,200		8,706,276
Synopsys,Inc.*		7,800		2,874,300
Trend Micro, Inc. (Japan)*		400		22,210
VMware, Inc. (Class A Stock)		8,519		987,182
				330,509,285
Specialty Retail — 1.4%
Asbury Automotive Group, Inc.*		82,200		14,198,406
AutoNation, Inc.*(a)		98,700		11,533,095

SEE NOTES TO FINANCIAL STATEMENTS.

A66

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (cont’d.)
AutoZone, Inc.*		2,800	$	5,869,892
Chow Tai Fook Jewellery Group Ltd. (China)*		36,400		65,460
Foot Locker, Inc.		134,700		5,876,961
Group 1 Automotive, Inc.		25,800		5,036,676
Home Depot, Inc. (The)		27,900		11,578,779
Industria de Diseno Textil SA (Spain)		3,146		102,027
JD Sports Fashion PLC (United Kingdom)		71,270		209,918
Kingfisher PLC (United Kingdom)		68,169		312,329
Shimamura Co. Ltd. (Japan)		3,600		302,587
TJX Cos., Inc. (The)		185,900		14,113,528
USS Co. Ltd. (Japan)		6,900		107,763
				69,307,421
Technology Hardware, Storage & Peripherals — 4.3%
Apple, Inc.		1,150,700		204,329,799
Brother Industries Ltd. (Japan)		700		13,484
Canon, Inc. (Japan)		15,500		377,152
FUJIFILM Holdings Corp. (Japan)		1,100		81,428
Seiko Epson Corp. (Japan)		15,100		271,779
Western Digital Corp.*		107,700		7,023,117
				212,096,759
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC (United Kingdom)		1,180		28,959
Capri Holdings Ltd.*		186,300		12,092,733
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		3,086		462,169
EssilorLuxottica SA (France)		815		173,541
Hermes International (France)		270		471,571
Kering SA (France)		79		63,569
LVMH Moet Hennessy Louis Vuitton SE (France)		789		652,557
Moncler SpA (Italy)		598		43,407
Pandora A/S (Denmark)		270		33,620
Swatch Group AG (The) (Switzerland)		84		25,661
Swatch Group AG (The) (registered shares) (Switzerland)		140		8,213
Tapestry, Inc.		99,200		4,027,520
				18,083,520
Tobacco — 0.3%
Altria Group, Inc.		278,350		13,191,006
British American Tobacco PLC (United Kingdom) .		14,575		540,849
Imperial Brands PLC (United Kingdom)		2,561		55,983
Japan Tobacco, Inc. (Japan)		18,500		373,625
Swedish Match AB (Sweden)		37,516		298,665
				14,460,128
Trading Companies & Distributors — 0.0%
Ashtead Group PLC (United Kingdom) .		2,415		193,815
Brenntag SE (Germany)		3,293		297,927
Bunzl PLC (United Kingdom) .		957		37,390
Ferguson PLC		2,196		388,918
ITOCHU Corp. (Japan)		3,500		107,114
Marubeni Corp. (Japan)		17,500		170,680

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors (cont’d.)
Mitsubishi Corp. (Japan)		4,900	$	155,901
Mitsui & Co. Ltd. (Japan)		18,600		440,476
Toyota Tsusho Corp. (Japan)		600		27,680
				1,819,901
Wireless Telecommunication Services — 0.0%
KDDI Corp. (Japan)		8,500		248,107
SoftBank Group Corp. (Japan)		3,100		147,088
Vodafone Group PLC (United Kingdom)		80,317		121,544
				516,739
TOTAL COMMON STOCKS (cost $2,219,672,805)				3,274,629,036
EXCHANGE-TRADED FUND — 0.0%
iShares MSCI EAFE ETF(a)		2,488		195,756
(cost $135,052)
PREFERRED STOCKS — 0.0%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		151		12,524
Banks — 0.0%
Citigroup Capital XIII, 6.499%(c), 3 Month LIBOR +6.370%, Maturing 10/30/40		22,000		613,800
Household Products — 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)		998		80,600
TOTAL PREFERRED STOCKS (cost $643,185)				706,924

Interest Rate	Maturity Date		Principal Amount (000)#
ASSET-BACKED SECURITIES — 5.8%
Automobiles — 1.7%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class B
3.130%		02/18/25		1,000	1,006,874
Series 2019-01, Class C
3.360%		02/18/25		1,000	1,022,485
Series 2019-02, Class C
2.740%		04/18/25		2,000	2,040,643
Series 2019-03, Class C
2.320%		07/18/25		3,400	3,448,473
Series 2020-02, Class C
1.480%		02/18/26		600	603,518
Series 2020-03, Class C
1.060%		08/18/26		1,000	997,480
Series 2021-02, Class C
1.010%		01/19/27		1,300	1,278,071
Series 2021-03, Class C
1.410%		08/18/27		1,300	1,289,033
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-02A, Class A, 144A
4.000%		03/20/25		1,600	1,686,670

SEE NOTES TO FINANCIAL STATEMENTS.

A67

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
Series 2019-02A, Class A, 144A
3.350%	09/22/25			3,000	$	3,141,781
Series 2019-03A, Class A, 144A
2.360%	03/20/26			4,000		4,088,734
Series 2020-01A, Class A, 144A
2.330%	08/20/26			1,800		1,842,958
Series 2021-01A, Class A, 144A
1.380%	08/20/27			3,500		3,436,920
Series 2021-02A, Class A, 144A
1.660%	02/20/28			3,700		3,666,330
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%	02/16/27			1,100		1,088,689
Series 2021-04, Class C
1.380%	07/15/27			800		784,429
Carvana Auto Receivables Trust,
Series 2021-P03, Class B
1.420%	08/10/27			100		98,209
Series 2021-P04, Class B
1.980%	02/10/28			300		299,798
Ford Auto Securitization Trust (Canada),
Series 2019-BA, Class A2, 144A
2.321%	10/15/23	CAD		669		531,728
Series 2020-AA, Class A3, 144A
1.153%	11/15/25	CAD		3,600		2,817,560
Ford Credit Auto Owner Trust,
Series 2018-01, Class A, 144A
3.190%	07/15/31			3,800		4,003,394
Series 2019-01, Class A, 144A
3.520%	07/15/30			5,000		5,242,018
Series 2020-01, Class A, 144A
2.040%	08/15/31			3,600		3,664,845
Series 2020-02, Class A, 144A
1.060%	04/15/33			4,500		4,409,667
Series 2021-02, Class B, 144A
1.910%	05/15/34			500		496,586
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C
3.620%	06/17/24			500		510,238
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%	06/12/34			200		195,928
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%	12/27/27			1,900		1,871,475
Hertz Vehicle Financing LLC,
Series 2021-01A, Class A, 144A
1.210%	12/26/25			2,100		2,079,281
OneMain Direct Auto Receivables Trust,
Series 2018-01A, Class A, 144A
3.430%	12/16/24			154		154,032
Series 2019-01A, Class A, 144A
3.630%	09/14/27			6,300		6,647,070
Series 2021-01A, Class B, 144A
1.260%	07/14/28			2,600		2,569,827
Santander Drive Auto Receivables Trust,
Series 2020-02, Class C
1.460%	09/15/25			800		803,739

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
Series 2020-03, Class C
1.120%	01/15/26			2,600	$	2,607,570
Series 2020-04, Class C
1.010%	01/15/26			1,600		1,602,134
Series 2021-01, Class C
0.750%	02/17/26			3,000		2,996,961
Series 2021-02, Class C
0.900%	06/15/26			2,200		2,193,429
Series 2021-02, Class D
1.350%	07/15/27			2,800		2,782,812
Series 2021-03, Class C
0.950%	09/15/27			2,900		2,872,041
Series 2021-04, Class C
1.260%	02/16/27			2,700		2,683,542
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%	11/15/27			600		589,721
						86,146,693
Collateralized Loan Obligations — 3.1%
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
1.222%(c)	10/17/32			5,000		4,998,077
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.334%(c)	07/20/34			3,750		3,754,744
Ballyrock CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)
1.104%(c)	10/15/28			3,124		3,121,922
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)
0.994%(c)	07/15/29			1,375		1,374,509
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
0.600%(c)	04/15/31	EUR		3,000		3,403,041
Brookside Mill CLO Ltd. (Cayman Islands),
Series 2013-01A, Class AR,144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)
0.942%(c)	01/17/28			458		457,834
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR,144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
1.124%(c)	07/15/30			3,000		2,999,336
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
0.990%(c)	10/15/35	EUR		5,000		5,686,842
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1RR,144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)
1.212%(c)	01/20/32			9,750		9,746,655

SEE NOTES TO FINANCIAL STATEMENTS.

A68

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.322%(c)	10/17/31		9,750	$	9,750,280
Elevation CLO Ltd. (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)
1.404%(c)	07/15/29		500		499,921
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
1.134%(c)	04/15/31		2,000		1,998,886
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
1.155%(c)	04/26/31		4,000		3,997,788
HPS Loan Management Ltd. (Cayman Islands),
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
1.448%(c)	07/22/32		3,750		3,751,231
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.140%(c)	02/05/31		248		248,241
ICG US CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)
1.264%(c)	10/19/28		8,316		8,315,066
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)
1.602%(c)	04/20/32		5,750		5,752,686
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.332%(c)	10/20/34		4,875		4,875,908
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)
1.307%(c)	10/20/31		6,729		6,726,666
Madison Park Funding Ltd. (Cayman Islands),
Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
1.142%(c)	01/20/29		5,019		5,016,252
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
1.250%(c)	04/21/31		2,372		2,371,550
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
1.424%(c)	06/20/34		9,500		9,503,056
Octagon Investment Partners 31 LLC (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)
1.182%(c)	07/20/30		3,500		3,499,293
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
1.382%(c)	10/30/30		1,484		1,484,884

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)
1.252%(c)		01/17/31			1,500	$	1,500,083
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
1.222%(c)		07/16/31			2,350		2,350,051
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%)
1.132%(c)		10/20/31			8,750		8,744,597
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A,Floor 1.150%)
1.364%(c)		06/20/34			5,500		5,496,956
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)
1.299%(c)		07/25/31			1,000		1,000,000
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
1.305%(c)		07/25/34			6,750		6,753,225
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)
1.362%(c)		01/17/30			2,479		2,479,734
TICP CLO Ltd. (Cayman Islands),
Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%)
0.972%(c)		04/20/28			2,306		2,305,141
Toro European CLO DAC (Ireland),
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
0.990%(c)		07/25/34	EUR		4,500		5,078,965
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
1.592%(c)		07/20/32			3,000		3,004,490
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)
1.004%(c)		07/15/27			281		281,598
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
1.272%(c)		01/17/31			2,750		2,750,135
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
1.222%(c)		07/17/31			3,500		3,496,517
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.332%(c)		10/20/31			5,750		5,747,159
							154,323,319

SEE NOTES TO FINANCIAL STATEMENTS.

A69

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Consumer Loans — 0.2%
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A
2.780%		04/20/28		3,300	$	3,346,078
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A
3.840%		05/14/32		1,200		1,227,129
Series 2020-02A, Class A, 144A
1.750%		09/14/35		2,100		2,086,263
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
0.810%(c)		06/16/36		2,800		2,801,394
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A
1.210%		03/08/28		1,100		1,097,509
						10,558,373
Equipment — 0.2%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A
2.720%		06/15/40		2,800		2,873,708
Series 2018-A, Class A5, 144A
3.610%		03/10/42		800		837,412
Series 2019-A, Class A5, 144A
3.080%		11/12/41		2,500		2,599,474
Series 2019-B, Class A5, 144A
2.290%		11/12/41		2,400		2,460,975
						8,771,569
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%)
1.752%(c)		03/25/33		17		18,037
Other — 0.1%
Home Partners of America Trust,
Series 2021-03, Class A, 144A
2.200%		01/17/41		1,850		1,844,037
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		3,240,195
						5,084,232
Residential Mortgage-Backed Securities — 0.1%
Legacy Mortgage Asset Trust,
Series 2019-GS02, Class A1, 144A
3.750%		01/25/59		464		464,289
Series 2019-GS04, Class A1, 144A
3.438%		05/25/59		994		994,641
Long Beach Mortgage Loan Trust,
Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%)
0.897%(c)		06/25/34		123		122,166
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A
2.750%(cc)		01/25/61		723		731,515

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
ASSET-BACKED SECURITIES (continued)
Residential Mortgage-Backed Securities (cont’d.)
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
3.000%(c)		04/16/23	EUR		2,154	$	2,207,171
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			1,147		1,146,730
Series 2020-04, Class A1, 144A
1.750%		10/25/60			957		954,549
							6,621,061
Student Loans — 0.4%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%		09/25/42			923		934,825
Series 2018-AGS, Class A1, 144A
3.210%		02/25/44			695		712,940
Series 2018-CGS, Class A1, 144A
3.870%		02/25/46			218		223,055
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A
2.810%		11/25/42			306		309,272
Series 2018-B, Class A2FX, 144A
3.540%		05/26/43			585		592,776
Series 2019-A, Class A2FX, 144A
2.730%		10/25/48			490		494,392
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A
3.190%		02/18/42			1,038		1,047,362
Series 2018-CA, Class A2, 144A
3.520%		06/16/42			574		582,691
Series 2019-CA, Class A2, 144A
3.130%		02/15/68			1,299		1,324,210
Series 2020-BA, Class A2, 144A
2.120%		01/15/69			1,200		1,212,845
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%)
0.633%(c)		05/25/70			2,522		2,524,115
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%		06/15/48			1,086		1,112,655
Series 2019-B, Class A2FX, 144A
3.090%		08/17/48			1,270		1,295,765
Series 2019-C, Class A2FX, 144A
2.370%		11/16/48			1,908		1,931,006
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%		08/25/47			1,376		1,399,766
Series 2020-A, Class A2FX, 144A
2.540%		05/15/46			2,377		2,419,479
							18,117,154
TOTAL ASSET-BACKED SECURITIES (cost $289,098,825)							289,640,438

SEE NOTES TO FINANCIAL STATEMENTS.

A70

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.0%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF03, Class A3, 144A
2.168%	10/15/54		8,000	$	8,083,281
Series 2021-MF03, Class ASB, 144A
2.378%	10/15/54		3,800		3,869,274
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%	05/15/49		4,000		4,111,328
BANK,
Series 2017-BNK04, Class A3
3.362%	05/15/50		6,500		6,904,578
Series 2021-BN35, Class A3
1.717%	06/15/64		4,900		4,771,735
Series 2021-BN35, Class ASB
2.067%	06/15/64		3,200		3,208,916
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%	12/15/51		5,400		6,033,570
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%	04/10/51		5,000		5,420,236
Series 2018-B08, Class A4
3.963%	01/15/52		6,700		7,309,358
Series 2021-B24, Class A3
2.010%	03/15/54		2,900		2,912,352
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%	01/15/44		7,750		7,889,799
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%	11/15/52		8,000		8,133,058
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4
3.575%	05/10/47		1,098		1,131,471
Series 2014-GC23, Class A3
3.356%	07/10/47		1,549		1,596,926
Series 2016-C01, Class A3
2.944%	05/10/49		5,000		5,158,049
Series 2016-GC37, Class A3
3.050%	04/10/49		5,047		5,178,036
Series 2017-P07, Class A3
3.442%	04/14/50		5,500		5,873,379
Commercial Mortgage Trust,
Series 2014-CR18, Class A4
3.550%	07/15/47		2,360		2,434,819
Series 2014-CR20, Class A3
3.326%	11/10/47		4,525		4,657,265
Series 2015-CR27, Class A3
3.349%	10/10/48		6,100		6,329,162
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%	11/15/48		2,979		3,125,795
Series 2017-C08, Class A3
3.127%	06/15/50		5,300		5,472,123
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO
1.333%(cc)	05/25/22		19,803		38,279

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series K021, Class X1, IO
1.376%(cc)	06/25/22		5,918	$	4,630
Series K055, Class X1, IO
1.354%(cc)	03/25/26		13,339		656,879
Series K080, Class AM
3.986%(cc)	07/25/28		5,430		6,163,057
Series K157, Class A2
3.990%(cc)	05/25/33		4,200		4,888,825
Series W5FX, Class AFX
3.214%(cc)	04/25/28		1,190		1,294,341
GS Mortgage Securities Corp.Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.803%(c)	11/21/35		1,550		1,543,261
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4
3.136%	02/10/48		3,876		4,001,000
Series 2015-GC32, Class A3
3.498%	07/10/48		5,800		6,072,654
Series 2016-GS03, Class A3
2.592%	10/10/49		5,387		5,521,642
Series 2016-GS04, Class A3
3.178%	11/10/49		5,500		5,721,464
Series 2020-GSA02, Class A4
1.721%	12/12/53		6,000		5,780,914
Series 2021-GSA03, Class A4
2.369%	12/15/54		5,800		5,815,095
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%	11/15/47		797		825,046
Series 2015-C27, Class A3A1
2.920%	02/15/48		4,774		4,909,088
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A4
2.694%	04/15/46		634		642,756
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)
1.461%(c)	04/15/38		3,000		2,993,425
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C08, Class A3
2.863%	12/15/48		1,169		1,176,147
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3
2.791%	11/15/49		3,000		3,112,819
Series 2016-UB11, Class A3
2.531%	08/15/49		10,400		10,617,952
Series 2018-H04, Class A3
4.043%	12/15/51		1,900		2,106,412
Series 2019-H07, Class A2
2.492%	07/15/52		13,500		13,708,514
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%	08/15/50		3,500		3,662,375
Series 2017-C05, Class A4
3.212%	11/15/50		6,750		7,070,273

SEE NOTES TO FINANCIAL STATEMENTS.

A71

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2018-C09, Class A3
3.854%		03/15/51			2,500	$	2,706,855
Series 2018-C14, Class A3
4.180%		12/15/51			4,100		4,476,512
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C04, Class A4
2.792%		12/10/45			1,700		1,704,407
Series 2013-C05, Class A3
2.920%		03/10/46			703		710,131
Series 2013-C06, Class A3
2.971%		04/10/46			1,686		1,707,226
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%		11/15/49			8,000		8,279,808
Series 2017-C38, Class A4
3.190%		07/15/50			4,600		4,894,128
Series 2018-C48, Class A4
4.037%		01/15/52			7,000		7,762,061
Series 2020-C58, Class A3
1.810%		07/15/53			7,100		6,905,213
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $240,276,474)							247,077,699
CORPORATE BONDS — 8.8%
Aerospace & Defense — 0.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%		02/04/26			2,160		2,159,662
3.750%		02/01/50	(a)		2,130		2,207,128
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes
5.050%		06/15/25			906		937,458
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A
5.696%		09/16/23			950		992,818
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
4.125%		11/16/28			1,270		1,421,213
							7,718,279
Agriculture — 0.1%
Altria Group, Inc.,
Gtd. Notes
3.400%		02/04/41			2,545		2,346,618
BAT Capital Corp. (United Kingdom),
Gtd. Notes
3.557%		08/15/27			1,895		1,989,174
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		02/01/29			1,250		1,215,959
							5,551,751
Airlines — 0.1%
American Airlines 2015-1 Class A  Pass-Through Trust, Pass-Through Certificates
3.375%		11/01/28			2,205		2,184,426

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Airlines (cont’d.)
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates
4.000%		04/29/26			424	$	439,316
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%		06/15/27			905		1,035,847
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			840		876,454
4.625%		04/15/29			165		171,131
							4,707,174
Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%		08/15/29			725		701,662
Auto Manufacturers — 0.3%
Daimler Trucks Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%		12/13/24			5,350		5,388,455
Ford Motor Co.,
Sr. Unsec’d. Notes
5.291%		12/08/46			1,220		1,431,311
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%		02/16/28			200		200,944
3.350%		11/01/22			4,205		4,262,278
General Motors Co.,
Sr. Unsec’d. Notes
6.250%		10/02/43			980		1,340,415
6.600%		04/01/36			760		1,026,236
General Motors Financial Co., Inc.,
Gtd. Notes
3.950%		04/13/24			2,800		2,948,713
							16,598,352
Banks — 2.6%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
1.241%(c)		04/12/23			800		808,007
Sr. Unsec’d. Notes
1.849%		03/25/26			1,000		994,347
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)		06/20/24	(oo)		1,665		1,734,914
Jr. Sub. Notes, Series MM
4.300%(ff)		01/28/25	(oo)		1,440		1,460,344
Sr. Unsec’d. Notes, MTN
1.898%(ff)		07/23/31			2,600		2,493,068
2.496%(ff)		02/13/31			3,085		3,096,175
3.824%(ff)		01/20/28			955		1,034,886
4.125%		01/22/24	(a)		4,830		5,133,125
4.271%(ff)		07/23/29			510		568,539
Sub. Notes, MTN
4.000%		01/22/25			2,000		2,138,736
4.450%		03/03/26			8,455		9,316,835

SEE NOTES TO FINANCIAL STATEMENTS.

A72

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Bank of America NA,
Sub. Notes
6.000%		10/15/36			410	$	560,298
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%		03/16/25			850		898,739
3.932%(ff)		05/07/25			585		615,734
Sr. Unsec’d. Notes, MTN
4.972%(ff)		05/16/29			3,825		4,376,830
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
1.323%(ff)		01/13/27			1,800		1,751,350
2.219%(ff)		06/09/26			2,330		2,353,873
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)		01/30/25	(oo)		1,400		1,423,554
Sr. Unsec’d. Notes
2.561%(ff)		05/01/32			1,260		1,267,186
3.200%		10/21/26			1,870		1,982,162
3.700%		01/12/26			6,180		6,681,290
Sub. Notes
4.450%		09/29/27			5,965		6,651,021
4.750%		05/18/46			820		1,014,989
Credit Agricole SA (France),
Sr. Unsec’d. Notes, 144A
1.247%(ff)		01/26/27			1,495		1,452,673
Sr. Unsec’d. Notes, 144A, MTN
1.907%(ff)		06/16/26			1,160		1,162,637
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
2.193%(ff)		06/05/26			1,560		1,569,723
3.091%(ff)		05/14/32			885		899,683
4.282%		01/09/28			1,370		1,490,141
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes
2.129%(ff)		11/24/26			440		439,444
Sr. Unsec’d. Notes, Series D
5.000%		02/14/22			2,400		2,410,908
Discover Bank,
Sr. Unsec’d. Notes
4.250%		03/13/26			970		1,059,340
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series O
5.300%(ff)		11/10/26	(oo)		740		803,742
Sr. Unsec’d. Notes
3.500%		01/23/25			4,100		4,324,778
3.750%		02/25/26			1,010		1,086,729
3.814%(ff)		04/23/29			540		587,743
3.850%		01/26/27			2,910		3,133,079
Sub. Notes
6.750%		10/01/37			104		147,464
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH
4.600%(ff)		02/01/25	(oo)		1,645		1,681,487
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%
3.599%(c)		04/30/22	(oo)		978		980,575

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Jr. Sub. Notes, Series II
4.000%(ff)		04/01/25	(a)(oo)		1,045	$	1,051,001
Sr. Unsec’d. Notes
3.782%(ff)		02/01/28			695		752,927
3.964%(ff)		11/15/48			3,250		3,804,933
4.005%(ff)		04/23/29			2,170		2,397,415
4.452%(ff)		12/05/29			3,350		3,801,788
Sub. Notes
3.875%		09/10/24			3,775		4,017,490
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%
3.734%(c)		01/18/22	(a)(oo)		840		840,311
Sr. Unsec’d. Notes, GMTN
2.239%(ff)		07/21/32			630		617,233
3.772%(ff)		01/24/29			8,775		9,554,594
3.875%		01/27/26			675		731,789
4.431%(ff)		01/23/30			515		586,445
Sr. Unsec’d. Notes, MTN
3.591%(ff)		07/22/28			1,255		1,353,765
Sub. Notes, GMTN
4.350%		09/08/26			3,825		4,236,658
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A
1.488%(ff)		12/14/26			4,400		4,289,431
State Bank of India (India),
Sr. Unsec’d. Notes, 144A
4.375%		01/24/24			1,925		2,029,267
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%
4.724%(c)		09/30/24			2,670		2,673,345
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN
2.572%(ff)		02/11/31			4,175		4,261,452
							128,585,992
Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch  InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%		02/01/46			620		785,338
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
5.550%		01/23/49			450		622,400
8.000%		11/15/39			1,285		2,081,572
8.200%		01/15/39			250		406,661
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A
2.750%		07/15/26			3,975		4,095,683
Constellation Brands, Inc.,
Gtd. Notes
4.250%		05/01/23			1,400		1,460,176
Sr. Unsec’d. Notes
2.250%		08/01/31			1,015		992,094
							10,443,924

SEE NOTES TO FINANCIAL STATEMENTS.

A73

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Biotechnology — 0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%		08/15/41			4,050	$	3,917,841
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes
2.800%		09/15/50			570		535,499
							4,453,340
Building Materials — 0.0%
Masonite International Corp.,
Gtd. Notes, 144A
3.500%		02/15/30			875		867,761
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%		07/15/30	(a)		760		776,203
4.750%		01/15/28			700		724,121
							2,368,085
Chemicals — 0.1%
CF Industries, Inc.,
Gtd. Notes
5.375%		03/15/44			1,015		1,281,183
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%		11/15/42			95		113,302
5.250%		11/15/41			45		58,140
9.400%		05/15/39			155		278,588
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%		06/01/24			1,300		1,348,074
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
3.150%		10/01/22			780		789,758
Sasol Financing USA LLC (South Africa),
Gtd. Notes
5.875%		03/27/24			700		728,971
6.500%		09/27/28			670		725,646
							5,323,662
Commercial Services — 0.1%
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%		11/01/46			975		1,151,437
6.700%		06/01/34			420		582,151
7.000%		10/15/37			380		560,617
Massachusetts Institute of Technology,
Unsec’d. Notes
3.885%		07/01/2116			1,500		1,880,371
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			325		327,572
4.875%		01/15/28			1,190		1,250,409
5.250%		01/15/30			385		416,805
							6,169,362

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services — 0.1%
BOC Aviation USA Corp. (Singapore),
Gtd. Notes, 144A, MTN
1.625%		04/29/24		670	$	669,304
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%		07/24/24		480		506,031
Discover Financial Services,
Sr. Unsec’d. Notes
3.850%		11/21/22		900		923,964
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31		2,055		2,025,883
OneMain Finance Corp.,
Gtd. Notes
8.250%		10/01/23		1,600		1,769,232
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%		06/15/25		330		349,504
						6,243,918
Electric — 0.8%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%		04/29/28		525		519,204
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%		09/27/51		630		618,704
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%		10/01/36		550		778,903
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%		05/15/37		305		411,150
Calpine Corp.,
Sr.Sec’d. Notes, 144A
3.750%		03/01/31		2,000		1,929,111
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%		03/15/33		590		810,366
Commonwealth Edison Co.,
First Mortgage, Series 123
3.750%		08/15/47		1,610		1,828,919
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%		07/01/31		3,255		3,219,135
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%		12/01/39		220		283,851
Duke Energy Carolinas LLC,
First Mortgage
6.050%		04/15/38		550		762,013
First Ref. Mortgage
4.000%		09/30/42		570		655,136
El Paso Electric Co.,
Sr.Unsec’d. Notes
6.000%		05/15/35		670		877,337

SEE NOTES TO FINANCIAL STATEMENTS.

A74

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%		07/12/31		2,140	$	2,072,962
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A
3.400%		01/28/30		400		404,444
Florida Power & Light Co.,
First Mortgage
5.950%		10/01/33		295		393,115
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33		145		196,510
Indiana Michigan Power Co.,
Sr. Unsec’d. Notes
3.850%		05/15/28		2,910		3,216,824
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28		470		516,441
Monongahela Power Co.,
First Mortgage, 144A
4.100%		04/15/24		2,170		2,284,769
Northern States Power Co.,
First Mortgage
3.600%		09/15/47		1,580		1,766,531
NRG Energy, Inc.,
Gtd. Notes, 144A
3.875%		02/15/32		275		270,500
Sr. Sec’d. Notes, 144A
2.000%		12/02/25		320		322,203
2.450%		12/02/27		1,395		1,384,049
PECO Energy Co.,
First Mortgage
2.800%		06/15/50		1,110		1,089,863
Public Service Electric & Gas Co.,
First Mortgage, MTN
2.050%		08/01/50		1,005		855,288
3.700%		05/01/28		1,280		1,415,133
Sr. Sec’d. Notes, MTN
5.800%		05/01/37		535		726,951
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%		08/15/30		710		658,843
Puget Energy , Inc.,
Sr. Sec’d. Notes
2.379%		06/15/28		1,115		1,098,223
San Diego Gas & Electric Co.,
First Mortgage
4.150%		05/15/48		1,400		1,672,446
Southern California Edison Co.,
First Ref. Mortgage
4.000%		04/01/47		580		640,513
First Ref. Mortgage, Series C
3.600%		02/01/45		860		877,216
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27		725		752,616

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Sr. Sec’d. Notes, 144A
3.550%		07/15/24			2,135	$	2,201,502
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%		09/15/41			480		586,768
							38,097,539
Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%		03/15/27			925		1,006,893
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
3.875%		04/30/28			700		727,169
5.500%		07/31/47			800		800,861
							2,534,923
Foods — 0.1%
Kraft Heinz Foods Co.,
Gtd. Notes
4.875%		10/01/49			1,290		1,624,755
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%		01/31/30			500		513,636
4.375%		01/31/32			500		515,844
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%		07/16/40			660		627,925
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
5.875%		09/30/27			1,625		1,715,707
							4,997,867
Gas — 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%		02/15/31			1,205		1,127,607
3.490%		05/15/27	(a)		1,415		1,521,729
3.600%		05/01/30			1,270		1,371,969
							4,021,305
Healthcare-Products — 0.1%
DH Europe Finance II Sarl,
Gtd. Notes
1.350%		09/18/39		EUR	1,635		1,857,216
Medtronic Global Holdings SCA,
Gtd. Notes
1.625%		03/07/31		EUR	100		123,535
2.250%		03/07/39		EUR	400		519,520
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29			675		672,652
							3,172,923

SEE NOTES TO FINANCIAL STATEMENTS.

A75

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services — 0.1%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%		06/15/36			515	$	735,150
Anthem, Inc.,
Sr. Unsec’d. Notes
4.625%		05/15/42			390		485,656
HCA, Inc.,
Gtd. Notes
3.500%		09/01/30			250		264,041
5.375%		02/01/25			305		335,124
5.875%		02/01/29			525		626,038
Gtd. Notes, MTN
7.750%		07/15/36			450		619,139
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%		05/01/47			940		1,163,184
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A
2.532%		10/01/29			765		789,565
							5,017,897
Home Builders — 0.0%
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			525		588,888
6.625%		07/15/27			700		737,283
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A
5.625%		03/01/24			800		854,251
							2,180,422
Housewares — 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.700%		04/01/26	(a)		1,695		1,848,716
Insurance — 0.1%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50			1,215		1,348,050
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%		10/09/37			772		1,077,546
Markel Corp.,
Sr. Unsec’d. Notes
4.150%		09/17/50			410		476,849
5.000%		03/30/43			200		242,344
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%		11/15/39			660		996,048
Principal Financial Group, Inc.,
Gtd. Notes
4.625%		09/15/42			130		161,828
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%		05/15/47			1,450		1,757,807

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Insurance (cont’d.)
6.850%		12/16/39			124	$	184,837
							6,245,309
Lodging — 0.0%
Marriott International, Inc.,
Sr. Unsec’d. Notes
3.250%		09/15/22			980		989,720
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.500%		05/01/26			750		773,658
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%		06/01/52			580		580,378
4.800%		03/01/50			1,260		1,412,429
5.375%		04/01/38			1,950		2,323,981
6.384%		10/23/35			875		1,133,420
6.484%		10/23/45			1,386		1,894,871
Comcast Corp.,
Gtd. Notes
3.950%		10/15/25			225		245,988
Gtd. Notes, 144A
2.887%		11/01/51			699		676,244
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%		06/15/31			5,275		5,276,404
CSC Holdings LLC,
Gtd. Notes, 144A
4.500%		11/15/31			1,400		1,383,932
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%		09/01/41			360		436,099
ViacomCBS, Inc.,
Sr. Unsec’d. Notes
5.250%		04/01/44			1,450		1,810,691
							17,948,095
Mining — 0.1%
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes
6.750%		04/16/40			425		596,105
Yamana Gold, Inc. (Canada),
Gtd. Notes, 144A
2.630%		08/15/31	(a)		3,050		2,944,227
							3,540,332
Miscellaneous Manufacturing — 0.0%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%		07/01/27			1,200		1,248,500
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
2.750%		01/06/23			315		320,980

SEE NOTES TO FINANCIAL STATEMENTS.

A76

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Multi-National (cont’d.)
North American Development Bank (Supranational Bank),
Sr. Unsec’d. Notes
2.400%		10/26/22			289	$	291,784
							612,764
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%		12/01/26			1,810		1,857,341
5.500%		12/01/24			700		766,272
							2,623,613
Oil & Gas — 0.4%
Antero Resources Corp.,
Gtd. Notes
5.000%		03/01/25			1,400		1,422,014
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%		06/15/47			1,200		1,493,542
ConocoPhillips,
Gtd. Notes, 144A
4.875%		10/01/47			210		277,262
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%		07/15/41			300		377,668
Gazprom PJSC Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A
4.950%		07/19/22			350		356,200
6.510%		03/07/22			580		585,983
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%		04/24/25			550		597,939
Lundin Energy Finance BV (Netherlands),
Gtd. Notes, 144A
3.100%		07/15/31			755		762,998
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
4.264%(s)		10/10/36			2,000		1,135,475
6.450%		09/15/36			1,155		1,472,671
Ovintiv, Inc.,
Gtd. Notes
6.500%		08/15/34			370		475,724
6.625%		08/15/37			275		359,299
Petrobras Global Finance BV (Brazil),
Gtd. Notes
5.600%		01/03/31	(a)		1,237		1,316,656
Petroleos Mexicanos (Mexico),
Gtd. Notes
6.490%		01/23/27			471		502,259
6.500%		03/13/27			330		352,012
7.690%		01/23/50			2,146		2,070,041
Gtd. Notes, MTN
6.750%		09/21/47			373		330,029
6.875%		08/04/26	(a)		670		735,629
Qatar Energy (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%		09/12/26			2,159		2,116,214

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
2.250%		07/12/31		820	$	812,408
Sinopec Group Overseas Development 2018 Ltd. (China),
Gtd. Notes, 144A
3.680%		08/08/49		1,445		1,548,380
						19,100,403
Packaging & Containers — 0.1%
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%		01/15/26		5,135		5,025,890
Pharmaceuticals — 0.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.600%		05/14/25		1,175		1,248,703
4.250%		11/21/49		2,515		3,019,480
4.500%		05/14/35		1,910		2,283,180
4.550%		03/15/35		2,190		2,618,300
4.700%		05/14/45		1,460		1,805,344
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%		12/15/25		1,600		1,735,999
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
3.734%		12/15/24		130		138,270
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.125%		06/15/39		410		484,953
5.000%		08/15/45		490		652,529
Cigna Corp.,
Gtd. Notes
4.375%		10/15/28		9,285		10,555,234
CVS Health Corp.,
Sr. Unsec’d. Notes
4.780%		03/25/38		3,810		4,642,361
5.125%		07/20/45		610		793,151
5.300%		12/05/43		250		329,526
Mylan, Inc.,
Gtd. Notes
5.200%		04/15/48		1,375		1,702,759
5.400%		11/29/43		845		1,046,238
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%		04/30/28		1,325		1,358,565
Viatris, Inc.,
Gtd. Notes
3.850%		06/22/40		470		501,329
Wyeth LLC,
Gtd. Notes
6.450%		02/01/24		60		66,565
						34,982,486
Pipelines — 0.5%
Boardwalk Pipelines LP,
Gtd. Notes
3.400%		02/15/31		1,625		1,676,542

SEE NOTES TO FINANCIAL STATEMENTS.

A77

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes, 144A
4.600%		12/15/44			65	$	77,229
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%		06/15/28			1,115		1,257,317
5.000%		05/15/50			1,435		1,652,317
6.125%		12/15/45			180		224,706
Energy Transfer LP/Regency Energy Finance Corp.,
Sr. Unsec’d. Notes
5.000%		10/01/22			675		687,939
Enterprise Products Operating LLC,
Gtd. Notes
3.750%		02/15/25	(a)		1,345		1,432,137
Kinder Morgan, Inc.,
Gtd. Notes
3.600%		02/15/51			2,260		2,285,385
MPLX LP,
Sr. Unsec’d. Notes
4.000%		02/15/25			1,430		1,524,538
4.000%		03/15/28			1,980		2,152,371
4.875%		06/01/25			3,250		3,556,493
5.200%		03/01/47			40		48,953
5.500%		02/15/49			395		505,144
ONEOK Partners LP,
Gtd. Notes
6.650%		10/01/36			145		190,572
ONEOK, Inc.,
Gtd. Notes
3.100%		03/15/30			5,205		5,313,992
4.500%		03/15/50			295		327,387
4.950%		07/13/47			935		1,089,470
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%		08/15/29			115		119,705
4.125%		08/15/31			115		122,706
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%		03/01/48			125		150,619
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.850%		03/01/48			315		383,467
4.900%		01/15/45			1,000		1,197,140
5.100%		09/15/45			500		617,236
							26,593,365
Real Estate Investment Trusts (REITs) — 0.3%
Alexandria Real Estate Equities,Inc.,
Gtd. Notes
2.000%		05/18/32			1,815		1,742,418
Corporate Office Properties LP,
Gtd. Notes
2.900%		12/01/33			1,345		1,323,964
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%		04/15/26			1,050		1,172,790

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Kimco Realty Corp.,
Sr. Unsec’d. Notes
2.700%		10/01/30			3,480	$	3,541,920
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%		03/15/31	(a)		1,125		1,139,095
Public Storage,
Sr. Unsec’d. Notes
2.250%		11/09/31			1,530		1,534,842
Realty Income Corp.,
Sr. Unsec’d. Notes
3.250%		01/15/31			3,235		3,475,835
							13,930,864
Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%		01/15/28			900		911,242
AutoZone, Inc.,
Sr. Unsec’d. Notes
1.650%		01/15/31			770		725,179
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%		05/15/25			4,705		5,056,717
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%		10/01/29			275		271,986
3.875%		10/01/31			275		271,753
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%		12/01/25			1,375		1,404,642
							8,641,519
Semiconductors — 0.1%
Broadcom, Inc.,
Gtd. Notes, 144A
3.500%		02/15/41			510		519,318
Sr. Unsec’d. Notes, 144A
3.187%		11/15/36			5,175		5,191,753
							5,711,071
Software — 0.1%
Microsoft Corp.,
Sr. Unsec’d. Notes
2.525%		06/01/50			1,425		1,398,463
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%		09/01/30			2,055		1,916,144
							3,314,607
Telecommunications — 0.5%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%		12/01/33			1,216		1,190,848
3.100%		02/01/43			770		745,721
3.500%		09/15/53			5,308		5,365,073
3.650%		09/15/59			160		161,510

SEE NOTES TO FINANCIAL STATEMENTS.

A78

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
4.300%		02/15/30			615	$	692,884
Level 3 Financing, Inc.,
Gtd. Notes
5.375%		05/01/25			1,900		1,938,219
Sr. Sec’d. Notes, 144A
3.400%		03/01/27			300		309,752
T-Mobile USA, Inc.,
Sr. Sec’d. Notes
3.875%		04/15/30			8,000		8,754,126
Sr. Sec’d. Notes, 144A
2.700%		03/15/32			1,255		1,263,830
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.550%		03/21/31			1,600		1,616,266
2.650%		11/20/40			1,575		1,494,905
4.016%		12/03/29			1,900		2,129,683
4.125%		08/15/46			30		34,813
4.500%		08/10/33			1,205		1,419,693
							27,117,323
Transportation — 0.0%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%		08/01/28			670		851,302
CSX Corp.,
Sr. Unsec’d. Notes
6.150%		05/01/37			715		998,736
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%		05/17/25			100		112,491
							1,962,529
TOTAL CORPORATE BONDS
(cost $413,756,815)							440,325,483
MUNICIPAL BONDS — 0.4%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%		09/15/32			240		266,198
California — 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%		04/01/49			1,325		2,144,821
Taxable, Revenue Bonds
2.574%		04/01/31			1,210		1,259,045
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39			1,270		2,003,010
General Obligation Unlimited, Taxable, BABs
7.500%		04/01/34			475		732,481
7.625%		03/01/40			215		356,566
7.550%		04/01/39	(a)		245		408,835
							6,904,758

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
MUNICIPAL BONDS (continued)
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		680	$	1,075,335
Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		1,030		1,540,341
State of Illinois,
General Obligation Unlimited, Series D
5.000%		11/01/22		3,190		3,311,312
						4,851,653
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		1,070		1,741,169
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		1,409,121
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		455		605,311
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2
4.879%		12/01/34		300		349,775
						955,086
Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		445		597,598
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		550		785,220
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%		09/01/2117		495		679,592
TOTAL MUNICIPAL BONDS
(cost $14,500,554)						19,265,730
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.0%
Alternative Loan Trust,
Series 2004-18CB,Class 3A1
5.250%		09/25/35		8		8,240
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
2.509%(cc)		02/25/35		147		151,767
Bellemeade Re Ltd. (Bermuda),
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR +1.600% (Cap N/A, Floor 1.600%)
1.702%(c)		07/25/29		1,024		1,023,983

SEE NOTES TO FINANCIAL STATEMENTS.

A79

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2020-04A, Class M2A, 144A, 1 Month LIBOR + 2.600% (Cap N/A, Floor 2.600%)
2.702%(c)		06/25/30		21	$	21,340
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)
1.250%(c)		06/25/31		2,874		2,866,939
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
1.050%(c)		09/25/31		2,100		2,079,298
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
1.050%(c)		09/25/31		1,600		1,591,724
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)
2.852%(c)		08/29/22		3,326		3,316,877
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5
2.326%(cc)		02/25/37		104		104,830
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A
3.850%(cc)		09/25/57		853		886,237
Eagle Re Ltd. (Bermuda),
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)
1.902%(c)		04/25/29		181		180,469
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)
1.600%(c)		04/25/34		5,460		5,459,756
Fannie Mae REMICS,
Series 2014-73, Class CZ
3.000%		11/25/44		1,504		1,596,520
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)
2.650%(c)		11/25/50		2,741		2,768,403
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)
3.703%(c)		07/25/50		372		373,974
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
5.353%(c)		09/25/50		225		234,342
Series 2021-DNA05, Class M1, 144A, 30 Day Average SOFR + 0.650% (Cap N/A, Floor 0.000%)
0.700%(c)		01/25/34		633		632,952
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
1.700%(c)		01/25/34		310		311,327
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)
0.900%(c)		09/25/41		6,990		6,986,778
FHLMC Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)
0.853%(c)		09/25/48		3		3,258

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Freddie Mac REMICS,
Series 4117, Class ZC
3.000%		10/15/42		2,512	$	2,653,263
Series 4535, Class PA
3.000%		03/15/44		719		738,474
Series 4680, Class GZ
3.500%		03/15/47		3,504		3,793,210
Government National Mortgage Assoc.,
Series 2015-124, Class VZ
3.500%		09/20/45		2,488		2,708,277
Series 2019-69, Class KB
3.000%		06/20/49		3,423		3,666,442
Home Re Ltd. (Bermuda),
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
1.752%(c)		05/25/29		168		168,281
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)
1.300%(c)		01/25/34		1,380		1,380,649
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1
2.314%(cc)		07/25/35		39		38,999
Legacy Mortgage Asset Trust,
Series 2021-GS01, Class A1, 144A
1.892%		10/25/66		387		386,714
Mello Warehouse Securitization Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
1.002%(c)		10/25/53		1,815		1,814,122
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.789%(c)		02/25/55		2,400		2,385,577
MFATrust,
Series 2021-RPL01, Class A1, 144A
1.131%(cc)		07/25/60		3,355		3,297,735
Mortgage Repurchase Agreement Financing Trust,
Series 2020-05, Class A1, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.101%(c)		08/10/23		1,570		1,570,194
Series 2021-01, Class A2, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.000%)
0.601%(c)		03/10/22		3,700		3,700,302
Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)
0.601%(c)		09/10/22		6,700		6,698,628
MRA Issuance Trust,
Series 2020-07, Class A, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.600%)
1.399%(c)		09/15/22		7,510		7,495,931
Series 2021-EBO06, Class A1X, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)
1.699%(c)		02/16/22		4,433		4,430,643
MSG III Securitization Trust,
Series 2021-01,Class A, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.842%(c)		06/25/54		2,395		2,393,261

SEE NOTES TO FINANCIAL STATEMENTS.

A80

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-01, Class B, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
0.992%(c)		06/25/54		385	$	384,790
Series 2021-01, Class C, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
1.192%(c)		06/25/54		330		329,820
Series 2021-01, Class D, 144A, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)
1.392%(c)		06/25/54		135		134,926
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.853%(c)		01/25/48		364		364,331
Oaktown Re II Ltd. (Bermuda),
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
1.652%(c)		07/25/28		136		136,325
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)
1.502%(c)		07/25/29		47		47,401
Oaktown Re VII Ltd. (Bermuda),
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)
1.650%(c)		04/25/34		1,300		1,297,637
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR + 3.815% (Cap N/A, Floor 3.815%)
3.917%(c)		12/25/22		2,122		2,126,971
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)
3.002%(c)		02/27/24		3,384		3,428,644
Provident Funding Mortgage Warehouse Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
0.802%(c)		02/25/55		3,365		3,347,068
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA
3.500%		08/25/58		818		853,189
Station Place Securitization Trust,
Series 2021-04, Class A, 144A, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)
1.002%(c)		04/11/22		3,700		3,696,144
Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)
0.902%(c)		06/20/22		2,910		2,912,511
Series 2021-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)
0.752%(c)		01/26/54		947		946,559
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
2.431%(cc)		02/25/34		60		60,269
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $100,089,214)						99,986,301

					Principal
Interest	Maturity				Amount
Rate	Date				(000)#		Value
SOVEREIGN BONDS — 0.6%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
3.125%		10/11/27	(a)			3,350	$	3,598,768
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%		08/20/30				710		708,224
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.000%		02/26/24				175		180,611
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A
3.875%		02/01/28				1,040		1,112,086
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%		06/04/25				400		415,953
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
3.375%		07/30/25		EUR		1,500		1,877,723
Sr. Unsec’d. Notes, 144A, MTN
5.875%		01/15/24				950		1,040,449
Sr. Unsec’d. Notes, EMTN
2.150%		07/18/24		EUR		2,100		2,501,369
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN
2.125%		10/25/23				1,400		1,429,586
2.625%		04/20/22				2,000		2,013,221
3.000%		03/12/24				400		416,987
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.000%		09/22/24				305		324,071
4.500%		04/16/50	(a)			475		523,579
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%		01/23/31				453		451,035
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
3.875%		04/23/23				1,105		1,149,176
5.103%		04/23/48				915		1,236,933
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN
4.125%		03/11/39		EUR		1,395		1,699,250
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN
2.875%		03/04/23				1,785		1,826,818
4.000%		04/17/25				1,035		1,115,017
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A
2.500%		06/08/22				1,800		1,815,413
3.250%		06/01/23				800		826,804
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
4.975%		04/20/55	(a)			1,025		1,345,316
5.100%		06/18/50	(a)			545		722,507
TOTAL SOVEREIGN BONDS
(cost $26,693,655)								28,330,896

SEE NOTES TO FINANCIAL STATEMENTS.

A81

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.0%
Federal Home Loan Bank
5.500%	07/15/36(k)		1,080	$	1,560,722
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		1,816		1,754,525
2.000%	01/01/32		513		527,133
2.000%	06/01/40		1,260		1,278,790
2.000%	10/01/40		1,849		1,876,673
2.000%	09/01/50		3,629		3,621,338
2.000%	10/01/50		2,971		2,964,508
2.000%	03/01/51		1,404		1,401,169
2.500%	03/01/30		274		284,955
2.500%	10/01/32		559		580,288
2.500%	03/01/51		1,257		1,296,605
2.500%	04/01/51		9,857		10,072,167
2.500%	10/01/51		4,639		4,739,968
3.000%	10/01/28		183		193,264
3.000%	06/01/29		491		516,928
3.000%	03/01/32		616		648,902
3.000%	01/01/37		242		254,854
3.000%	01/01/43		503		531,068
3.000%	07/01/43		1,009		1,064,733
3.000%	01/01/47		2,565		2,688,096
3.000%	02/01/50		2,106		2,188,738
3.500%	03/01/42		243		261,842
3.500%	06/01/42		173		186,633
3.500%	01/01/47		448		477,455
3.500%	02/01/47		602		642,195
4.000%	06/01/26		224		235,513
4.000%	09/01/26		115		121,251
4.000%	10/01/39		473		519,539
4.000%	12/01/40		186		204,368
4.000%	10/01/41		189		207,424
4.000%	01/01/42		70		77,384
4.000%	10/01/45		215		233,462
4.500%	09/01/39		139		153,750
4.500%	10/01/39		770		849,132
4.500%	12/01/39		245		270,718
4.500%	07/01/41		81		87,040
4.500%	07/01/41		1,160		1,285,175
4.500%	08/01/41		119		127,503
4.500%	08/01/41		184		200,398
4.500%	08/01/41		204		222,518
4.500%	10/01/41		100		107,035
4.500%	10/01/46		138		149,610
4.500%	12/01/47		626		675,235
5.000%	05/01/34		13		14,935
5.000%	05/01/34		132		149,347
5.000%	08/01/35		13		14,846
5.000%	09/01/35		26		29,492
5.000%	10/01/36		21		24,081
5.000%	05/01/37		13		14,652
5.000%	07/01/37		232		263,356
5.000%	09/01/38		31		34,931
5.000%	09/01/38		32		36,681
5.000%	09/01/38		37		42,222
5.000%	02/01/39		12		13,586
5.000%	06/01/39		36		40,535
5.500%	02/01/34		29		32,020

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
5.500%	04/01/34		278	$	307,840
5.500%	06/01/34		56		63,940
5.500%	06/01/34		131		149,008
5.500%	05/01/37		29		33,596
5.500%	02/01/38		234		268,382
5.500%	05/01/38		43		48,969
5.500%	07/01/38		204		233,762
6.000%	03/01/32		125		137,700
6.000%	12/01/33		45		49,840
6.000%	07/01/36		3		3,040
6.000%	12/01/36		5		5,901
6.000%	05/01/37		8		9,483
6.000%	12/01/37		13		14,616
6.000%	01/01/38		3		3,555
6.000%	01/01/38		8		8,689
6.000%	01/01/38		146		166,557
6.000%	10/01/38		55		63,826
6.000%	08/01/39		26		29,573
6.750%	03/15/31		500		716,780
7.000%	01/01/31		15		16,292
7.000%	06/01/31		12		12,419
7.000%	09/01/31		2		2,670
7.000%	10/01/31		27		30,044
7.000%	10/01/32		27		28,723
Federal National Mortgage Assoc.
1.500%	10/01/50		430		415,856
1.500%	11/01/50		933		901,898
1.500%	12/01/50		5,144		4,971,443
2.000%	08/01/31		766		787,760
2.000%	02/01/41		2,531		2,571,738
2.000%	05/01/41		12,986		13,195,155
2.000%	08/01/50		1,290		1,286,837
2.000%	10/01/50		13,081		13,052,002
2.000%	02/01/51(k)		13,534		13,504,183
2.000%	03/01/51		1,821		1,817,102
2.000%	05/01/51		1,521		1,517,529
2.500%	05/01/41		6,061		6,258,186
2.500%	10/01/43		578		595,507
2.500%	12/01/46		1,023		1,049,950
2.500%	03/01/50		788		806,867
2.500%	08/01/50		3,488		3,562,430
2.500%	12/01/50		392		401,631
2.500%	04/01/51		4,603		4,701,421
3.000%	TBA(tt)		1,500		1,553,945
3.000%	TBA		3,500		3,620,539
3.000%	02/01/27		762		800,308
3.000%	08/01/30		520		546,871
3.000%	11/01/36		1,079		1,127,500
3.000%	12/01/42		570		601,948
3.000%	12/01/42		795		834,893
3.000%	03/01/43		142		150,109
3.000%	11/01/46		138		144,576
3.000%	01/01/47		1,112		1,166,610
3.000%	02/01/47		780		815,984
3.000%	03/01/47		616		646,053
3.000%	11/01/49		651		675,007
3.000%	12/01/49		400		417,088
3.000%	12/01/49		550		569,946

SEE NOTES TO FINANCIAL STATEMENTS.

A82

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
3.000%	02/01/50		6,838	$	7,086,140
3.000%	03/01/50		476		493,163
3.500%	07/01/31		493		522,618
3.500%	11/01/32		262		279,913
3.500%	02/01/33		541		572,735
3.500%	05/01/33		766		810,232
3.500%	06/01/39		389		419,669
3.500%	01/01/42		2,661		2,854,480
3.500%	05/01/42		1,252		1,343,543
3.500%	07/01/42		478		516,301
3.500%	08/01/42		185		200,185
3.500%	08/01/42		487		525,477
3.500%	09/01/42		473		510,988
3.500%	09/01/42		914		987,560
3.500%	11/01/42		253		271,530
3.500%	03/01/43		1,869		2,018,896
3.500%	04/01/43		291		314,789
3.500%	04/01/43		678		732,100
3.500%	07/01/43		134		144,559
3.500%	06/01/45		2,458		2,629,999
3.500%	07/01/46		343		364,915
3.500%	11/01/46		674		718,278
3.500%	09/01/47		620		657,621
3.500%	01/01/48		6,299		6,670,115
3.500%	05/01/48		574		605,809
3.500%	06/01/48		3,016		3,220,641
4.000%	12/01/36		555		601,915
4.000%	10/01/41		1,579		1,732,486
4.000%	07/01/44		578		634,966
4.000%	09/01/44		922		1,003,893
4.000%	10/01/46		442		476,763
4.000%	06/01/47		436		467,779
4.000%	09/01/47		171		183,064
4.000%	11/01/47		540		588,212
4.000%	11/01/47		751		804,576
4.000%	12/01/47		2,358		2,525,161
4.000%	03/01/49		4,861		5,164,848
4.500%	07/01/33		30		32,700
4.500%	08/01/33		8		9,259
4.500%	09/01/33		24		26,107
4.500%	10/01/33		69		76,027
4.500%	03/01/34		20		21,979
4.500%	01/01/35		2		1,721
4.500%	07/01/39		469		518,321
4.500%	08/01/39		348		384,334
4.500%	09/01/39		208		229,604
4.500%	12/01/39		3		3,013
4.500%	03/01/41		780		862,702
4.500%	07/01/42		72		79,003
5.000%	03/01/34		140		157,572
5.000%	04/01/35		328		370,022
5.000%	06/01/35		79		89,613
5.000%	07/01/35		75		84,187
5.000%	07/01/35		76		86,047
5.000%	09/01/35		57		64,628
5.000%	11/01/35		65		72,760
5.000%	02/01/36		44		49,721
5.500%	02/01/33		78		87,991

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
5.500%	08/01/33		151	$	168,911
5.500%	10/01/33		35		39,315
5.500%	12/01/33		33		37,157
5.500%	12/01/34		87		98,853
5.500%	10/01/35		341		383,955
5.500%	03/01/36		46		50,635
5.500%	04/01/36		65		72,374
5.500%	01/01/37		42		48,367
5.500%	04/01/37		22		24,612
5.500%	05/01/37		129		147,346
5.500%	08/01/37		160		181,872
6.000%	10/01/33		159		178,297
6.000%	11/01/33		13		14,761
6.000%	11/01/33		20		22,344
6.000%	01/01/34		167		190,143
6.000%	02/01/34		67		75,194
6.000%	03/01/34		1		1,552
6.000%	03/01/34		10		11,286
6.000%	03/01/34		25		27,138
6.000%	11/01/34		19		20,743
6.000%	01/01/35		28		30,914
6.000%	01/01/35		74		81,410
6.000%	02/01/35		2		2,142
6.000%	02/01/35		98		108,112
6.000%	02/01/35		139		159,875
6.000%	04/01/35		11		12,442
6.000%	05/01/36		18		20,539
6.000%	06/01/36		13		14,293
6.000%	02/01/37		45		52,453
6.000%	06/01/37		17		18,516
6.000%	05/01/38		114		132,607
6.250%	05/15/29		950		1,262,022
6.500%	09/01/32		1		1,025
6.500%	09/01/32		12		13,122
6.500%	09/01/32		26		29,263
6.500%	09/01/32		31		33,922
6.500%	10/01/32		29		32,778
6.500%	04/01/33		36		41,300
6.500%	11/01/33		19		21,826
6.500%	01/01/34		20		22,474
6.500%	09/01/34		45		49,707
6.500%	09/01/36		101		117,732
6.500%	10/01/36		16		18,654
6.500%	11/01/36		34		37,967
6.500%	01/01/37		37		40,569
6.500%	01/01/37		93		104,430
6.500%	09/01/37		11		13,352
6.625%	11/15/30(k)		550		776,004
7.000%	02/01/32		12		13,556
7.000%	05/01/32		10		12,322
7.000%	06/01/32		7		7,867
7.000%	07/01/32		36		40,526
7.125%	01/15/30(k)		3,600		5,102,766
Government National Mortgage Assoc.
2.000%	03/20/51		1,827		1,845,718
2.500%	TBA		500		512,031
2.500%	TBA		1,000		1,021,835
2.500%	03/20/43		426		440,964

SEE NOTES TO FINANCIAL STATEMENTS.

A83

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
2.500%	12/20/46		411	$	423,132
2.500%	05/20/51		1,915		1,963,656
2.500%	08/20/51		1,181		1,210,581
3.000%	TBA		4,500		4,655,937
3.000%	03/15/45		461		480,663
3.000%	11/20/45		509		531,246
3.000%	03/20/46		3,111		3,247,658
3.000%	07/20/46		2,035		2,124,378
3.000%	10/20/46		677		706,927
3.000%	12/20/46		463		483,120
3.000%	02/20/47		1,005		1,048,976
3.000%	12/20/49		210		217,406
3.500%	12/20/42		990		1,054,213
3.500%	05/20/43		200		213,642
3.500%	03/20/45		646		683,149
3.500%	04/20/45		873		923,809
3.500%	07/20/46		3,069		3,231,924
3.500%	06/20/49		4,197		4,374,558
4.000%	06/15/40		76		83,623
4.000%	05/20/41		153		165,365
4.000%	12/20/42		364		393,920
4.000%	08/20/44		140		151,202
4.000%	11/20/45		683		738,767
4.000%	12/20/45		750		811,957
4.000%	11/20/46		164		174,296
4.000%	09/20/47		2,231		2,371,799
4.000%	02/20/49		1,305		1,379,417
4.000%	01/20/50		1,305		1,376,125
4.500%	04/15/40		270		302,533
4.500%	01/20/41		688		764,438
4.500%	02/20/41		414		459,600
4.500%	06/20/44		450		498,280
4.500%	09/20/46		244		270,043
4.500%	11/20/46		465		514,443
4.500%	03/20/47		385		412,921
4.500%	05/20/48		401		426,959
4.500%	06/20/48		524		557,074
4.500%	08/20/48		1,719		1,820,113
5.000%	10/20/37		81		90,753
5.000%	04/20/45		450		507,839
5.500%	11/15/32		36		39,819
5.500%	02/15/33		30		34,466
5.500%	08/15/33		49		53,918
5.500%	08/15/33		67		73,616
5.500%	09/15/33		38		41,415
5.500%	09/15/33		60		66,596
5.500%	10/15/33		54		60,603
5.500%	12/15/33		5		5,897
5.500%	04/15/34		180		205,417
5.500%	07/15/35		36		41,960
5.500%	02/15/36		90		102,096
6.000%	02/15/33		2		1,819
6.000%	04/15/33		13		14,002
6.000%	09/15/33		10		11,463
6.000%	12/15/33		26		29,808
6.000%	12/15/33		69		75,896
6.000%	01/15/34		12		14,354
6.000%	01/15/34		23		25,597

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
6.000%	06/20/34		47		$	53,678
6.000%	07/15/34		99			115,091
6.000%	10/15/34		112			124,135
6.500%	10/15/23		—(r	)		292
6.500%	12/15/23		1			1,002
6.500%	01/15/24		—(r	)		447
6.500%	01/15/24		1			1,349
6.500%	01/15/24		4			4,129
6.500%	01/15/24		5			5,404
6.500%	01/15/24		17			18,536
6.500%	02/15/24		—(r	)		100
6.500%	02/15/24		—(r	)		128
6.500%	02/15/24		—(r	)		345
6.500%	02/15/24		1			1,013
6.500%	02/15/24		1			1,077
6.500%	02/15/24		1			1,121
6.500%	02/15/24		3			3,453
6.500%	02/15/24		4			4,261
6.500%	02/15/24		4			4,705
6.500%	02/15/24		14			15,590
6.500%	04/15/24		—(r	)		210
6.500%	04/15/24		1			625
6.500%	04/15/24		1			1,000
6.500%	04/15/24		1			1,031
6.500%	04/15/24		4			4,856
6.500%	05/15/24		4			4,116
6.500%	05/15/24		7			7,300
6.500%	10/15/24		5			5,351
6.500%	12/15/30		5			5,939
6.500%	01/15/32		15			16,506
6.500%	02/15/32		12			12,663
6.500%	07/15/32		26			28,435
6.500%	08/15/32		4			3,868
6.500%	08/15/32		7			7,740
6.500%	08/15/32		24			26,880
6.500%	08/15/32		124			141,954
6.500%	06/15/35		22			25,490
6.500%	07/15/35		6			6,864
8.000%	01/15/24		3			3,122
8.000%	04/15/25		2			1,709
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%	09/15/31		625			612,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $242,354,500)						246,549,184
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bonds
1.750%	08/15/41		9,990			9,679,373
2.000%	11/15/41		3,045			3,078,780
2.000%	08/15/51		480			490,050
2.250%	05/15/41		2,145			2,251,580
U.S. Treasury Notes
3.125%	11/15/28(k)		100			111,187
U.S. Treasury Strips Coupon
2.000%	08/15/39(k)		3,780			2,662,095
2.228%	05/15/28(k)		718			655,287
2.365%(s)	08/15/44		3,095			1,932,078

SEE NOTES TO FINANCIAL STATEMENTS.

A84

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest   Rate	Maturity     Date		Principal     Amount (000)#		Value
U.S. TREASURY OBLIGATIONS(continued)
2.395%(s)		11/15/43		1,156	$	732,570
TOTAL U.S. TREASURY OBLIGATIONS (cost $21,188,147)						21,593,000
TOTAL LONG-TERM INVESTMENTS (cost $3,568,409,226)						4,668,300,447
			Shares
SHORT-TERM INVESTMENTS — 7.1%
AFFILIATED MUTUAL FUNDS — 7.1%
PGIM Core Ultra Short Bond Fund(wa)				303,840,636		303,840,636
PGIM Institutional Money Market Fund (cost $45,448,021; includes $45,444,721 of cash collateral for securities on loan)(b)(wa)				45,547,739		45,515,856
TOTAL AFFILIATED MUTUAL FUNDS (cost $349,288,657)						349,356,492
Interest Rate	Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
0.043%		03/17/22		300		299,966
(cost $299,974)
OPTIONS PURCHASED*~ — 0.0% (cost $83,723)						36,239
TOTAL SHORT-TERM INVESTMENTS (cost $349,672,354)						349,692,697
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—101.0% (cost $3,918,081,580)						5,017,993,144
OPTIONS WRITTEN*~ — (0.0)%
(premiums received $85,399)						(109,666	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—101.0% (cost $3,917,996,181)						5,017,883,478
Liabilities in excess of other assets(z) — (1.0)%						(48,111,607	)
NET ASSETS —100.0%					$	4,969,771,871

See the Glossary for a list of the abbreviation(s) used in the annual 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 $4,877 and 0.0% of net assets.    

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $43,941,144; cash collateral of $45,444,721 (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 December 31, 2021.    

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 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.

(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 0.0% 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.    

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

Options Purchased:

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#	Value
CDX.NA.IG.37.V1, 12/20/26	Call	BNP Paribas S.A.	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)	9,830	$        —

SEE NOTES TO FINANCIAL STATEMENTS.

A85

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Purchased (continued):

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,300	$	—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,250		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		4,650		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		14,120		—
CDX.NA.IG.37.V1, 12/20/26	Put	BNP Paribas S.A.	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,830		7,555
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,300		7,148
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,250		7,109
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		4,650		3,574
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		14,120		10,853
Total Options Purchased (cost $83,723)									$	36,239

Options Written:

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Call	BNP Paribas S.A.	02/16/22	0.53%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,830	$	(19,952)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,300		(18,876)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		9,250		(18,774)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		4,650		(9,438)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		14,120		(28,659)
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.73%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,250		(2,794)
CDX.NA.IG.37.V1, 12/20/26	Put	BNP Paribas S.A.	02/16/22	0.75%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,830		(2,627)
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.75%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		9,300		(2,485)

SEE NOTES TO FINANCIAL STATEMENTS.

A86

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Written (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

4,650

$

(1,243

)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

14,120

(3,774

)

GS_21-PJ2A^

Put

Goldman Sachs International

11/15/24

0.50%

0.50%(M)

GS_21-PJ2A(M)

7,000

(392

)

GS_21-PJA^

Put

Goldman Sachs International

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

13,500

(652

)

Total Options Written (premiums received $85,399)

$

(109,666

)

Futures contracts outstanding at December 31, 2021:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	439	2 Year U.S. Treasury Notes		Mar. 2022	$	95,777,454	$	(100,435	)
	354	5 Year U.S. Treasury Notes		Mar. 2022		42,825,702		85,639
	299	10 Year U.S. Treasury Notes		Mar. 2022		39,010,156		124,142
	163	20 Year U.S. Treasury Bonds		Mar. 2022		26,151,312		121,940
	501	30 Year U.S. Ultra Treasury Bonds		Mar. 2022		98,759,625		1,612,548
	8	Mini MSCI EAFE Index		Mar. 2022		928,720		16,034
	6	S&P 500 E-Mini Index		Mar. 2022		1,427,550		16,794
								1,876,662
	Short Positions:
	15	5 Year Euro-Bobl		Mar. 2022		2,275,406		19,285
	32	10 Year Euro-Bund		Mar. 2022		6,243,352		104,477
	28	10 Year U.S. Ultra Treasury Notes		Mar. 2022		4,100,250		(70,191	)
	23	Euro Schatz Index		Mar. 2022		2,933,562		4,823
								58,394
							$	1,935,056

Forward foreign currency exchange contracts outstanding at December 31, 2021:

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 01/19/22	Morgan Stanley & Co. International PLC		CAD   5,569	$	4,462,841	$	4,402,485	$	60,356	$	—
Euro, Expiring 01/12/22	BNP Paribas S.A.		EUR 22,014		24,813,099		25,068,693		—		(255,594	)
				$	29,275,940	$	29,471,178	$	60,356	$	(255,594	)

SEE NOTES TO FINANCIAL STATEMENTS.

A87

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Credit default swap agreements outstanding at December 31, 2021:

Reference Entity/ Obligation	Termination Date		Fixed   Rate		Notional Amount (000)#(3)	Implied Credit Spread at December 31, 2021(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_21-PJ2A		01/14/22		0.500%(M)	7,000		*	$	3,014	$	(654	)	$	3,668	Goldman Sachs International
GS_21-PJA		01/14/22		0.250%(M)	13,500		*		2,907		(630	)		3,537	Goldman Sachs International
								$	5,921	$	(1,284	)	$	7,205

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

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

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

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation swap agreements outstanding at December 31, 2021:

Notional Amount (000)#		Termination Date		Fixed     Rate		Floating Rate	Value at Trade Date			Value at December 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally Cleared Inflation Swap Agreements:
	7,460		01/13/26		2.152%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)	$	—		$	(617,244	)	$	(617,244	)
	22,580		02/02/26		2.295%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		(62,535	)		(1,695,955	)		(1,633,420	)
	11,175		02/18/26		2.370%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—			(785,792	)		(785,792	)
							$	(62,535	)	$	(3,098,991	)	$	(3,036,456	)

(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.

A88

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Total return swap agreements outstanding at December 31, 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:
U.S. Treasury Bond(T)	1 Day USOIS +4bps(T)	JP Morgan Chase Bank,N.A.		2/22/22		18,765	$55,129	$              —	$                55,129

(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	$—	$(1,284)	$62,334	$—

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.		$	—		$	6,366,586
Goldman Sachs & Co. LLC			—			299,966
Total		$	—		$	6,666,552

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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	3,225,089,433	$	49,539,603	$	—
Exchange-Traded Fund		195,756		—		—
Preferred Stocks		613,800		93,124		—
Asset-Backed Securities
Automobiles		—		86,146,693		—
Collateralized Loan Obligations		—		154,323,319		—
Consumer Loans		—		10,558,373		—
Equipment		—		8,771,569		—
Home Equity Loans		—		18,037		—
Other		—		5,084,232		—
Residential Mortgage-Backed Securities		—		6,621,061		—
Student Loans		—		18,117,154		—
Commercial Mortgage-Backed Securities		—		247,077,699		—
Corporate Bonds		—		440,325,483		—
Municipal Bonds		—		19,265,730		—
Residential Mortgage-Backed Securities		—		99,986,301		—

SEE NOTES TO FINANCIAL STATEMENTS.

A89

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Sovereign Bonds	$	—		$	28,330,896		$	—
U.S. Government Agency Obligations		—			246,549,184			—
U.S. Treasury Obligations		—			21,593,000			—
Short-Term Investments
Affiliated Mutual Funds		349,356,492			—			—
U.S. Treasury Obligation		—			299,966			—
Options Purchased		—			36,239			—
Total	$	3,575,255,481		$	1,442,737,663		$	—
Liabilities
Options Written	$	—		$	(108,622	)	$	(1,044	)
Other Financial Instruments*
Assets
Futures Contracts	$	2,105,682		$	—		$	—
OTC Forward Foreign Currency Exchange Contract		—			60,356			—
OTC Credit Default Swap Agreements		—			—			5,921
OTC Total Return Swap Agreement		—			55,129			—
Total	$	2,105,682		$	115,485			$    5,921
Liabilities
Futures Contracts	$	(170,626	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contract		—			(255,594	)		—
Centrally Cleared Inflation Swap Agreements		—			(3,036,456	)		—
Total	$	(170,626	)	$	(3,292,050	)	$	—

* 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 December 31, 2021 were as follows (unaudited):

Affiliated Mutual Funds (0.9% represents investments purchased with collateral from securities on loan)	7.1	%
Software	6.8
Commercial Mortgage-Backed Securities	5.0
U.S. Government Agency Obligations	5.0
Banks	4.8
Semiconductors & Semiconductor Equipment	4.6
Technology Hardware, Storage & Peripherals	4.3
Interactive Media & Services	4.2
Pharmaceuticals	3.7
Automobiles	3.3
IT Services	3.1
Collateralized Loan Obligations	3.1
Internet & Direct Marketing Retail	2.3
Health Care Equipment & Supplies	2.2
Residential Mortgage-Backed Securities	2.1
Oil, Gas & Consumable Fuels	2.1
Capital Markets	2.0
Hotels, Restaurants & Leisure	1.8
Chemicals	1.7
Health Care Providers & Services	1.7
Beverages	1.6

Insurance	1.5	%
Aerospace & Defense	1.5
Entertainment	1.4
Specialty Retail	1.4
Life Sciences Tools & Services	1.3
Equity Real Estate Investment Trusts (REITs)	1.2
Biotechnology	1.1
Machinery	1.0
Media	1.0
Diversified Telecommunication Services	0.9
Food Products	0.9
Electrical Equipment	0.9
Electric	0.8
Diversified Financial Services	0.7
Electric Utilities	0.6
Sovereign Bonds	0.6
Consumer Finance	0.6
Industrial Conglomerates	0.6
Telecommunications	0.5
Pipelines	0.5
Food & Staples Retailing	0.5
Electronic Equipment, Instruments & Components	0.5

SEE NOTES TO FINANCIAL STATEMENTS.

A90

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):
Distributors	0.4	%
U.S. Treasury Obligations	0.4
Household Products	0.4
Metals & Mining	0.4
Municipal Bonds	0.4
Oil & Gas	0.4
Student Loans	0.4
Textiles, Apparel & Luxury Goods	0.4
Auto Manufacturers	0.3
Building Products	0.3
Independent Power & Renewable Electricity Producers	0.3
Communications Equipment	0.3
Tobacco	0.3
Real Estate Investment Trusts (REITs)	0.3
Air Freight & Logistics	0.3
Consumer Loans	0.2
Multi-Utilities	0.2
Energy Equipment & Services	0.2
Equipment	0.2
Retail	0.2
Road & Rail	0.2
Construction & Engineering	0.1
Multiline Retail	0.1
Professional Services	0.1
Real Estate Management & Development	0.1
Commercial Services	0.1
Semiconductors	0.1
Agriculture	0.1
Other	0.1
Packaging & Containers	0.1
Healthcare-Services	0.1
Foods	0.1
Household Durables	0.1
Airlines	0.1
Gas	0.1

Mining	0.1	%
Commercial Services & Supplies	0.1
Healthcare-Products	0.1
Personal Products	0.1
Office/Business Equipment	0.1
Engineering & Construction	0.1
Building Materials	0.0	*
Leisure Products	0.0	*
Home Builders	0.0	*
Transportation	0.0	*
Housewares	0.0	*
Trading Companies & Distributors	0.0	*
Gas Utilities	0.0	*
Construction Materials	0.0	*
Miscellaneous Manufacturing	0.0	*
Lodging	0.0	*
Marine	0.0	*
Apparel	0.0	*
Multi-National	0.0	*
Wireless Telecommunication Services	0.0	*
Auto Components	0.0	*
Containers & Packaging	0.0	*
Exchange-Traded Fund	0.0	*
Paper & Forest Products	0.0	*
Options Purchased	0.0	*
Home Equity Loans	0.0	*
Diversified Consumer Services	0.0	*
	101.0
Options Written	(0.0	)*
Liabilities in excess of other assets	(1.0	)
	100.0	%
* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of December 31, 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 received for OTC swap agreements	$	1,284
Credit contracts	Unaffiliated investments		36,239		Options written outstanding, at value		109,666
Credit contracts	Unrealized appreciation on OTC swap agreements		7,205		—		—
Equity contracts	Due from/to broker-variation margin futures		32,828	*	—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A91

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	60,356		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	255,594
Interest rate contracts	Due from/to broker-variation margin futures		2,072,854	*	Due from/to broker-variation margin futures		170,626	*
Interest rate contracts	—		—		Due from/to broker-variation margin swaps		3,036,456	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		55,129		—		—
		$	2,264,611			$	3,573,626

* 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 year ended December 31, 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		$	—		$	—			$	—			$	—		$	35,875
Equity contracts			—			—				441,332				—			—
Foreign exchange contracts			—			—				—				1,175,957			—
Interest rate contracts			432,633			(190,329	)			(9,196,191	)			—			89,545
Total		$	432,633		$	(190,329	)		$	(8,754,859	)		$	1,175,957		$	125,420

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)				Options Written				Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	(47,484	)		$	(24,267	)		$	—			$	—		$	16,316
Equity contracts			—				—				(11,647	)			—			—
Foreign exchange contracts			—				—				—				299,096			—
Interest rate contracts			—				—				2,766,717				—			(2,530,296	)
Total		$	(47,484	)		$	(24,267	)		$	2,755,070			$	299,096		$	(2,513,980	)

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 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)
$49,330	$28,394,800	$286,165,914	$30,764,717	$10,258,468

SEE NOTES TO FINANCIAL STATEMENTS.

A92

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Forward Foreign Currency Exchange Contracts—Sold(3)	Interest Rate Swap Agreements(2)
$32,733,305	$10,175,855

Credit Default Swap Agreements— Sell Protection(2)	Total Return Swap Agreements(2)	Inflation Swap Agreements(2)
$12,780,000	$10,157,259	$35,210,000

(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 year ended December 31, 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		$43,941,144		$(43,941,144)		$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
BNP Paribas S.A.		$	7,555		$	(278,173	)		$	(270,618	)		$	—		$	(270,618	)
Goldman Sachs International			7,205			(2,328	)			4,877				—			4,877
JP Morgan Chase Bank, N.A.			55,129			—				55,129				—			55,129
Morgan Stanley & Co. International PLC			89,040			(86,043	)			2,997				—			2,997
		$	158,929		$	(366,544	)		$	(207,615	)		$	—		$	(207,615	)

(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.

A93

PSF PGIM FLEXIBLE MANAGED PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $43,941,144:
Unaffiliated investments (cost $3,568,792,923)	$	4,668,636,652
Affiliated investments (cost $349,288,657)		349,356,492
Foreign currency, at value (cost $730,356)		721,778
Cash		642,849
Dividends and interest receivable		8,793,601
Receivable for investments sold		6,596,182
Due from broker-variation margin futures		926,540
Tax reclaim receivable		408,801
Unrealized appreciation on OTC swap agreements		62,334
Unrealized appreciation on OTC forward foreign currency exchange contracts		60,356
Receivable for Portfolio shares sold		48,148
Due from broker-variation margin swaps		36,915
Receivable from affiliate		2,041
Prepaid expenses and other assets		540,936
Total Assets		5,036,833,625
LIABILITIES
Payable to broker for collateral for securities on loan		45,444,721
Payable for investments purchased		17,955,033
Management fee payable		2,503,087
Payable for Portfolio shares purchased		458,992
Unrealized depreciation on OTC forward foreign currency exchange contracts		255,594
Accrued expenses and other liabilities		208,641
Payable to affiliate		116,438
Options written outstanding, at value (premiums received $85,399)		109,666
Due to broker-variation margin futures		4,645
Trustees’ fees payable		2,280
Premiums received for OTC swap agreements		1,284
Affiliated transfer agent fee payable		980
Distribution fee payable		393
Total Liabilities		67,061,754
NET ASSETS	$	4,969,771,871
Net assets were comprised of:
Partners’ Equity	$	4,969,771,871
Class I:
Net asset value and redemption price per share, $4,967,763,725 / 112,550,776 outstanding shares of beneficial interest	$	44.14
Class III:
Net asset value and redemption price per share, $2,008,146 / 45,575 outstanding shares of beneficial interest	$	44.06

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $238,337 foreign withholding tax, of which $58,563 is reimbursable by an affiliate)	$	50,714,887
Interest income (net of $658 foreign withholding tax)		34,610,901
Affiliated dividend income		398,720
Income from securities lending, net (including affiliated income of $26,839)		27,774
Total income		85,752,282
EXPENSES
Management fee		28,599,867
Distribution fee—Class III		1,467
Custodian and accounting fees		359,962
Trustees’ fees		69,731
Shareholders’ reports		60,140
Audit fee		48,700
Legal fees and expenses		39,426
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		102,069
Total expenses		29,292,044
NET INVESTMENT INCOME (LOSS)		56,460,238
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(976))		531,484,481
Futures transactions		(8,754,859	)
Forward currency contract transactions		1,175,957
Options written transactions		(190,329	)
Swap agreements transactions		125,420
Foreign currency transactions		83,023
		523,923,693
Net change in unrealized appreciation
(depreciation) on:
Investments (including affiliated of $(11,193))		176,651,756
Futures		2,755,070
Forward currency contracts		299,096
Options written		(24,267	)
Swap agreements		(2,513,980	)
Foreign currencies		(52,797	)
		177,114,878
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		701,038,571
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	757,498,809

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	56,460,238		$	68,485,087
Net realized gain (loss) on investment and foreign currency transactions		523,923,693			127,363,770
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		177,114,878			196,025,655
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		757,498,809			391,874,512
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		10,264,950			8,597,942
Portfolio shares purchased		(277,076,354	)		(249,244,194	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(266,811,404	)		(240,646,252	)
TOTAL INCREASE (DECREASE)		490,687,405			151,228,260
NET ASSETS:
Beginning of year		4,479,084,466			4,327,856,206
End of year	$	4,969,771,871		$	4,479,084,466

SEE NOTES TO FINANCIAL STATEMENTS.

A94

PSF PGIM GOVERNMENT INCOME PORTFOLIO     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date	Principal Amount (000)#		Value
LONG-TERM INVESTMENTS — 98.0%
ASSET-BACKED SECURITIES — 11.5%
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%)
1.522%(c)	04/20/32		1,000	$	1,001,055
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR +1.100% (Cap N/A, Floor 1.100%)
1.222%(c)	10/17/32		500		499,808
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR +1.200% (Cap N/A, Floor 1.200%)
1.334%(c)	07/20/34		3,000		3,003,796
Battalion CLO Ltd.,
Series 2020-15A, Class A1, 144A, 3 Month LIBOR +1.350% (Cap N/A, Floor 1.350%)
1.472%(c)	01/17/33		2,500		2,500,716
Elevation CLO Ltd. (Cayman Islands),
Series 2017-07A, Class A, 144A, 3 Month LIBOR +1.220% (Cap N/A, Floor 0.000%)
1.344%(c)	07/15/30		2,000		2,001,143
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR +1.200% (Cap N/A, Floor 1.200%)
1.332%(c)	10/20/34		500		500,093
Octagon Investment Partners 45 Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR +1.330% (Cap N/A, Floor 1.330%)
1.454%(c)	10/15/32		2,250		2,250,309
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR +1.250% (Cap N/A, Floor 0.000%)
1.382%(c)	10/30/30		3,709		3,712,210
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR +1.150% (Cap N/A, Floor 1.150%)
1.364%(c)	06/20/34		3,250		3,248,201
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR +1.180% (Cap N/A, Floor 1.180%)
1.312%(c)	10/29/34		500		500,000
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR +1.460% (Cap N/A, Floor 1.460%)
1.592%(c)	07/20/32		2,500		2,503,741
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR +1.240% (Cap N/A, Floor 1.240%)
1.364%(c)	04/15/34		2,250		2,246,658
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR +1.060% (Cap N/A, Floor 0.000%)
1.192%(c)	10/20/29		1,250		1,250,100

Interest Rate	Maturity Date	Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR +1.210% (Cap N/A, Floor 1.210%)
1.334%(c)	10/15/34		500	$	500,001
TOTAL ASSET-BACKED SECURITIES
(cost $25,330,797)					25,717,831
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.2%
Barclays Commercial Mortgage Trust,
Series 2019-C04, Class A4
2.661%	08/15/52		3,000		3,074,105
CD Mortgage Trust,
Series 2019-CD08, Class A3
2.657%	08/15/57		4,000		4,059,028
Fannie Mae-Aces,
Series 2012-M02, Class A2
2.717%	02/25/22		—(r)		302
Series 2018-M14, Class A1
3.581%(cc)	08/25/28		14		14,077
FHLMC Multifamily Structured Pass-Through Certificates,
Series K019, Class X1, IO
1.581%(cc)	03/25/22		11,587		116
Series K020, Class X1, IO
1.333%(cc)	05/25/22		7,236		13,986
Series K021, Class X1, IO
1.376%(cc)	06/25/22		8,107		6,342
Series K025, Class X1, IO
0.778%(cc)	10/25/22		23,335		114,600
Series K079, Class AM
3.930%	06/25/28		675		765,976
Series K085, Class AM
4.060%(cc)	10/25/28		380		433,552
Series K088, Class AM
3.761%(cc)	01/25/29		520		587,987
Series K091, Class AM
3.566%	03/25/29		850		958,015
Series K151, Class A3
3.511%	04/25/30		400		446,538
Series K152, Class A2
3.080%	01/25/31		140		152,986
Series K157, Class A2
3.990%(cc)	05/25/33		1,700		1,978,810
Series KC03, Class A2
3.499%	01/25/26		650		677,920
Series W5FX, Class AFX
3.214%(cc)	04/25/28		580		630,855
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $13,138,657)					13,915,195
CORPORATE BOND — 0.4%
Diversified Financial Services
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP
1.400%	07/15/28		885		863,259
(cost $882,965)

SEE NOTES TO FINANCIAL STATEMENTS.

A95

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date	Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%	10/20/45		241	$	258,272
Merrill Lynch Mortgage Investors Trust,
Series 2003-E,Class A1, 1 Month LIBOR +0.620% (Cap 11.750%, Floor 0.620%)
0.722%(c)	10/25/28		9		8,460
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
2.431%(cc)	02/25/34		34		34,654
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $295,211)					301,386
U.S. GOVERNMENT AGENCY OBLIGATIONS — 39.2%
Federal Home Loan Bank
3.250%	11/16/28		1,025		1,144,060
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		464		448,281
2.000%	01/01/32		150		154,426
2.000%	12/01/50		1,965		1,961,180
2.000%	05/01/51		516		514,749
2.500%	03/01/30		274		284,955
2.500%	11/01/46		296		303,628
2.500%	04/01/51		2,958		3,022,017
3.000%	06/01/29		196		206,771
3.000%	01/01/37		336		353,155
3.000%	06/01/45		160		167,543
3.000%	01/01/48		261		271,793
3.000%	10/01/49		93		96,836
3.500%	12/01/32		309		326,503
3.500%	07/01/42		285		308,076
3.500%	10/01/42		493		530,916
3.500%	08/01/43		546		587,572
3.500%	09/01/45		192		205,456
3.500%	10/01/45		172		184,115
3.500%	02/01/47		207		221,257
3.500%	07/01/47		356		379,108
3.500%	03/01/48		453		479,092
4.000%	06/01/26		19		20,098
4.000%	09/01/26		77		80,834
4.000%	09/01/40		148		162,074
4.000%	12/01/40		165		180,456
4.000%	12/01/40		186		204,368
4.000%	11/01/43		347		381,345
4.000%	09/01/48		9		10,043
4.500%	09/01/39		625		691,873
4.500%	08/01/48		195		209,056
5.000%	06/01/33		161		180,346
5.000%	05/01/34		89		98,932
5.500%	05/01/37		29		33,596
5.500%	02/01/38		100		115,021
5.500%	05/01/38		43		48,969
6.000%	09/01/34		44		48,126
6.000%	01/01/37		52		59,996
6.000%	09/01/38		30		34,414
6.000%	08/01/39		37		42,459
6.250%	07/15/32		30		43,181

Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.500%	09/01/32		17	$	19,054
Federal Home Loan Mortgage Corp., MTN
1.899%(s)	11/15/38		600		409,404
Federal National Mortgage Assoc.
0.875%	08/05/30		250		235,657
1.500%	11/01/50		1,430		1,382,381
1.500%	12/01/50		910		879,913
2.000%	08/01/31		153		157,552
2.000%	05/01/36		905		928,059
2.000%	06/01/40		373		378,873
2.000%	07/01/40		399		404,425
2.000%	02/01/41		1,776		1,804,665
2.000%	05/01/41		2,102		2,136,185
2.000%	09/01/50		1,525		1,521,251
2.000%	10/01/50		1,721		1,717,654
2.000%	12/01/50		437		436,188
2.000%	02/01/51		3,890		3,881,079
2.000%	05/01/51		507		505,843
2.500%	06/01/28		894		929,983
2.500%	05/01/41		1,999		2,064,218
2.500%	02/01/43		108		111,348
2.500%	12/01/46		372		381,800
2.500%	01/01/50		805		822,515
2.500%	03/01/50		240		245,560
2.500%	05/01/50		994		1,014,747
2.500%	08/01/50		2,389		2,439,910
2.500%	09/01/50		1,819		1,860,168
2.500%	10/01/50		2,727		2,784,956
2.500%	04/01/51		1,267		1,293,406
2.500%	04/01/51		1,799		1,837,569
3.000%	TBA		750		776,972
3.000%	TBA		1,000		1,034,440
3.000%	02/01/31		384		402,240
3.000%	11/01/36		270		281,875
3.000%	03/01/43		437		461,238
3.000%	07/01/43		519		548,259
3.000%	07/01/43		680		717,533
3.000%	09/01/46		374		392,211
3.000%	11/01/46		165		173,090
3.000%	11/01/46		221		230,399
3.000%	11/01/46		940		986,015
3.000%	12/01/47		504		531,176
3.000%	02/01/50		219		227,120
3.000%	06/01/50		377		392,556
3.500%	07/01/31		493		522,618
3.500%	02/01/33		78		82,772
3.500%	06/01/39		156		167,868
3.500%	04/01/42		249		268,695
3.500%	06/01/42		394		423,837
3.500%	07/01/42		205		221,816
3.500%	07/01/42		478		516,301
3.500%	06/01/45		647		691,977
3.500%	07/01/46		218		232,219
3.500%	12/01/46		190		202,902
3.500%	12/01/46		464		500,859
3.500%	11/01/48		360		381,359
4.000%	09/01/40		601		660,117
4.000%	06/01/42		383		418,987

SEE NOTES TO FINANCIAL STATEMENTS.

A96

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest	Maturity	Principal Amount
Rate	Date	(000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
4.000%	09/01/44		230		$	250,973
4.000%	09/01/44		430			471,384
4.000%	04/01/45		241			262,971
4.000%	07/01/45		187			203,367
4.000%	10/01/45		290			315,141
4.000%	10/01/46		89			95,773
4.000%	02/01/47		80			85,583
4.000%	06/01/47		140			149,689
4.000%	07/01/47		149			159,270
4.000%	10/01/47		476			509,272
4.000%	11/01/47		119			127,698
4.000%	11/01/47		173			185,748
4.500%	05/01/40		508			553,731
4.500%	04/01/42		344			380,447
5.000%	12/01/31		23			24,744
5.000%	03/01/34		187			210,096
5.000%	06/01/35		79			89,613
5.000%	07/01/35		38			43,023
5.000%	05/01/36		53			59,487
5.500%	02/01/34		117			131,926
5.500%	09/01/34		154			174,711
5.500%	02/01/35		149			166,960
5.500%	06/01/35		32			35,309
5.500%	06/01/35		69			75,408
5.500%	09/01/35		33			36,214
5.500%	09/01/35		90			99,507
5.500%	10/01/35		140			157,714
5.500%	11/01/35		43			46,952
5.500%	11/01/35		110			121,852
5.500%	11/01/35		272			310,322
6.000%	12/01/33		9			10,133
6.000%	02/01/34		67			75,195
6.000%	08/01/34		—(r	)		226
6.000%	11/01/34		—(r	)		318
6.000%	01/01/35		5			5,768
6.000%	01/01/36		55			60,609
6.000%	05/01/38		25			28,972
6.500%	07/01/32		120			136,486
6.500%	08/01/32		52			57,527
6.500%	10/01/32		146			168,039
6.500%	10/01/37		76			88,257
6.625%	11/15/30		435			613,749
7.000%	12/01/31		30			32,618
7.000%	01/01/36		13			14,946
8.000%	10/01/23		—(r	)		35
8.000%	09/01/24		1			536
8.000%	11/01/24		1			654
8.000%	01/01/26		—(r	)		49
9.000%	02/01/25		3			3,519
9.000%	04/01/25		1			1,540
Government National Mortgage Assoc.
2.500%	TBA		1,500			1,536,092
2.500%	12/20/46		112			115,400
2.500%	05/20/51		479			490,914
3.000%	TBA		2,000			2,069,305
3.000%	03/15/45		553			576,796
3.000%	07/20/46		464			484,045
3.000%	09/20/46		500			521,922

Interest	Maturity	Principal Amount
Rate	Date	(000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.000%	10/20/46		125		$	130,727
3.000%	04/20/47		577			601,855
3.000%	12/20/48		389			404,858
3.000%	04/20/49		359			372,622
3.000%	07/20/49		96			99,851
3.000%	12/20/49		403			417,335
3.500%	01/20/43		524			561,202
3.500%	04/20/43		247			264,267
3.500%	03/20/45		323			341,574
3.500%	04/20/45		262			276,773
3.500%	04/20/46		441			465,486
3.500%	07/20/46		649			683,070
3.500%	07/20/48		543			568,711
3.500%	11/20/48		142			148,190
3.500%	01/20/49		258			271,148
3.500%	05/20/49		487			508,099
4.000%	06/15/40		78			85,199
4.000%	08/20/46		269			286,485
4.000%	11/20/46		164			174,296
4.000%	09/20/47		227			241,572
4.000%	06/20/48		348			368,368
4.000%	02/20/49		323			341,229
4.500%	02/20/41		239			265,677
4.500%	03/20/41		202			222,898
4.500%	06/20/44		156			172,448
4.500%	09/20/46		182			201,007
4.500%	11/20/46		349			385,832
4.500%	01/20/47		43			46,453
5.000%	07/15/33		79			90,479
5.000%	09/15/33		150			172,959
5.000%	04/15/34		71			79,786
5.000%	10/20/48		71			75,656
5.500%	03/15/34		143			164,136
5.500%	03/15/36		38			43,544
6.500%	07/15/32		11			11,660
6.500%	08/15/32		1			1,595
6.500%	08/15/32		3			3,179
6.500%	08/15/32		10			11,200
6.500%	08/15/32		51			58,392
7.000%	05/15/23		1			511
7.000%	06/15/23		—(r	)		314
7.000%	06/15/23		1			1,335
7.000%	06/15/23		1			1,409
7.000%	07/15/23		—(r	)		106
7.000%	07/15/23		5			4,519
7.000%	08/15/23		—(r	)		459
7.000%	08/15/23		1			1,110
7.000%	09/15/23		1			515
7.000%	10/15/23		—(r	)		301
7.000%	10/15/23		1			1,037
7.000%	11/15/23		1			1,139
7.000%	11/15/23		3			2,827
7.000%	01/15/24		6			5,631
7.000%	05/15/24		8			8,494
7.000%	08/15/28		23			25,651
7.500%	12/15/25		1			1,288
7.500%	12/15/25		18			18,797
7.500%	02/15/26		4			3,523

SEE NOTES TO FINANCIAL STATEMENTS.

A97

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
8.500%		09/15/24			20	$	20,786
8.500%		04/15/25			2		2,192
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes
5.500%		09/18/33			300		412,400
Resolution Funding Corp. Interest Strips, Bonds
2.197%(s)		01/15/30			140		121,223
3.624%(s)		04/15/30			500		429,828
Resolution Funding Corp. Principal Strips, Bonds
1.875%(s)		01/15/30			285		248,170
3.143%(s)		04/15/30			2,305		1,994,705
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%		05/15/25			325		320,608
1.500%		09/15/31			50		48,960
2.875%		02/01/27			175		187,415
5.880%		04/01/36			230		336,071
6.750%		11/01/25			510		614,313
7.125%		05/01/30			530		753,415
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $85,980,398)							87,645,895
U.S. TREASURY OBLIGATIONS — 40.6%
U.S. Treasury Bonds
1.375%		11/15/40			6,870		6,255,994
2.000%		11/15/41			550		556,102
2.000%		08/15/51			440		449,212
2.250%		05/15/41			20,045		21,040,986
2.500%		02/15/46			1,415		1,564,017
2.500%		05/15/46			1,005		1,111,467
2.875%		05/15/43	(k)		1,515		1,761,187
3.625%		08/15/43			125		162,207
3.750%		11/15/43			3,645		4,822,791
U.S. Treasury Notes
0.125%		06/30/23			2,960		2,939,766
0.750%		05/31/26			2,125		2,082,168
0.875%		11/15/30			2,195		2,087,308
1.250%		04/30/28			7,905		7,835,831
1.250%		09/30/28			3,745		3,702,284
1.375%		11/15/31			530		523,375
1.500%		11/30/28			1,095		1,099,620
2.625%		02/15/29			2,380		2,573,375
3.125%		11/15/28			8,120		9,028,425
U.S. Treasury Strips Coupon
0.807%(s)		11/15/29			15		13,294
1.225%(s)		02/15/41			130		87,623
1.417%(s)		02/15/38			525		383,722
1.450%(s)		08/15/42			60		39,059
1.463%(s)		11/15/42			155		100,459
1.488%(s)		11/15/41			730		481,886
1.775%(s)		02/15/40			535		370,905
1.982%(s)		08/15/39			2,120		1,493,027
1.990%(s)		02/15/39			2,900		2,064,664
2.010%(s)		08/15/30			1,060		925,388
2.056%(s)		11/15/38			220		157,721
2.169%(s)		05/15/39			990		700,348
2.172%(s)		02/15/28	(k)		550		504,109
2.330%(s)		08/15/41			2,240		1,489,163
2.353%(s)		02/15/44			780		491,400

Interest Rate	Maturity Date				Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (continued)
2.361%(s)		05/15/41				1,945	$	1,302,466
2.365%(s)		05/15/44				2,790		1,752,687
2.370%(s)		05/15/29				510		456,271
2.415%(s)		11/15/40				525		356,672
2.416%(s)		05/15/42				80		52,356
2.434%(s)		11/15/45				345		209,897
2.436%(s)		02/15/46				390		236,300
2.443%(s)		08/15/44				210		131,094
2.452%(s)		08/15/43				1,145		729,982
2.486%(s)		02/15/45				200		123,320
2.506%(s)		11/15/43				4,315		2,734,463
2.857%(s)		05/15/31				500		429,492
3.176%(s)		08/15/40				800		546,062
3.979%(s)		02/15/42	(k)			3,945		2,590,139
TOTAL U.S. TREASURY OBLIGATIONS
(cost $88,291,885)								90,550,084
TOTAL LONG-TERM INVESTMENTS
(cost $213,919,913)								218,993,650
				Shares
SHORT-TERM INVESTMENT — 3.6%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $7,919,849)(wa)						7,919,849		7,919,849
TOTAL INVESTMENTS—101.6% (cost $221,839,762)								226,913,499
Liabilities in excess of other assets(z) — (1.6)%								(3,536,441	)
NET ASSETS —100.0%							$	223,377,058

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

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 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.

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

(r) Principal or notional amount is less than $500 par.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A98

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Futures contracts outstanding at December 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount	Value / Unrealized Appreciation (Depreciation)
Long Positions:
127	2 Year U.S. Treasury Notes		Mar. 2022	$27,707,828	$	(28,815)
312	5 Year U.S. Treasury Notes		Mar. 2022	37,744,687		114,812
429	10 Year U.S. Treasury Notes		Mar. 2022	55,971,094		347,517
38	30 Year U.S. Ultra Treasury Bonds		Mar. 2022	7,490,750		79,197
						512,711
Short Positions:
238	10 Year U.S. Ultra Treasury Notes		Mar. 2022	34,852,125		(597,201)
370	20 Year U.S. Treasury Bonds		Mar. 2022	59,361,875		(256,627)
						(853,828)
					$	(341,117)

Inflation swap agreements outstanding at December 31, 2021:

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at December 31, 2021		Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
1,940		01/13/26		2.152%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	—	$	(160,517)	$	(160,517)
5,820		02/02/26		2.295%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		(15,977)		(437,133)		(421,156)
2,910		02/18/26		2.370%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		—		(204,622)		(204,622)
						$	(15,977)	$	(802,272)	$	(786,295)

(1) The Portfolio pays the fixed rate and receives the floating rate. (2) The Portfolio pays the floating rate and receives the fixed rate.

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

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.		$	—		$	1,826,894

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 December 31, 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	$	—	$	25,717,831	$	—
Commercial Mortgage-Backed Securities		—		13,915,195		—
Corporate Bond		—		863,259		—
Residential Mortgage-Backed Securities		—		301,386		—
U.S. Government Agency Obligations		—		87,645,895		—
U.S. Treasury Obligations		—		90,550,084		—

SEE NOTES TO FINANCIAL STATEMENTS.

A99

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	7,919,849		$	—			$—
Total	$	7,919,849		$	218,993,650			$—
Other Financial Instruments*
Assets
Futures Contracts	$	541,526		$	—			$—
Liabilities
Futures Contracts	$	(882,643	)	$	—			$—
Centrally Cleared Inflation Swap Agreements		—			(786,295	)		—
Total	$	(882,643	)	$	(786,295	)		$—

* 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 December 31, 2021 were as follows (unaudited):

U.S. Treasury Obligations	40.6	%
U.S. Government Agency Obligations	39.2
Collateralized Loan Obligations	11.5
Commercial Mortgage-Backed Securities	6.2
Affiliated Mutual Fund	3.6
Diversified Financial Services	0.4

Residential Mortgage-Backed Securities	0.1	%
	101.6
Liabilities in excess of other assets	(1.6	)
	100.0	%

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

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

Fair values of derivative instruments as of December 31, 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	$	541,526	*	Due from/to broker-variation margin futures	$	882,643	*
Interest rate contracts	—		—		Due from/to broker-variation margin swaps		786,295	*
		$	541,526			$	1,668,938

* 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 year ended December 31, 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	)		$	697,800		$	201,040

SEE NOTES TO FINANCIAL STATEMENTS.

A100

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

(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	$	(684,347	)	$	(837,686	)

For the year ended December 31, 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)
$8,427	$9,000	$101,029,276	$76,958,188

Inflation Swap Agreements(2)	Interest Rate Swap Agreements(2)
$9,118,000	$2,474,000

(1) Cost.

(2) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended December 31, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.

A101

PSF PGIM GOVERNMENT INCOME PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value:
Unaffiliated investments (cost $213,919,913)	$	218,993,650
Affiliated investments (cost $7,919,849)		7,919,849
Receivable for investments sold		5,226,992
Interest receivable		566,209
Receivable for Portfolio shares sold		36,025
Due from broker-variation margin swaps		9,182
Prepaid expenses		2,049
Total Assets		232,753,956
LIABILITIES
Payable for investments purchased		9,045,212
Due to broker-variation margin futures		159,447
Accrued expenses and other liabilities		90,534
Management fee payable		76,365
Payable for Portfolio shares purchased		3,898
Affiliated transfer agent fee payable		980
Trustees’ fees payable		400
Distribution fee payable		62
Total Liabilities		9,376,898
NET ASSETS	$	223,377,058
Net assets were comprised of:
Partners’ Equity	$	223,377,058
Class I:
Net asset value and redemption price per share, $223,050,897 / 15,876,046 outstanding shares of beneficial interest	$	14.05
Class III:
Net asset value and redemption price per share, $326,161 / 23,249 outstanding shares of beneficial interest	$	14.03

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	4,214,925
Affiliated dividend income		15,877
Income from securities lending, net (including affiliated income of $3,172)		3,902
Total income		4,234,704
EXPENSES
Management fee		926,396
Distribution fee—Class III		261
Custodian and accounting fees		52,783
Audit fee		37,000
Shareholders’ reports		25,433
Legal fees and expenses		20,574
Trustees’ fees		12,429
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		21,160
Total expenses		1,106,718
NET INVESTMENT INCOME (LOSS)		3,127,986
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(2,349))		336,526
Futures transactions		697,800
Options written transactions		(48,216	)
Swap agreements transactions		201,040
		1,187,150
Net change in unrealized appreciation (depreciation) on:
Investments		(10,379,487	)
Futures		(684,347	)
Swap agreements		(837,686	)
		(11,901,520	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(10,714,370	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,586,384	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021				Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	3,127,986			$	3,887,409
Net realized gain (loss) on investment transactions			1,187,150				(1,986,929	)
Net change in unrealized appreciation (depreciation) on investments			(11,901,520	)			14,795,126
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(7,586,384	)			16,695,606
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			3,780,217				15,481,186
Portfolio shares purchased			(19,045,491	)			(24,541,321	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(15,265,274	)			(9,060,135	)
TOTAL INCREASE (DECREASE)			(22,851,658	)			7,635,471
NET ASSETS:
Beginning of year			246,228,716				238,593,245
End of year		$	223,377,058			$	246,228,716

SEE NOTES TO FINANCIAL STATEMENTS.

A102

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date	Principal Amount       (000)#		Value
REPURCHASE AGREEMENTS — 40.0%
Bank of America Securities, Inc., 0.050%, dated 12/31/21, due 01/03/22 in the amount of $63,569,265 collateralized by FHLMC (coupon rate 2.220%, maturity date 07/13/40) and FNMA (coupon rate 0.000%, maturity date 03/17/31), with the aggregate value, including accrued interest, of $64,840,906			63,569	$	63,569,000
Canadian Imperial Bank of Commerce 0.055%, dated 07/28/21, due 01/28/22 in the amount of $10,002,811 collateralized by FHLMC (coupon rate 3.000%, maturity dates 02/01/40-03/01/43), FNMA (coupon rates 2.000%-4.000%, maturity dates 01/01/35-10/01/51) and GNMA (coupon rates 3.000%-3.500%, maturity dates 07/20/47-12/20/51), with the aggregate value, including accrued interest, of $10,202,478			10,000		10,000,000
Canadian Imperial Bank of Commerce, 0.055%, dated 12/23/21, due 02/23/22 in the amount of $25,002,368 collateralized by FHLMC (coupon rate 3.000%, maturity date 02/01/40), FNMA (coupon rates 2.000%-4.000%, maturity dates 05/01/47-05/01/51) and GNMA (coupon rate 3.000%, maturity date 04/20/51), with the aggregate value, including accrued interest, of $25,500,429			25,000		25,000,000
Goldman Sachs &Co., 0.055%, dated 12/28/21, due 01/04/22 in the amount of $40,000,428 collateralized by FHLMC (coupon rates 2.000%-3.500%, maturity dates 02/01/36-10/01/51), FNMA (coupon rates 3.000%-5.500%, maturity dates 11/01/25-10/01/41) and GNMA (coupon rates 3.000%-5.500%, maturity dates 07/15/23-12/20/51), with the aggregate value, including accrued interest, of $40,800,000			40,000		40,000,000
ING Financial Markets LLC 0.065%, dated 11/24/21, due 02/17/22 in the amount of $20,003,069 collateralized by FHLMC (coupon rates 1.500%-4.500%, maturity dates 11/01/29-10/01/51) 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

Interest     Rate	Maturity         Date	Principal Amount       (000)#		Value
REPURCHASE AGREEMENTS (continued)
RBC Dominion Securities, Inc., 0.055%, dated 12/06/21, due 01/05/22 in the amount of $5,000,229 collateralized by FHLMC (coupon rate 2.500%, maturity date 12/01/51), FNMA (coupon rate 4.500%, maturity date 07/01/48), GNMA (coupon rates 2.000%-4.000%, maturity dates 11/20/43-10/20/51) and U.S. Treasury Securities (coupon rates 0.125%-3.375%, maturity dates 05/31/22-02/15/50), with the aggregate value, including accrued interest, of $5,100,018			5,000	$	5,000,000
RBC Dominion Securities, Inc., 0.055%, dated 12/07/21, due 01/10/22 in the amount of $10,000,519 collateralized by FHLMC (coupon rate 2.500%, maturity date 12/01/51), FNMA (coupon rates 3.000%-5.000%, maturity dates 04/01/38-01/01/50), GNMA (coupon rates 2.000%-4.500%, maturity dates 08/15/39-06/20/51) and U.S. Treasury Securities (coupon rates 0.000%-6.500%, maturity dates 03/31/22-02/15/50), with the aggregate value, including accrued interest, of $10,200,023			10,000		10,000,000
RBC Dominion Securities, Inc., 0.050%, dated 12/31/21, due 01/03/22 in the amount of $66,000,275 collateralized by FHLMC (coupon rate 3.000%, maturity date 10/01/49), FNMA (coupon rates 3.500%-5.000%, maturity dates 10/01/40-06/01/49), GNMA (coupon rates 3.000%-4.500%, maturity dates 09/15/40-06/20/51) and U.S. Treasury Securities (coupon rates 0.000%-6.250%, maturity dates 02/28/22-02/15/50), with the aggregate value, including accrued interest, of $67,320,000			66,000		66,000,000
Standard Chartered Bank, 0.050%, dated 12/31/21, due 01/03/22 in the amount of $75,000,313 collateralized by FHLMC (coupon rate 2.000%, maturity date 07/01/51), FNMA (coupon rate 2.000%, maturity date 07/01/51) and U.S. Treasury Securities (coupon rate 2.250%, maturity date 02/15/27), with the aggregate value, including accrued interest, of $76,500,418			75,000		75,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

A103

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date		Principal Amount       (000)#		Value
REPURCHASE AGREEMENTS (continued)
TD Securities LLC, 0.050%, dated 12/31/21, due 01/03/22 in the amount of $33,000,138 collateralized by U.S. Treasury Securities (coupon rates 2.000%-2.250%, maturity dates 04/15/22-11/15/26), with the aggregate value, including accrued interest, of $33,660,078				33,000	$	33,000,000
TOTAL REPURCHASE AGREEMENTS
(amortized cost $347,569,000)						347,569,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 18.0%
Federal Farm Credit Bank
0.140%		04/08/22		2,385		2,385,000
0.375%		04/08/22		375		375,249
Federal Farm Credit Bank, 1 Month LIBOR +0.240% (Cap N/A, Floor 0.000%)
0.344%(c)		01/18/22		8,000		8,001,052
Federal Farm Credit Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)
0.080%(c)		05/13/22		20,000		19,999,632
Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)
0.090%(c)		07/08/22		6,000		5,999,843
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 Home Loan Bank
0.035%		02/01/22		9,000		8,999,877
0.050%		01/25/22		13,000		12,999,978
0.050%		01/28/22		9,000		9,000,000
0.050%		02/18/22		17,500		17,499,954
0.050%		02/23/22		14,000		13,999,877
0.060%		03/29/22		12,500		12,499,618
0.060%(n)		04/22/22		9,000		8,998,335
0.065%(n)		03/25/22		18,000		17,997,302
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 Mortgage Corp.
2.375%		01/13/22		450		450,339
Federal National Mortgage Assoc.
1.375%		09/06/22		965		973,398
Federal National Mortgage Assoc., SOFR +0.220% (Cap N/A, Floor 0.000%)
0.270%(c)		05/09/22		3,000		3,002,241
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(amortized cost $156,181,695)						156,181,695

Interest     Rate	Maturity         Date	Principal Amount       (000)#		Value
U.S. TREASURY OBLIGATIONS(n) — 46.2%
U.S. Cash Management Bills
0.051%	03/22/22		18,000	$	17,997,980
0.090%	04/19/22		12,000		11,996,760
0.097%	04/26/22		34,000		33,989,474
U.S. Treasury Bills
0.047%	02/22/22		22,000		21,998,496
0.048%	01/20/22		12,000		11,999,696
0.050%	02/08/22		12,000		11,999,367
0.051%	01/27/22		15,000		14,999,453
0.052%	02/01/22		17,000		16,999,313
0.053%	01/18/22		9,000		8,999,777
0.053%	02/03/22		9,000		8,999,567
0.053%	02/10/22		11,000		10,999,358
0.055%	03/17/22		25,000		24,997,123
0.056%	01/06/22		22,000		21,999,829
0.056%	03/01/22		17,000		16,998,532
0.058%	01/11/22		22,000		21,999,645
0.061%	03/10/22		51,500		51,494,093
0.066%	01/04/22		13,000		12,999,928
0.067%	03/24/22		59,000		58,991,057
0.083%	03/31/22		15,000		14,996,941
0.084%	05/26/22		6,000		5,997,964
TOTAL U.S. TREASURY OBLIGATIONS
(amortized cost $(401,454,353)					401,454,353
TOTAL INVESTMENTS—104.2%
(amortized cost $905,205,048)					905,205,048
Liabilities in excess of other assets — (4.2)%					(36,367,394	)
NET ASSETS — 100.0%				$	868,837,654

See the Glossary for a list of the abbreviation(s) used in the annual 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 December 31, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

A104

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Repurchase Agreements	$	—	$	347,569,000	$	—
U.S. Government Agency Obligations		—		156,181,695		—
U.S. Treasury Obligations		—		401,454,353		—
Total	$	—	$	905,205,048	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

U.S. Treasury Obligations	46.2	%
Repurchase Agreements	40.0
U.S. Government Agency Obligations	18.0
	104.2
Liabilities in excess of other assets	(4.2	)
	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.		$	63,569,000		$	(63,569,000	)		$	—
Repurchase Agreements	Canadian Imperial Bank of Commerce			35,000,000			(35,000,000	)			—
Repurchase Agreements	Goldman Sachs & Co.			40,000,000			(40,000,000	)			—
Repurchase Agreements	ING Financial Markets LLC			20,000,000			(20,000,000	)			—
Repurchase Agreements	RBC Dominion Securities, Inc.			81,000,000			(81,000,000	)			—
Repurchase Agreements	Standard Chartered Bank			75,000,000			(75,000,000	)			—
Repurchase Agreements	TD Securities LLC			33,000,000			(33,000,000	)			—
			$	347,569,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

A105

PSF PGIM GOVERNMENT MONEY MARKET  PORTFOLIO (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments, at amortized cost which approximates fair value:	$	557,636,048
Repurchase Agreements (amortized cost $347,569,000)		347,569,000
Cash		125
Receivable for Portfolio shares sold		2,244,862
Interest receivable		36,940
Prepaid expenses		6,379
Total Assets		907,493,354
LIABILITIES
Payable for investments purchased		33,997,845
Payable for Portfolio shares purchased		4,540,828
Accrued expenses and other liabilities		69,264
Management fee payable		46,094
Affiliated transfer agent fee payable		980
Trustees’ fees payable		689
Total Liabilities		38,655,700
NET ASSETS	$	868,837,654
Net assets were comprised of: Partners’ Equity	$	868,837,654
Class I:
Net asset value and redemption price per share, $724,844,177 / 72,481,499 outstanding shares of beneficial interest	$	10.00
Class III:
Net asset value and redemption price per share, $143,993,477 / 14,399,507 outstanding shares of beneficial interest	$	10.00

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
Interest income	$	523,069
EXPENSES
Management fee		2,598,650
Distribution fee—Class III		295,205
Custodian and accounting fees		81,876
Shareholders’ reports		29,824
Audit fee		26,800
Legal fees and expenses		23,765
Trustees’ fees		20,599
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		20,213
Total expenses		3,107,614
Less: Fee waivers and/or expense reimbursement		(2,289,340	)
Less: Distribution fee waiver—Class III		(295,205	)
Net expenses		523,069
NET INVESTMENT INCOME (LOSS)		—
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions		381,775
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	381,775

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 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		381,775			27,206
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		381,775			1,791,941
DISTRIBUTIONS
Class I		(331,630	)		(1,791,854	)
Class III		(50,145	)		(87	)
		(381,775	)		(1,791,941	)
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		1,118,916,318			850,786,598
Portfolio shares issued in reinvestment of distributions		381,775			1,791,941
Portfolio shares purchased		(1,108,241,533	)		(594,349,211	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		11,056,560			258,229,328
TOTAL INCREASE (DECREASE)		11,056,560			258,229,328
NET ASSETS:
Beginning of year		857,781,094			599,551,766
End of year	$	868,837,654		$	857,781,094

SEE NOTES TO FINANCIAL STATEMENTS.

A106

PSF PGIM HIGH YIELD BOND  PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
LONG-TERM INVESTMENTS — 93.1%
BANK LOANS — 3.7%
Airlines — 0.5%
American Airlines, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.750%
5.500%(c)		04/20/28		1,078	$	1,116,000
United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750%
4.500%(c)		04/21/28		1,762		1,763,412
						2,879,412
Computers — 0.6%
McAfee LLC,
Term B USD Loan, 1 Month LIBOR + 3.750%
3.852%(c)		09/30/24		1,643		1,643,370
Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%
4.500%(c)		02/01/28		1,911		1,911,309
						3,554,679
Electric — 0.3%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%
7.000%(c)		07/30/26		1,933		1,546,461
Engineering & Construction — 0.0%
Landry’s Finance Acquisition Co.,
2020 Initial Term Loan, 1 Month LIBOR + 12.000%
13.000%(c)		10/04/23^		59		62,316
Entertainment — 0.1%
Scientific Games International, Inc.,
Initial Term B-5 Loan, 1 Month LIBOR + 2.750%
2.854%(c)		08/14/24		412		410,292
Housewares — 0.1%
Sunset Debt Merger Sub, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.000%
4.750%(c)		10/06/28		790		781,442
Insurance — 0.3%
Asurion LLC,
New B-4 Term Loan, 1 Month LIBOR + 5.250% (original cost $1,519,650; purchased 07/15/21)(f)
5.354%(c)		01/20/29		1,535		1,527,965
Media — 0.0%
Diamond Sports Group LLC,
Term Loan, 1 Month LIBOR + 3.250%
3.340%(c)		08/24/26		239		109,925
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		1,494,069
Citgo Petroleum Corp.,
2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%
7.250%(c)		03/28/24		754		751,809
						2,245,878
Pharmaceuticals — 0.0%
Gainwell Acquisition Corp.,
Term B Loan, 3 Month LIBOR + 4.000%
4.750%(c)		10/01/27		296		296,314

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
BANK LOANS (continued)
Retail — 0.2%
EG America LLC (United Kingdom),
Project Becker Additional Facility, 3 Month LIBOR + 4.250%
4.750%(c)		03/31/26			319	$	319,738
Great Outdoors Group LLC,
Term B-2 Loan, 3 Month LIBOR + 3.750%
4.500%(c)		03/06/28			569		569,439
							889,177
Software — 0.7%
Boxer Parent Co., Inc.,
2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750%
3.974%(c)		10/02/25			712		708,802
Second Lien Incremental Term Loan, 3 Month LIBOR + 5.500%
6.000%(c)		02/27/26			250		251,500
Finastra USA, Inc.,
Dollar Term Loan (Second Lien), 6 Month LIBOR + 7.250% (original cost $1,061,188; purchased 04/28/17 - 03/08/19)(f)
8.250%(c)		06/13/25			1,075		1,072,163
Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%
4.750%(c)		12/01/27			471		472,813
Rackspace Technology Global, Inc.,
2021 Term B Loan, 3 Month LIBOR + 2.750%
3.500%(c)		02/15/28			373		370,047
Skillsoft Finance II, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.750%
5.500%(c)		07/14/28			800		800,000
TIBCO Software, Inc.,
Term Loan B-3, 1 Month LIBOR + 3.750%
3.860%(c)		06/30/26			441		437,505
							4,112,830
Telecommunications — 0.5%
Intelsat Jackson Holdings SA (Luxembourg),
DIP Term Loan, 3 Month LIBOR + 4.750%
5.750%(c)		07/13/22			533		532,502
West Corp.,
Incremental B-1 Term Loan, 3 Month LIBOR + 3.500%
4.500%(c)		10/10/24			497		466,894
Initial Term B Loan, 3 Month LIBOR + 4.000%
5.000%(c)		10/10/24			132		124,677
Xplornet Communications, Inc. (Canada),
Refinancing Term Loan, 1 Month LIBOR + 4.000%
4.500%(c)		10/02/28			1,446		1,444,567
Second Lien Initial Term Loan, 3 Month LIBOR + 7.000%
7.500%(c)		10/01/29	^		265		262,350
							2,830,990
TOTAL BANK LOANS (cost $21,509,151)							21,247,681
CONVERTIBLE BOND — 0.1%
Telecommunications
Digicel Group Holdings Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A
7.000%		01/18/22	(oo)		454		393,580
(cost $46,396)

SEE NOTES TO FINANCIAL STATEMENTS.

A107

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS — 85.2%
Advertising — 0.5%
National CineMedia LLC,
Sr. Unsec’d. Notes
5.750%		08/15/26	(a)		775	$	600,646
Terrier Media Buyer, Inc.,
Gtd. Notes, 144A
8.875%		12/15/27	(a)		2,200		2,378,635
							2,979,281
Aerospace & Defense — 3.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
5.805%		05/01/50			2,725		3,688,875
5.930%		05/01/60			725		1,005,160
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%		02/15/28	(a)		1,025		1,027,572
7.125%		06/15/26			700		726,885
7.500%		12/01/24			2,600		2,701,359
7.500%		03/15/25			950		967,311
7.875%		04/15/27	(a)		3,625		3,759,091
Maxar Space Robotics LLC,
Sr. Sec’d. Notes, 144A
9.750%		12/31/23	(a)		761		819,807
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A
7.500%		04/15/25			800		841,727
TransDigm UK Holdings PLC,
Gtd. Notes
6.875%		05/15/26			600		627,935
TransDigm, Inc.,
Gtd. Notes
4.625%		01/15/29	(a)		550		548,335
5.500%		11/15/27			775		798,716
7.500%		03/15/27			150		156,924
Sr. Sec’d. Notes, 144A
6.250%		03/15/26	(a)		600		623,480
							18,293,177
Agriculture — 0.2%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		02/01/29			1,425		1,386,193
Airlines — 0.8%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A
11.750%		07/15/25			800		994,605
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%		04/20/26			125		130,089
5.750%		04/20/29			1,200		1,283,298
Hawaiian Brand Intellectual Property Ltd./
HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A
5.750%		01/20/26	(a)		425		445,723
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			990		1,032,964

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Airlines (cont’d.)
4.625%		04/15/29			440	$	456,350
							4,343,029
Apparel — 0.3%
Kontoor Brands, Inc.,
Gtd. Notes, 144A
4.125%		11/15/29			125		125,122
William Carter Co. (The),
Gtd. Notes, 144A
5.500%		05/15/25			625		651,741
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%		08/15/29			700		677,467
							1,454,330
Auto Manufacturers — 2.0%
Allison Transmission, Inc.,
Gtd. Notes, 144A
3.750%		01/30/31			275		267,571
Sr. Unsec’d. Notes, 144A
4.750%		10/01/27			175		181,915
5.875%		06/01/29			225		245,406
Ford Motor Co.,
Sr. Unsec’d. Notes
3.250%		02/12/32	(a)		575		588,658
4.750%		01/15/43			2,150		2,376,165
5.291%		12/08/46	(a)		3,600		4,223,540
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
4.000%		11/13/30	(a)		375		403,262
5.584%		03/18/24	(a)		625		673,452
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes,144A
7.750%		10/15/25	(a)		750		809,167
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A
9.500%		10/01/28			1,150		1,164,964
Wabash National Corp.,
Gtd. Notes, 144A
4.500%		10/15/28			350		353,071
							11,287,171
Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A
4.875%		08/15/26			2,175		2,226,811
American Axle & Manufacturing, Inc.,
Gtd. Notes
5.000%		10/01/29	(a)		1,025		1,006,080
6.250%		03/15/26	(a)		2,373		2,425,493
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A
5.625%		11/15/26	(a)		875		721,330
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%		04/15/25	(a)		475		487,465

SEE NOTES TO FINANCIAL STATEMENTS.

A108

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Auto Parts & Equipment (cont’d.)
Dana, Inc.,
Sr. Unsec’d. Notes
4.250%		09/01/30	(a)		475	$	483,845
4.500%		02/15/32			475		477,911
5.375%		11/15/27			175		183,747
5.625%		06/15/28			50		53,124
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
5.125%		04/15/29	(a)		1,150		1,133,543
7.875%		01/15/29			175		189,836
Titan International, Inc.,
Sr. Sec’d. Notes
7.000%		04/30/28	(a)		575		611,498
							10,000,683
Banks — 0.2%
Citigroup, Inc.,
Jr. Sub. Notes
3.875%(ff)		02/18/26	(oo)		600		600,567
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A
7.625%		05/01/26			550		561,678
							1,162,245
Building Materials — 1.8%
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A
6.125%		01/15/29	(a)		750		800,087
Griffon Corp.,
Gtd. Notes
5.750%		03/01/28	(a)		1,325		1,378,199
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.625%		12/15/25	(a)		350		353,740
Masonite International Corp.,
Gtd. Notes, 144A
3.500%		02/15/30			300		297,518
5.375%		02/01/28			375		394,013
Patrick Industries, Inc.,
Gtd. Notes, 144A
4.750%		05/01/29			375		375,167
7.500%		10/15/27			575		615,732
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A
6.000%		11/01/28	(a)		1,500		1,601,092
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
3.375%		01/15/31			600		578,552
4.375%		07/15/30	(a)		850		868,121
4.750%		01/15/28	(a)		825		853,428
5.000%		02/15/27			790		813,162
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A
5.250%		01/15/29	(a)		720		753,863
6.500%		03/15/27			300		311,798
							9,994,472

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Chemicals — 3.2%
Ashland LLC,
Gtd. Notes
6.875%		05/15/43			1,705	$	2,191,765
Chemours Co. (The),
Gtd. Notes
5.375%		05/15/27	(a)		670		720,253
Gtd. Notes, 144A
4.625%		11/15/29	(a)		425		421,486
5.750%		11/15/28	(a)		925		967,524
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A
6.750%		08/15/24	(a)		1,110		987,491
Diamond BC BV,
Gtd. Notes, 144A
4.625%		10/01/29			175		173,575
EverArc Escrow Sarl,
Sr. Sec’d. Notes, 144A
5.000%		10/30/29			375		375,326
Hexion, Inc.,
Gtd. Notes, 144A
7.875%		07/15/27			1,000		1,058,173
Ingevity Corp.,
Gtd. Notes, 144A
3.875%		11/01/28			200		195,025
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
5.250%		06/01/27	(a)		506		539,650
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A
4.250%		10/01/28			500		492,953
Sr. Unsec’d. Notes, 144A
6.250%		10/01/29			275		269,833
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A
7.250%		04/01/25			1,180		1,205,731
SCIH Salt Holdings, Inc.,
Sr. Unsec’d. Notes, 144A
6.625%		05/01/29	(a)		200		188,132
SPCM SA (France),
Sr. Unsec’d. Notes, 144A
3.375%		03/15/30			425		410,219
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A (original cost $1,419,738; purchased 07/19/19 - 08/21/20)(f)
10.500%		08/01/24	(a)		1,510		1,093,495
Sr. Sec’d. Notes, 144A (original cost $364,802; purchased 02/01/21)(f)
10.875%		08/01/24			372		395,060
Tronox, Inc.,
Gtd. Notes, 144A
4.625%		03/15/29			1,685		1,680,793
Sr. Sec’d. Notes, 144A
6.500%		05/01/25	(a)		550		581,637
Unifrax Escrow Issuer Corp.,
Sr. Sec’d. Notes, 144A
5.250%		09/30/28			275		278,421
Sr. Unsec’d. Notes, 144A
7.500%		09/30/29			175		177,652

SEE NOTES TO FINANCIAL STATEMENTS.

A109

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Chemicals (cont’d.)
Valvoline, Inc.,
Gtd. Notes, 144A
4.250%		02/15/30			450	$	459,178
Sr. Unsec’d. Notes, 144A
3.625%		06/15/31			325		316,618
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A
5.750%		07/15/25	(a)		1,480		1,415,907
Sr. Sec’d. Notes, 144A
9.500%		07/01/25			500		545,745
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A
4.875%		06/15/27			500		513,572
5.625%		10/01/24			100		105,260
Sr. Unsec’d. Notes, 144A
5.625%		08/15/29	(a)		475		487,971
							18,248,445
Coal — 0.1%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
10.750%		05/15/26			363		390,569
Commercial Services — 4.2%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A
5.500%		03/01/28			700		683,128
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%		07/15/26			985		1,033,161
Sr. Unsec’d. Notes, 144A
6.000%		06/01/29	(a)		1,425		1,385,634
9.750%		07/15/27	(a)		1,425		1,523,269
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%		06/01/28			1,060		1,059,148
4.625%		06/01/28			415		407,395
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A
5.625%		04/15/26			375		383,970
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%		04/15/29			225		227,700
4.625%		10/01/27			250		259,195
APi Escrow Corp.,
Gtd. Notes, 144A
4.750%		10/15/29			325		330,228
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A
4.750%		04/01/28	(a)		550		563,113
5.750%		07/15/27	(a)		575		598,580
Brink’s Co. (The),
Gtd. Notes, 144A
5.500%		07/15/25			305		318,672
Carriage Services, Inc.,
Gtd. Notes, 144A
4.250%		05/15/29			275		275,262

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Commercial Services (cont’d.)
Gartner, Inc.,
Gtd. Notes, 144A
3.625%		06/15/29			325	$	328,634
3.750%		10/01/30			225		228,723
Hertz Corp. (The),
Gtd. Notes, 144A
4.625%		12/01/26			225		226,907
5.000%		12/01/29			425		426,115
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A
6.500%		05/15/29	(a)		1,375		1,347,312
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.500%		09/01/28	(a)		1,250		1,266,635
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A
5.500%		04/15/29			650		672,166
Nielsen Co. Luxembourg Sarl (The),
Gtd. Notes, 144A
5.000%		02/01/25			395		401,146
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes, 144A
5.625%		10/01/28			465		480,111
5.875%		10/01/30			35		36,954
Service Corp. International,
Sr. Unsec’d. Notes
4.000%		05/15/31			950		969,398
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			450		453,561
3.875%		02/15/31			325		330,050
4.000%		07/15/30			275		283,928
4.875%		01/15/28			3,575		3,756,481
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A
9.750%		08/15/26	(a)		3,250		3,434,267
							23,690,843
Computers — 0.4%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A
5.375%		10/31/26			200		206,670
NCR Corp.,
Gtd. Notes, 144A
5.000%		10/01/28	(a)		325		334,901
5.125%		04/15/29	(a)		650		672,118
5.250%		10/01/30	(a)		835		859,380
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A
5.750%		06/01/25			300		311,121
							2,384,190
Distribution/Wholesale — 0.3%
H&E Equipment Services,Inc.,
Gtd. Notes, 144A
3.875%		12/15/28	(a)		1,650		1,641,095

SEE NOTES TO FINANCIAL STATEMENTS.

A110

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services — 2.9%
Alliance Data Systems Corp.,
Gtd. Notes, 144A
4.750%		12/15/24			800	$	814,880
goeasy Ltd. (Canada),
Gtd. Notes, 144A
4.375%		05/01/26			400		408,622
5.375%		12/01/24			100		102,783
Home Point Capital, Inc.,
Gtd. Notes, 144A
5.000%		02/01/26	(a)		600		555,954
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A
5.000%		08/15/28			1,050		1,076,989
LD Holdings Group LLC,
Gtd. Notes, 144A
6.125%		04/01/28	(a)		925		873,227
LFS Topco LLC,
Gtd. Notes, 144A
5.875%		10/15/26			225		233,322
LPL Holdings, Inc.,
Gtd. Notes, 144A
4.000%		03/15/29	(a)		1,050		1,077,221
4.375%		05/15/31			500		511,568
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.125%		12/15/30	(a)		1,650		1,642,795
5.500%		08/15/28			475		488,566
6.000%		01/15/27			435		452,776
Navient Corp.,
Sr. Unsec’d. Notes
5.500%		03/15/29			700		700,526
OneMain Finance Corp.,
Gtd. Notes
3.875%		09/15/28			325		319,132
4.000%		09/15/30	(a)		375		368,700
6.625%		01/15/28	(a)		1,125		1,267,105
6.875%		03/15/25			1,275		1,420,426
7.125%		03/15/26			2,550		2,916,889
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%		02/15/29			425		408,127
5.375%		10/15/25			575		590,196
							16,229,804
Electric — 4.2%
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%		02/01/29	(a)		1,632		1,617,959
5.000%		02/01/31	(a)		1,925		1,943,697
5.125%		03/15/28			4,900		4,978,968
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A (original cost $690,294; purchased 01/17/19 - 12/01/21)(f)
13.000%		06/01/24			690		484,985

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Mirant Corp.,
Sr. Unsec’d. Notes, 144A (original cost $1; purchased 01/02/02)(f)
0.000%(cc)		07/15/49^			250	$	250
NRG Energy, Inc.,
Gtd. Notes
5.750%		01/15/28			525		554,392
6.625%		01/15/27			442		459,859
Gtd. Notes, 144A
3.375%		02/15/29			275		269,178
3.625%		02/15/31	(a)		675		661,199
3.875%		02/15/32			950		934,453
5.250%		06/15/29	(a)		775		829,732
PG&E Corp.,
Sr. Sec’d. Notes
5.000%		07/01/28	(a)		935		982,999
5.250%		07/01/30	(a)		2,705		2,835,970
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)		12/15/26	(oo)		800		811,669
8.000%(ff)		10/15/26	(oo)		1,150		1,216,497
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27	(a)		1,515		1,572,708
5.500%		09/01/26	(a)		1,350		1,389,063
5.625%		02/15/27			1,458		1,507,546
Sr. Unsec’d. Notes, 144A
4.375%		05/01/29			925		928,494
							23,979,618
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.,
Gtd. Notes, 144A
4.375%		03/31/29			200		195,340
4.750%		06/15/28			225		229,523
WESCO Distribution, Inc.,
Gtd. Notes, 144A
7.125%		06/15/25	(a)		500		529,548
7.250%		06/15/28	(a)		835		918,100
							1,872,511
Electronics — 0.3%
Brightstar Escrow Corp.,
Sr. Sec’d. Notes, 144A
9.750%		10/15/25			945		1,014,577
II-VI, Inc.,
Gtd. Notes, 144A
5.000%		12/15/29			250		255,567
Sensata Technologies, Inc.,
Gtd. Notes, 144A
3.750%		02/15/31			250		249,468
							1,519,612
Engineering & Construction — 0.4%
AECOM,
Gtd. Notes
5.125%		03/15/27			575		625,906

SEE NOTES TO FINANCIAL STATEMENTS.

A111

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Engineering & Construction (cont’d.)
Artera Services LLC,
Sr. Sec’d. Notes, 144A
9.033%		12/04/25	(a)		550	$	579,582
TopBuild Corp.,
Gtd. Notes, 144A
3.625%		03/15/29			500		503,812
4.125%		02/15/32	(a)		325		333,387
							2,042,687
Entertainment — 3.5%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%
10.000%		06/15/26			492		486,789
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
6.250%		07/01/25			405		425,398
Sr. Unsec’d. Notes, 144A
4.625%		10/15/29	(a)		500		502,840
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.375%		05/01/26			450		472,503
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operations LLC,
Gtd. Notes
6.500%		10/01/28			125		133,380
Churchill Downs, Inc.,
Gtd. Notes, 144A
5.500%		04/01/27			325		337,600
Everi Holdings, Inc.,
Gtd. Notes, 144A
5.000%		07/15/29			125		126,821
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
7.625%		04/15/26	(a)		2,025		2,120,192
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
5.250%		01/15/29	(a)		700		742,587
6.250%		01/15/27			450		504,465
6.500%		02/15/25	(a)		975		1,067,038
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A
7.875%		02/01/24	(a)		1,325		1,353,284
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
4.875%		05/01/29			850		862,609
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A
6.625%		11/15/27	(a)		1,300		1,313,516
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.,
Sr. Unsec’d. Notes, 144A
8.500%		11/15/27			1,100		1,193,520
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A
4.125%		07/01/29			250		243,360
5.625%		01/15/27	(a)		1,650		1,697,648

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Entertainment (cont’d.)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A
5.625%		09/01/29			550	$	546,369
5.875%		09/01/31			825		828,617
Scientific Games International, Inc.,
Gtd. Notes, 144A
8.250%		03/15/26			2,847		3,001,339
8.625%		07/01/25			725		776,013
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
5.125%		10/01/29	(a)		770		783,182
Sr. Unsec’d. Notes, 144A
7.750%		04/15/25	(a)		225		236,250
							19,755,320
Environmental Control — 0.1%
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A
4.000%		08/01/28			200		196,274
4.375%		08/15/29	(a)		450		445,970
Madison IAQ LLC,
Sr. Unsec’d. Notes, 144A
5.875%		06/30/29			125		125,013
							767,257
Foods — 3.1%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
3.500%		03/15/29	(a)		125		125,095
B&G Foods, Inc.,
Gtd. Notes
5.250%		09/15/27	(a)		1,460		1,510,308
C&S Group Enterprises LLC,
Gtd. Notes, 144A
5.000%		12/15/28	(a)		625		590,005
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A
7.500%		04/15/25			225		231,899
Sr. Sec’d. Notes, 144A
4.625%		11/15/28			450		462,481
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A
6.750%		02/15/28			450		485,919
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A
6.500%		04/15/29			688		757,788
Sr. Unsec’d. Notes, 144A
5.500%		01/15/30			950		1,033,343
Kraft Heinz Foods Co.,
Gtd. Notes
4.375%		06/01/46			1,675		1,965,770
4.875%		10/01/49			750		944,625
5.000%		07/15/35			163		199,510
5.000%		06/04/42			300		373,462
5.200%		07/15/45			250		318,686
5.500%		06/01/50	(a)		750		1,016,753

SEE NOTES TO FINANCIAL STATEMENTS.

A112

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
CORPORATE BONDS (continued)
Foods (cont’d.)
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%	01/31/30(a)		575	$	590,681
4.375%	01/31/32(a)		575		593,221
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
3.500%	03/01/32		300		304,209
4.250%	04/15/31(a)		475		499,188
5.875%	09/30/27(a)		2,150		2,270,012
Post Holdings, Inc.,
Gtd. Notes, 144A
4.625%	04/15/30(a)		1,160		1,177,300
5.500%	12/15/29		475		499,311
Sr. Unsec’d. Notes, 144A
4.500%	09/15/31(a)		1,250		1,240,609
U.S. Foods, Inc.,
Gtd. Notes, 144A
4.750%	02/15/29(a)		325		330,518
					17,520,693
Gas — 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.500%	05/20/25(a)		1,475		1,580,779
5.750%	05/20/27		1,475		1,636,162
5.875%	08/20/26(a)		975		1,090,575
					4,307,516
Healthcare-Products — 0.4%
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29(a)		1,375		1,370,216
Sr. Unsec’d. Notes, 144A
5.250%	10/01/29(a)		1,025		1,040,959
					2,411,175
Healthcare-Services — 4.2%
Catalent Pharma Solutions, Inc.,
Gtd. Notes, 144A
3.125%	02/15/29		250		246,643
3.500%	04/01/30(a)		450		449,135
DaVita, Inc.,
Gtd. Notes, 144A
3.750%	02/15/31(a)		1,825		1,780,068
4.625%	06/01/30(a)		1,900		1,950,433
HCA, Inc.,
Gtd. Notes
3.500%	09/01/30		250		264,041
7.050%	12/01/27		1,750		2,158,701
7.500%	11/06/33		750		1,079,901
Gtd. Notes, MTN
7.750%	07/15/36		400		550,346
LifePoint Health, Inc.,
Gtd. Notes, 144A
5.375%	01/15/29		1,025		1,018,033

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
MEDNAX, Inc.,
Gtd. Notes, 144A
6.250%	01/15/27(a)		1,275	$	1,337,379
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A
7.250%	11/01/25		1,175		1,246,713
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A
9.750%	12/01/26		2,175		2,294,796
Tenet Healthcare Corp.,
Gtd. Notes, 144A
6.125%	10/01/28(a)		1,325		1,400,012
Sec’d. Notes, 144A
6.250%	02/01/27(a)		1,325		1,371,108
Sr. Sec’d. Notes, 144A
4.250%	06/01/29(a)		1,850		1,883,146
4.375%	01/15/30		850		861,637
4.875%	01/01/26		275		282,519
Sr. Unsec’d. Notes
6.750%	06/15/23(a)		450		481,474
6.875%	11/15/31(a)		2,550		2,914,948
					23,571,033
Home Builders — 4.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A
4.625%	08/01/29		725		724,354
4.625%	04/01/30		200		198,513
Beazer Homes USA, Inc.,
Gtd. Notes
5.875%	10/15/27(a)		1,225		1,282,113
6.750%	03/15/25(a)		850		872,067
7.250%	10/15/29(a)		1,625		1,812,053
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
4.875%	02/15/30(a)		1,175		1,201,856
6.250%	09/15/27(a)		625		654,940
Sr. Unsec’d. Notes, 144A
5.000%	06/15/29		625		638,742
Century Communities, Inc.,
Gtd. Notes
6.750%	06/01/27		325		342,272
Gtd. Notes, 144A
3.875%	08/15/29(a)		625		630,364
Forestar Group, Inc.,
Gtd. Notes, 144A
3.850%	05/15/26		350		351,191
5.000%	03/01/28(a)		500		514,005
KB Home,
Gtd. Notes
4.000%	06/15/31(a)		625		649,031
4.800%	11/15/29		450		490,861
6.875%	06/15/27(a)		1,050		1,240,455
M/I Homes, Inc.,
Gtd. Notes
4.950%	02/01/28		625		650,733

SEE NOTES TO FINANCIAL STATEMENTS.

A113

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Home Builders (cont’d.)
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%		03/01/30			1,150	$	1,171,579
5.250%		12/15/27			650		683,439
Meritage Homes Corp.,
Gtd. Notes
5.125%		06/06/27			525		579,390
6.000%		06/01/25			1,125		1,257,936
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A
4.750%		02/15/28	(a)		550		562,893
4.750%		04/01/29			700		716,398
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
7.500%		02/15/26			700		740,847
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			625		701,057
6.625%		07/15/27			1,875		1,974,866
Sr. Unsec’d. Notes, 144A
5.125%		08/01/30	(a)		1,242		1,373,653
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A
5.875%		04/15/23	(a)		1,150		1,201,836
Tri Pointe Homes, Inc.,
Gtd. Notes
5.700%		06/15/28	(a)		690		759,741
							23,977,185
Home Furnishings — 0.1%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A
4.000%		04/15/29			550		560,784
Household Products/Wares — 0.5%
ACCO Brands Corp.,
Gtd. Notes, 144A
4.250%		03/15/29	(a)		1,075		1,067,700
Central Garden & Pet Co.,
Gtd. Notes, 144A
4.125%		04/30/31			175		176,051
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A
7.000%		12/31/27	(a)		825		784,050
Sr. Sec’d. Notes, 144A
5.000%		12/31/26			150		148,075
Spectrum Brands, Inc.,
Gtd. Notes, 144A
5.000%		10/01/29			800		841,054
							3,016,930
Housewares — 0.4%
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.500%		10/15/29			150		156,168
Gtd. Notes, 144A
4.000%		04/01/31	(a)		975		961,679
4.375%		02/01/32			275		274,252

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Housewares (cont’d.)
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A
6.500%		10/01/29			1,200	$	1,152,594
							2,544,693
Insurance — 0.3%
Acrisure LLC/Acrisure Finance, Inc.,
Sr. Unsec’d. Notes, 144A
6.000%		08/01/29	(a)		750		740,434
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A
4.875%		06/30/29			300		303,567
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A
5.875%		04/15/29			675		662,580
							1,706,581
Internet — 0.4%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A
3.875%		09/15/27			275		266,875
Sr. Unsec’d. Notes, 144A
5.625%		09/15/28			600		592,022
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A
3.500%		03/01/29	(a)		400		397,102
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%		04/15/25			875		882,574
							2,138,573
Iron/Steel — 0.4%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%		01/31/29			863		935,555
TMS International Corp.,
Sr. Unsec’d. Notes, 144A
6.250%		04/15/29			125		124,523
United States Steel Corp.,
Sr. Unsec’d. Notes
6.875%		03/01/29	(a)		950		1,021,669
							2,081,747
Leisure Time — 0.3%
NCL Corp. Ltd.,
Sr. Sec’d. Notes, 144A
10.250%		02/01/26	(a)		651		756,904
12.250%		05/15/24			81		95,915
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%		09/15/27			250		237,851
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A
5.625%		02/15/29			150		147,466

SEE NOTES TO FINANCIAL STATEMENTS.

A114

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Leisure Time (cont’d.)
Vista Outdoor, Inc.,
Gtd. Notes, 144A
4.500%		03/15/29			525	$	531,699
							1,769,835
Lodging — 1.7%
Boyd Gaming Corp.,
Gtd. Notes
4.750%		12/01/27	(a)		550		565,316
Gtd. Notes, 144A
4.750%		06/15/31			275		281,881
8.625%		06/01/25			111		118,852
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A
3.625%		02/15/32	(a)		925		920,986
3.750%		05/01/29	(a)		375		377,891
4.000%		05/01/31	(a)		725		742,550
5.375%		05/01/25			150		155,958
MGM Resorts International,
Gtd. Notes
4.625%		09/01/26			250		260,969
4.750%		10/15/28			2,000		2,069,014
5.500%		04/15/27	(a)		625		670,013
6.750%		05/01/25	(a)		1,250		1,311,301
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
5.875%		05/15/25			325		324,835
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.125%		12/15/29	(a)		675		601,156
5.625%		08/26/28	(a)		1,350		1,242,512
							9,643,234
Machinery-Construction & Mining — 0.1%
Terex Corp.,
Gtd. Notes, 144A
5.000%		05/15/29	(a)		550		565,786
Machinery-Diversified — 0.5%
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.625%		12/15/28	(a)		625		635,067
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
10.125%		08/01/24			1,504		1,543,070
TK Elevator Holdco GmbH (Germany),
Gtd. Notes, 144A
7.625%		07/15/28			200		214,091
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A
5.250%		07/15/27	(a)		424		445,344
							2,837,572
Media — 6.7%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%		05/01/32	(a)		3,040		3,133,802

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Sr. Unsec’d. Notes, 144A
4.250%		02/01/31	(a)		4,175	$	4,219,497
4.500%		06/01/33	(a)		800		816,541
4.750%		03/01/30	(a)		2,375		2,475,880
5.000%		02/01/28	(a)		930		964,250
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%		02/15/31	(a)		1,190		1,114,122
4.125%		12/01/30	(a)		575		561,894
5.375%		02/01/28	(a)		575		594,402
Sr. Unsec’d. Notes, 144A
4.625%		12/01/30	(a)		3,275		3,098,748
5.000%		11/15/31			310		299,284
5.750%		01/15/30			1,350		1,349,814
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A
6.625%		08/15/27	(a)		6,370		1,781,161
Sr. Sec’d. Notes, 144A
5.375%		08/15/26	(a)		2,085		1,039,637
DISH DBS Corp.,
Gtd. Notes
5.000%		03/15/23			285		291,978
5.125%		06/01/29	(a)		1,025		932,628
7.375%		07/01/28	(a)		475		482,241
7.750%		07/01/26	(a)		3,925		4,145,987
Gray Television, Inc.,
Gtd. Notes, 144A
5.875%		07/15/26			1,335		1,380,861
iHeartCommunications, Inc.,
Gtd. Notes
8.375%		05/01/27			190		200,506
Sr. Sec’d. Notes
6.375%		05/01/26	(a)		325		338,876
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A
5.375%		08/15/27			300		309,512
News Corp.,
Sr. Unsec’d. Notes, 144A
3.875%		05/15/29	(a)		425		429,805
Nexstar Media, Inc.,
Gtd. Notes, 144A
4.750%		11/01/28	(a)		400		409,128
5.625%		07/15/27			340		358,346
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.500%		09/15/26	(a)		505		511,804
Sr. Unsec’d. Notes, 144A
6.500%		09/15/28			1,175		1,180,660
Scripps Escrow II, Inc.,
Sr. Sec’d. Notes, 144A
3.875%		01/15/29			250		251,288
Sr. Unsec’d. Notes, 144A
5.375%		01/15/31			500		509,473
Scripps Escrow, Inc.,
Gtd. Notes, 144A
5.875%		07/15/27	(a)		425		446,574

SEE NOTES TO FINANCIAL STATEMENTS.

A115

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Sinclair Television Group, Inc.,
Gtd. Notes, 144A
5.125%		02/15/27			285	$	277,391
5.875%		03/15/26	(a)		625		634,592
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
4.500%		05/01/29	(a)		520		526,578
5.125%		02/15/25	(a)		1,760		1,777,578
6.625%		06/01/27			1,275		1,372,563
							38,217,401
Metal Fabricate/Hardware — 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%		10/15/29	(a)		475		485,251
Mining — 2.3%
Constellium SE,
Gtd. Notes, 144A
5.875%		02/15/26			1,175		1,190,637
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A
6.250%		09/01/29			1,200		1,218,101
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.500%		03/01/24			710		719,145
6.875%		10/15/27			890		959,013
7.250%		04/01/23	(a)		935		945,170
7.500%		04/01/25			1,775		1,825,642
Freeport-McMoRan, Inc.,
Gtd. Notes
4.375%		08/01/28	(a)		825		865,603
4.625%		08/01/30	(a)		255		273,443
Hecla Mining Co.,
Gtd. Notes
7.250%		02/15/28	(a)		575		616,801
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A
4.500%		04/01/26			300		300,135
6.125%		04/01/29	(a)		995		1,055,203
IAMGOLD Corp. (Burkina Faso),
Gtd. Notes, 144A
5.750%		10/15/28	(a)		480		473,142
New Gold, Inc. (Canada),
Gtd. Notes, 144A
6.375%		05/15/25			421		431,938
7.500%		07/15/27	(a)		1,350		1,434,004
Novelis Corp.,
Gtd. Notes, 144A
3.875%		08/15/31	(a)		650		646,832
4.750%		01/30/30			50		52,687
							13,007,496
Miscellaneous Manufacturing — 0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%		07/01/27			425		442,177

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Miscellaneous Manufacturing (cont’d.)
Sr. Unsec’d. Notes, 144A
4.625%		05/15/30			570	$	584,802
							1,026,979
Office/Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
3.250%		02/15/29			230		231,754
Oil & Gas — 6.9%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A
8.250%		02/15/26	(a)		725		778,207
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Sr. Unsec’d. Notes
7.875%		12/15/24^	(d)		5,200		35,360
Antero Resources Corp.,
Gtd. Notes
5.000%		03/01/25			1,845		1,874,011
Gtd. Notes, 144A
5.375%		03/01/30	(a)		625		668,297
7.625%		02/01/29			778		866,603
8.375%		07/15/26			32		36,429
Apache Corp.,
Sr. Unsec’d. Notes
5.100%		09/01/40	(a)		450		508,572
5.250%		02/01/42			50		57,803
5.350%		07/01/49			75		85,956
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%		11/01/26	(a)		850		863,510
9.000%		11/01/27			726		971,995
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A
9.750%		11/01/26			1,894		1,874,784
Chesapeake Energy Corp.,
Gtd. Notes, 144A
5.500%		02/01/26			300		316,067
5.875%		02/01/29			300		321,152
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A
9.250%		08/01/24	(a)		875		879,050
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%		06/15/25			1,525		1,564,921
CNX Resources Corp.,
Gtd. Notes, 144A
7.250%		03/14/27			1,375		1,458,033
Comstock Resources, Inc.,
Gtd. Notes, 144A
5.875%		01/15/30	(a)		450		461,188
6.750%		03/01/29	(a)		825		894,550
Continental Resources, Inc.,
Gtd. Notes
4.900%06/01/44					100		111,407
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%05/01/29					200		207,639

SEE NOTES TO FINANCIAL STATEMENTS.

A116

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
5.625%		10/15/25			350	$	359,357
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%		01/30/28	(a)		1,500		1,600,001
6.625%		07/15/25			230		243,300
EQT Corp.,
Sr. Unsec’d. Notes
3.900%		10/01/27	(a)		1,375		1,477,019
5.000%		01/15/29			225		250,448
7.500%		02/01/30	(a)		650		834,476
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%		02/01/29			275		283,302
6.000%		02/01/31			200		207,206
6.250%		11/01/28			900		958,176
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
5.875%		02/01/29	(a)		450		471,974
7.125%		02/01/27	(a)		1,427		1,519,723
Nabors Industries Ltd.,
Gtd. Notes, 144A
7.250%		01/15/26			900		831,748
7.500%		01/15/28	(a)		1,250		1,120,235
Nabors Industries, Inc.,
Gtd. Notes
5.750%		02/01/25	(a)		1,300		1,204,415
Gtd. Notes, 144A
7.375%		05/15/27			50		51,710
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
5.500%		12/01/25			200		221,792
5.550%		03/15/26			50		55,656
5.875%		09/01/25	(a)		325		357,873
6.125%		01/01/31	(a)		875		1,062,091
6.625%		09/01/30	(a)		525		649,882
7.150%		05/15/28			275		327,768
7.875%		09/15/31			100		133,907
Ovintiv, Inc.,
Gtd. Notes
6.500%		08/15/34			175		225,005
6.500%		02/01/38			225		290,512
Parkland Corp. ( Canada),
Gtd. Notes, 144A
4.500%		10/01/29	(a)		500		500,824
4.625%		05/01/30	(a)		500		498,483
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A
6.875%		01/15/29			200		203,655
7.125%		01/15/26	(a)		1,225		1,253,272
Range Resources Corp.,
Gtd. Notes
4.875%		05/15/25			1,075		1,112,487
9.250%		02/01/26			300		323,623
Southwestern Energy Co.,
Gtd. Notes
4.750%		02/01/32			500		527,052
5.375%		02/01/29			125		132,415

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
5.375%		03/15/30			1,525	$	1,636,366
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes
4.500%		05/15/29	(a)		450		457,407
5.875%		03/15/28			100		105,750
Gtd. Notes, 144A
4.500%		04/30/30	(a)		675		692,175
Transocean, Inc.,
Gtd. Notes, 144A
7.250%		11/01/25			325		249,737
7.500%		01/15/26	(a)		875		652,108
8.000%		02/01/27	(a)		500		367,565
Vine Energy Holdings LLC,
Gtd. Notes, 144A
6.750%		04/15/29			675		732,481
							39,018,510
Packaging & Containers — 1.4%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%
6.500%		06/30/27			1,375		1,415,622
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A
4.125%		08/15/26			375		383,374
Sr. Unsec’d. Notes, 144A
5.250%		08/15/27	(a)		825		833,101
Graham Packaging Co., Inc.,
Gtd. Notes, 144A
7.125%		08/15/28			820		848,099
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%
9.000%		01/15/26			425		445,078
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A
6.000%		09/15/28			460		474,096
LABL, Inc.,
Sr. Sec’d. Notes, 144A
5.875%		11/01/28			325		334,893
Sr. Unsec’d. Notes, 144A
8.250%		11/01/29	(a)		950		953,111
OI European Group BV,
Gtd. Notes, 144A
4.750%		02/15/30	(a)		325		329,398
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A
6.375%		08/15/25			200		216,368
6.625%		05/13/27	(a)		725		764,523
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		10/15/28	(a)		500		496,239
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Group Issuer LLC,
Sr. Sec’d. Notes, 144A
4.000%		10/15/27			50		48,668

SEE NOTES TO FINANCIAL STATEMENTS.

A117

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Packaging & Containers (cont’d.)
TriMas Corp.,
Gtd. Notes, 144A
4.125%		04/15/29			325	$	326,708
							7,869,278
Pharmaceuticals — 2.8%
AdaptHealth LLC,
Gtd. Notes, 144A
4.625%		08/01/29	(a)		425		425,802
5.125%		03/01/30	(a)		350		357,964
6.125%		08/01/28	(a)		820		868,546
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%		01/30/28	(a)		1,350		1,256,129
5.000%		02/15/29			600		532,500
5.250%		01/30/30	(a)		1,200		1,061,016
5.250%		02/15/31	(a)		1,250		1,102,884
6.125%		04/15/25			1,360		1,388,121
6.250%		02/15/29	(a)		4,810		4,576,822
7.000%		01/15/28	(a)		675		678,551
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A
6.000%		06/30/28			631		471,002
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.,
Sr. Sec’d. Notes, 144A
6.125%		04/01/29			325		318,204
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A
4.375%		01/15/29	(a)		775		802,245
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A
5.125%		04/30/31	(a)		900		940,207
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A
7.750%		11/15/25			900		901,768
Prestige Brands, Inc.,
Gtd. Notes, 144A
3.750%		04/01/31	(a)		450		435,719
							16,117,480
Pipelines — 3.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.375%		06/15/29	(a)		750		792,227
5.750%		01/15/28			1,825		1,914,577
7.875%		05/15/26			200		220,354
Cheniere Energy Partners LP,
Gtd. Notes
4.000%		03/01/31	(a)		900		945,575
Cheniere Energy, Inc.,
Sr. Sec’d. Notes
4.625%		10/15/28			2,450		2,604,418
CNX Midstream Partners LP,
Gtd. Notes, 144A
4.750%		04/15/30			150		149,620

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
DCP Midstream Operating LP,
Gtd. Notes
5.625%		07/15/27			395	$	448,346
Gtd. Notes, 144A
6.450%		11/03/36			200		261,772
Energy Transfer LP,
Jr. Sub. Notes, Series G
7.125%(ff)		05/15/30	(oo)		775		790,802
EQM Midstream Partners LP,
Sr. Unsec’d. Notes
4.750%		07/15/23			110		114,300
5.500%		07/15/28			50		54,636
Sr. Unsec’d. Notes, 144A
6.000%		07/01/25			275		299,004
6.500%		07/01/27			810		908,703
Global Partners LP/GLP Finance Corp.,
Gtd. Notes
6.875%		01/15/29			400		418,585
7.000%		08/01/27			260		270,128
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.875%		04/15/40			2,269		2,564,000
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
5.500%		01/15/28	(a)		1,275		1,274,975
6.000%		12/31/30			975		977,068
7.500%		10/01/25			175		189,622
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
4.875%		02/01/31			275		298,759
5.000%		01/15/28			300		316,433
5.375%		02/01/27			275		283,304
5.500%		03/01/30			655		716,491
5.875%		04/15/26	(a)		375		392,580
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%		08/15/29			440		458,000
4.125%		08/15/31			240		256,082
Western Midstream Operating LP,
Sr. Unsec’d. Notes
3.950%		06/01/25			300		314,268
4.350%(cc)		02/01/25			650		676,797
5.300%(cc)		02/01/30	(a)		1,075		1,180,452
5.450%		04/01/44			75		89,608
5.500%		08/15/48			300		358,634
							20,540,120
Real Estate — 1.2%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
7.875%		11/15/25			1,925		2,011,403
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
5.750%		12/01/25	(a)		1,825		1,856,822
Howard Hughes Corp. (The),
Gtd. Notes, 144A
4.125%		02/01/29	(a)		425		430,038

SEE NOTES TO FINANCIAL STATEMENTS.

A118

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Real Estate (cont’d.)
4.375%		02/01/31			500	$	505,766
5.375%		08/01/28	(a)		720		767,653
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A
5.250%		04/15/29			1,525		1,508,821
							7,080,503
Real Estate Investment Trusts (REITs) — 2.6%
Diversified Healthcare Trust,
Gtd. Notes
4.375%		03/01/31	(a)		375		360,607
9.750%		06/15/25			1,775		1,920,153
Sr. Unsec’d. Notes
4.750%		02/15/28	(a)		2,350		2,315,933
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes
4.500%		01/15/28			1,175		1,272,419
Gtd. Notes, 144A
4.625%		06/15/25			185		197,474
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%		03/15/31	(a)		700		708,770
5.000%		10/15/27	(a)		825		863,792
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A
5.875%		10/01/28			525		549,743
7.500%		06/01/25	(a)		1,585		1,672,478
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A
4.500%		02/15/29			250		251,905
Sabra Health Care LP,
Gtd. Notes
5.125%		08/15/26			300		330,505
SBA Communications Corp.,
Sr. Unsec’d. Notes, 144A
3.125%		02/01/29			330		317,579
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
7.875%		02/15/25			1,850		1,929,758
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
4.750%		04/15/28	(a)		750		743,474
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
3.750%		02/15/27			75		77,494
4.625%		12/01/29			1,425		1,517,398
							15,029,482
Retail — 3.4%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%		10/15/30	(a)		2,200		2,173,287
Sr. Sec’d. Notes, 144A
3.500%		02/15/29			275		272,239
3.875%		01/15/28			550		556,870

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
At Home Group, Inc.,
Gtd. Notes, 144A
7.125%		07/15/29	(a)		1,000	$	990,747
Sr. Sec’d. Notes, 144A
4.875%		07/15/28			100		98,563
Brinker International, Inc.,
Gtd. Notes, 144A
5.000%		10/01/24			425		453,547
Sr. Unsec’d. Notes
3.875%		05/15/23			250		256,412
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A
5.875%		07/01/29			750		674,072
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.500%		10/30/25			1,075		1,120,071
Foundation Building Materials, Inc.,
Gtd. Notes, 144A
6.000%		03/01/29			775		759,912
Gap, Inc.(The),
Gtd. Notes, 144A
3.625%		10/01/29	(a)		450		445,068
3.875%		10/01/31	(a)		650		642,326
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%		10/15/24	(a)		2,425		2,425,459
LBM Acquisition LLC,
Gtd. Notes, 144A
6.250%		01/15/29			625		622,561
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A
4.875%		05/01/29	(a)		500		512,861
Park River Holdings, Inc.,
Gtd. Notes, 144A
5.625%		02/01/29	(a)		1,370		1,311,069
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%		12/01/25	(a)		2,600		2,656,050
SRS Distribution, Inc.,
Gtd.Notes, 144A
6.000%		12/01/29			525		528,139
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.875%		03/01/27	(a)		350		362,182
Sr. Unsec’d. Notes, 144A
5.000%		06/01/31	(a)		1,050		1,064,877
Superior Plus LP/Superior General Partner, Inc.(Canada),
Gtd.Notes, 144A
4.500%		03/15/29			450		461,527
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A
6.875%		10/15/28			625		654,260
							19,042,099

SEE NOTES TO FINANCIAL STATEMENTS.

A119

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Semiconductors — 0.3%
Microchip Technology, Inc.,
Gtd. Notes
4.250%		09/01/25	(a)		1,470	$	1,526,912
Software — 0.5%
Black Knight InfoServ LLC,
Gtd. Notes, 144A
3.625%		09/01/28	(a)		1,410		1,407,366
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A
5.000%		12/15/29			200		204,535
Sr. Sec’d. Notes, 144A
6.875%		08/15/26			1,019		1,060,543
Rackspace Technology Global, Inc.,
Sr. Sec’d. Notes, 144A
3.500%		02/15/28	(a)		450		429,506
							3,101,950
Telecommunications — 5.0%
Altice France SA (France),
Sr. Sec’d. Notes, 144A
5.125%		07/15/29			375		365,822
8.125%		02/01/27			950		1,012,979
CommScope Technologies LLC,
Gtd. Notes, 144A
6.000%		06/15/25	(a)		1,896		1,898,074
CommScope, Inc.,
Sr. Sec’d. Notes, 144A
6.000%		03/01/26			425		440,320
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000%
10.000%		04/01/24			256		256,496
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000%
8.000%		04/01/25			662		614,651
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A
8.000%		12/31/26	(a)		618		601,720
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000%
13.000%		12/31/25	(a)		1,570		1,613,153
Sr. Sec’d. Notes, 144A
8.750%		05/25/24			1,050		1,080,411
8.750%		05/25/24			1,058		1,087,361
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A
6.750%		03/01/23	(a)		5,310		5,134,633
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A
6.500%		10/15/26	(a)		675		709,714
7.000%		10/15/28	(a)		700		736,596
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes
5.500%		08/01/23	(d)		1,595		719,938
Gtd. Notes, 144A
8.500%		10/15/24	(d)		25		11,486
9.750%		07/15/25	(d)		3,955		1,817,332

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
Intrado Corp.,
Gtd. Notes, 144A
8.500%		10/15/25	(a)		734	$	730,804
Level 3 Financing, Inc.,
Gtd. Notes, 144A
3.750%		07/15/29			145		138,838
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes, Series P
7.600%		09/15/39	(a)		1,035		1,110,641
Sr. Unsec’d. Notes, Series U
7.650%		03/15/42			125		134,570
Northwestern Bell Telephone,
Sr. Unsec’d. Notes
7.750%		05/01/30			100		124,394
Sprint Capital Corp.,
Gtd. Notes
6.875%		11/15/28			430		544,017
8.750%		03/15/32			731		1,096,621
Sprint Corp.,
Gtd. Notes
7.625%		02/15/25	(a)		1,385		1,595,493
7.625%		03/01/26	(a)		500		599,548
7.875%		09/15/23	(a)		1,175		1,296,475
Switch Ltd.,
Gtd. Notes, 144A
4.125%		06/15/29			275		282,208
Viasat, Inc.,
Sr. Sec’d. Notes, 144A
5.625%		04/15/27			75		77,267
Sr. Unsec’d. Notes, 144A
5.625%		09/15/25			930		934,976
6.500%		07/15/28			430		430,891
Viavi Solutions, Inc.,
Gtd.Notes, 144A
3.750%		10/01/29			175		174,911
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A
4.000%		03/01/27			115		113,345
Sr. Unsec’d. Notes, 144A
6.125%		03/01/28	(a)		1,125		1,110,138
							28,595,823
Toys/Games/Hobbies — 0.0%
Mattel, Inc.,
Gtd.Notes, 144A
3.375%		04/01/26			125		128,217
Transportation — 0.0%
XPO Logistics, Inc.,
Gtd.Notes, 144A
6.250%		05/01/25			170		178,139
Trucking & Leasing — 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A
5.500%		05/01/28	(a)		775		789,334
TOTAL CORPORATE BONDS
(cost $477,182,481)							484,062,597

SEE NOTES TO FINANCIAL STATEMENTS.

A120

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%
Adjustable Rate Mortgage Trust,
Series 2005-07, Class 1A1
3.044%(cc)		10/25/35		4		$	3,269
Alternative Loan Trust,
Series 2005-43, Class 4A3
2.696%(cc)		10/25/35		2			1,704
Series 2006-HY13, Class 4A1
3.130%(cc)		02/25/37		2			1,937
Series 2006-OA09, Class 2A1A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
0.314%(c)		07/20/46		3			2,136
American Home Mortgage Assets Trust,
Series 2006-04, Class 1A12, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
0.313%(c)		10/25/46		17			10,479
American Home Mortgage Investment Trust,
Series 2005-02, Class 4A1, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)
1.746%(c)		09/25/45		—	(r)		153
Banc of America Funding Trust,
Series 2006-B, Class 2A1
2.981%(cc)		03/20/36		4			3,492
Citigroup Mortgage Loan Trust,
Series 2007-10, Class 22AA
3.153%(cc)		09/25/37		8			7,578
HarborView Mortgage Loan Trust,
Series 2006-05, Class 2A1A, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%)
0.464%(c)		07/19/46		5			2,811
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR12, Class A1, 1 Month LIBOR + 0.190% (Cap N/A, Floor 0.190%)
0.292%(c)		09/25/46		4			3,336
JPMorgan Mortgage Trust,
Series 2007-S03, Class 1A96
6.000%		08/25/37		10			7,356
MASTR Adjustable Rate Mortgages Trust,
Series 2006-OA01, Class 1A1,1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
0.312%(c)		04/25/46		2			1,628
Residential Accredit Loans Trust,
Series 2006-QA02, Class 3A1
5.367%(cc)		02/25/36		10			8,310
Residential Asset Securitization Trust,
Series 2007-A05, Class 2A3
6.000%		05/25/37		3			2,083
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2007-HY01, Class 2A3
3.051%(cc)		02/25/37		2			1,854
Series 2007-HY01, Class 4A1
3.076%(cc)		02/25/37		3			2,607
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $58,096)							60,733

	Shares		Value
COMMON STOCKS — 3.5%
Chemicals — 0.1%
Hexion Holdings Corp. (Class B Stock)*		23,260	$	673,493
Electric Utilities — 0.3%
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $1,273,580; purchased 02/28/19)*^(f)		11,836		1,657,040
Keycon Power Holdings LLC*^		2,150		303,150
				1,960,190
Gas Utilities — 0.8%
Ferrellgas Partners LP (Class B Stock)		18,116		4,347,840
Independent Power & Renewable Electricity Producers — 0.2%
Vistra Corp.		44,042		1,002,837
Oil, Gas & Consumable Fuels — 2.1%
Chesapeake Energy Corp.(a)		162,802		10,503,985
Chesapeake Energy Corp. Backstop Commitment		1,220		78,715
Civitas Resources, Inc.(a)		26,388		1,292,220
				11,874,920
TOTAL COMMON STOCKS
(cost $7,940,385)				19,859,280
PREFERRED STOCKS — 0.6%
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		333,814
Construction Materials — 0.0%
New Millennium Homes LLC, Maturing 01/01/49^		409		2,863
Gas Utilities — 0.5%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^		3,150		3,150,000
Media — 0.0%
Adelphia Communications Corp.^		700		1
TOTAL PREFERRED STOCKS
(cost $3,352,417)				3,486,678
	Units
WARRANTS* — 0.0%
Chemicals
TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f)		1,057,859		4,972
(cost $0)
TOTAL LONG-TERM INVESTMENTS
(cost $510,088,926)				529,115,521

SEE NOTES TO FINANCIAL STATEMENTS.

A121

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
SHORT-TERM INVESTMENTS — 35.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		30,025,859	$	30,025,859
PGIM Institutional Money Market Fund (cost $172,962,847; includes $172,952,303 of cash collateral for securities on loan)(b)(wa)		173,100,145		172,978,975
TOTAL SHORT-TERM INVESTMENTS
(cost $202,988,706)				203,004,834
TOTAL INVESTMENTS—128.9%
(cost $713,077,632)				732,120,355
Liabilities in excess of other assets(z) — (28.9)%				(163,940,814	)
NET ASSETS — 100.0%			$	568,179,541

See the Glossary for a list of the abbreviation(s) used in the annual 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 $5,478,302 and 0.9% 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 $169,520,445; cash collateral of $172,952,303 (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 December 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 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.

(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 $6,329,253. The aggregate value of $6,235,930 is 1.1% of net assets.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(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:

Unfunded loan commitment outstanding at December 31, 2021:

Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
Intelsat Jackson Holdings SA, DIP Term Loan, 3 Month LIBOR +3.600%, 3.600%(c), Maturity Date 07/13/22 (cost $105,776)		107		$	106,500		$	724		$	—

Futures contracts outstanding at December 31, 2021:    

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
112	2 Year U.S. Treasury Notes		Mar. 2022		$	24,435,250		$	(21,718	)
327	5 Year U.S. Treasury Notes		Mar. 2022			39,559,335			119,800
158	10 Year U.S. Treasury Notes		Mar. 2022			20,614,063			134,797
13	20 Year U.S. Treasury Bonds		Mar. 2022			2,085,688			22,331
									255,210
Short Position:
20	30 Year U.S. Ultra Treasury Bonds		Mar. 2022			3,942,500			(55,460	)
								$	199,750

SEE NOTES TO FINANCIAL STATEMENTS.

A122

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Credit default swap agreements outstanding at December 31, 2021:

Reference Entity/     Obligation

Termination     Date

Fixed     Rate

Notional     Amount (000)#(3)

Implied Credit Spread at   December 31,   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):

EQT Corp.

06/20/22

5.000%(Q)

450

1.369%

$

8,465

$

7,609

$

856

Credit Suisse International

Reference Entity/     Obligation	Termination  Date		Fixed     Rate		Notional  Amount (000)#(3)		Value at     Trade Date				Value at   December 31,   2021				Unrealized     Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.37.V1		12/20/26		5.000%(Q)		1,575		$	(138,227	)		$	(147,577	)		$	(9,350	)

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.

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$7,609	$—	$856	$—

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.		$	923,000		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A123

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

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 December 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Bank Loans	$	—		$	20,923,015		$	324,666
Convertible Bond		—			393,580			—
Corporate Bonds		—			484,026,987			35,610
Residential Mortgage-Backed Securities		—			60,733			—
Common Stocks		12,799,042			5,100,048			1,960,190
Preferred Stocks		333,814			—			3,152,864
Warrants		—			—			4,972
Short-Term Investments
Affiliated Mutual Funds		203,004,834			—			—
Total	$	216,137,690		$	510,504,363		$	5,478,302
Other Financial Instruments*
Assets
Unfunded Loan Commitment	$	—		$	724		$	—
Futures Contracts		276,928			—			—
OTC Credit Default Swap Agreement		—			8,465			—
Total	$	276,928		$	9,189		$	—
Liabilities
Futures Contracts	$	(77,178	)	$	—		$	—
Centrally Cleared Credit Default Swap Agreement		—			(9,350	)		—
Total	$	(77,178	)	$	(9,350	)	$	—

* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Affiliated Mutual Funds (30.4% represents investments purchased with collateral from securities on loan)	35.8	%
Oil & Gas	7.3
Media	6.7
Telecommunications	5.6
Electric	4.5
Home Builders	4.2
Commercial Services	4.2
Healthcare-Services	4.2
Pipelines	3.6
Entertainment	3.6
Retail	3.6
Chemicals	3.3
Aerospace & Defense	3.2
Foods	3.1

Diversified Financial Services	2.9	%
Pharmaceuticals	2.8
Real Estate Investment Trusts (REITs)	2.6
Mining	2.3
Oil, Gas & Consumable Fuels	2.1
Auto Manufacturers	2.0
Auto Parts & Equipment	1.8
Building Materials	1.8
Lodging	1.7
Packaging & Containers	1.4
Gas Utilities	1.3
Airlines	1.3
Software	1.2
Real Estate	1.2
Computers	1.0

SEE NOTES TO FINANCIAL STATEMENTS.

A124

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Gas	0.8	%
Insurance	0.6
Housewares	0.5
Household Products/Wares	0.5
Advertising	0.5
Machinery-Diversified	0.5
Healthcare-Products	0.4
Internet	0.4
Engineering & Construction	0.4
Iron/Steel	0.4
Electric Utilities	0.3
Electrical Components & Equipment	0.3
Leisure Time	0.3
Distribution/Wholesale	0.3
Semiconductors	0.3
Electronics	0.3
Apparel	0.3
Agriculture	0.2
Banks	0.2
Miscellaneous Manufacturing	0.2

Independent Power & Renewable Electricity Producers	0.2	%
Trucking & Leasing	0.1
Environmental Control	0.1
Machinery-Construction & Mining	0.1
Home Furnishings	0.1
Metal Fabricate/Hardware	0.1
Coal	0.1
Capital Markets	0.1
Office/Business Equipment	0.0	*
Transportation	0.0	*
Toys/Games/Hobbies	0.0	*
Residential Mortgage-Backed Securities	0.0	*
Construction Materials	0.0	*
	128.9
Liabilities in excess of other assets	(28.9	)
	100.0	%
*  Less than +/- 0.05%

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

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk 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 December 31, 2021 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	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	$	9,350	*
Credit contracts	Premiums paid for OTC swap agreements		7,609		—		—
Credit contracts	Unrealized appreciation on OTC swap agreements		856		—		—
Interest rate contracts	Due from/to broker-variation margin futures		276,928	*	Due from/to broker-variation margin futures		77,178	*
		$	285,393			$	86,528

* 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 year ended December 31, 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		$	—			$	(691,263	)
Interest rate contracts			(1,338,820	)			—
Total		$	(1,338,820	)		$	(691,263	)

SEE NOTES TO FINANCIAL STATEMENTS.

A125

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

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	$	—	$	401,213
Interest rate contracts		146,578		—
Total	$	146,578	$	401,213

For the year ended December 31, 2021, the Portfolio’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)
$71,872,627	$4,745,391

Credit Default

Swap Agreements—

Buy Protection(1)

$4,110,000

Credit Default

Swap Agreements—

Sell Protection(1)

$935,000

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended December 31, 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	$	169,520,445	$	(169,520,445	)	$	—

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
Credit Suisse International	$	8,465	$	—	$	8,465	$	—	$	8,465

(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.

A126

PSF PGIM HIGH YIELD BOND PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $169,520,445:
Unaffiliated investments (cost $510,088,926)	$	529,115,521
Affiliated investments (cost $202,988,706)		203,004,834
Cash		71,350
Dividends and interest receivable		7,844,503
Receivable for investments sold		1,276,838
Deposit with broker for centrally cleared/exchange-traded derivatives		923,000
Receivable for Portfolio shares sold		140,573
Due from broker-variation margin futures		14,179
Premiums paid for OTC swap agreements		7,609
Tax reclaim receivable		2,064
Unrealized appreciation on OTC swap agreements		856
Unrealized appreciation on unfunded loan commitments		724
Prepaid expenses		4,330
Total Assets		742,406,381
LIABILITIES
Payable to broker for collateral for securities on loan		172,952,303
Payable for investments purchased		673,928
Management fee payable		277,104
Accrued expenses and other liabilities		256,138
Payable for Portfolio shares purchased		60,297
Due to broker-variation margin swaps		2,424
Payable to affiliate		2,064
Distribution fee payable		1,082
Affiliated transfer agent fee payable		980
Trustees’ fees payable		520
Total Liabilities		174,226,840
NET ASSETS	$	568,179,541
Net assets were comprised of: Partners’ Equity	$	568,179,541
Class I:
Net asset value and redemption price per share, $562,467,296 /84,276,487 outstanding shares of beneficial interest	$	6.67
Class III:
Net asset value and redemption price per share, $5,712,245 / 857,173 outstanding shares of beneficial interest	$	6.66

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $5,046 foreign withholding tax)	$	30,866,219
Unaffiliated dividend income (net of $646 foreign withholding tax, of which $545 is reimbursable by an affiliate)		245,375
Income from securities lending, net (including affiliated income of $86,437)		162,020
Affiliated dividend income		28,155
Total income		31,301,769
EXPENSES
Management fee		3,032,473
Distribution fee—Class III		4,191
Custodian and accounting fees		80,146
Audit fee		48,500
Shareholders’ reports		25,244
Legal fees and expenses		22,609
Trustees’ fees		16,409
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		24,038
Total expenses		3,264,292
Less: Fee waivers and/or expense reimbursement		(117,574	)
Net expenses		3,146,718
NET INVESTMENT INCOME (LOSS)		28,155,051
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(36,684))		8,055,088
Futures transactions		(1,338,820	)
Swap agreements transactions		(691,263	)
		6,025,005
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(4,005))		7,182,420
Futures		146,578
Swap agreements		401,213
Unfunded loan commitments		724
		7,730,935
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		13,755,940
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,910,991

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	28,155,051		$	30,591,114
Net realized gain (loss) on investment transactions		6,025,005			2,720,001
Net change in unrealized appreciation( depreciation) on investments		7,730,935			1,317,496
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		41,910,991			34,628,611
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		34,073,944			17,957,341
Portfolio shares purchased		(37,040,105	)		(45,352,928	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(2,966,161	)		(27,395,587	)
TOTAL INCREASE (DECREASE)		38,944,830			7,233,024
NET ASSETS:
Beginning of year		529,234,711			522,001,687
End of year	$	568,179,541		$	529,234,711

SEE NOTES TO FINANCIAL STATEMENTS.

A127

PSF PGIM JENNISON BLEND PORTFOLIO  

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 98.5%
COMMON STOCKS
Aerospace & Defense — 1.5%
Airbus SE (France)*		377,282	$	48,325,778
Raytheon Technologies Corp.		555,791		47,831,374
				96,157,152
Air Freight & Logistics — 0.5%
FedEx Corp.		124,863		32,294,566
Airlines — 0.6%
Delta Air Lines, Inc.*		889,049		34,744,035
Automobiles — 5.4%
General Motors Co.*		1,090,124		63,913,970
Tesla, Inc.*		265,818		280,911,146
				344,825,116
Banks — 5.7%
Bank of America Corp.		1,916,922		85,283,860
Citigroup, Inc.		770,439		46,526,811
JPMorgan Chase & Co.		648,306		102,659,255
PNC Financial Services Group, Inc. (The)		327,348		65,639,821
Truist Financial Corp.		1,092,659		63,975,184
				364,084,931
Beverages — 0.7%
PepsiCo, Inc.		246,730		42,859,468
Biotechnology — 0.4%
BioNTech SE (Germany), ADR*(a)		105,488		27,194,806
Building Products — 1.4%
Johnson Controls International PLC		1,097,751		89,258,134
Capital Markets — 2.3%
Blackstone, Inc.		442,855		57,301,008
Goldman Sachs Group, Inc. (The)		239,754		91,717,893
				149,018,901
Chemicals — 1.5%
Linde PLC (United Kingdom)		279,016		96,659,513
Communications Equipment — 0.7%
Cisco Systems, Inc.		692,428		43,879,162
Consumer Finance — 1.4%
Capital One Financial Corp.		359,878		52,214,699
SLM Corp.(a)		1,809,677		35,596,347
				87,811,046
Containers & Packaging — 0.9%
Crown Holdings, Inc.		519,634		57,481,913
Entertainment — 3.4%
Netflix, Inc.*		172,414		103,869,090
ROBLOX Corp. (Class A Stock)*		168,626		17,395,458
Sea Ltd. (Taiwan), ADR*		97,020		21,704,344
Spotify Technology SA*		141,933		33,216,580
Walt Disney Co. (The)*		275,798		42,718,353
				218,903,825
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		84,208		47,804,882

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (cont’d.)
Walmart, Inc.		428,409	$	61,986,498
				109,791,380
Food Products — 0.9%
Mondelez International, Inc. (Class A Stock)		824,252		54,656,150
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories		592,655		83,410,265
Health Care Providers & Services — 1.4%
Cigna Corp.		145,822		33,485,106
Laboratory Corp. of America Holdings*		183,036		57,511,741
				90,996,847
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc. (Class A Stock)*		268,428		44,690,578
Chipotle Mexican Grill, Inc.*		11,361		19,861,868
McDonald’s Corp.		152,795		40,959,756
Royal Caribbean Cruises Ltd.*(a)		460,855		35,439,749
				140,951,951
Household Durables — 0.6%
D.R. Horton, Inc.		356,928		38,708,842
Household Products — 0.6%
Procter & Gamble Co. (The)		239,033		39,101,018
Insurance — 2.6%
Chubb Ltd.		362,217		70,020,168
Marsh & McLennan Cos., Inc.		294,913		51,261,778
MetLife, Inc.		754,489		47,148,017
				168,429,963
Interactive Media & Services — 7.6%
Alphabet, Inc. (Class A Stock)*		72,779		210,843,674
Alphabet, Inc. (Class C Stock)*		36,305		105,051,785
Match Group, Inc.*		372,568		49,272,118
Meta Platforms, Inc. (Class A Stock)*		196,172		65,982,452
Snap, Inc. (Class A Stock)*		1,107,114		52,067,572
				483,217,601
Internet & Direct Marketing Retail — 4.5%
Amazon.com, Inc.*		64,540		215,198,304
MercadoLibre, Inc. (Argentina)*		52,723		71,091,693
				286,289,997
IT Services — 8.3%
Adyen NV (Netherlands), 144A*		33,648		88,473,409
Affirm Holdings, Inc.*		274,375		27,591,150
Block, Inc.*		265,228		42,836,974
Mastercard, Inc. (Class A Stock)		149,624		53,762,896
Okta, Inc.*		130,067		29,157,119
PayPal Holdings, Inc.*		202,411		38,170,666
Shopify, Inc. (Canada) (Class A Stock)*		103,819		142,999,253
Snowflake, Inc. (Class A Stock)*		123,517		41,841,384
Visa, Inc. (Class A Stock)(a)		303,687		65,812,010
				530,644,861
Life Sciences Tools & Services — 1.0%
Danaher Corp.		160,368		52,762,676

SEE NOTES TO FINANCIAL STATEMENTS.

A128

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
Sartorius Stedim Biotech (France)		19,998	$	10,983,208
				63,745,884
Machinery — 1.3%
Fortive Corp.		478,194		36,481,420
Otis Worldwide Corp.		500,961		43,618,674
				80,100,094
Multi-Utilities — 1.5%
Dominion Energy, Inc.		1,242,346		97,598,702
Oil, Gas & Consumable Fuels — 3.0%
ConocoPhillips		2,686,941		193,943,401
Personal Products — 1.2%
Estee Lauder Cos., Inc. (The) (Class A Stock)		198,360		73,432,872
Pharmaceuticals — 4.0%
AstraZeneca PLC (United Kingdom), ADR		1,257,634		73,257,180
Bristol-Myers Squibb Co.		708,150		44,153,153
Eli Lilly & Co.		507,322		140,132,483
				257,542,816
Road & Rail — 1.7%
Uber Technologies, Inc.*		1,243,956		52,159,075
Union Pacific Corp.		234,271		59,019,893
				111,178,968
Semiconductors & Semiconductor Equipment — 7.0%
Broadcom, Inc.		125,299		83,375,208
Lam Research Corp.		77,295		55,586,699
NVIDIA Corp.		632,016		185,882,226
NXP Semiconductors NV (China)		232,467		52,951,333
QUALCOMM, Inc.		362,013		66,201,317
				443,996,783
Software — 9.3%
Adobe, Inc.*		173,626		98,456,360
Atlassian Corp. PLC (Class A Stock)*		155,792		59,401,932
Crowdstrike Holdings, Inc. (Class A Stock)*		209,890		42,974,978
Microsoft Corp.		772,910		259,945,091
salesforce.com, Inc.*		344,818		87,628,598
Trade Desk, Inc. (The) (Class A Stock)*		455,010		41,697,116
				590,104,075
Specialty Retail — 2.7%
Home Depot, Inc. (The)		100,952		41,896,089
Lowe’s Cos., Inc.		222,027		57,389,539
Ross Stores, Inc.		314,684		35,962,088
TJX Cos., Inc. (The)		472,360		35,861,571
				171,109,287

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals — 4.5%
Apple, Inc.		1,626,673	$	288,848,325
Textiles, Apparel & Luxury Goods — 2.7%
Lululemon Athletica, Inc.*		95,147		37,245,293
LVMH Moet Hennessy Louis Vuitton SE (France)		102,701		84,940,703
NIKE, Inc. (Class B Stock)		306,299		51,050,855
				173,236,851
Trading Companies & Distributors — 0.5%
United Rentals, Inc.*		86,509		28,746,076
TOTAL LONG-TERM INVESTMENTS (cost $3,165,816,532)				6,284,955,577
SHORT-TERM INVESTMENTS — 3.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		96,848,898		96,848,898
PGIM Institutional Money Market Fund (cost $123,999,170; includes $123,991,772 of cash collateral for securities on loan)(b)(wa)		124,304,592		124,217,579
TOTAL SHORT-TERM INVESTMENTS (cost $220,848,068)				221,066,477
TOTAL INVESTMENTS—101.9% (cost $3,386,664,600)				6,506,022,054
Liabilities in excess of other assets — (1.9)%				(123,818,292	)
NET ASSETS — 100.0%			$	6,382,203,762

See the Glossary for a list of the abbreviation(s) used in the annual 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 $120,973,545; cash collateral of $123,991,772 (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.

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

Fair Value Measurements:

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A129

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

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 December 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$	47,831,374		$	48,325,778		$	—
Air Freight & Logistics			32,294,566			—			—
Airlines			34,744,035			—			—
Automobiles			344,825,116			—			—
Banks			364,084,931			—			—
Beverages			42,859,468			—			—
Biotechnology			27,194,806			—			—
Building Products			89,258,134			—			—
Capital Markets			149,018,901			—			—
Chemicals			96,659,513			—			—
Communications Equipment			43,879,162			—			—
Consumer Finance			87,811,046			—			—
Containers & Packaging			57,481,913			—			—
Entertainment			218,903,825			—			—
Food & Staples Retailing			109,791,380			—			—
Food Products			54,656,150			—			—
Health Care Equipment & Supplies			83,410,265			—			—
Health Care Providers & Services			90,996,847			—			—
Hotels, Restaurants & Leisure			140,951,951			—			—
Household Durables			38,708,842			—			—
Household Products			39,101,018						—
Insurance			168,429,963			—			—
Interactive Media & Services			483,217,601			—			—
Internet & Direct Marketing Retail			286,289,997			—			—
IT Services			442,171,452			88,473,409			—
Life Sciences Tools & Services			52,762,676			10,983,208			—
Machinery			80,100,094			—			—
Multi-Utilities			97,598,702			—			—
Oil, Gas & Consumable Fuels			193,943,401			—			—
Personal Products			73,432,872			—			—
Pharmaceuticals			257,542,816			—			—
Road & Rail			111,178,968			—			—
Semiconductors & Semiconductor Equipment			443,996,783			—			—
Software			590,104,075			—			—
Specialty Retail			171,109,287			—			—
Technology Hardware, Storage & Peripherals			288,848,325			—			—
Textiles, Apparel & Luxury Goods			88,296,148			84,940,703			—
Trading Companies & Distributors			28,746,076			—			—
Short-Term Investments
Affiliated Mutual Funds			221,066,477			—			—
Total		$	6,273,298,956		$	232,723,098		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A130

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Software	9.3	%
IT Services	8.3
Interactive Media & Services	7.6
Semiconductors & Semiconductor Equipment	7.0
Banks	5.7
Automobiles	5.4
Technology Hardware, Storage & Peripherals	4.5
Internet & Direct Marketing Retail	4.5
Pharmaceuticals	4.0
Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)	3.4
Entertainment	3.4
Oil, Gas & Consumable Fuels	3.0
Textiles, Apparel & Luxury Goods	2.7
Specialty Retail	2.7
Insurance	2.6
Capital Markets	2.6
Hotels, Restaurants & Leisure	2.2
Road & Rail	1.7
Food & Staples Retailing	1.7
Multi-Utilities	1.5
Chemicals	1.5
Aerospace & Defense	1.5

Health Care Providers & Services	1.4	%
Building Products	1.4
Consumer Finance	1.4
Health Care Equipment & Supplies	1.3
Machinery	1.3
Personal Products	1.2
Life Sciences Tools & Services	1.0
Containers & Packaging	0.9
Food Products	0.9
Communications Equipment	0.7
Beverages	0.7
Household Products	0.6
Household Durables	0.6
Airlines	0.6
Air Freight & Logistics	0.5
Trading Companies & Distributors	0.5
Biotechnology	0.4
	101.9
Liabilities in excess of other assets	(1.9	)
	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		$	120,973,545		$	(120,973,545	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A131

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $120,973,545:
Unaffiliated investments (cost $3,165,816,532)	$	6,284,955,577
Affiliated investments (cost $220,848,068)		221,066,477
Cash		44
Dividends receivable		2,292,513
Tax reclaim receivable		1,142,783
Receivable for Portfolio shares sold		6,285
Prepaid expenses and other assets		434,036
Total Assets		6,509,897,715
LIABILITIES
Payable to broker for collateral for securities on loan		123,991,772
Management fee payable		2,410,583
Payable to affiliate		638,753
Payable for Portfolio shares purchased		495,812
Accrued expenses and other liabilities		152,160
Trustees’ fees payable		2,891
Affiliated transfer agent fee payable		980
Distribution fee payable		618
Administration fee payable		384
Total Liabilities		127,693,953
NET ASSETS	$	6,382,203,762
Net assets were comprised of:
Partners’ Equity	$	6,382,203,762
Class I:
Net asset value and redemption price per share, $6,379,233,235 / 65,033,111 outstanding shares of beneficial interest	$	98.09
Class II:
Net asset value and redemption price per share, $2,330,700 / 24,370 outstanding shares of beneficial interest	$	95.64
Class III:
Net asset value and redemption price per share, $639,827 / 6,534 outstanding shares of beneficial interest	$	97.92

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $342,821 foreign withholding tax)	$	54,841,672
Income from securities lending, net (including affiliated income of $162,842)		194,587
Affiliated dividend income		76,374
Total income		55,112,633
EXPENSES
Management fee		27,389,058
Distribution fee—Class II		5,469
Distribution fee—Class III		416
Administration fee—Class II		3,281
Custodian and accounting fees		318,672
Trustees’ fees		86,700
Legal fees and expenses		44,466
Shareholders’ reports		33,185
Audit fee		26,700
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		99,977
Total expenses		28,018,606
NET INVESTMENT INCOME (LOSS)		27,094,027
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $14,239)		458,065,389
Foreign currency transactions		15,172
		458,080,561
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(59,699))		633,405,779
Foreign currencies		(11,397	)
		633,394,382
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		1,091,474,943
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,118,568,970

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021				Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	27,094,027			$	38,294,761
Net realized gain (loss) on investment and foreign currency transactions			458,080,561				537,155,668
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			633,394,382				719,957,876
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			1,118,568,970				1,295,408,305
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			8,893,934				10,494,011
Portfolio shares purchased			(419,616,091	)			(344,263,770	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(410,722,157	)			(333,769,759	)
TOTAL INCREASE (DECREASE)			707,846,813				961,638,546
NET ASSETS:
Beginning of year			5,674,356,949				4,712,718,403
End of year		$	6,382,203,762			$	5,674,356,949

SEE NOTES TO FINANCIAL STATEMENTS.

A132

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 99.1%
COMMON STOCKS
Aerospace & Defense — 1.5%
Airbus SE (France)*		26,229	$	3,359,654
Airlines — 0.8%
Delta Air Lines, Inc.*		48,184		1,883,031
Automobiles — 5.9%
General Motors Co.*		64,264		3,767,798
Tesla, Inc.*		9,228		9,751,966
				13,519,764
Banks — 7.3%
Bank of America Corp.		102,599		4,564,629
JPMorgan Chase & Co.		31,780		5,032,363
PNC Financial Services Group, Inc. (The)		18,282		3,665,907
Truist Financial Corp.		57,209		3,349,587
				16,612,486
Building Products — 1.8%
Johnson Controls International PLC		50,691		4,121,685
Capital Markets — 2.4%
Goldman Sachs Group, Inc. (The)		14,267		5,457,841
Chemicals — 2.1%
Linde PLC (United Kingdom)		13,676		4,737,777
Containers & Packaging — 1.2%
Crown Holdings, Inc.		25,518		2,822,801
Entertainment — 4.2%
Netflix, Inc.*		6,394		3,852,002
ROBLOX Corp. (Class A Stock)*(a)		17,808		1,837,074
Sea Ltd. (Taiwan), ADR*		10,406		2,327,926
Walt Disney Co. (The)*		10,016		1,551,378
				9,568,380
Food & Staples Retailing — 1.6%
Walmart, Inc.		25,550		3,696,829
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		21,080		2,966,799
Align Technology, Inc.*		4,953		3,255,013
				6,221,812
Health Care Providers & Services — 0.9%
Laboratory Corp. of America Holdings*		6,503		2,043,308
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc. (Class A Stock)*		23,473		3,908,019
Royal Caribbean Cruises Ltd.*(a)		19,672		1,512,777
				5,420,796
Household Durables — 0.8%
D.R. Horton, Inc.		17,408		1,887,898
Insurance — 3.0%
Chubb Ltd.		19,113		3,694,734
MetLife, Inc.		50,509		3,156,307
				6,851,041
Interactive Media & Services — 8.8%
Alphabet, Inc. (Class A Stock)*		3,207		9,290,807

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (cont’d.)
Alphabet, Inc. (Class C Stock)*		1,337	$	3,868,730
Match Group, Inc.*		18,893		2,498,599
Snap, Inc. (Class A Stock)*		47,259		2,222,591
ZoomInfo Technologies, Inc.*		34,417		2,209,571
				20,090,298
Internet & Direct Marketing Retail — 5.3%
Amazon.com, Inc.*		2,707		9,026,058
MercadoLibre, Inc. (Argentina)*		2,256		3,041,991
				12,068,049
IT Services — 6.8%
Adyen NV (Netherlands), 144A*		1,270		3,339,314
Block, Inc.*		13,016		2,102,214
Mastercard, Inc. (Class A Stock)		4,053		1,456,324
Shopify, Inc. (Canada) (Class A Stock)*		4,905		6,756,098
Snowflake, Inc. (Class A Stock)*		5,282		1,789,277
				15,443,227
Multi-Utilities — 1.6%
Dominion Energy, Inc.		45,134		3,545,727
Oil, Gas & Consumable Fuels — 3.1%
ConocoPhillips		99,410		7,175,414
Personal Products — 1.9%
Estee Lauder Cos., Inc. (The) (Class A Stock)		11,771		4,357,624
Pharmaceuticals — 5.3%
AstraZeneca PLC (United Kingdom), ADR		55,751		3,247,496
Eli Lilly & Co.		31,538		8,711,426
				11,958,922
Road & Rail — 2.5%
Uber Technologies, Inc.*		29,314		1,229,136
Union Pacific Corp.		17,854		4,497,958
				5,727,094
Semiconductors & Semiconductor Equipment — 7.5%
Broadcom, Inc.		4,300		2,861,263
Lam Research Corp.		3,378		2,429,289
NVIDIA Corp.		23,111		6,797,176
NXP Semiconductors NV (China)		9,743		2,219,261
QUALCOMM, Inc.		14,613		2,672,279
				16,979,268
Software — 10.6%
Adobe, Inc.*		5,122		2,904,481
Atlassian Corp. PLC (Class A Stock)*		6,122		2,334,257
HashiCorp, Inc. (Class A Stock)*(a)		8,283		754,084
HubSpot, Inc.*		3,016		1,987,997
Microsoft Corp.		39,490		13,281,277
salesforce.com, Inc.*		10,934		2,778,658
				24,040,754
Specialty Retail — 2.3%
Lowe’s Cos., Inc.		11,186		2,891,357

SEE NOTES TO FINANCIAL STATEMENTS.

A133

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (cont’d.)
Ross Stores, Inc.		20,113	$	2,298,514
				5,189,871
Textiles, Apparel & Luxury Goods — 4.8%
Lululemon Athletica, Inc.*		6,481		2,536,988
LVMH Moet Hennessy Louis Vuitton SE (France)		6,127		5,067,445
NIKE, Inc. (Class B Stock)		19,339		3,223,231
				10,827,664
TOTAL LONG-TERM INVESTMENTS (cost $148,895,326)				225,609,015
SHORT-TERM INVESTMENTS — 3.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		3,266,051		3,266,051
PGIM Institutional Money Market Fund (cost $3,667,837; includes $3,667,626 of cash collateral for securities on loan)(b)(wa)		3,670,415		3,667,845
TOTAL SHORT-TERM INVESTMENTS (cost $6,933,888)				6,933,896
TOTAL INVESTMENTS—102.1% (cost $155,829,214)				232,542,911
Liabilities in excess of other assets — (2.1)%				(4,838,593	)
NET ASSETS — 100.0%			$	227,704,318

See the Glossary for a list of the abbreviation(s) used in the annual 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 $3,625,956; cash collateral of $3,667,626 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense		$	—		$	3,359,654		$	—
Airlines			1,883,031			—			—
Automobiles			13,519,764			—			—
Banks			16,612,486			—			—
Building Products			4,121,685			—			—
Capital Markets			5,457,841			—			—
Chemicals			4,737,777			—			—
Containers & Packaging			2,822,801			—			—
Entertainment			9,568,380			—			—
Food & Staples Retailing			3,696,829			—			—
Health Care Equipment & Supplies			6,221,812			—			—
Health Care Providers & Services			2,043,308			—			—
Hotels, Restaurants & Leisure			5,420,796			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A134

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Household Durables		$	1,887,898		$	—		$	—
Insurance			6,851,041			—			—
Interactive Media & Services			20,090,298			—			—
Internet & Direct Marketing Retail			12,068,049			—			—
IT Services			12,103,913			3,339,314			—
Multi-Utilities			3,545,727			—			—
Oil, Gas & Consumable Fuels			7,175,414			—			—
Personal Products			4,357,624			—			—
Pharmaceuticals			11,958,922			—			—
Road & Rail			5,727,094			—			—
Semiconductors & Semiconductor Equipment			16,979,268			—			—
Software			24,040,754			—			—
Specialty Retail			5,189,871			—			—
Textiles, Apparel & Luxury Goods			5,760,219			5,067,445			—
Short-Term Investments
Affiliated Mutual Funds			6,933,896			—			—
Total		$	220,776,498		$	11,766,413		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Software	10.6	%
Interactive Media & Services	8.8
Semiconductors & Semiconductor Equipment	7.5
Banks	7.3
IT Services	6.8
Automobiles	5.9
Internet & Direct Marketing Retail	5.3
Pharmaceuticals	5.3
Textiles, Apparel & Luxury Goods	4.8
Entertainment	4.2
Oil, Gas & Consumable Fuels	3.1
Insurance	3.0
Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan)	3.0
Health Care Equipment & Supplies	2.7
Road & Rail	2.5
Capital Markets	2.4

Hotels, Restaurants & Leisure	2.4	%
Specialty Retail	2.3
Chemicals	2.1
Personal Products	1.9
Building Products	1.8
Food & Staples Retailing	1.6
Multi-Utilities	1.6
Aerospace & Defense	1.5
Containers & Packaging	1.2
Health Care Providers & Services	0.9
Household Durables	0.8
Airlines	0.8
	102.1
Liabilities in excess of other assets	(2.1	)
	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		$	3,625,956		$	(3,625,956	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A135

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $3,625,956:
Unaffiliated investments (cost $148,895,326)	$	225,609,015
Affiliated investments (cost $6,933,888)		6,933,896
Dividends receivable		77,042
Tax reclaim receivable		40,906
Receivable for Portfolio shares sold		31,614
Prepaid expenses		2,322
Total Assets		232,694,795
LIABILITIES
Payable to broker for collateral for securities on loan		3,667,626
Payable for investments purchased		882,507
Payable for Portfolio shares purchased		175,671
Management fee payable		143,785
Accrued expenses and other liabilities		64,365
Distribution fee payable		27,579
Administration fee payable		16,506
Payable to affiliate		11,058
Affiliated transfer agent fee payable		980
Trustees’ fees payable		400
Total Liabilities		4,990,477
NET ASSETS	$	227,704,318
Net assets were comprised of:
Partners’ Equity	$	227,704,318
Class I:
Net asset value and redemption price per share, $97,177,914 / 1,669,286 outstanding shares of beneficial interest	$	58.22
Class II:
Net asset value and redemption price per share, $130,107,557 / 2,370,601 outstanding shares of beneficial interest	$	54.88
Class III:
Net asset value and redemption price per share, $418,847 / 7,207 outstanding shares of beneficial interest	$	58.12

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $33,972 foreign Withholding tax, of which $19,332 is reimbursable by an affiliate)	$	1,961,597
Income from securities lending, net (including affiliated income of $5,869)		7,923
Affiliated dividend income		3,539
Total income		1,973,059
EXPENSES
Management fee		1,689,476
Distribution fee—Class II		329,645
Distribution fee—Class III		298
Administration fee—Class II		197,787
Custodian and accounting fees		75,219
Shareholders’ reports		30,033
Audit fee		26,300
Legal fees and expenses		24,348
Trustees’ fees		12,430
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		22,105
Total expenses		2,418,323
NET INVESTMENT INCOME (LOSS)		(445,264	)
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(813))		41,314,973
Foreign currency transactions		(2,763	)
		41,312,210
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1))		(6,561,007	)
Foreign currencies		(829	)
		(6,561,836	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		34,750,374
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	34,305,110

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(445,264	)	$	281,437
Net realized gain (loss) on investment and foreign currency transactions		41,312,210			32,579,113
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(6,561,836	)		20,083,474
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		34,305,110			52,944,024
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		11,647,926			10,553,886
Portfolio shares purchased		(35,699,218	)		(39,093,305	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(24,051,292	)		(28,539,419	)
TOTAL INCREASE (DECREASE)		10,253,818			24,404,605
NET ASSETS:
Beginning of year		217,450,500			193,045,895
End of year	$	227,704,318		$	217,450,500

SEE NOTES TO FINANCIAL STATEMENTS.

A136

PSF PGIM JENNISON GROWTH PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 99.6%
COMMON STOCKS
Automobiles — 7.3%
Tesla, Inc.*		252,114	$	266,429,033
Biotechnology — 0.5%
BioNTech SE (Germany), ADR*(a)		72,658		18,731,232
Capital Markets — 2.3%
Goldman Sachs Group, Inc. (The)		91,985		35,188,862
KKR & Co., Inc.		243,405		18,133,672
S&P Global, Inc.		61,584		29,063,337
				82,385,871
Entertainment — 4.9%
Netflix, Inc.*		184,015		110,857,997
ROBLOX Corp. (Class A Stock)*(a)		304,606		31,423,155
Sea Ltd. (Taiwan), ADR*		116,930		26,158,410
Spotify Technology SA*		38,957		9,117,107
				177,556,669
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		92,691		52,620,681
Health Care Equipment & Supplies — 1.2%
Dexcom, Inc.*		48,276		25,921,798
Intuitive Surgical, Inc.*		54,708		19,656,585
				45,578,383
Health Care Providers & Services — 1.1%
UnitedHealth Group, Inc.		81,324		40,836,033
Hotels, Restaurants & Leisure — 3.1%
Airbnb, Inc. (Class A Stock)*		260,107		43,305,214
Chipotle Mexican Grill, Inc.*		24,227		42,354,853
Marriott International, Inc. (Class A Stock)*		172,713		28,539,096
				114,199,163
Interactive Media & Services — 10.9%
Alphabet, Inc. (Class A Stock)*		39,371		114,059,362
Alphabet, Inc. (Class C Stock)*		39,343		113,842,511
Match Group, Inc.*		280,932		37,153,257
Meta Platforms, Inc. (Class A Stock)*		220,010		74,000,364
Snap, Inc. (Class A Stock)*		939,665		44,192,445
ZoomInfo Technologies, Inc.*		237,197		15,228,047
				398,475,986
Internet & Direct Marketing Retail — 7.2%
Amazon.com, Inc.*		66,406		221,420,182
MercadoLibre, Inc. (Argentina)*		30,982		41,776,129
				263,196,311
IT Services — 13.9%
Adyen NV (Netherlands), 144A*		24,026		63,173,506
Block, Inc.*		286,588		46,286,828
Mastercard, Inc. (Class A Stock)		155,404		55,839,765
Okta, Inc.*		81,265		18,217,175
PayPal Holdings, Inc.*		197,992		37,337,331
Shopify, Inc. (Canada) (Class A Stock)* .		110,645		152,401,317
Snowflake, Inc. (Class A Stock)*		143,607		48,646,871
Twilio, Inc. (Class A Stock)*		99,325		26,156,246

	Shares		Value
COMMON STOCKS (continued)
IT Services (cont’d.)
Visa, Inc. (Class A Stock)(a)		278,097	$	60,266,401
				508,325,440
Life Sciences Tools & Services — 1.1%
Danaher Corp		127,792		42,044,846
Multiline Retail — 1.3%
Target Corp		198,725		45,992,914
Personal Products — 1.9%
Estee Lauder Cos., Inc. (The) (Class A Stock)		190,680		70,589,736
Pharmaceuticals — 1.9%
Eli Lilly & Co.		246,459		68,076,905
Road & Rail — 1.8%
Uber Technologies, Inc.*		1,571,669		65,900,081
Semiconductors & Semiconductor Equipment — 6.7%
NVIDIA Corp		693,792		204,051,165
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		349,156		42,006,958
				246,058,123
Software — 16.2%
Adobe, Inc.*		187,227		106,168,943
Atlassian Corp. PLC (Class A Stock)*		174,045		66,361,618
Crowdstrike Holdings, Inc. (Class A Stock)*		220,527		45,152,903
HubSpot, Inc.*		28,036		18,479,929
Microsoft Corp.		567,204		190,762,049
salesforce.com, Inc.*		405,851		103,138,915
Trade Desk, Inc. (The) (Class A Stock)*.		404,190		37,039,971
Workday, Inc. (Class A Stock)*		85,759		23,427,644
				590,531,972
Specialty Retail — 2.7%
Home Depot, Inc. (The)		125,023		51,885,795
TJX Cos., Inc. (The)		595,057		45,176,728
				97,062,523
Technology Hardware, Storage & Peripherals — 5.9%
Apple, Inc.		1,204,949		213,962,794
Textiles, Apparel & Luxury Goods — 6.3%
Kering SA (France)		55,243		44,452,563
Lululemon Athletica, Inc.*		101,679		39,802,245
LVMH Moet Hennessy Louis Vuitton SE (France)		90,959		75,229,272
NIKE, Inc. (Class B Stock)		421,760		70,294,739
				229,778,819
TOTAL LONG-TERM INVESTMENTS (cost $1,429,229,813)				3,638,333,515
SHORT-TERM INVESTMENTS — 2.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa) .		16,926,102		16,926,102

SEE NOTES TO FINANCIAL STATEMENTS.

A137

PSF PGIM JENNISON GROWTH PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
AFFILIATED MUTUAL FUNDS (continued)
PGIM Institutional Money Market Fund (cost $64,482,713; includes $64,478,356 of cash collateral for securities on loan)(b)(wa)		64,648,637	$	64,603,383
TOTAL SHORT-TERM INVESTMENTS (cost $81,408,815)				81,529,485
TOTAL INVESTMENTS—101.8% (cost $1,510,638,628)				3,719,863,000
Liabilities in excess of other assets — (1.8)%				(67,075,684	)
NET ASSETS — 100.0%			$	3,652,787,316

See the Glossary for a list of the abbreviation(s) used in the annual 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 $63,112,563; cash collateral of $64,478,356 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles	$	266,429,033	$	—	$	—
Biotechnology		18,731,232		—		—
Capital Markets		82,385,871		—		—
Entertainment		177,556,669		—		—
Food & Staples Retailing		52,620,681		—		—
Health Care Equipment & Supplies		45,578,383		—		—
Health Care Providers & Services		40,836,033		—		—
Hotels, Restaurants & Leisure		114,199,163		—		—
Interactive Media & Services		398,475,986		—		—
Internet & Direct Marketing Retail		263,196,311		—		—
IT Services		445,151,934		63,173,506		—
Life Sciences Tools & Services		42,044,846		—		—
Multiline Retail		45,992,914		—		—
Personal Products		70,589,736		—		—
Pharmaceuticals		68,076,905		—		—
Road & Rail		65,900,081		—		—
Semiconductors & Semiconductor Equipment		246,058,123		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A138

PSF PGIM JENNISON GROWTH PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Software		$	590,531,972		$	—		$	—
Specialty Retail			97,062,523			—			—
Technology Hardware, Storage & Peripherals			213,962,794			—			—
Textiles, Apparel & Luxury Goods			110,096,984			119,681,835			—
Short-Term Investments
Affiliated Mutual Funds			81,529,485			—			—
Total		$	3,537,007,659		$	182,855,341		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Software	16.2	%
IT Services	13.9
Interactive Media & Services	10.9
Automobiles	7.3
Internet & Direct Marketing Retail	7.2
Semiconductors & Semiconductor Equipment	6.7
Textiles, Apparel & Luxury Goods	6.3
Technology Hardware, Storage & Peripherals	5.9
Entertainment	4.9
Hotels, Restaurants & Leisure	3.1
Specialty Retail	2.7
Capital Markets	2.3
Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan)	2.2

Personal Products	1.9	%
Pharmaceuticals	1.9
Road & Rail	1.8
Food & Staples Retailing	1.4
Multiline Retail	1.3
Health Care Equipment & Supplies	1.2
Life Sciences Tools & Services	1.1
Health Care Providers & Services	1.1
Biotechnology	0.5
	101.8
Liabilities in excess of other assets	(1.8	)
	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		$	63,112,563		$	(63,112,563	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A139

PSF PGIM JENNISON GROWTH PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $63,112,563:
Unaffiliated investments (cost $1,429,229,813)	$	3,638,333,515
Affiliated investments (cost $81,408,815)		81,529,485
Tax reclaim receivable		467,797
Dividends receivable		166,392
Receivable for Portfolio shares sold		155,626
Prepaid expenses and other assets		38,665
Total Assets		3,720,691,480
LIABILITIES
Payable to broker for collateral for securities on loan		64,478,356
Management fee payable		1,858,332
Payable for Portfolio shares purchased		1,130,221
Payable to affiliate		300,067
Accrued expenses and other liabilities		105,599
Distribution fee payable		18,264
Administration fee payable		10,506
Trustees’ fees payable		1,839
Affiliated transfer agent fee payable		980
Total Liabilities		67,904,164
NET ASSETS	$	3,652,787,316
Net assets were comprised of:
Partners’ Equity	$	3,652,787,316
Class I:
Net asset value and redemption price per share, $3,566,345,791 / 24,112,913 outstanding shares of beneficial interest	$	147.90
Class II:
Net asset value and redemption price per share, $81,712,136 / 583,213 outstanding shares of beneficial interest	$	140.11
Class III:
Net asset value and redemption price per share, $4,729,389 / 32,033 outstanding shares of beneficial interest	$	147.64

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $400,991 foreign withholding tax)	$	10,116,729
Income from securities lending, net (including affiliated income of $107,004)		114,915
Affiliated dividend income		16,309
Total income		10,247,953
EXPENSES
Management fee		21,132,272
Distribution fee—Class II		213,264
Distribution fee—Class III		3,879
Administration fee—Class II		127,959
Custodian and accounting fees		210,379
Trustees’ fees		54,429
Shareholders’ reports		43,949
Legal fees and expenses		34,738
Audit fee		25,700
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		68,446
Total expenses		21,925,697
NET INVESTMENT INCOME (LOSS)		(11,677,744	)
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(26,031))		364,637,561
Foreign currency transactions		(107,961	)
		364,529,600
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(8,448))		165,056,163
Foreign currencies		(3,414	)
		165,052,749
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		529,582,349
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	517,904,605

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(11,677,744	)	$	(3,738,436	)
Net realized gain (loss) on investment and foreign currency transactions		364,529,600			438,266,732
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		165,052,749			802,336,475
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		517,904,605			1,236,864,771
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		67,317,387			57,172,725
Portfolio shares purchased		(280,555,896	)		(253,732,889	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(213,238,509	)		(196,560,164	)
TOTAL INCREASE (DECREASE)		304,666,096			1,040,304,607
NET ASSETS:
Beginning of year		3,348,121,220			2,307,816,613
End of year	$	3,652,787,316		$	3,348,121,220

SEE NOTES TO FINANCIAL STATEMENTS.

A140

PSF PGIM JENNISON VALUE PORTFOLIO   

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 97.2%
COMMON STOCKS
Aerospace & Defense — 2.7%
Airbus SE (France)*		145,925	$	18,691,428
Raytheon Technologies Corp.		305,226		26,267,749
				44,959,177
Air Freight & Logistics — 0.7%
FedEx Corp.		46,602		12,053,141
Airlines — 1.0%
Delta Air Lines, Inc.*		436,268		17,049,353
Automobiles — 2.0%
General Motors Co.*		564,995		33,125,657
Banks — 11.5%
Bank of America Corp.		963,724		42,876,081
Citigroup, Inc.		381,802		23,057,023
JPMorgan Chase & Co.		347,550		55,034,543
PNC Financial Services Group, Inc. (The)		176,625		35,416,845
Truist Financial Corp.		589,559		34,518,679
				190,903,171
Beverages — 1.5%
PepsiCo, Inc.		144,146		25,039,602
Biotechnology — 1.5%
AbbVie, Inc.		186,254		25,218,792
Building Products — 2.2%
Johnson Controls International PLC		439,813		35,761,195
Capital Markets — 4.1%
Blackstone, Inc.		186,701		24,157,243
Goldman Sachs Group, Inc. (The)		113,164		43,290,888
				67,448,131
Chemicals — 3.5%
Dow, Inc.		354,184		20,089,316
Linde PLC (United Kingdom)		110,385		38,240,676
				58,329,992
Communications Equipment — 1.5%
Cisco Systems, Inc.		386,014		24,461,707
Consumer Finance — 2.6%
Capital One Financial Corp.		158,494		22,995,894
SLM Corp.		983,676		19,348,907
				42,344,801
Containers & Packaging — 1.5%
Crown Holdings, Inc.		219,068		24,233,302
Entertainment — 1.3%
Walt Disney Co. (The)*		135,824		21,037,779
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities, Inc.		78,480		17,497,901
American Campus Communities, Inc.		236,585		13,553,954
American Tower Corp.		49,216		14,395,680
				45,447,535
Food & Staples Retailing — 1.9%
Walmart, Inc.		214,811		31,081,004

	Shares		Value
COMMON STOCKS (continued)
Food Products —1.5%
Mondelez International, Inc. (Class A Stock)		388,287	$	25,747,311
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		295,931		41,649,329
Health Care Providers & Services — 2.7%
Cigna Corp.		81,028		18,606,459
Laboratory Corp. of America Holdings*		82,861		26,035,755
				44,642,214
Hotels, Restaurants & Leisure — 2.3%
McDonald’s Corp.		78,171		20,955,300
Royal Caribbean Cruises Ltd.*(a)		220,213		16,934,380
				37,889,680
Household Durables — 1.1%
D.R. Horton, Inc.		162,742		17,649,370
Household Products — 1.1%
Procter & Gamble Co. (The)		109,253		17,871,606
Insurance — 6.1%
Chubb Ltd.		193,696		37,443,374
Marsh & McLennan Cos., Inc.		106,494		18,510,787
MetLife, Inc.		394,226		24,635,183
RenaissanceRe Holdings Ltd. (Bermuda)		119,149		20,175,500
				100,764,844
Interactive Media & Services — 2.8%
Alphabet, Inc. (Class A Stock)*		16,130		46,729,255
Machinery — 3.5%
Deere & Co.		52,296		17,931,775
Fortive Corp.		215,601		16,448,200
Otis Worldwide Corp.		272,464		23,723,441
				58,103,416
Multi-Utilities — 3.3%
Ameren Corp.		224,633		19,994,583
Dominion Energy, Inc.		435,532		34,215,394
				54,209,977
Oil, Gas & Consumable Fuels — 6.8%
Chevron Corp.		364,930		42,824,535
ConocoPhillips		573,310		41,381,516
Hess Corp.		122,502		9,068,823
Williams Cos., Inc. (The)		762,717		19,861,151
				113,136,025
Pharmaceuticals — 5.5%
AstraZeneca PLC (United Kingdom), ADR		434,023		25,281,840
Bristol-Myers Squibb Co.		357,700		22,302,595
Eli Lilly & Co.		160,511		44,336,348
				91,920,783
Road & Rail — 1.6%
Union Pacific Corp.		107,606		27,109,180

SEE NOTES TO FINANCIAL STATEMENTS.

A141

PSF PGIM JENNISON VALUE PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment — 6.6%
Broadcom, Inc.		56,868	$	37,840,536
Lam Research Corp.		29,187		20,989,831
NXP Semiconductors NV (China)		96,417		21,961,864
QUALCOMM, Inc.		159,116		29,097,543
				109,889,774
Software — 2.1%
Microsoft Corp.		101,789		34,233,677
Specialty Retail — 2.8%
Lowe’s Cos., Inc.		101,860		26,328,773
Ross Stores, Inc.		181,095		20,695,536
				47,024,309
Technology Hardware, Storage & Peripherals — 1.8%
Apple, Inc.		165,872		29,453,891
Trading Companies & Distributors — 0.9%
United Rentals, Inc.*		45,499		15,118,863
TOTAL LONG-TERM INVESTMENTS
(cost $896,172,356)				1,611,637,843
SHORT-TERM INVESTMENTS — 3.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		45,402,605		45,402,605
PGIM Institutional Money Market Fund (cost $16,686,907; includes $16,685,865 of cash collateral for securities on loan)(b)(wa)		16,706,627		16,694,933
TOTAL SHORT-TERM INVESTMENTS
(cost $62,089,512)				62,097,538
TOTAL INVESTMENTS — 101.0%
(cost $958,261,868)				1,673,735,381
Liabilities in excess of other assets — (1.0)%				(16,043,506	)
NET ASSETS — 100.0%			$	1,657,691,875

See the Glossary for a list of the abbreviation(s) used in the annual 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 $16,087,480; cash collateral of $16,685,865 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	26,267,749	$	18,691,428		$—
Air Freight & Logistics		12,053,141		—		—
Airlines		17,049,353		—		—
Automobiles		33,125,657		—		—
Banks		190,903,171		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A142

PSF PGIM JENNISON VALUE PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Beverages	$	25,039,602	$	—		$—
Biotechnology		25,218,792		—		—
Building Products		35,761,195		—		—
Capital Markets		67,448,131		—		—
Chemicals		58,329,992		—		—
Communications Equipment		24,461,707		—		—
Consumer Finance		42,344,801		—		—
Containers & Packaging		24,233,302		—		—
Entertainment		21,037,779		—		—
Equity Real Estate Investment Trusts (REITs)		45,447,535		—		—
Food & Staples Retailing		31,081,004		—		—
Food Products		25,747,311		—		—
Health Care Equipment & Supplies		41,649,329		—		—
Health Care Providers & Services		44,642,214		—		—
Hotels, Restaurants & Leisure		37,889,680		—		—
Household Durables		17,649,370		—		—
Household Products		17,871,606		—		—
Insurance		100,764,844		—		—
Interactive Media & Services		46,729,255		—		—
Machinery		58,103,416		—		—
Multi-Utilities		54,209,977		—		—
Oil, Gas & Consumable Fuels		113,136,025		—		—
Pharmaceuticals		91,920,783		—		—
Road & Rail		27,109,180		—		—
Semiconductors & Semiconductor Equipment		109,889,774		—		—
Software		34,233,677		—		—
Specialty Retail		47,024,309		—		—
Technology Hardware, Storage & Peripherals		29,453,891		—		—
Trading Companies & Distributors		15,118,863		—		—
Short-Term Investments
Affiliated Mutual Funds		62,097,538		—		—
Total	$	1,655,043,953	$	18,691,428		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

Banks	11.5	%
Oil, Gas & Consumable Fuels	6.8
Semiconductors & Semiconductor Equipment	6.6
Insurance	6.1
Pharmaceuticals	5.5
Capital Markets	4.1
Affiliated Mutual Funds (1.0% represents investments purchased with collateral from securities on loan)	3.8
Chemicals	3.5
Machinery	3.5
Multi-Utilities	3.3
Specialty Retail	2.8
Interactive Media & Services	2.8
Equity Real Estate Investment Trusts (REITs)	2.7
Aerospace & Defense	2.7
Health Care Providers & Services	2.7
Consumer Finance	2.6
Health Care Equipment & Supplies	2.5

Hotels, Restaurants & Leisure	2.3	%
Building Products	2.2
Software	2.1
Automobiles	2.0
Food & Staples Retailing	1.9
Technology Hardware, Storage & Peripherals	1.8
Road & Rail	1.6
Food Products	1.5
Biotechnology	1.5
Beverages	1.5
Communications Equipment	1.5
Containers & Packaging	1.5
Entertainment	1.3
Household Products	1.1
Household Durables	1.1
Airlines	1.0
Trading Companies & Distributors	0.9

SEE NOTES TO FINANCIAL STATEMENTS.

A143

PSF PGIM JENNISON VALUE PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Air Freight & Logistics	0.7	%
	101.0
Liabilities in excess of other assets	(1.0	)
	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	$16,087,480	$(16,087,480)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A144

PSF PGIM JENNISON VALUE PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES as of December 31, 2021
ASSETS
Investments at value, including securities on loan of $16,087,480:
Unaffiliated investments (cost $896,172,356)	$	1,611,637,843
Affiliated investments (cost $62,089,512)		62,097,538
Cash		49
Dividends receivable		1,153,750
Tax reclaim receivable		709,798
Receivable for Portfolio shares sold		120,411
Prepaid expenses and other assets		181,688
Total Assets		1,675,901,077
LIABILITIES
Payable to broker for collateral for securities on loan		16,685,865
Management fee payable		550,622
Payable for Portfolio shares purchased		454,276
Payable to affiliate		440,457
Accrued expenses and other liabilities		72,318
Distribution fee payable		2,399
Administration fee payable		1,335
Affiliated transfer agent fee payable		980
Trustees’ fees payable		950
Total Liabilities		18,209,202
NET ASSETS	$	1,657,691,875
Net assets were comprised of:
Partners’ Equity	$	1,657,691,875
Class I:
Net asset value and redemption price per share, $1,645,992,396 / 34,551,628 outstanding shares of beneficial interest	$	47.64
Class II:
Net asset value and redemption price per share, $10,679,016 / 230,742 outstanding shares of beneficial interest	$	46.28
Class III:
Net asset value and redemption price per share, $1,020,463 / 21,457 outstanding shares of beneficial interest	$	47.56

STATEMENT OF OPERATIONS
Year Ended December 31, 2021
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $58,248 foreign withholding tax, of which $582 is reimbursable by an affiliate)	$	28,187,863
Income from securities lending, net (including affiliated income of $15,451)		22,971
Affiliated dividend income		19,006
Total income		28,229,840
EXPENSES
Management fee		6,216,657
Distribution fee—Class II		25,333
Distribution fee—Class III		639
Administration fee—Class II		15,200
Custodian and accounting fees		101,693
Shareholders’ reports		34,719
Trustees’ fees		29,170
Legal fees and expenses		26,577
Audit fee		25,700
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		36,822
Total expenses		6,523,192
NET INVESTMENT INCOME (LOSS)		21,706,648
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $2,408)		113,554,402
Foreign currency transactions		3,669
		113,558,071
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(4,755))		238,270,819
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		351,828,890
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	373,535,538

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	21,706,648		$	25,261,919
Net realized gain (loss) on investment and foreign currency transactions		113,558,071			8,510,387
Net change in unrealized appreciation (depreciation) on investments		238,270,819			5,619,054
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		373,535,538			39,391,360
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		16,872,668			15,301,549
Portfolio shares purchased		(112,907,503	)		(113,124,170	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(96,034,835	)		(97,822,621	)
TOTAL INCREASE (DECREASE)		277,500,703			(58,431,261	)
NET ASSETS:
Beginning of year		1,380,191,172			1,438,622,433
End of year	$	1,657,691,875		$	1,380,191,172

SEE NOTES TO FINANCIAL STATEMENTS.

A145

PSF PGIM TOTAL RETURN BOND PORTFOLIO      

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
LONG-TERM INVESTMENTS — 99.3%
ASSET-BACKED SECURITIES — 22.7%
Automobiles — 0.9%
AmeriCredit Automobile Receivables Trust,
Series 2020-02, Class D
2.130%		03/18/26			300	$	303,741
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-02A, Class A, 144A
2.020%		02/20/27			600		606,377
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C
1.320%		07/15/25			300		301,330
Series 2020-03A, Class D
1.730%		07/15/26			200		201,549
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%		12/27/27			2,300		2,265,470
Series 2021-02A, Class B, 144A
2.120%		12/27/27			200		198,039
Hertz Vehicle Financing LLC,
Series 2021-01A, Class C, 144A
2.050%		12/26/25			100		98,962
JPMorgan Chase Bank, NA,
Series 2020-01, Class R, 144A
33.784%		01/25/28			761		852,691
Series 2020-02, Class D, 144A
1.487%		02/25/28			689		688,345
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%		09/14/27			3,500		3,692,817
Series 2019-01A, Class B, 144A
3.950%		11/14/28			800		853,882
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D
2.220%		09/15/26			400		405,827
Series 2020-03, Class D
1.640%		11/16/26			1,400		1,409,508
							11,878,538
Collateralized Loan Obligations — 18.5%
Anchorage Credit Opportunities CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.950% (Cap N/A, Floor 1.950%)
2.082%(c)		01/20/32			3,000		3,004,123
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		11,384,875
Atrium (Cayman Islands),
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)
0.958%(c)		04/22/27			7,394		7,392,039
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
1.222%(c)		10/17/32			3,500		3,498,654
Ballyrock CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)
1.104%(c)		10/15/28			1,736		1,734,401

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)
1.228%(c)		05/17/31			3,000	$	2,998,269
Brookside Mill CLO Ltd. (Cayman Islands),
Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)
1.472%(c)		01/17/28			2,500		2,501,367
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
0.990%(c)		10/15/35	EUR		6,500		7,392,894
Carlyle Euro CLO Ltd. (Ireland),
Series 2021-02A, Class A2B, 144A
2.100%		10/15/35	EUR		6,250		6,994,809
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		11,353,959
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)
1.304%(c)		01/15/30			4,000		4,000,184
CIFC Funding Ltd. (Cayman Islands),
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)
1.104%(c)		04/24/31			1,500		1,499,165
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)
1.238%(c)		01/22/31			3,750		3,749,016
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)
1.354%(c)		10/15/29			7,500		7,500,138
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)
1.404%(c)		07/15/29			250		249,961
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)
1.344%(c)		07/15/30			5,250		5,253,001
Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)
1.278%(c)		01/22/31			2,000		1,999,995
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
1.134%(c)		04/15/31			6,000		5,996,658
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
1.155%(c)		04/26/31			3,500		3,498,065
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		11,958,697

SEE NOTES TO FINANCIAL STATEMENTS.

A146

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
HPS Loan Management Ltd. (Cayman Islands),
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
1.448%(c)		07/22/32		4,000	$	4,001,313
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
1.140%(c)		02/05/31		3,973		3,971,856
ICG US CLO Ltd. (Cayman Islands),
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
1.154%(c)		04/25/31		2,494		2,491,815
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.332%(c)		10/20/34		6,625		6,626,234
Series 2019-14A, Class A2R, 144A
0.000%(cc)		10/20/34		6,750		6,745,002
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
1.244%(c)		04/25/32		2,000		1,998,583
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
1.250%(c)		04/21/31		9,635		9,634,421
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)
1.244%(c)		07/15/31		6,000		5,995,358
OCP CLO Ltd. (Cayman Islands),
Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%)
1.222%(c)		07/20/32		5,000		4,998,083
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
1.382%(c)		10/30/30		1,236		1,237,403
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
1.304%(c)		10/15/34		7,000		6,995,927
Romark WM-R Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
1.162%(c)		04/20/31		3,958		3,955,721
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
1.244%(c)		05/07/31		4,955		4,953,578
Signal Peak CLO Ltd. (Cayman Islands),
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)
1.234%(c)		04/25/31		5,750		5,748,439
Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
1.452%(c)		10/20/32		12,500		12,504,112

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)
1.195%(c)		01/26/31		3,500	$	3,499,091
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
1.312%(c)		10/29/34		3,000		2,999,998
Series 2017-01A, Class BRR, 144A
0.000%(cc)		10/29/34		4,000		3,999,995
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)
1.362%(c)		01/17/30		3,470		3,471,627
TICP CLO Ltd. (Cayman Islands),
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)
1.272%(c)		01/20/31		3,000		3,000,002
Toro European CLO DAC (Ireland),
Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
0.990%(c)		07/15/34		EUR 8,000		9,086,979
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)
1.004%(c)		07/15/27		1,408		1,407,991
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)
1.334%(c)		10/15/30		7,469		7,469,556
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)
1.094%(c)		04/25/31		3,000		2,997,465
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
1.272%(c)		01/17/31		6,500		6,500,320
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.332%(c)		10/20/31		2,750		2,748,641
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
1.334%(c)		10/15/34		1,750		1,750,002
Zais CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)
1.074%(c)		04/15/29		6,736		6,731,324
						241,481,106
Consumer Loans — 1.1%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A
2.509%		10/20/39		CAD 400		316,294
Lending Funding Trust,
Series 2020-02A, Class A, 144A
2.320%		04/21/31		300		300,403

SEE NOTES TO FINANCIAL STATEMENTS.

A147

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
ASSET-BACKED SECURITIES (continued)
Consumer Loans (cont’d.)
Lendmark Funding Trust,
Series 2019-01A, Class A, 144A
3.000%		12/20/27			2,000	$	2,019,323
Series 2019-02A, Class A, 144A
2.780%		04/20/28			1,000		1,013,963
Series 2021-01A, Class B, 144A
2.470%		11/20/31			100		100,577
Mariner Finance Issuance Trust,
Series 2019-AA, Class A, 144A
2.960%		07/20/32			700		708,328
Series 2020-AA, Class A, 144A
2.190%		08/21/34			500		503,296
OneMain Financial Issuance Trust,
Series 2018-01A, Class A, 144A
3.300%		03/14/29			260		260,066
Series 2020-01A, Class A, 144A
3.840%		05/14/32			1,000		1,022,608
Series 2020-02A, Class A, 144A
1.750%		09/14/35			1,500		1,490,187
Oportun Funding XIII LLC,
Series 2019-A, Class A, 144A
3.080%		08/08/25			1,400		1,414,332
Series 2019-A, Class D, 144A
6.220%		08/08/25			1,800		1,826,239
Oportun Funding XIV LLC,
Series 2021-A, Class B,144A
1.760%		03/08/28			300		299,297
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)
2.952%(c)		02/25/23			1,280		1,283,231
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)
2.752%(c)		08/25/25			1,200		1,201,289
							13,759,433
Credit Cards — 0.2%
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7
3.960%		10/13/30			700		802,421
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, SONIA + 1.400% (Cap N/A, Floor 0.000%)
1.450%(c)		11/15/28	GBP		1,625		2,224,384
							3,026,805
Home Equity Loans — 0.0%
Floating Rate Mortgage Pass-Through Certificates,
Series 2001-02, Class M3, 1 Month LIBOR + 2.925% (Cap N/A, Floor 2.925%)
3.027%(c)		10/25/31			182		199,876
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
1.302%(c)		08/25/35			97		96,003

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
ASSET-BACKED SECURITIES (continued)
Home Equity Loans (cont’d.)
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)
1.122%(c)		10/25/33		162	$	162,417
						458,296
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		220		219,659
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		2,243,212
						2,462,871
Residential Mortgage-Backed Securities — 0.7%
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		618		613,618
European Residential Loan Securitisation (Ireland),
Series 2021-NPLA, Class A1, 144A
0.000%(cc)		11/25/60		EUR 1,000		1,122,697
Legacy Mortgage Asset Trust,
Series 2019-GS02, Class A1, 144A
3.750%		01/25/59		567		567,464
Series 2019-GS04, Class A1, 144A
3.438%		05/25/59		1,060		1,060,951
Merrill Lynch Mortgage Investors Trust,
Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%)
0.622%(c)		06/25/35		233		232,245
Rathlin Residential DAC (Ireland),
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000%
1.432%(c)		09/27/75		EUR 1,622		1,819,687
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
3.000%(c)		04/16/23		EUR 3,181		3,258,909
						8,675,571
Student Loans — 1.1%
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A
0.000%		02/25/43		2,980		1,061,900
Series 2018-C, Class A, 144A
1.344%(cc)		08/25/43		1,099		1,124,588
Series 2018-D, Class A, 144A
0.000%(cc)		11/25/43		1,091		1,124,033
Series 2019-A, Class R, 144A
0.000%		10/25/48		1,929		357,894
SoFi Alternative Trust,
Series 2019-B, Class PT, 144A
0.000%(cc)		12/15/45		2,678		2,753,175
Series 2019-D, Class 1PT, 144A
2.966%(cc)		01/16/46		2,286		2,346,173

SEE NOTES TO FINANCIAL STATEMENTS.

A148

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Series 2019-F, Class PT1, 144A
3.932%(cc)		02/15/45		2,219	$	2,252,661
SoFi RR Funding II Trust,
Series 2019-01, Class A, 144A, 1 Month LIBOR + 2.250% (Cap N/A, Floor 1.250%)
2.352%(c)		11/29/24		2,022		2,021,820
SoFi RR Funding III Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 4.750% (Cap N/A, Floor 3.750%)
4.852%(c)		11/29/24		1,249		1,247,949
						14,290,193
TOTAL ASSET-BACKED SECURITIES (cost $297,792,225)						296,032,813
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		335		335,791
Chemicals — 0.0%
Axalta Coating Systems U.S. Holdings, Inc.,
Term B-3 Dollar Loan, 3 Month LIBOR + 1.750%
1.974%(c)		06/01/24		346		345,446
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.000%
3.102%(c)		10/01/25		156		155,296
						500,742
Commercial Services — 0.1%
Adtalem Global Education, Inc.,
Term B Loan, 3 Month LIBOR + 4.500%
5.250%(c)		08/12/28		650		650,948
Computers — 0.1%
McAfee LLC,
Term B USD Loan, 1 Month LIBOR + 3.750%
3.852%(c)		09/30/24		259		259,152
Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%
4.500%(c)		02/01/28		769		769,187
						1,028,339
Insurance — 0.1%
AmWINS Group, Inc.,
Term Loan, 1 Month LIBOR + 2.250%
3.000%(c)		02/19/28		182		180,642
Asurion LLC,
New B-7 Term Loan, 1 Month LIBOR + 3.000% (original cost $464,598; purchased 02/23/21)(f)
3.104%(c)		11/03/24		465		462,757
New B-9 Term Loan, 1 Month LIBOR + 3.250% (original cost $347,375; purchased 02/10/21)(f)
3.354%(c)		07/31/27		347		344,842
						988,241

Interest Rate	Maturity Date			Principal Amount (000)#		Value
BANK LOANS (continued)
Machinery-Construction & Mining — 0.0%
Vertiv Group Corp.,
Term B Loan, 1 Month LIBOR + 2.750%
2.844%(c)		03/02/27			247	$	244,988
Media — 0.1%
CSC Holdings LLC,
2017 Refinancing Term Loan, 3 Month LIBOR + 2.250%
2.360%(c)		07/17/25			347		341,456
September 2019 Term Loan, 3 Month LIBOR + 2.500%
2.610%(c)		04/15/27			774		763,770
Diamond Sports Group LLC,
Term Loan, 3 Month LIBOR + 3.250%
3.340%(c)		08/24/26			497		229,010
iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%
3.104%(c)		05/01/26			314		311,380
							1,645,616
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		418,555
Pharmaceuticals — 0.2%
Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 - 3 Month LIBOR + 2.500%
3.500%(c)		03/01/24			1,885		1,882,416
Real Estate Investment Trusts (REITs) — 0.0%
Blackstone Mortgage Trust, Inc.,
Term Loan, 1 Month LIBOR + 2.250%
2.354%(c)		04/23/26^			495		488,750
Retail — 0.3%
EG Group Ltd. (United Kingdom),
Additional Second Lien Loan Facility, 3 Month EURIBOR + 7.000% (Cap N/A, Floor 0.000%)
7.000%(c)		04/30/27	EUR		3,500		3,987,241
Software — 0.1%
Dun & Bradstreet Corp.,
Term Loan B, 1 Month LIBOR + 3.250%
3.352%(c)		02/06/26			765		761,878
Telecommunications — 0.1%
CenturyLink, Inc.,
Term B Loan, 1 Month LIBOR + 2.250%
2.354%(c)		03/15/27			401		396,300
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 - 6 Month LIBOR + 3.250%
3.500%(c)		05/27/24			990		960,595
							1,356,895
TOTAL BANK LOANS
(cost $14,555,972)							14,290,400
COMMERCIAL MORTGAGE-BACKED SECURITIES — 12.8%
Banc of America Commercial Mortgage Trust,
Series 2016-UB10, Class A3
2.903%		07/15/49			1,283		1,322,213

SEE NOTES TO FINANCIAL STATEMENTS.

A149

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BANK,
Series 2017-BNK05, Class A4
3.131%	06/15/60		4,400	$	4,645,458
Series 2017-BNK06, Class A4
3.254%	07/15/60		920		972,436
Series 2017-BNK08, Class A3
3.229%	11/15/50		1,950		2,068,470
Series 2019-BN18, Class A3
3.325%	05/15/62		1,500		1,606,467
Series 2020-BN29, Class A3
1.742%	11/15/53		1,000		968,498
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A
2.937%	08/14/36		1,170		1,181,104
Series 2016-ETC, Class B, 144A
3.189%	08/14/36		510		504,724
Series 2016-ETC, Class C, 144A
3.391%	08/14/36		430		413,304
Series 2016-ETC, Class D, 144A
3.609%(cc)	08/14/36		1,560		1,454,055
Benchmark Mortgage Trust,
Series 2019-B09, Class A4
3.751%	03/15/52		3,400		3,706,314
Series 2020-B18, Class A4
1.672%	07/15/53		2,900		2,780,541
Series 2020-B21, Class A4
1.704%	12/17/53		1,000		956,685
BX Commercial Mortgage Trust,
Series 2019-XL, Class G, 144A, 1 Month LIBOR + 2.300% (Cap N/A, Floor 2.300%)
2.410%(c)	10/15/36		1,360		1,348,939
Series 2020-BXLP, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)
2.110%(c)	12/15/36		1,253		1,242,377
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)
2.610%(c)	12/15/36		3,485		3,445,469
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)
2.307%(c)	11/15/26		3,350		3,335,242
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%	11/15/52		7,700		7,828,069
CD Mortgage Trust,
Series 2017-CD05, Class A3
3.171%	08/15/50		3,500		3,665,768
CFK Trust,
Series 2020-MF02, Class A, 144A
2.387%	03/15/39		6,550		6,582,468
CityLine Commercial Mortgage Trust,
Series 2016-CLNE, Class B, 144A
2.778%(cc)	11/10/31		2,400		2,428,025
Series 2016-CLNE, Class C, 144A
2.778%(cc)	11/10/31		900		906,266

Interest Rate	Maturity Date	Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)
2.875%(c)	11/15/37		1,327	$	1,321,975
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4
3.420%	08/10/47		3,200		3,296,347
Series 2015-DC01, Class A4
3.078%	02/10/48		5,000		5,091,550
Series 2016-COR01, Class A3
2.826%	10/10/49		2,474		2,538,493
Series 2017-COR02, Class A2
3.239%	09/10/50		4,500		4,721,346
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)
2.260%(c)	05/15/36		2,600		2,597,468
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class A2
3.067%	06/15/52		1,200		1,243,155
DBGS Mortgage Trust,
Series 2018-BIOD, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)
2.602%(c)	05/15/35		3,037		3,015,494
DBWF Mortgage Trust,
Series 2016-85T, Class D, 144A
3.808%(cc)	12/10/36		1,400		1,408,735
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A4
3.071%	06/10/50		2,800		2,956,462
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A
3.555%(cc)	09/10/35		3,000		3,065,949
FHLMC Multifamily Structured Pass-Through Certificates,
Series K020, Class X1, IO
1.333%(cc)	05/25/22		22,468		43,431
Series K021, Class X1, IO
1.376%(cc)	06/25/22		13,538		10,591
Series K025, Class X1, IO
0.778%(cc)	10/25/22		9,451		46,415
Series K027, Class X1, IO
0.715%(cc)	01/25/23		119,665		687,425
Series K044, Class X1, IO
0.708%(cc)	01/25/25		77,827		1,320,896
Series K053, Class X1, IO
0.880%(cc)	12/25/25		86,343		2,624,381
Series K055, Class X1, IO
1.354%(cc)	03/25/26		13,342		656,996
Series KG03, Class X1, IO
1.381%(cc)	06/25/30		29,350		2,909,527
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3
3.119%	05/10/50		2,935		3,043,017
Series 2017-GS06, Class A2
3.164%	05/10/50		3,354		3,500,379
Series 2019-GC38, Class A3
3.703%	02/10/52		5,800		6,303,547

SEE NOTES TO FINANCIAL STATEMENTS.

A150

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
IMT Trust,
Series 2017-APTS, Class AFX, 144A
3.478%		06/15/34		310	$	321,694
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%		06/15/49		1,070		1,099,203
Series 2017-C05, Class A4
3.414%		03/15/50		1,893		1,963,503
Series 2017-C07, Class A4
3.147%		10/15/50		3,600		3,768,984
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3
2.559%		08/15/49		1,726		1,762,543
Series 2018-AON, Class E, 144A
4.613%(cc)		07/05/31		5,875		5,961,805
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C05, Class XA, IO, 144A
1.336%(cc)		08/15/45		30,255		74,642
Series 2013-C08, Class A3
2.863%		12/15/48		1,324		1,332,967
Series 2013-C10, Class A3
3.960%(cc)		07/15/46		3,950		4,052,915
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4
3.259%		06/15/50		2,750		2,897,161
Series 2017-HR02, Class A3
3.330%		12/15/50		5,500		5,838,905
Series 2019-L03, Class A3
2.874%		11/15/52		1,200		1,248,913
Series 2019-MEAD, Class E, 144A
3.177%(cc)		11/10/36		575		547,297
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%		07/05/36		140		143,895
UBS Commercial Mortgage Trust,
Series 2017-C02, Class A3
3.225%		08/15/50		3,280		3,416,432
Series 2017-C07, Class A3
3.418%		12/15/50		5,600		5,938,186
Series 2018-C10, Class A3
4.048%		05/15/51		2,200		2,408,333
Series 2019-C17, Class A3
2.669%		10/15/52		2,000		2,063,843
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C05, Class A3
2.920%		03/10/46		830		837,591
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16,Class A4
3.548%		08/15/50		3,542		3,616,446
Series 2016-C32, Class A3
3.294%		01/15/59		2,116		2,208,035
Series 2016-C34, Class A3
2.834%		06/15/49		2,500		2,557,343
Series 2016-C35, Class A3
2.674%		07/15/48		4,600		4,705,364
Series 2017-C40, Class A3
3.317%		10/15/50		1,370		1,450,259

Interest Rate	Maturity Date			Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2019-C54, Class A3
2.892%		12/15/52			1,200	$	1,250,480
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $163,136,780)							167,233,210
CORPORATE BONDS — 38.1%
Aerospace & Defense — 0.9%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
1.900%		02/15/31			2,770		2,631,625
3.400%		04/15/30			385		410,573
Boeing Co. (The),
Sr. Unsec’d. Notes
3.950%		08/01/59			1,450		1,507,026
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.500%		12/01/24			1,600		1,662,375
7.500%		03/15/25			1,525		1,552,788
7.875%		04/15/27	(a)		2,575		2,670,251
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
4.125%		11/16/28			1,115		1,247,758
							11,682,396
Agriculture — 0.2%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%		03/25/28			1,530		1,492,575
3.557%		08/15/27			1,425		1,495,817
							2,988,392
Airlines — 0.5%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.575%		07/15/29			1,398		1,419,586
Continental Airlines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates
5.983%		10/19/23			278		281,054
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%		06/15/27			3,255		3,725,618
United Airlines 2007-1 Class A Pass-Through Trust,
Pass-Through Certificates
6.636%		01/02/24			362		365,890
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%		04/15/26			815		850,369
4.625%		04/15/29			190		197,060
							6,839,577
Auto Manufacturers — 0.9%
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%		01/15/43			1,125		1,243,342
5.291%		12/08/46			290		340,230

SEE NOTES TO FINANCIAL STATEMENTS.

A151

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Auto Manufacturers (cont’d.)
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%		02/16/28			275	$	276,298
3.350%		11/01/22			2,600		2,635,415
General Motors Co.,
Sr. Unsec’d. Notes
4.875%		10/02/23			1,350		1,434,154
5.000%		04/01/35			1,365		1,621,129
5.150%		04/01/38			1,000		1,203,627
6.250%		10/02/43			1,455		1,990,105
6.600%		04/01/36			210		283,565
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes
2.400%		04/10/28			1,025		1,024,966
							12,052,831
Auto Parts & Equipment — 0.2%
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.500%		04/01/27	(a)		670		697,318
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A
5.625%		11/15/26	(a)		1,150		948,034
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%		04/15/25			875		897,962
Dana, Inc.,
Sr. Unsec’d. Notes
5.375%		11/15/27			350		367,494
							2,910,808
Banks — 10.1%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
1.241%(c)		04/12/23			400		404,004
Sr. Unsec’d. Notes
1.849%		03/25/26			600		596,608
Sub. Notes
2.749%		12/03/30	(a)		1,000		977,954
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)		06/20/24	(oo)		1,655		1,724,494
Jr. Sub. Notes, Series MM
4.300%(ff)		01/28/25	(oo)		1,575		1,597,251
Sr. Unsec’d. Notes
2.687%(ff)		04/22/32			2,535		2,574,923
Sr. Unsec’d. Notes, GMTN
3.593%(ff)		07/21/28	(a)		740		796,485
Sr. Unsec’d. Notes, MTN
3.824%(ff)		01/20/28			3,185		3,451,427
3.974%(ff)		02/07/30			685		755,502
4.078%(ff)		04/23/40			2,340		2,683,981
4.271%(ff)		07/23/29			910		1,014,452
Sr. Unsec’d. Notes, Series N
2.651%(ff)		03/11/32			5,020		5,084,274
Sub. Notes, MTN
4.000%		01/22/25			1,117		1,194,484

Interest Rate	Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
4.450%		03/03/26			1,735	$	1,911,852
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%		03/16/25			700		740,138
3.932%(ff)		05/07/25			480		505,218
Sr. Unsec’d. Notes, MTN
4.972%(ff)		05/16/29			475		543,528
Sub. Notes
4.836%		05/09/28			720		791,503
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
1.323%(ff)		01/13/27			710		690,810
1.904%(ff)		09/30/28			2,200		2,151,331
2.871%(ff)		04/19/32			1,815		1,838,788
3.375%		01/09/25			855		898,962
BPCE SA (France),
Sr. Unsec’d. Notes, 144A, MTN
3.500%		10/23/27			300		317,370
Sub. Notes, 144A, MTN
4.500%		03/15/25			1,120		1,207,165
4.875%		04/01/26	(a)		380		419,773
Citigroup, Inc.,
Jr. Sub. Notes
3.875%(ff)		02/18/26	(oo)		1,880		1,881,776
Jr. Sub. Notes, Series V
4.700%(ff)		01/30/25	(oo)		1,435		1,459,143
Jr. Sub. Notes, Series W
4.000%(ff)		12/10/25	(oo)		880		885,801
Sr. Unsec’d. Notes
2.561%(ff)		05/01/32			2,000		2,011,406
2.666%(ff)		01/29/31			1,225		1,243,831
3.200%		10/21/26			3,255		3,450,234
3.887%(ff)		01/10/28			1,710		1,854,157
8.125%		07/15/39	(a)		580		984,091
Sub. Notes
4.450%		09/29/27			2,630		2,932,470
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
3.091%(ff)		05/14/32			1,695		1,723,122
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes, MTN
3.700%		05/30/24			159		166,789
Sr. Unsec’d. Notes, Series D
5.000%		02/14/22			1,350		1,356,136
Discover Bank,
Sr. Unsec’d. Notes
3.450%		07/27/26			280		296,614
4.250%		03/13/26	(a)		1,150		1,255,918
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U
3.650%(ff)		08/10/26	(oo)		950		939,585
Sr. Unsec’d. Notes
2.383%(ff)		07/21/32			1,460		1,437,679
2.615%(ff)		04/22/32			4,695		4,718,861
3.272%(ff)		09/29/25			4,063		4,261,955
3.750%		02/25/26			125		134,496
3.814%(ff)		04/23/29			1,060		1,153,718

SEE NOTES TO FINANCIAL STATEMENTS.

A152

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date			Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
3.850%		01/26/27			1,765	$	1,900,304
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes
4.583%(ff)		06/19/29			1,000		1,120,318
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)		08/01/24	(oo)		1,000		1,031,910
Jr. Sub. Notes, Series HH
4.600%(ff)		02/01/25	(oo)		1,940		1,983,031
Jr. Sub. Notes, Series I, 3 Month LIBOR +3.470%
3.599%(c)		04/30/22	(oo)		2,998		3,005,894
Jr. Sub. Notes, Series II
4.000%(ff)		04/01/25	(a)(oo)		1,350		1,357,753
Jr. Sub. Notes, Series KK
3.650%(ff)		06/01/26	(oo)		1,850		1,855,120
Sr. Unsec’d. Notes
2.525%(ff)		11/19/41			2,330		2,217,677
2.545%(ff)		11/08/32			1,135		1,142,689
2.580%(ff)		04/22/32			1,735		1,756,618
2.950%		10/01/26			1,740		1,837,752
3.200%		06/15/26	(a)		3,020		3,206,527
3.509%(ff)		01/23/29			1,435		1,538,941
3.782%(ff)		02/01/28			965		1,045,431
3.964%(ff)		11/15/48			985		1,153,187
4.005%(ff)		04/23/29			1,200		1,325,760
Sub. Notes
4.250%		10/01/27			420		470,391
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR +3.610%
3.734%(c)		01/18/22	(a)(oo)		975		975,361
Sr. Unsec’d. Notes, GMTN
2.239%(ff)		07/21/32			4,270		4,183,467
3.772%(ff)		01/24/29			1,875		2,041,580
4.431%(ff)		01/23/30			1,340		1,525,895
Sr. Unsec’d. Notes, MTN
1.794%(ff)		02/13/32			915		867,064
2.511%(ff)		10/20/32			1,590		1,588,459
3.125%		07/27/26			2,725		2,888,860
Sub. Notes, GMTN
4.350%		09/08/26			750		830,717
State Street Corp.,
Sub. Notes
2.200%		03/03/31	(a)		4,130		4,116,584
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR +4.500%
4.724%(c)		09/30/24			3,340		3,344,184
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
2.859%(ff)		08/15/23			1,100		1,113,103
3.491%		05/23/23			2,970		3,000,578
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A
2.569%(ff)		09/22/26			685		685,748
3.127%(ff)		06/03/32			1,225		1,209,608
Wells Fargo &Co.,
Sr. Unsec’d. Notes
3.068%(ff)		04/30/41			2,675		2,736,729

Interest     Rate	Maturity         Date			Principal Amount       (000) #		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, MTN
2.572%(ff)		02/11/31			3,500	$	3,572,474
							131,649,773
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%		02/01/46			1,880		2,381,346
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
5.550%		01/23/49			1,440		1,991,679
							4,373,025
Building Materials — 0.2%
Masco Corp.,
Sr. Unsec’d. Notes
2.000%		10/01/30			925		886,768
Masonite International Corp.,
Gtd. Notes, 144A
5.375%		02/01/28	(a)		525		551,618
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A
6.000%		11/01/28	(a)		1,275		1,360,929
							2,799,315
Chemicals — 1.2%
Ashland LLC,
Gtd. Notes
6.875%		05/15/43	(a)		1,400		1,799,690
Ashland Services BV,
Gtd. Notes
2.000%		01/30/28		EUR	1,600		1,853,558
CF Industries, Inc.,
Gtd. Notes
4.950%		06/01/43			675		812,373
5.375%		03/15/44			700		883,574
INEOS Quattro Finance 2 PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
2.500%		01/15/26		EUR	2,300		2,602,996
LYB International Finance BV,
Gtd. Notes
5.250%		07/15/43			1,000		1,284,011
Mosaic Co. (The),
Sr. Unsec’d. Notes
5.625%		11/15/43			155		206,080
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%		06/01/24			1,150		1,192,527
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
4.900%		06/01/43			870		1,105,976
5.250%		01/15/45			305		409,755
Sasol Financing International Ltd. (South Africa),
Gtd. Notes
4.500%		11/14/22			1,525		1,542,693

SEE NOTES TO FINANCIAL STATEMENTS.

A153

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Chemicals (cont’d.)
Sasol Financing USA LLC (South Africa),
Gtd. Notes
4.375%		09/18/26			460	$	463,386
5.875%		03/27/24			375		390,520
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes
3.450%		08/01/25			445		473,643
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A (original cost $ 450,000; purchased 07/19/19)(f)
10.500%		08/01/24			450		325,876
Sr. Sec’d. Notes, 144A (original cost $ 108,716; purchased 02/01/21)(f)
10.875%		08/01/24			111		117,733
							15,464,391
Commercial Services — 0.9%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%		06/01/28			1,300		1,276,176
ERAC USA Finance LLC,
Gtd. Notes, 144A
6.700%		06/01/34			920		1,275,187
7.000%		10/15/37			770		1,135,986
Gartner, Inc.,
Gtd. Notes, 144A
4.500%		07/01/28	(a)		230		240,216
Loxam SAS (France),
Sr. Sub. Notes
4.500%		04/15/27		EUR	1,650		1,876,272
Nexi SpA (Italy),
Sr. Unsec’d. Notes
2.125%		04/30/29		EUR	2,640		2,950,449
United Rentals North America, Inc.,
Gtd. Notes
3.750%		01/15/32			50		50,396
3.875%		02/15/31			200		203,108
4.875%		01/15/28			1,325		1,392,262
5.250%		01/15/30	(a)		525		568,370
5.500%		05/15/27	(a)		975		1,013,552
							11,981,974
Diversified Financial Services — 0.3%
Jefferies Group LLC,
Sr. Unsec’d. Notes
6.500%		01/20/43			555		769,610
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.500%		08/15/28			880		905,132
6.000%		01/15/27			275		286,238
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%		07/14/31			515		507,703
OneMain Finance Corp.,
Gtd. Notes
5.375%		11/15/29	(a)		1,125		1,223,292

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
6.150%		12/06/28	(a)		400	$	472,454
							4,164,429
Electric — 2.6%
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
3.350%		07/01/23			550		566,715
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%		02/01/29			600		594,838
5.000%		02/01/31	(a)		750		757,285
5.125%		03/15/28			1,700		1,727,397
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series C
4.300%		12/01/56			235		279,947
Dominion Energy South Carolina, Inc.,
First Mortgage
4.600%		06/15/43			2,025		2,476,555
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%		05/15/35			2,325		3,044,490
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, 144A
7.125%		02/11/25			390		403,141
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.350%		01/15/25	(a)		3,750		4,001,386
5.450%		07/15/44			280		351,780
Iberdrola International BV (Spain),
Gtd. Notes
6.750%		09/15/33			1,150		1,558,527
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%		08/14/28			680		747,191
Kentucky Utilities Co.,
First Mortgage
4.375%		10/01/45			3,050		3,633,428
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A
3.395%		04/09/30			1,050		1,121,360
NRG Energy, Inc.,
Gtd. Notes, 144A
3.875%		02/15/32			425		418,045
5.250%		06/15/29	(a)		375		401,483
Sr. Sec’d. Notes, 144A
2.000%		12/02/25			280		281,927
2.450%		12/02/27			1,210		1,200,502
Pacific Gas & Electric Co.,
First Mortgage
4.550%		07/01/30			1,670		1,811,379
PacifiCorp,
First Mortgage
3.300%		03/15/51			380		397,577

SEE NOTES TO FINANCIAL STATEMENTS.

A154

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Perusahaan Listrik Negara PT (Indonesia),
Sr. Unsec’d. Notes, 144A
1.875%		11/05/31		EUR	324	$	354,487
Tucson Electric Power Co.,
Sr. Unsec’d. Notes
4.000%		06/15/50			1,500		1,746,547
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)		12/15/26	(oo)		625		634,117
8.000%(ff)		10/15/26	(oo)		2,075		2,194,984
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%		07/31/27			450		467,141
5.625%		02/15/27			600		620,389
Sr. Sec’d. Notes, 144A
3.700%		01/30/27			2,000		2,078,459
							33,871,077
Electrical Components & Equipment — 0.1%
WESCO Distribution, Inc.,
Gtd. Notes, 144A
7.125%		06/15/25			575		608,980
7.250%		06/15/28			550		604,737
							1,213,717
Electronics — 0.1%
Sensata Technologies BV,
Gtd. Notes, 144A
5.000%		10/01/25			1,000		1,085,602
Engineering & Construction — 0.4%
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN
1.750%		10/23/30			EUR   2,800		3,065,203
GMR Hyderabad International Airport Ltd. (India),
Sr. Sec’d. Notes, 144A
4.250%		10/27/27			345		334,066
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
4.250%		10/31/26			605		641,941
5.500%		07/31/47			1,690		1,691,818
							5,733,028
Entertainment — 0.2%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%
10.000%		06/15/26			366		361,984
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
6.250%		07/01/25			860		903,313
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
7.625%		04/15/26			875		916,132

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Entertainment (cont’d.)
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%		01/15/27	(a)		800	$	823,102
							3,004,531
Environmental Control — 0.0%
Madison IAQ LLC,
Sr. Unsec’d. Notes, 144A
5.875%		06/30/29			275		275,028
Foods — 1.0%
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
3.250%		02/16/26		GBP	3,100		4,041,592
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
4.000%		02/16/27		GBP	1,600		2,046,922
JBS USA Food Co.,
Gtd. Notes, 144A
5.750%		01/15/28			1,250		1,306,447
Kraft Heinz Foods Co.,
Gtd. Notes
4.625%		10/01/39			645		758,026
4.875%		10/01/49			1,325		1,668,837
Mars, Inc.,
Gtd. Notes, 144A
3.875%		04/01/39			440		507,921
4.200%		04/01/59			380		485,882
McCormick & Co., Inc.,
Sr. Unsec’d. Notes
2.500%		04/15/30			2,000		2,021,643
							12,837,270
Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.875%		08/20/26	(a)		1,100		1,230,392
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%		02/15/31	(a)		370		346,236
4.800%		02/15/44			300		367,098
Southern Co. Gas Capital Corp.,
Gtd. Notes
4.400%		06/01/43			1,050		1,202,395
							3,146,121
Healthcare-Products — 0.4%
DH Europe Finance II Sarl,
Gtd. Notes
1.350%		09/18/39		EUR	1,275		1,448,288
Medtronic Global Holdings SCA,
Gtd. Notes
1.375%		10/15/40		EUR	540		612,934
1.625%		10/15/50		EUR	495		564,365
2.250%		03/07/39		EUR	300		389,640
Mozart Debt Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
3.875%		04/01/29	(a)		325		323,869

SEE NOTES TO FINANCIAL STATEMENTS.

A155

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Healthcare-Products (cont’d.)
Sr. Unsec’d. Notes, 144A
5.250%		10/01/29			225	$	228,503
Stryker Corp.,
Sr. Unsec’d. Notes
2.125%		11/30/27		EUR	510		633,207
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, EMTN
1.500%		10/01/39		EUR	600		689,791
1.875%		10/01/49		EUR	425		496,191
							5,386,788
Healthcare-Services — 0.8%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.750%		12/15/37	(a)		1,900		2,757,314
Anthem, Inc.,
Sr. Unsec’d. Notes
4.650%		01/15/43			385		480,717
HCA, Inc.,
Gtd. Notes
3.500%		09/01/30	(a)		650		686,506
5.375%		02/01/25			825		906,485
5.875%		02/01/29			25		29,811
7.500%		11/06/33			500		719,934
Gtd. Notes, MTN
7.750%		07/15/36			500		687,933
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes
3.250%		09/01/24			846		885,580
Tenet Healthcare Corp.,
Sec’d. Notes, 144A
6.250%		02/01/27	(a)		375		388,049
Sr. Sec’d. Notes, 144A
4.625%		06/15/28			285		293,279
4.875%		01/01/26	(a)		650		667,773
5.125%		11/01/27	(a)		600		625,551
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
3.050%		05/15/41			880		918,942
3.950%		10/15/42			220		256,523
							10,304,397
Home Builders — 0.2%
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%		06/15/27			875		981,480
6.625%		07/15/27			1,050		1,105,925
Sr. Unsec’d. Notes, 144A
5.125%		08/01/30			45		49,770
							2,137,175
Housewares — 0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.875%		06/01/25	(a)		670		729,064

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Insurance — 0.9%
American International Group, Inc.,
Sr. Unsec’d. Notes
3.750%		07/10/25			2,110	$	2,262,492
4.500%		07/16/44			1,075		1,324,966
Liberty Mutual Finance Europe DAC,
Gtd. Notes, 144A
1.750%		03/27/24		EUR	800		943,272
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%		10/15/50			1,030		1,142,791
Lincoln National Corp.,
Sr. Unsec’d. Notes
7.000%		06/15/40			405		618,659
Markel Corp.,
Sr. Unsec’d. Notes
4.150%		09/17/50			180		209,349
5.000%		03/30/43			350		424,102
Principal Financial Group, Inc.,
Gtd. Notes
4.625%		09/15/42			150		186,725
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%		07/15/34			1,350		1,855,495
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%		05/15/47			2,310		2,800,368
6.850%		12/16/39			196		292,162
							12,060,381
Lodging — 0.4%
Marriott International, Inc.,
Sr. Unsec’d. Notes
3.250%		09/15/22			1,325		1,338,142
Sr. Unsec’d. Notes, Series GG
3.500%		10/15/32	(a)		1,825		1,912,115
MGM Resorts International,
Gtd. Notes
4.750%		10/15/28			950		982,781
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.125%		08/08/25			400		417,760
							4,650,798
Media — 2.0%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%		05/01/32			450		463,885
Sr. Unsec’d. Notes, 144A
5.375%		06/01/29	(a)		975		1,052,585
5.500%		05/01/26			1,650		1,702,047
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%		06/01/52			1,430		1,430,931
4.800%		03/01/50			875		980,853
6.384%		10/23/35			2,470		3,199,483
6.484%		10/23/45			1,125		1,538,045

SEE NOTES TO FINANCIAL STATEMENTS.

A156

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021  

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Comcast Corp.,
Gtd. Notes
4.250%		10/15/30	(a)		620	$	715,586
Gtd. Notes, 144A
2.937%		11/01/56			6		5,715
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
3.150%		08/15/24			965		1,005,692
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%		02/15/31	(a)		1,000		936,237
5.500%		04/15/27			650		672,114
Sr. Unsec’d. Notes, 144A
4.625%		12/01/30			1,000		946,183
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A
6.625%		08/15/27	(a)		520		145,401
Sr. Sec’d. Notes, 144A
5.375%		08/15/26	(a)		855		426,326
Discovery Communications LLC,
Gtd. Notes
4.000%		09/15/55			1,229		1,294,147
5.300%		05/15/49			265		335,059
DISH DBS Corp.,
Gtd. Notes
7.375%		07/01/28	(a)		400		406,098
NBCUniversal Media LLC,
Gtd. Notes
4.450%		01/15/43			10		12,050
TCI Communications, Inc.,
Sr. Unsec’d. Notes
7.875%		02/15/26			750		934,537
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
5.125%		02/15/25	(a)		1,175		1,186,735
6.625%		06/01/27			975		1,049,607
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes
4.125%		08/15/30		GBP	900		1,202,506
4.250%		01/15/30		GBP	800		1,074,938
Walt Disney Co. (The),
Gtd. Notes
7.625%		11/30/28			500		676,393
Ziggo BV (Netherlands),
Sr. Sec’d. Notes
2.875%		01/15/30		EUR	1,910		2,163,925
							25,557,078
Mining — 0.2%
Barrick Gold Corp. (Canada),
Sr. Unsec’d. Notes
5.250%		04/01/42			680		880,819
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.750%		05/01/43			410		557,970

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Mining (cont’d.)
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes
6.750%		04/16/40			295	$	413,767
							1,852,556
Multi-National — 0.2%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
4.375%		06/15/22			500		508,056
Inter-American Development Bank (Supranational Bank),
Unsec’d. Notes
6.950%		08/01/26			1,500		1,841,654
							2,349,710
Oil & Gas — 2.5%
Antero Resources Corp.,
Gtd. Notes, 144A
8.375%		07/15/26	(a)		366		416,658
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%		11/01/26			350		355,563
9.000%		11/01/27			204		273,123
Sr. Unsec’d. Notes, 144A
8.250%		12/31/28			450		469,610
BP Capital Markets America, Inc.,
Gtd. Notes
2.772%		11/10/50			145		136,484
2.939%		06/04/51			1,835		1,772,683
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
3.750%		02/15/52			335		337,512
5.400%		06/15/47			1,000		1,244,618
Citgo Holding, Inc.,
Sr. Sec’d. Notes, 144A
9.250%		08/01/24	(a)		125		125,578
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%		06/15/25			800		820,942
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%		07/15/41			850		1,070,059
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
5.875%		09/18/23			1,175		1,245,839
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%		01/30/28			1,300		1,386,667
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
4.500%		03/30/24			300		301,941
4.875%		03/30/26			52		51,579
5.375%		03/30/28			850		837,661
Gazprom PJSC Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes
4.950%		07/19/22			390		396,909
Sr. Unsec’d. Notes, 144A
6.510%		03/07/22			1,665		1,682,176

SEE NOTES TO FINANCIAL STATEMENTS.

A157

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%		04/24/25			1,160	$	1,261,108
4.750%		04/19/27			200		221,005
Lundin Energy Finance BV (Netherlands),
Gtd. Notes, 144A
3.100%		07/15/31			705		712,469
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
7.125%		02/01/27			425		452,615
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.450%		09/15/36			945		1,204,912
Ovintiv, Inc.,
Gtd. Notes
6.625%		08/15/37			200		261,309
Petrobras Global Finance BV (Brazil),
Gtd. Notes
5.600%		01/03/31			97		103,246
6.625%		01/16/34		GBP	680		1,017,806
6.900%		03/19/49			612		652,330
7.375%		01/17/27			360		418,122
Petroleos Mexicanos (Mexico),
Gtd. Notes
4.750%		02/26/29		EUR	394		442,479
5.350%		02/12/28			157		156,477
6.350%		02/12/48	(a)		840		722,797
6.490%		01/23/27			1,530		1,631,542
6.500%		03/13/27			1,753		1,869,928
6.500%		01/23/29	(a)		700		725,985
6.840%		01/23/30			306		317,314
Gtd. Notes, EMTN
3.750%		02/21/24		EUR	400		467,394
4.875%		02/21/28		EUR	1,530		1,745,041
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
1.900%		08/15/30			2,085		1,979,509
Qatar Energy (Qatar),
Sr. Unsec’d. Notes, 144A
3.125%		07/12/41			640		647,219
Range Resources Corp.,
Gtd. Notes
9.250%		02/01/26	(a)		1,200		1,294,492
Transocean, Inc.,
Gtd. Notes, 144A
8.000%		02/01/27			675		496,213
Valero Energy Corp.,
Sr. Unsec’d. Notes
2.150%		09/15/27	(a)		830		828,797
							32,555,711
Oil & Gas Services — 0.1%
Cameron International Corp.,
Gtd. Notes
7.000%		07/15/38			450		634,874

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Packaging &Containers — 0.5%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%
5.000%		06/30/27		EUR	1,278	$	1,492,553
Silgan Holdings, Inc.,
Gtd. Notes
2.250%		06/01/28		EUR	2,100		2,372,689
Verallia SA (France),
Gtd. Notes
1.625%		05/14/28		EUR	2,500		2,912,833
							6,778,075
Pharmaceuticals — 2.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.600%		05/14/25			1,020		1,083,981
4.050%		11/21/39			5,135		5,886,278
4.500%		05/14/35			1,715		2,050,080
4.550%		03/15/35			2,040		2,438,965
Bausch Health Americas, Inc.,
Gtd. Notes, 144A
8.500%		01/31/27			320		338,367
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%		01/30/28	(a)		430		400,100
5.000%		02/15/29			250		221,875
5.250%		01/30/30			300		265,254
5.250%		02/15/31			250		220,577
6.125%		04/15/25			265		270,479
6.250%		02/15/29			1,150		1,094,251
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.125%		06/15/39			420		496,781
4.250%		10/26/49			210		259,757
5.000%		08/15/45			569		757,733
Cigna Corp.,
Gtd. Notes
4.375%		10/15/28			1,320		1,500,583
4.500%		02/25/26			3,690		4,088,673
Sr. Unsec’d. Notes
3.200%		03/15/40			440		454,446
3.400%		03/15/50			265		276,407
3.400%		03/15/51			1,060		1,114,380
CVS Health Corp.,
Sr. Unsec’d. Notes
1.875%		02/28/31			765		734,032
2.700%		08/21/40			480		461,009
4.780%		03/25/38			270		328,986
5.050%		03/25/48			655		857,035
5.125%		07/20/45			565		734,639
Mylan, Inc.,
Gtd. Notes
5.200%		04/15/48			1,890		2,340,519
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes
3.200%		09/23/26			3,745		3,973,645

SEE NOTES TO FINANCIAL STATEMENTS.

A158

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest     Rate	Maturity         Date			Principal Amount       (000)#		Value
CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes
3.025%		07/09/40			525	$	528,657
Utah Acquisition Sub, Inc.,
Gtd. Notes
5.250%		06/15/46			185		226,815
Viatris, Inc.,
Gtd. Notes
4.000%		06/22/50			1,280		1,368,449
							34,772,753
Pipelines — 2.0%
Boardwalk Pipelines LP,
Gtd. Notes
3.400%		02/15/31			1,730		1,784,872
Energy Transfer LP,
Jr. Sub. Notes, Series G
7.125%(ff)		05/15/30	(oo)		875		892,841
Jr. Sub. Notes, Series H
6.500%(ff)		11/15/26	(oo)		1,325		1,359,933
Sr. Unsec’d. Notes
5.000%		05/15/50			280		322,403
5.150%		03/15/45			55		62,411
5.300%		04/15/47			120		138,283
5.400%		10/01/47			55		64,868
6.125%		12/15/45			90		112,353
6.250%		04/15/49			1,400		1,830,822
Enterprise Products Operating LLC,
Gtd. Notes
3.200%		02/15/52			870		854,822
3.700%		01/31/51			130		136,837
4.900%		05/15/46			2,110		2,566,692
Fermaca Enterprises S de RL de CV (Mexico),
Sr. Sec’d. Notes, 144A
6.375%		03/30/38			356		410,662
Kinder Morgan, Inc.,
Gtd. Notes
3.250%		08/01/50	(a)		782		744,428
3.600%		02/15/51			1,158		1,171,007
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes
4.200%		03/15/45			1,000		1,054,604
MPLX LP,
Sr. Unsec’d. Notes
4.500%		04/15/38			970		1,091,434
5.200%		03/01/47			115		140,739
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
4.875%		08/15/27	(a)		225		250,356
ONEOK Partners LP,
Gtd. Notes
6.850%		10/15/37			1,250		1,674,883
ONEOK, Inc.,
Gtd. Notes
4.500%		03/15/50			2,685		2,979,772
4.950%		07/13/47			450		524,344

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
Phillips 66 Partners LP,
Sr. Unsec’d. Notes
4.680%		02/15/45			1,900	$	2,228,382
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
7.500%		10/01/25			1,150		1,246,089
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%		08/15/29			105		109,296
4.125%		08/15/31			105		112,036
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.450%		04/01/44			575		686,997
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%		01/15/45			1,200		1,436,568
							25,988,734
Real Estate — 0.1%
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
5.750%		12/01/25			1,200		1,220,924
Real Estate Investment Trusts (REITs) — 0.7%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
4.050%		07/01/30			1,125		1,235,317
Diversified Healthcare Trust,
Gtd. Notes
9.750%		06/15/25			1,000		1,081,776
MGM Growth Properties Operating Partnership LP/MGP Finance  Co-Issuer, Inc.,
Gtd. Notes, 144A
4.625%		06/15/25			405		432,309
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
0.993%		10/15/26		EUR	675		764,843
3.500%		03/15/31	(a)		1,100		1,113,782
Realty Income Corp.,
Sr. Unsec’d. Notes
2.850%		12/15/32			525		546,055
Spirit Realty LP,
Gtd. Notes
2.700%		02/15/32			2,190		2,172,465
WP Carey, Inc.,
Sr. Unsec’d. Notes
2.250%		04/01/33			1,930		1,836,829
							9,183,376
Retail — 0.6%
1011778 BC ULC/New Red Finance, Inc. (Canada), Sec’d. Notes, 144A
4.000%		10/15/30	(a)		1,525		1,506,483
At Home Group, Inc.,
Sr. Sec’d. Notes, 144A
4.875%		07/15/28			275		271,047

SEE NOTES TO FINANCIAL STATEMENTS.

A159

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
AutoZone, Inc.,
Sr. Unsec’d. Notes
1.650%		01/15/31	(a)		335	$	315,500
Best Buy Co., Inc.,
Sr. Unsec’d. Notes
1.950%		10/01/30			495		475,928
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
2.650%		12/01/31			1,340		1,342,742
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes
6.250%		10/30/25		EUR	1,600		1,869,295
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
1.750%		03/15/31	(a)		2,115		2,006,707
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%		12/01/25			454		463,787
							8,251,489
Savings & Loans — 0.1%
People’s United Financial, Inc.,
Sr. Unsec’d. Notes
3.650%		12/06/22	(a)		1,675		1,706,057
Semiconductors — 0.9%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.137%		11/15/35			3,509		3,527,274
3.187%		11/15/36			4,000		4,012,949
3.419%		04/15/33			1,250		1,304,963
NXP BV/NXP Funding LLC (China),
Gtd. Notes, 144A
4.625%		06/01/23			2,675		2,801,057
							11,646,243
Software — 0.2%
Boxer Parent Co., Inc.,
Sec’d. Notes, 144A
9.125%		03/01/26			850		887,700
Microsoft Corp.,
Sr. Unsec’d. Notes
2.525%		06/01/50			1,815		1,781,199
2.675%		06/01/60			435		433,142
							3,102,041
Telecommunications — 2.0%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%		12/01/33			1,216		1,190,848
3.500%		09/15/53			4,881		4,933,482
3.550%		09/15/55			972		973,795
3.650%		09/15/59			65		65,613
4.300%		02/15/30			485		546,421
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			517		531,837

				Principal
Interest	Maturity			Amount
Rate	Date			(000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
Sr. Sec’d. Notes, 144A
8.750%		05/25/24			200	$	205,793
8.750%		05/25/24			997		1,024,410
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A
6.750%		03/01/23			500		483,487
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A
3.400%		03/01/27			230		237,476
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes, Series P
7.600%		09/15/39	(a)		850		912,121
Sprint Corp.,
Gtd. Notes
7.625%		02/15/25			2,500		2,879,951
7.875%		09/15/23			2,000		2,206,766
T-Mobile USA, Inc.,
Sr. Sec’d. Notes
4.375%		04/15/40			425		484,537
4.500%		04/15/50			3,080		3,608,692
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.650%		11/20/40			3,285		3,117,946
3.400%		03/22/41			1,175		1,233,119
4.016%		12/03/29			120		134,506
4.500%		08/10/33			990		1,166,386
							25,937,186
Textiles — 0.0%
Mohawk Industries, Inc.,
Sr. Unsec’d. Notes
3.850%		02/01/23			294		301,119
Transportation — 0.0%
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%		07/05/34			100		114,359
Water — 0.1%
American Water Capital Corp.,
Sr. Unsec’d. Notes
3.450%		05/01/50			625		670,961
TOTAL CORPORATE BONDS (cost $471,009,062)							495,965,134
MUNICIPAL BONDS — 1.8%
California — 0.4%
Bay Area Toll Authority,
Taxable, Revenue Bonds, BABs, Series S3
6.907%		10/01/50			1,125		1,988,346
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39			1,550		2,444,618
General Obligation Unlimited, Taxable, BABs
7.625%		03/01/40			725		1,202,373
							5,635,337

SEE NOTES TO FINANCIAL STATEMENTS.

A160

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (continued)
Colorado — 0.1%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		770	$	1,217,659
Illinois — 0.4%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		1,380		2,063,758
State of Illinois,
General Obligation Unlimited, Series A
5.000%		10/01/22		20		20,685
General Obligation Unlimited, Series D
5.000%		11/01/22		2,650		2,750,777
						4,835,220
New Jersey — 0.4%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%		01/01/41		1,175		1,855,733
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		2,050		3,335,885
						5,191,618
Ohio — 0.1%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		695		924,595
Oregon — 0.1%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		615		825,893
Pennsylvania — 0.1%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		800		1,142,137
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		1,979,205
Texas — 0.0%
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B
3.922%		12/31/49		450		503,078
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%		09/01/2117		425		583,488
TOTAL MUNICIPAL BONDS (cost $16,202,871)						22,838,230
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 7.1%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1
5.250%		09/25/35		13		12,909

Interest Rate	Maturity Date			Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Bellemeade Re Ltd. ( Bermuda),
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)
1.702%(c)		04/25/28			115	$	114,501
Series 2018-03A,Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)
1.953%(c)		10/25/28			568		567,551
Series 2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)
1.552%(c)		04/25/29			268		267,712
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)
1.502%(c)		10/25/29			31		30,640
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)
2.102%(c)		10/25/29			700		700,000
Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)
4.101%(c)		08/26/30			269		270,957
Series 2020-03A, Class M1A, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)
2.102%(c)		10/25/30			85		85,052
Series 2020-03A, Class M1B, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)
2.952%(c)		10/25/30			215		215,982
Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%)
3.802%(c)		10/25/30			275		281,659
Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)
1.450%(c)		09/25/31			200		198,744
BVRT Financing Trust,
Series 2021-04, Class F, 144A, SOFR + 2.000%
2.050%(c)		09/12/26	^		3,677		3,677,312
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)
2.852%(c)		08/29/22			4,277		4,264,556
Citigroup Mortgage Loan Trust,
Series 2011-12, Class 3A2, 144A
2.911%(cc)		09/25/47			295		284,139
Connecticut Avenue Securities Trust,
Series 2019-R04, Class 2M2, 144A,1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)
2.202%(c)		06/25/39			79		78,779
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)
2.203%(c)		10/25/39			203		203,650
Credit Suisse Mortgage Trust,
Series 2020-RPL05, Class A1, 144A
3.023%(cc)		08/25/60			411		413,668
Eagle Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)
1.802%(c)		11/25/28			585		585,019

SEE NOTES TO FINANCIAL STATEMENTS.

A161

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued )
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)
1.902%(c)		04/25/29		180	$	180,470
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.500% (Cap N/A, Floor 0.000%)
4.602%(c)		10/25/30		176		175,761
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)
2.200%(c)		10/25/33		605		607,431
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)
2.750%(c)		10/25/33		940		955,603
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)
3.500%(c)		04/25/34		910		909,910
Fannie Mae Connecticut Avenue Securities,
Series 2017-C07, Class 1M2, 1 Month LIBOR + 2.400% (Cap N/A, Floor 2.400%)
2.502%(c)		05/25/30		456		463,076
Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)
2.253%(c)		10/25/30		286		289,419
Fannie Mae REMICS,
Series 2011-116, Class ZA
3.500%		11/25/41		2,066		2,190,780
Series 2012-34, Class EB
4.000%		04/25/42		1,575		1,786,707
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%)
4.050%(c)		11/25/50		900		939,815
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)
2.650%(c)		11/25/50		3,961		4,001,351
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)
3.450%(c)		08/25/33		3,035		3,117,633
Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%)
3.700%(c)		11/25/41		755		766,749
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)
1.953%(c)		02/25/50		852		855,283
Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)
5.203%(c)		06/25/50		205		211,461
Series 2020-DNA03, Class M2, 144A, 1 Month LIBOR + 3.000% (Cap N/A, Floor 0.000%)
3.103%(c)		06/25/50		73		72,933
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)
6.103%(c)		08/25/50		1,570		1,651,705
Series 2020-DNA04, Class M2, 144A, 1 Month LIBOR + 3.750% (Cap N/A, Floor 0.000%)
3.853%(c)		08/25/50		219		219,655

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)
4.850%(c)		10/25/50		670	$	709,287
Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)
2.850%(c)		10/25/50		354		357,021
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)
3.203%(c)		03/25/50		58		58,263
Series 2020-HQA03, Class M2, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 0.000%)
3.703%(c)		07/25/50		526		527,892
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
5.353%(c)		09/25/50		320		333,287
Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)
3.253%(c)		09/25/50		73		73,193
Series 2021-DNA05, Class B1, 144A, 30 Day Average  SOFR + 3.050% (Cap N/A, Floor 0.000%)
3.100%(c)		01/25/34		590		592,600
Series 2021-DNA05, Class M2, 144A, 30 Day Average  SOFR + 1.650% (Cap N/A, Floor 0.000%)
1.700%(c)		01/25/34		390		391,670
Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)
2.300%(c)		08/25/33		4,200		4,227,781
Series 2021-HQA03, Class B1, 144A, 30 Day Average  SOFR + 3.350% (Cap N/A, Floor 0.000%)
3.400%(c)		09/25/41		540		537,311
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
2.150%(c)		09/25/41		1,020		1,019,363
Series 2021-HQA04, Class B1, 144A, 30 Day Average  SOFR + 3.750% (Cap N/A, Floor 0.000%)
3.800%(c)		12/25/41		260		261,464
Series 2021-HQA04, Class M2, 144A, 30 Day Average  SOFR + 2.350% (Cap N/A, Floor 0.000%)
2.400%(c)		12/25/41		700		701,753
FHLMC Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR  + 0.750% (Cap N/A, Floor 0.000%)
0.853%(c)		09/25/48		3		2,881
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)
2.753%(c)		01/25/49		222		224,319
Freddie Mac REMICS,
Series 4289, Class WZ
3.000%		01/15/44		802		844,605
Series 4768, Class GA
3.500%		09/15/45		723		747,227
Series 4768, Class VB
3.500%		06/15/38		182		183,078
Series 4939, Class KT
3.000%		07/15/48		651		672,218

SEE NOTES TO FINANCIAL STATEMENTS.

A162

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
GCAT Asset-Backed Notes, Series 2021-01, Class A1, 144A
2.487%		11/25/49		3,639	$	3,631,841
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)
0.243%(c)		01/26/37		315		313,203
Home Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)
1.702%(c)		10/25/28		151		150,927
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
1.752%(c)		05/25/29		179		179,316
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 3.250% (Cap N/A, Floor 3.250%)
3.352%(c)		10/25/30		348		349,043
Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%)
4.252%(c)		10/25/30		200		202,357
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
1.650%(c)		01/25/34		530		528,689
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)
2.850%(c)		01/25/34		815		808,927
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A
3.000%		06/25/59		503		503,539
Series 2020-GS01, Class A1, 144A
2.882%		10/25/59		1,120		1,123,675
Series 2020-SL01, Class A, 144A
2.734%		01/25/60		730		733,617
MRA Issuance Trust,
Series 2020-07, Class A, 144A, 1 Month LIBOR +1.300% (Cap N/A, Floor 1.600%)
1.399%(c)		09/15/22		11,580		11,558,306
Series 2021-09, 144A, 1 Month LIBOR + 1.300%
1.404%(c)		07/15/22^		6,100		6,100,000
Series 2021-EBO03, Class A1X, 144A, 1 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)
1.849%(c)		03/31/23		3,430		3,434,617
Series 2021-EBO03, Class A2, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)
2.849%(c)		03/31/23		3,600		3,605,592
Series 2021-EBO06, Class A1X, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)
1.699%(c)		02/16/22		4,433		4,430,643
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
0.853%(c)		01/25/48		596		596,177
Oaktown Re II Ltd. (Bermuda),
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
1.652%(c)		07/25/28		103		103,277

			Principal
Interest	Maturity		Amount
Rate	Date		(000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)
1.502%(c)		07/25/29		46	$	46,393
Oaktown Re V Ltd. (Bermuda),
Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)
3.702%(c)		10/25/30		225		225,420
Oaktown Re VII Ltd. (Bermuda),
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)
2.950%(c)		04/25/34		900		892,530
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)
1.502%(c)		03/25/28		27		27,094
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)
2.802%(c)		03/25/28		360		360,000
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)
1.052%(c)		01/25/30		500		496,349
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)
1.552%(c)		01/25/30		1,500		1,475,422
Series 2020-02, Class M1C, 144A, 1 Month LIBOR + 4.600% (Cap N/A, Floor 4.600%)
4.702%(c)		10/25/30		144		144,009
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)
1.898%(c)		11/25/31		770		770,905
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)
3.748%(c)		11/25/31		900		906,698
Station Place Securitization Trust,
Series 2021-08, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)
0.902%(c)		06/20/22		3,410		3,412,943
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
2.431%(cc)		02/25/34		209		210,940
Series 2004-18, Class 3A1
2.413%(cc)		12/25/34		1,311		1,317,564
ZH Trust,
Series 2021-01, Class A, 144A
2.253%		02/18/27		410		407,276
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $92,594,627)						93,161,074
SOVEREIGN BONDS — 3.2%
1MDB Global Investments Ltd. (Malaysia),
Sr. Unsec’d. Notes
4.400%		03/09/23		2,000		2,009,507
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%		08/20/30		570		568,575

SEE NOTES TO FINANCIAL STATEMENTS.

A163

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (continued)
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%		02/15/28			1,124	$	1,170,683
Brazilian Government International Bond (Brazil),
Sr. Unsec’d. Notes
4.500%		05/30/29			725		742,511
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%		01/28/26			250		261,818
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
6.000%		07/19/28			575		642,795
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A, MTN
4.750%		04/16/26		EUR	300		330,269
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes
5.200%		07/17/34		EUR	1,500		2,308,678
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes
5.375%		03/25/24			290		315,281
Sr. Unsec’d. Notes, 144A
3.125%		09/21/51			370		364,333
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.100%		03/12/33		EUR	410		450,338
1.450%		09/18/26		EUR	375		441,494
3.375%		07/30/25		EUR	3,125		3,911,923
Sr. Unsec’d. Notes, EMTN
3.750%		06/14/28		EUR	1,250		1,653,141
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes
2.500%		05/23/24			1,000		1,035,447
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A
3.375%		09/27/23			600		625,411
Sr. Unsec’d. Notes, 144A, MTN
1.750%		09/05/24			600		609,386
2.625%		04/20/22			1,000		1,006,610
3.000%		03/12/24			600		625,481
Lithuania Government International Bond (Lithuania),
Sr. Unsec’d. Notes
6.625%		02/01/22			1,000		1,004,618
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
3.750%		03/16/25			450		476,833
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
5.103%		04/23/48			780		1,054,435
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes
2.875%		10/17/29			200		204,462
Sr. Unsec’d. Notes, EMTN
6.000%		08/04/28		GBP	1,995		3,366,824
Sr. Unsec’d. Notes, MTN
5.375%		06/15/33			4,730		5,853,690

Interest Rate	Maturity Date			Principal Amount (000)#			Value
SOVEREIGN BONDS (continued)
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN
3.875%		10/29/35			EUR	1,156	$	1,425,574
Sr. Unsec’d. Notes, EMTN
3.875%		10/29/35			EUR	940		1,159,204
4.125%		03/11/39			EUR	254		309,397
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN
4.000%		04/17/25				675		727,185
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%		06/26/29			EUR	442		487,033
3.125%		05/15/27			EUR	237		287,597
Sr. Unsec’d. Notes, 144A
1.650%		03/03/33			EUR	610		646,164
2.125%		12/01/30				1,435		1,345,720
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A
2.500%		06/08/22				600		605,138
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes
7.750%		09/01/22				920		911,660
8.994%		02/01/24				200		199,493
Sr. Unsec’d. Notes, 144A
4.375%		01/27/30			EUR	1,090		996,984
7.750%		09/01/22				930		921,569
8.994%		02/01/24				200		199,493
9.750%		11/01/28				400		404,824
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
4.975%		04/20/55				500		656,252
TOTAL SOVEREIGN BONDS (cost $40,260,435)								42,317,830
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%
Federal Home Loan Mortgage Corp.
3.500%		02/01/47				952		1,013,976
5.500%		10/01/33				442		505,098
5.500%		06/01/34				3		3,887
6.000%		11/01/33				68		75,218
6.000%		05/01/34				46		51,095
6.000%		06/01/34				70		76,946
6.250%		07/15/32	(k)			830		1,194,669
6.500%		07/01/32				10		10,716
6.500%		07/01/32				16		18,160
6.500%		08/01/32				23		25,605
6.500%		08/01/32				24		26,582
6.500%		08/01/32				26		28,574
6.500%		09/01/32				28		31,268
6.500%		09/01/32				76		83,707
6.750%		03/15/31				600		860,136
Federal National Mortgage Assoc.
2.500%		TBA				6,000		6,121,435
3.000%		TBA				5,000		5,172,199
4.500%		08/01/40				1,087		1,201,745
5.500%		02/01/33				6		6,375
5.500%		02/01/33				9		9,993
5.500%		03/01/33				15		17,339

SEE NOTES TO FINANCIAL STATEMENTS.

A164

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Interest Rate	Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
5.500%		03/01/33			25	$	28,190
5.500%		03/01/33			28		32,153
5.500%		04/01/33			3		3,901
5.500%		04/01/33			17		19,425
5.500%		04/01/33			21		23,561
5.500%		04/01/33			24		26,690
5.500%		07/01/33			15		16,373
5.500%		07/01/33			21		23,207
5.500%		08/01/33			14		15,813
5.500%		02/01/34			19		21,823
5.500%		04/01/34			14		15,739
5.500%		06/01/34			26		28,832
6.000%		10/01/33			2		1,743
6.000%		10/01/33			175		195,967
6.000%		03/01/34			49		54,275
6.000%		02/01/35			132		151,978
6.000%		11/01/36			30		34,278
6.250%		05/15/29	(k)		535		710,718
6.500%		08/01/32			73		80,523
6.500%		09/01/32			76		84,806
6.500%		09/01/32			112		128,921
6.500%		10/01/32			51		57,226
6.500%		04/01/33			92		106,217
6.500%		11/01/33			3		3,199
6.625%		11/15/30	(k)		530		747,786
7.000%		05/01/32			51		53,972
7.000%		06/01/32			4		4,432
7.125%		01/15/30			785		1,112,687
Government National Mortgage Assoc.
3.500%		01/20/48			149		156,575
4.000%		02/20/49			323		341,229
5.500%		01/15/33			40		45,905
5.500%		02/15/33			24		26,536
5.500%		05/15/33			106		116,728
5.500%		05/15/33			155		170,671
5.500%		06/15/33			159		177,606
5.500%		09/15/33			52		57,260
5.500%		07/15/35			36		41,960
6.000%		12/15/32			82		95,728
6.000%		11/15/33			31		35,971
6.000%		01/15/34			7		8,097
6.000%		06/20/34			210		241,549
6.000%		11/15/34			289		332,363
6.500%		09/15/32			31		34,490
6.500%		09/15/32			111		122,322
6.500%		09/15/32			127		140,083
6.500%		11/15/33			82		90,329
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $21,888,485)							22,554,560
U.S. TREASURY OBLIGATIONS — 10.0%
U.S. Treasury Bonds
1.750%		08/15/41			1,190		1,152,998
2.000%		11/15/41			3,185		3,220,334
2.000%		08/15/51			11,765		12,011,330
2.250%		05/15/41	(h)		65,845		69,116,673
2.500%		02/15/46	(k)		2,650		2,929,078
2.500%		05/15/46	(k)		965		1,067,230

Interest Rate	Maturity Date			Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (continued)
3.000%		05/15/45	(k)		4,065	$	4,866,567
3.000%		02/15/48			13,300		16,246,781
3.125%		02/15/43	(k)		3,095		3,731,893
3.625%		08/15/43			725		940,801
U.S. Treasury Strips Coupon
1.467%(s)		11/15/41			500		330,059
2.056%(s)		11/15/38			130		93,199
2.071%(s)		08/15/41			150		99,721
2.208%(s)		05/15/39			3,425		2,422,920
2.335%(s)		08/15/44			2,500		1,560,644
2.364%(s)		05/15/45			3,420		2,101,964
2.377%(s)		08/15/45			1,250		765,625
2.387%(s)		05/15/43			4,015		2,567,404
2.395%(s)		11/15/43			619		392,267
2.423%(s)		11/15/40			430		292,131
2.423%(s)		05/15/44			7,225		4,538,768
3.176%(s)		08/15/40			120		81,909
TOTAL U.S. TREASURY OBLIGATIONS
(cost $129,128,676)							130,530,296
				Shares
COMMON STOCKS — 0.6%
Gas Utilities — 0.1%
Ferrellgas Partners LP (Class B Stock)					6,372		1,529,280
Oil, Gas & Consumable Fuels — 0.5%
Chesapeake Energy Corp.(a)					89,905		5,800,670
Chesapeake Energy Corp. Backstop Commitment					517		33,357
							5,834,027
TOTAL COMMON STOCKS
(cost $3,076,094)							7,363,307
PREFERRED STOCKS — 0.2%
Banks — 0.1%
Citigroup Capital XIII, 6.499%(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		1,001,350
TOTAL PREFERRED STOCKS
(cost $2,000,000)							2,256,850
				Units
WARRANTS* — 0.0%
Chemicals
TPC Group, Inc., expiring 08/01/24 (original cost $0; purchased 02/02/21)^(f)					315,256		1,482
(cost $0)
TOTAL LONG-TERM INVESTMENTS
(cost $1,251,645,227)							1,294,545,186

SEE NOTES TO FINANCIAL STATEMENTS.

A165

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS

	Shares		Value
SHORT-TERM INVESTMENTS — 3.8%
AFFILIATED MUTUAL FUNDS — 3.8%
PGIM Core Ultra Short Bond Fund(wa)		10,819,602	$	10,819,602
PGIM Institutional Money Market Fund (cost $38,604,596; includes $38,601,996 of cash collateral for securities on loan)(b)(wa)		38,642,600		38,615,550
TOTAL AFFILIATED MUTUAL FUNDS (cost $49,424,198)				49,435,152
OPTIONS PURCHASED*~ — 0.0% (cost $313,287)				123,654
TOTAL SHORT-TERM INVESTMENTS (cost $49,737,485)				49,558,806
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.1% (cost $1,301,382,712)				1,344,103,992
OPTIONS WRITTEN*~ — (0.0)% (premiums received $450,898)				(426,979	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—103.1% (cost $1,300,931,814)				1,343,677,013
Liabilities in excess of other assets(z) — (3.1)%				(40,616,547	)
NET ASSETS — 100.0%			$	1,303,060,466

See the Glossary for a list of the abbreviation(s) used in the annual 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 $10,251,657 and 0.8% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $37,900,820; cash collateral of $38,601,996 (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.

as of December 31, 2021

(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 December 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 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.

(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 $1,370,689. The aggregate value of $1,252,690 is 0.1% of net assets.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

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

(oo) Perpetual security. Maturity date represents next call date.

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

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

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

Options Purchased:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Call

BNP Paribas S.A.

01/19/22

0.35

%

1.00%(Q)

CDX.NA.IG.37.V1

(Q)

13,850

$

—

CDX.NA.IG.37.V1, 12/20/26

Call

Goldman Sachs International

01/19/22

0.35

%

1.00%(Q)

CDX.NA.IG.37.V1

(Q)

3,760

—

CDX.NA.IG.37.V1, 12/20/26

Call

Morgan Stanley & Co. International PLC

01/19/22

0.35

%

1.00%(Q)

CDX.NA.IG.37.V1

(Q)

3,760

—

SEE NOTES TO FINANCIAL STATEMENTS.

A166

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Purchased (continued):

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Call	Barclays Bank PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		3,760	$	—
CDX.NA.IG.37.V1, 12/20/26	Call	BNP Paribas S.A.	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		26,950		—
CDX.NA.IG.37.V1, 12/20/26	Call	Deutsche Bank AG	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		3,760		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		1,930		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		25,950		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		25,900		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		12,980		—
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		38,740		—
CDX.NA.IG.37.V1, 12/20/26	Call	Barclays Bank PLC	03/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		1,930		—
CDX.NA.IG.37.V1, 12/20/26	Call	Goldman Sachs International	03/16/22	0.35%	1.00%(Q)	CDX.NA.IG.37.V1(Q)		1,930		—
CDX.NA.HY.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	$100.50	CDX.NA.HY.37.V1(Q)	5.00%(Q)		3,700		3,280
CDX.NA.IG.37.V1, 12/20/26	Put	BNP Paribas S.A.	01/19/22	0.55%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		13,850		4,756
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	01/19/22	0.55%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		1,291
CDX.NA.IG.37.V1, 12/20/26	Put	Goldman Sachs International	01/19/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		914
CDX.NA.IG.37.V1, 12/20/26	Put	Deutsche Bank AG	02/16/22	0.55%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		3,521
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.55%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		1,930		1,807
CDX.NA.IG.37.V1, 12/20/26	Put	Barclays Bank PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		2,890
CDX.NA.IG.37.V1, 12/20/26	Put	BNP ParibasS.A.	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		26,950		20,714
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		25,950		19,945
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		25,900		19,907
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		12,980		9,976
CDX.NA.IG.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	02/16/22	0.58%	CDX.NA.IG.37.V1(Q)	1.00%(Q)		38,740		29,775

SEE NOTES TO FINANCIAL STATEMENTS.

A167

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Put

Barclays Bank PLC

03/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

1,930

$

2,439

CDX.NA.IG.37.V1, 12/20/26

Put

Goldman Sachs International

03/16/22

0.58%

CDX.NA.IG.37.V1(Q)

1.00%(Q)

1,930

2,439

Total Options Purchased (cost $313,287)

$

123,654

Options Written:

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date	Strike	Receive		Pay	Notional Amount (000)#		Value
CDX.NA.IG.37.V1, 12/20/26	Call	BNP Paribas S.A.	01/19/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		13,850	$	(12,232)
CDX.NA.IG.37.V1, 12/20/26	Call	Goldman Sachs International	01/19/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		(3,321)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	01/19/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		(3,321)
CDX.NA.IG.37.V1, 12/20/26	Call	Barclays Bank PLC	02/16/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		(4,425)
CDX.NA.IG.37.V1, 12/20/26	Call	Deutsche Bank AG	02/16/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		3,760		(4,425)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.50%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		1,930		(2,271)
CDX.NA.IG.37.V1, 12/20/26	Call	BNP Paribas S.A.	02/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		26,950		(54,699)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		25,950		(52,670)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		25,900		(52,568)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		12,980		(26,345)
CDX.NA.IG.37.V1, 12/20/26	Call	Morgan Stanley & Co. International PLC	02/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		38,740		(78,629)
CDX.NA.IG.37.V1, 12/20/26	Call	Barclays Bank PLC	03/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		1,930		(4,212)
CDX.NA.IG.37.V1, 12/20/26	Call	Goldman Sachs International	03/16/22	0.53%		CDX.NA.IG.37.V1(Q)	1.00%(Q)		1,930		(4,212)
CDX.NA.HY.37.V1, 12/20/26	Put	Morgan Stanley & Co. International PLC	04/20/22	$103.50		5.00%(Q)	CDX.NA.HY.37.V1(Q)		3,700		(21,849)

SEE NOTES TO FINANCIAL STATEMENTS.

A168

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Options Written (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.IG.37.V1, 12/20/26

Put

BNP Paribas S.A.

01/19/22

0.70%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

13,850

$

(1,177)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

01/19/22

0.70%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

3,760

(320)

CDX.NA.IG.37.V1, 12/20/26

Put

Goldman Sachs International

01/19/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

3,760

(249)

CDX.NA.IG.37.V1, 12/20/26

Put

Deutsche Bank AG

02/16/22

0.70%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

3,760

(1,303)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.70%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

1,930

(669)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.73%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

25,900

(7,823)

CDX.NA.IG.37.V1, 12/20/26

Put

Barclays Bank PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

3,760

(1,005)

CDX.NA.IG.37.V1, 12/20/26

Put

BNP Paribas S.A.

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

26,950

(7,202)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

25,950

(6,935)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

12,980

(3,469)

CDX.NA.IG.37.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

02/16/22

0.75%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

38,740

(10,353)

CDX.NA.IG.37.V1, 12/20/26

Put

Barclays Bank PLC

03/16/22

0.78%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

1,930

(971)

CDX.NA.IG.37.V1, 12/20/26

Put

Goldman Sachs International

03/16/22

0.78%

1.00%(Q)

CDX.NA.IG.37.V1(Q)

1,930

(971)

GS_21-PJ2A^

Put

Goldman Sachs International

11/15/24

0.50%

0.50%(M)

GS_21-PJ2A(M)

7,830

(438)

GS_21-PJA††^

Put

Goldman Sachs International

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

15,090

(728)

iTraxx.XO.36.V1, 12/20/26

Put

Morgan Stanley & Co. International PLC

01/19/22

5.00%

5.00%(Q)

iTraxx.XO.36.V1(Q)

EUR

2,930

(451)

iTraxx.XO.36.V1, 12/20/26

Put

Barclays Bank PLC

09/21/22

8.00%

5.00%(Q)

iTraxx.XO.36.V1(Q)

EUR

10,000

(36,395)

iTraxx.XO.36.V1, 12/20/26^

Put

Barclays Bank PLC

09/21/22

9.00%

5.00%(Q)

iTraxx.XO.36.V1(Q)

EUR

5,710

(21,341)

Total Options Written (premiums received $450,898)

$

(426,979)

†† The value of the contract, GS_21-PJA, is derived from a pool of senior prime jumbo mortgages.

SEE NOTES TO FINANCIAL STATEMENTS.

A169

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Futures contracts outstanding at December 31, 2021:

Number of Contracts		Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	2,077	5 Year U.S. Treasury Notes	Mar. 2022	$	251,268,315	$	701,001
	662	10 Year U.S. Treasury Notes	Mar. 2022		86,370,313		244,437
	238	10 Year U.S. Ultra Treasury Notes	Mar. 2022		34,852,125		245,499
	351	30 Year U.S. Ultra Treasury Bonds	Mar. 2022		69,190,875		1,089,908
							2,280,845
	Short Positions:
	1,546	2 Year U.S. Treasury Notes	Mar. 2022		337,293,720		297,423
	103	5 Year Euro-Bobl	Mar. 2022		15,624,455		132,423
	164	10 Year Euro-Bund	Mar. 2022		31,997,178		531,595
	221	20 Year U.S. Treasury Bonds	Mar. 2022		35,456,688		(145,794	)
	69	Euro Schatz Index	Mar. 2022		8,800,685		14,011
							829,658
						$	3,110,503

Forward foreign currency exchange contracts outstanding at December 31, 2021:

Purchase Contracts	Counterparty	Notional Amount (000)	Value at Settlement Date		Current Value	Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real, Expiring 02/02/22	Citibank, N.A.	BRL        7,229	$	1,280,617	$1,287,818	$	7,201	$	—
Chilean Peso, Expiring 03/16/22	Morgan Stanley & Co. International PLC	CLP    834,869		978,342	968,585		—		(9,757	)
Euro, Expiring 01/12/22	Goldman Sachs International	EUR            564		639,755	642,363		2,608		—
Hungarian Forint, Expiring 01/19/22	Goldman Sachs International	HUF    201,022		645,312	618,445		—		(26,867	)
Mexican Peso, Expiring 03/16/22	Morgan Stanley & Co. International PLC	MXN        7,990		368,214	385,051		16,837		—
Expiring 03/16/22	Morgan Stanley & Co. International PLC	MXN        7,990		368,588	385,052		16,464		—
New Zealand Dollar, Expiring 01/19/22	Goldman Sachs International	NZD        1,620		1,162,690	1,109,606		—		(53,084	)
Polish Zloty, Expiring 01/19/22	Goldman Sachs International	PLN        2,565		645,312	635,764		—		(9,548	)
			$	6,088,830	$6,032,684		43,110		(99,256	)

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 01/12/22	Citibank, N.A.	AUD            559	$	404,333	$	406,977	$	—	$	(2,644	)
British Pound, Expiring 01/12/22	HSBC Bank PLC	GBP        10,998		14,717,190		14,885,716		—		(168,526	)
Euro, Expiring 01/12/22	BNP Paribas S.A.	EUR      100,381		113,145,061		114,310,543		—		(1,165,482	)
South African Rand, Expiring 03/16/22	Barclays Bank PLC	ZAR          6,822		426,130		423,562		2,568		—

SEE NOTES TO FINANCIAL STATEMENTS.

A170

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Forward foreign currency exchange contracts outstanding at December 31, 2021 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date	Current Value	Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.), Expiring 03/16/22	The Toronto-Dominion Bank		ZAR        4,710	$        291,935	$        292,398	$	—	$	(463	)
				$ 128,984,649	$ 130,319,196		2,568		(1,337,115	)
						$	45,678	$	(1,436,371	)

Credit default swap agreements outstanding at December 31, 2021:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at December 31, 2021(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_21-PJ2A		01/14/22		0.500%(M)		7,830		*	$	3,372	$	(731	)	$	4,103		Goldman Sachs International
GS_21-PJA††		01/14/22		0.250%(M)		15,090		*		3,248		(705	)		3,953		Goldman Sachs International
									$	6,620	$	(1,436	)	$	8,056

†† 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):
Republic of France		12/20/26	0.250%(Q)		1,635	$	(3,852	)	$	(3,201	)	$	(651	)	Deutsche Bank AG
United Mexican States		06/20/23	1.000%(Q)		665		(7,193	)		1,433			(8,626	)	Citibank, N.A.
United Mexican States		06/20/23	1.000%(Q)		655		(7,085	)		3,576			(10,661	)	Citibank, N.A.
United Mexican States		06/20/23	1.000%(Q)		220		(2,380	)		1,345			(3,725	)	Citibank, N.A.
United Mexican States		06/20/23	1.000%(Q)		220		(2,380	)		1,235			(3,615	)	Citibank, N.A.
United Mexican States		06/20/23	1.000%(Q)		215		(2,325	)		436			(2,761	)	Citibank, N.A.
United Mexican States		06/20/23	1.000%(Q)		115		(1,243	)		248			(1,491	)	Citibank, N.A.
United Mexican States		12/20/24	1.000%(Q)		160		(2,500	)		669			(3,169	)	Citibank, N.A.
United Mexican States		12/20/24	1.000%(Q)		130		(2,031	)		651			(2,682	)	Citibank, N.A.
						$	(30,989	)	$	6,392		$	(37,381	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at December 31, 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):
Petroleos Mexicanos		06/20/23		1.000%(Q)		2,205		1.518	%	$	(16,018	)	$	(21,804	)	$	5,786			Credit Suisse International
Petroleos Mexicanos		06/20/23		1.000%(Q)		550		1.518	%		(3,996	)		(10,529	)		6,533			Citibank,N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		545		1.518	%		(3,959	)		(12,524	)		8,565			Citibank,N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		185		1.518	%		(1,344	)		(4,357	)		3,013			Citibank,N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		185		1.518	%		(1,344	)		(4,278	)		2,934			Citibank,N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		180		1.518	%		(1,308	)		(3,462	)		2,154			Citibank,N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		90		1.518	%		(654	)		(1,722	)		1,068			Citibank,N.A.
Petroleos Mexicanos		12/20/24		1.000%(Q)		160		2.184	%		(5,402	)		(8,966	)		3,564			Citibank,N.A.
Petroleos Mexicanos		12/20/24		1.000%(Q)		130		2.184	%		(4,389	)		(7,370	)		2,981			Citibank,N.A.
Republic of France		12/20/26		0.250%(Q)		1,635		0.204	%		3,852			12,670			(8,818	)		Deutsche Bank AG

SEE NOTES TO FINANCIAL STATEMENTS.

A171

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Credit default swap agreements outstanding at December 31, 2021 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at December 31, 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)(cont’d.):
Republic of Italy		09/20/22	1.000%(Q)		815		0.228	%	$	4,857		$	5,463		$	(606	)	Bank of America, N.A.
Republic of Italy		09/20/23	1.000%(Q)		815		0.399	%		8,740			12,291			(3,551	)	Bank of America, N.A.
State of Illinois		06/20/24	1.000%(Q)		580		0.800	%		3,002			(3,628	)		6,630		Citibank, N.A.
									$	(17,963	)	$	(48,216	)	$	30,253

Reference Entity/ Obligation	Termination         Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at December 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.37.V1		12/20/26		1.000%(Q)		80	$	(1,901	)	$	(1,980	)	$	(79	)

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

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

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

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation swap agreements outstanding at December 31, 2021:

Notional Amount (000)#	Termination         Date	Fixed Rate	Floating Rate	Value at Trade Date		Value at December 31, 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)		$—		$    (161,184)		$    (161,184)

SEE NOTES TO FINANCIAL STATEMENTS.

A172

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Inflation swap agreements outstanding at December 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at December 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally Cleared Inflation Swap Agreements (cont’d):
	1,130		01/13/31		2.229%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)	$	—	$	(112,669	)	$	(112,669	)
	3,400		01/13/31		2.230%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(338,634	)		(338,634	)
	2,430		04/07/31		2.469%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(173,249	)		(173,249	)
	830		04/09/31		2.435%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(62,172	)		(62,172	)
	1,670		04/09/31		2.447%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(122,796	)		(122,796	)
	1,705		04/13/31		2.445%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(125,627	)		(125,627	)
	1,030		04/13/31		2.450%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(75,325	)		(75,325	)
	1,040		04/14/31		2.450%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(75,906	)		(75,906	)
	1,010		04/15/31		2.460%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(72,550	)		(72,550	)
	1,945		04/15/31		2.465%(T)	U.S.CPI Urban Consumers NSA Index(2)(T)		—		(138,641	)		(138,641	)
							$	—	$	(1,458,753	)	$	(1,458,753	)

(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 December 31, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at December 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	12,664		01/02/25		5.902%(T)	1 Day BROIS(2)(T)		$            —		$	(196,171	)	$	(196,171	)
BRL	23,370		01/02/25		6.343%(T)	1 Day BROIS(2)(T)		—			(416,956	)		(416,956	)
BRL	25,186		01/02/25		6.343%(T)	1 Day BROIS(2)(T)		—			(450,758	)		(450,758	)
BRL	39,452		01/02/25		6.359%(T)	1 Day BROIS(2)(T)		—			(703,013	)		(703,013	)
BRL	7,043		01/02/25		6.670%(T)	1 Day BROIS(2)(T)		—			(58,995	)		(58,995	)
BRL	18,662		01/02/25		6.670%(T)	1 Day BROIS(2)(T)		—			(156,937	)		(156,937	)
BRL	8,496		01/04/27		6.845%(T)	1 Day BROIS(2)(T)		—			(216,592	)		(216,592	)
BRL	8,006		01/04/27		6.890%(T)	1 Day BROIS(2)(T)		—			(200,989	)		(200,989	)
BRL	14,270		01/04/27		6.890%(T)	1 Day BROIS(2)(T)		—			(359,105	)		(359,105	)
CLP	180,000		01/25/26		1.634%(S)	1 Day CLOIS(2)(S)		—			(29,178	)		(29,178	)
CLP	3,000,000		01/20/28		2.090%(S)	1 Day CLOIS(2)(S)		—			(606,160	)		(606,160	)
CLP	3,181,000		01/22/29		2.292%(S)	1 Day CLOIS(2)(S)		—			(684,988	)		(684,988	)
COP	3,909,000		02/18/25		4.505%(Q)	1 Day COOIS(2)(Q)		—			(38,711	)		(38,711	)
COP	6,724,755		02/21/25		4.565%(Q)	1 Day COOIS(2)(Q)		—			(64,195	)		(64,195	)
COP	18,811,000		02/03/26		3.080%(Q)	1 Day COOIS(2)(Q)		—			(507,291	)		(507,291	)
COP	2,761,000		02/18/30		5.072%(Q)	1 Day COOIS(2)(Q)		—			(51,706	)		(51,706	)
COP	1,932,000		02/18/30		5.081%(Q)	1 Day COOIS(2)(Q)		—			(35,886	)		(35,886	)
COP	4,156,000		02/24/30		5.078%(Q)	1 Day COOIS(2)(Q)		—			(78,124	)		(78,124	)
GBP	635		05/08/23		0.950%(A)	1 Day SONIA(1)(A)		(14,468	)		(5,146	)		9,322
GBP	3,946		05/08/26		1.000%(A)	1 Day SONIA(1)(A)		(184,608	)		(18,017	)		166,591
GBP	977		10/22/28		0.680%(A)	1 Day SONIA(1)(A)		—			25,167			25,167
GBP	2,100		05/08/30		1.100%(A)	1 Day SONIA(1)(A)		(145,549	)		(50,711	)		94,838
GBP	767		05/08/31		1.150%(A)	1 Day SONIA(2)(A)		45,732			25,660			(20,072	)
GBP	230		05/08/34		1.200%(A)	1 Day SONIA(1)(A)		(9,088	)		(11,852	)		(2,764	)
HUF	99,000		02/13/30		1.595%(A)	6 Month BUBOR(2)(S)		—			(57,831	)		(57,831	)
HUF	1,171,000		02/14/30		1.605%(A)	6 Month BUBOR(2)(S)		—			(681,676	)		(681,676	)
HUF	340,000		02/18/30		1.803%(A)	6 Month BUBOR(2)(S)		—			(182,064	)		(182,064	)
MXN	36,985		03/19/26		6.050%(M)	28 Day Mexican Interbank Rate(2)(M)		(73	)		(90,289	)		(90,216	)
MXN	51,300		01/12/28		5.020%(M)	28 Day Mexican Interbank Rate(2)(M)		(34	)		(299,991	)		(299,957	)
MXN	7,310		01/03/31		5.550%(M)	28 Day Mexican Interbank Rate(2)(M)		(30	)		(46,939	)		(46,909	)
MXN	20,460		01/13/31		5.460%(M)	28 Day Mexican Interbank Rate(2)(M)		(25	)		(138,152	)		(138,127	)
MXN	72,900		01/15/31		5.450%(M)	28 Day Mexican Interbank Rate(2)(M)		(90	)		(494,898	)		(494,808	)
MXN	19,550		01/03/33		5.715%(M)	28 Day Mexican Interbank Rate(2)(M)		(31	)		(138,628	)		(138,597	)
MXN	5,485		12/28/35		6.000%(M)	28 Day Mexican Interbank Rate(2)(M)		(32	)		(41,992	)		(41,960	)
NZD	2,100		02/14/30		1.522%(S)	3 Month BBR(2)(Q)		—			(108,940	)		(108,940	)
NZD	1,220		01/19/31		1.090%(S)	3 Month BBR(2)(Q)		—			(101,532	)		(101,532	)
NZD	4,670		01/19/31		1.096%(S)	3 Month BBR(2)(Q)		1,928			(386,938	)		(388,866	)

SEE NOTES TO FINANCIAL STATEMENTS.

A173

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Notional Amount         (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at December 31, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NZD	1,630		01/26/31		1.097%(S)	3 Month BBR(2)(Q)	$	—		$	(135,256	)	$	(135,256	)
NZD	2,495		03/22/31		1.920%(S)	3 Month BBR(2)(Q)		—			(91,686	)		(91,686	)
PLN	1,060		01/19/31		1.200%(A)	6 Month WIBOR(2)(S)		543			(44,469	)		(45,012	)
PLN	17,070		01/21/31		1.170%(A)	6 Month WIBOR(2)(S)		(14,188	)		(727,052	)		(712,864	)
PLN	6,250		03/16/31		1.760%(A)	6 Month WIBOR(2)(S)		4,318			(188,729	)		(193,047	)
PLN	3,220		08/02/31		1.650%(A)	6 Month WIBOR(2)(S)		—			(116,150	)		(116,150	)
ZAR	19,600		02/11/30		7.481%(Q)	3 Month JIBAR(2)(Q)		(1,010	)		36,955			37,965
ZAR	36,800		02/28/30		7.500%(Q)	3 Month JIBAR(2)(Q)		(9,462	)		66,136			75,598
ZAR	19,800		03/02/30		7.625%(Q)	3 Month JIBAR(2)(Q)		459			44,863			44,404
ZAR	22,200		03/12/30		7.840%(Q)	3 Month JIBAR(2)(Q)		(170	)		67,591			67,761
ZAR	14,700		03/12/30		7.900%(Q)	3 Month JIBAR(2)(Q)		(118	)		48,276			48,394
ZAR	58,300		03/18/30		10.650%(Q)	3 Month JIBAR(2)(Q)		—			307,032			307,032
ZAR	6,400		03/27/30		9.150%(Q)	3 Month JIBAR(2)(Q)		(111	)		52,059			52,170
ZAR	12,600		04/01/30		8.600%(Q)	3 Month JIBAR(2)(Q)		(45	)		84,203			84,248
ZAR	29,700		04/03/30		9.300%(Q)	3 Month JIBAR(2)(Q)		(503	)		283,770			284,273
ZAR	61,200		07/07/30		7.040%(Q)	3 Month JIBAR(2)(Q)		(1,469	)		(1,801	)		(332	)
ZAR	26,100		01/15/31		6.765%(Q)	3 Month JIBAR(2)(Q)		(45,525	)		(44,662	)		863
ZAR	21,000		03/18/31		7.660%(Q)	3 Month JIBAR(2)(Q)		16,339			34,550			18,211
ZAR	11,100		10/28/31		7.780%(Q)	3 Month JIBAR(2)(Q)		(3,167	)		24,122			27,289
							$	(360,477	)	$	(7,960,772	)	$	(7,600,295	)

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

Total return swap agreements outstanding at December 31, 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:

U.S. Treasury Bonds(T)

1 Day USOIS +4.5bps(T)

Goldman Sachs International

2/03/22

4,046

$

14,951

$

—

$

14,951

(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	$40,017	$(83,277)	$66,235	$(50,356)

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.		$	—		$	11,647,628

Fair Value Measurements:

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A174

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

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 December 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	11,878,538		$	—
Collateralized Loan Obligations		—			241,481,106			—
Consumer Loans		—			13,759,433			—
Credit Cards		—			3,026,805			—
Home Equity Loans		—			458,296			—
Other		—			2,462,871			—
Residential Mortgage-Backed Securities		—			8,675,571			—
Student Loans		—			14,290,193			—
Bank Loans		—			13,801,650			488,750
Commercial Mortgage-Backed Securities		—			167,233,210			—
Corporate Bonds		—			495,965,134			—
Municipal Bonds		—			22,838,230			—
Residential Mortgage-Backed Securities		—			83,383,762			9,777,312
Sovereign Bonds		—			42,317,830			—
U.S. Government Agency Obligations		—			22,554,560			—
U.S. Treasury Obligations		—			130,530,296			—
Common Stocks		5,800,670			1,562,637			—
Preferred Stocks		2,256,850			—			—
Warrants		—			—			1,482
Short-Term Investments
Affiliated Mutual Funds		49,435,152			—			—
Options Purchased		—			123,654			—
Total	$	57,492,672		$	1,276,343,776		$	10,267,544
Liabilities
Options Written	$	—		$	(404,472	)	$	(22,507	)
Other Financial Instruments*
Assets
Futures Contracts	$	3,256,297		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			45,678			—
OTC Credit Default Swap Agreements		—			20,451			6,620
Centrally Cleared Interest Rate Swap Agreements		—			1,344,126			—
OTC Total Return Swap Agreement		—			14,951			—
Total	$	3,256,297		$	1,425,206		$	6,620
Liabilities
Futures Contracts	$	(145,794	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(1,436,371	)		—
Centrally Cleared Credit Default Swap Agreement		—			(79	)		—
OTC Credit Default Swap Agreements		—			(69,403	)		—
Centrally Cleared Inflation Swap Agreements		—			(1,458,753	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(8,944,421	)		—
Total	$	(145,794	)	$	(11,909,027	)	$	—

* 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 December 31, 2021 were as follows (unaudited):

SEE NOTES TO FINANCIAL STATEMENTS.

A175

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Collateralized Loan Obligations	18.5	%
Commercial Mortgage-Backed Securities	12.8
Banks	10.2
U.S. Treasury Obligations	10.0
Residential Mortgage-Backed Securities	7.8
Affiliated Mutual Funds (3.0% represents investments purchased with collateral from securities on loan)	3.8
Sovereign Bonds	3.2
Pharmaceuticals	2.9
Electric	2.6
Oil & Gas	2.5
Telecommunications	2.1
Media	2.1
Pipelines	2.0
Municipal Bonds	1.8
U.S. Government Agency Obligations	1.7
Chemicals	1.2
Student Loans	1.1
Consumer Loans	1.1
Insurance	1.0
Foods	1.0
Commercial Services	1.0
Retail	0.9
Auto Manufacturers	0.9
Automobiles	0.9
Aerospace & Defense	0.9
Semiconductors	0.9
Healthcare-Services	0.8
Real Estate Investment Trusts (REITs)	0.7
Airlines	0.5
Packaging & Containers	0.5
Oil, Gas & Consumable Fuels	0.5
Engineering & Construction	0.4
Healthcare-Products	0.4
Lodging	0.4
Beverages	0.3

Diversified Financial Services	0.3	%
Software	0.3
Gas	0.3
Credit Cards	0.2
Entertainment	0.2
Agriculture	0.2
Auto Parts & Equipment	0.2
Building Materials	0.2
Other	0.2
Multi-National	0.2
Home Builders	0.2
Mining	0.2
Savings & Loans	0.1
Gas Utilities	0.1
Real Estate	0.1
Electrical Components & Equipment	0.1
Electronics	0.1
Computers	0.1
Capital Markets	0.1
Housewares	0.1
Water	0.1
Oil & Gas Services	0.1
Home Equity Loans	0.0	*
Textiles	0.0	*
Environmental Control	0.0	*
Machinery-Construction & Mining	0.0	*
Options Purchased	0.0	*
Transportation	0.0	*
	103.1
Options Written	(0.0	)*
Liabilities in excess of other assets	(3.1	)
	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 December 31, 2021 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
				Due from/to broker-variation
Credit contracts	—	$	—	margin swaps	$	79	*
	Premiums paid for OTC swap			Premiums received for OTC swap
Credit contracts	agreements		40,017	agreements		83,277
				Options written outstanding, at
Credit contracts	Unaffiliated investments		123,654	value		426,979
	Unrealized appreciation on OTC			Unrealized depreciation on OTC
Credit contracts	swap agreements		51,284	swap agreements		50,356

SEE NOTES TO FINANCIAL STATEMENTS.

A176

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
	Unrealized appreciation on OTC forward foreign currency				Unrealized depreciation on OTC forward foreign currency
Foreign exchange contracts	exchange contracts	$	45,678		exchange contracts	$	1,436,371
	Due from/to broker-variation				Due from/to broker-variation
Interest rate contracts	margin futures		3,256,297	*	margin futures		145,794	*
	Due from/to broker-variation				Due from/to broker-variation
Interest rate contracts	margin swaps		1,344,126	*	margin swaps		10,403,174	*
	Unrealized appreciation on OTC
Interest rate contracts	swap agreements		14,951		—		—
		$	4,876,007			$	12,546,030

* 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 year ended December 31, 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 & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(277,252	)	$	343,700	$	—		$	—	$	(156,999	)
Foreign exchange contracts		—			—		—			6,960,540		—
Interest rate contracts		—			—		(19,517,452	)		—		346,965
Total	$	(277,252	)	$	343,700	$	(19,517,452	)	$	6,960,540	$	189,966

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(189,633	)	$	23,919	$	—	$	—	$	(550,548	)
Foreign exchange contracts		—			—		—		677,992		—
Interest rate contracts		—			—		4,865,014		—		(11,973,911	)
Total	$	(189,633	)	$	23,919	$	4,865,014	$	677,992	$	(12,524,459	)

(2) Included in net change in unrealized appreciation (depreciation)on investments in the Statement of Operations.

For the year ended December 31, 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)
$113,972	$117,699,078	$449,574,338	$534,128,135	$59,967,667

SEE NOTES TO FINANCIAL STATEMENTS.

A177

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Forward Foreign Currency Exchange Contracts—Sold(3)	Cross Currency Exchange Contracts(4)	Interest Rate Swap Agreements(2)	Credit Default Swap Agreements— Buy Protection(2)
$157,642,823	$3,166	$133,794,993	$38,525,530

Credit Default Swap Agreements— Sell Protection(2)	Total Return Swap Agreements(2)	Inflation Swap Agreements(2)
$29,091,000	$1,349,566	$12,212,000

(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 year ended December 31, 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	$	37,900,820	$	(37,900,820	)	$	—

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.	$	17,754	$	(4,157	)	$	13,597		$	(13,402	)	$	195
Barclays Bank PLC		7,897		(68,349	)		(60,452	)		—			(60,452	)
BNP Paribas S.A.		25,470		(1,240,792	)		(1,215,322	)		962,343			(252,979	)
Citibank, N.A.		54,236		(96,210	)		(41,974	)		—			(41,974	)
Credit Suisse International		5,786		(21,804	)		(16,018	)		16,018			—
Deutsche Bank AG		16,191		(18,398	)		(2,207	)		—			(2,207	)
Goldman Sachs International		28,968		(100,854	)		(71,886	)		—			(71,886	)
HSBC Bank PLC		—		(168,526	)		(168,526	)		—			(168,526	)
Morgan Stanley & Co. International PLC		119,282		(277,430	)		(158,148	)		—			(158,148	)
The Toronto-Dominion Bank		—		(463	)		(463	)		—			(463	)
	$	275,584	$	(1,996,983	)	$	(1,721,399	)	$	964,959		$	(756,440	)

(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.

A178

PSF PGIM TOTAL RETURN BOND PORTFOLIO  (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $37,900,820:
Unaffiliated investments (cost $1,251,958,514)	$	1,294,668,840
Affiliated investments (cost $49,424,198)		49,435,152
Foreign currency, at value (cost $1,404,501)		1,414,485
Cash		660,987
Dividends and interest receivable		8,326,669
Receivable for investments sold		5,113,072
Due from broker-variation margin futures		597,506
Receivable for Portfolio shares sold		485,401
Due from broker-variation margin swaps		91,546
Unrealized appreciation on OTC swap agreements		66,235
Unrealized appreciation on OTC forward foreign currency exchange contracts		45,678
Premiums paid for OTC swap agreements		40,017
Prepaid expenses and other assets		72,136
Total Assets		1,361,017,724
LIABILITIES
Payable to broker for collateral for securities on loan		38,601,996
Payable for investments purchased		16,654,287
Unrealized depreciation on OTC forward foreign currency exchange contracts		1,436,371
Management fee payable		443,562
Options written outstanding, at value (premiums received $450,898)		426,979
Accrued expenses and other liabilities		158,575
Payable for Portfolio shares purchased		98,939
Premiums received for OTC swap agreements		83,277
Unrealized depreciation on OTC swap agreements		50,356
Distribution fee payable		1,096
Affiliated transfer agent fee payable		980
Trustees’ fees payable		840
Total Liabilities		57,957,258
NET ASSETS	$	1,303,060,466
Net assets were comprised of:
Partners’ Equity	$	1,303,060,466
Class I:
Net asset value and redemption price per share, $1,297,574,696 / 82,849,854 outstanding shares of beneficial interest	$	15.66
Class III:
Net asset value and redemption price per share, $5,485,770 / 350,850 outstanding shares of beneficial interest	$	15.64

STATEMENT OF OPERATIONS

Year Ended December 31, 2021

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $13,287 foreign withholding tax)	$	38,125,747
Unaffiliated dividend income (net of $43 foreign withholding tax)		222,643
Affiliated dividend income		40,278
Income from securities lending, net (including affiliated income of $26,283)		40,094
Total income		38,428,762
EXPENSES
Management fee		5,173,336
Distribution fee—Class III		4,040
Custodian and accounting fees		118,543
Audit fee		57,100
Shareholders’ reports		33,438
Legal fees and expenses		29,096
Trustees’ fees		25,880
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		39,620
Total expenses		5,491,735
NET INVESTMENT INCOME (LOSS)		32,937,027
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(6,817))		13,851,537
Futures transactions		(19,517,452	)
Forward and cross currency contract transactions		6,960,540
Options written transactions		343,700
Swap agreements transactions		189,966
Foreign currency transactions		473,171
		2,301,462
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(3,038))		(37,356,416	)
Futures		4,865,014
Forward and cross currency contracts		677,992
Options written		23,919
Swap agreements		(12,524,459	)
Foreign currencies		130,539
		(44,183,411	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(41,881,949	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,944,922	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	32,937,027		$	36,939,115
Net realized gain (loss) on investment and foreign currency transactions		2,301,462			(715,016	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(44,183,411	)		64,021,649
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(8,944,922	)		100,245,748
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		111,700,386			108,389,140
Portfolio shares purchased		(92,303,055	)		(106,131,559	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		19,397,331			2,257,581
TOTAL INCREASE (DECREASE)		10,452,409			102,503,329
NET ASSETS:
Beginning of year		1,292,608,057			1,190,104,728
End of year	$	1,303,060,466		$	1,292,608,057

SEE NOTES TO FINANCIAL STATEMENTS.

A179

PSF SMALL-CAP STOCK  INDEX PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 99.6%
COMMON STOCKS — 99.3%
Aerospace & Defense — 1.1%
AAR Corp.*(a)		31,711	$	1,237,680
Aerojet Rocketdyne Holdings, Inc.(a)		71,095		3,324,402
AeroVironment, Inc.*		21,944		1,361,186
Kaman Corp.		26,492		1,143,130
Moog, Inc. (Class A Stock)		27,764		2,248,051
National Presto Industries, Inc.		4,819		395,303
Park Aerospace Corp.		18,394		242,801
Triumph Group, Inc.*		61,460		1,138,854
				11,091,407
Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings, Inc.*(a)		25,590		2,408,531
Forward Air Corp.		25,636		3,104,263
Hub Group, Inc. (Class A Stock)*		32,220		2,714,213
				8,227,007
Airlines — 0.5%
Allegiant Travel Co.*		14,454		2,703,476
Hawaiian Holdings, Inc.*(a)		48,740		895,354
SkyWest, Inc.*		47,810		1,878,933
				5,477,763
Auto Components — 1.4%
American Axle & Manufacturing Holdings, Inc.*		108,480		1,012,118
Cooper-Standard Holdings, Inc.*(a)		16,050		359,681
Dorman Products, Inc.*		27,050		3,056,921
Gentherm, Inc.*		31,600		2,746,040
LCI Industries(a)		24,009		3,742,283
Motorcar Parts of America, Inc.*(a)		18,190		310,503
Patrick Industries, Inc.		21,360		1,723,538
Standard Motor Products, Inc.		18,119		949,254
				13,900,338
Automobiles — 0.2%
Winnebago Industries, Inc.(a)		31,821		2,384,029
Banks — 10.3%
Allegiance Bancshares, Inc.		17,910		755,981
Ameris Bancorp(a)		62,810		3,120,401
Banc of California, Inc.		51,430		1,009,057
BancFirst Corp.		17,920		1,264,435
Bancorp, Inc. (The)*		54,210		1,372,055
BankUnited, Inc.(a)		84,620		3,580,272
Banner Corp.		32,570		1,976,022
Berkshire Hills Bancorp, Inc.(a)		46,330		1,317,162
Brookline Bancorp, Inc.		73,722		1,193,559
Central Pacific Financial Corp.		26,650		750,730
City Holding Co.		14,364		1,174,832
Columbia Banking System, Inc.(a)		73,918		2,418,597
Community Bank System, Inc.		51,216		3,814,568
Customers Bancorp, Inc.*(a)		28,270		1,848,010
CVB Financial Corp.		121,140		2,593,607
Dime Community Bancshares, Inc.		31,518		1,108,173
Eagle Bancorp, Inc.		30,310		1,768,285
FB Financial Corp.		33,940		1,487,251
First Bancorp		32,760		1,497,787
First BanCorp. (Puerto Rico)		195,602		2,695,396

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
First Commonwealth Financial Corp.		90,280	$	1,452,605
First Financial Bancorp		89,153		2,173,550
First Hawaiian, Inc.(a)		122,490		3,347,652
First Midwest Bancorp, Inc.		108,570		2,223,514
Great Western Bancorp, Inc.		52,410		1,779,844
Hanmi Financial Corp.		28,876		683,784
Heritage Financial Corp.		33,470		818,007
Hilltop Holdings, Inc.(a)		57,810		2,031,443
HomeStreet, Inc.		19,450		1,011,400
Hope Bancorp, Inc.(a)		114,334		1,681,853
Independent Bank Corp.(a)		45,096		3,676,677
Independent Bank Group, Inc.(a)		35,100		2,532,465
Investors Bancorp, Inc.		214,390		3,248,008
Lakeland Financial Corp.		23,990		1,922,559
Meta Financial Group, Inc.		30,070		1,793,976
National Bank Holdings Corp. (Class A Stock)		28,810		1,265,911
NBT Bancorp, Inc.		41,220		1,587,794
OFG Bancorp (Puerto Rico)(a)		47,420		1,259,475
Old National Bancorp(a)		157,717		2,857,832
Pacific Premier Bancorp, Inc.(a)		89,755		3,592,893
Park National Corp.(a)		13,720		1,883,893
Preferred Bank		13,030		935,424
Renasant Corp.		53,030		2,012,488
S&T Bancorp, Inc.		37,423		1,179,573
Seacoast Banking Corp. of Florida		55,510		1,964,499
ServisFirst Bancshares, Inc.		46,390		3,940,367
Simmons First National Corp. (Class A Stock)		109,106		3,227,355
Southside Bancshares, Inc.		30,666		1,282,452
Tompkins Financial Corp.		11,244		939,774
Triumph Bancorp, Inc.*		22,460		2,674,537
Trustmark Corp.		59,380		1,927,475
United Community Banks, Inc.		97,937		3,519,856
Veritex Holdings, Inc.		46,790		1,861,306
Westamerica BanCorp		25,470		1,470,383
				106,506,804
Beverages — 0.7%
Celsius Holdings, Inc.*(a)		36,210		2,700,180
Coca-Cola Consolidated, Inc.		4,405		2,727,532
MGP Ingredients, Inc.(a)		11,890		1,010,531
National Beverage Corp.(a)		22,110		1,002,246
				7,440,489
Biotechnology — 2.2%
Anika Therapeutics, Inc.*(a)		13,770		493,379
Avid Bioservices, Inc.*(a)		58,350		1,702,653
Coherus Biosciences, Inc.*(a)		60,640		967,814
Cytokinetics, Inc.*(a)		79,680		3,631,814
Eagle Pharmaceuticals, Inc.*		10,750		547,390
Emergent BioSolutions, Inc.*		45,450		1,975,712
Enanta Pharmaceuticals, Inc.*		17,040		1,274,251
Ligand Pharmaceuticals, Inc.*(a)		15,890		2,454,369
Myriad Genetics, Inc.*		75,940		2,095,944
Organogenesis Holdings, Inc.*(a)		59,850		553,014
REGENXBIO, Inc.*		35,810		1,170,987
Spectrum Pharmaceuticals, Inc.*		154,750		196,533
uniQure NV (Netherlands)*		34,290		711,175

SEE NOTES TO FINANCIAL STATEMENTS.

A180

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (cont’d.)
Vanda Pharmaceuticals, Inc.*		53,000	$	831,570
Vericel Corp.*(a)		44,450		1,746,885
Xencor, Inc.*		55,600		2,230,672
				22,584,162
Building Products — 2.0%
AAON, Inc.		39,299		3,121,520
American Woodmark Corp.*		15,710		1,024,292
Apogee Enterprises, Inc.		24,098		1,160,319
Gibraltar Industries, Inc.*		31,008		2,067,613
Griffon Corp.		45,269		1,289,261
Insteel Industries, Inc.		18,440		734,096
PGT Innovations, Inc.*		56,700		1,275,183
Quanex Building Products Corp.		31,908		790,680
Resideo Technologies, Inc.*		137,310		3,574,179
UFP Industries, Inc.		58,752		5,405,772
				20,442,915
Capital Markets — 1.0%
B Riley Financial, Inc.(a)		15,200		1,350,672
Blucora, Inc.*		46,162		799,526
Brightsphere Investment Group, Inc.		35,460		907,776
Donnelley Financial Solutions, Inc.*		27,647		1,303,280
Greenhill & Co., Inc.		13,150		235,780
Piper Sandler Cos.(a)		13,425		2,396,497
StoneX Group, Inc.*		16,010		980,612
Virtus Investment Partners, Inc.		6,780		2,014,338
WisdomTree Investments, Inc.(a)		103,520		633,542
				10,622,023
Chemicals — 3.0%
AdvanSix, Inc.		26,660		1,259,685
American Vanguard Corp.		25,518		418,240
Balchem Corp.		30,793		5,191,700
Ferro Corp.*		78,310		1,709,507
FutureFuel Corp.		24,110		184,200
GCP Applied Technologies, Inc.*		51,050		1,616,243
Hawkins, Inc.		17,930		707,339
HB Fuller Co.		49,958		4,046,598
Innospec, Inc.		23,360		2,110,342
Koppers Holdings, Inc.*		20,170		631,321
Kraton Corp.*		30,540		1,414,613
Livent Corp.*(a)		153,480		3,741,842
Quaker Chemical Corp.(a)		12,748		2,941,983
Rayonier Advanced Materials, Inc.*		60,370		344,713
Stepan Co.		20,250		2,516,873
Tredegar Corp.		24,345		287,758
Trinseo PLC(a)		36,930		1,937,348
				31,060,305
Commercial Services & Supplies — 2.1%
ABM Industries, Inc.		63,873		2,609,212
Brady Corp. (Class A Stock)		46,142		2,487,054
CoreCivic, Inc.*		114,400		1,140,568
Deluxe Corp.		40,540		1,301,739
Harsco Corp.*		75,320		1,258,597
Healthcare Services Group, Inc.(a)		70,920		1,261,667
HNI Corp.		41,361		1,739,230

	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (cont’d.)
Interface, Inc.		56,192	$	896,262
KAR Auction Services, Inc.*		115,250		1,800,205
Matthews International Corp. (Class A Stock)		30,080		1,103,034
Pitney Bowes, Inc.		157,420		1,043,695
UniFirst Corp.		14,460		3,042,384
US Ecology, Inc.*		29,980		957,561
Viad Corp.*		19,517		835,133
				21,476,341
Communications Equipment — 1.4%
ADTRAN, Inc.		46,280		1,056,573
CalAmp Corp.*		34,150		241,099
Comtech Telecommunications Corp.		25,049		593,411
Digi International, Inc.*		32,434		796,903
Extreme Networks, Inc.*		123,540		1,939,578
Harmonic, Inc.*(a)		97,574		1,147,470
NETGEAR, Inc.*(a)		27,816		812,505
NetScout Systems, Inc.*		70,250		2,323,870
Plantronics, Inc.*(a)		40,650		1,192,671
Viavi Solutions, Inc.*		226,030		3,982,649
				14,086,729
Construction & Engineering — 1.1%
Arcosa, Inc.(a)		45,880		2,417,876
Comfort Systems USA, Inc.		34,194		3,383,154
Granite Construction, Inc.(a)		43,580		1,686,546
MYR Group, Inc.*		16,050		1,774,328
NV5 Global, Inc.*		11,270		1,556,612
				10,818,516
Consumer Finance — 0.9%
Encore Capital Group, Inc.*(a)		23,590		1,465,175
Enova International, Inc.*		34,629		1,418,404
EZCORP, Inc. (Class A Stock)*		50,511		372,266
Green Dot Corp. (Class A Stock)*		52,000		1,884,480
LendingTree, Inc.*		10,910		1,337,566
PRAGroup, Inc.*		41,387		2,078,041
World Acceptance Corp.*(a)		4,012		984,665
				9,540,597
Containers & Packaging — 0.2%
Myers Industries, Inc.		34,460		689,545
O-I Glass, Inc.*		149,150		1,794,274
				2,483,819
Diversified Consumer Services — 0.5%
Adtalem Global Education, Inc.*		47,350		1,399,666
American Public Education, Inc.*		17,713		394,114
Perdoceo Education Corp.*		66,670		784,039
Strategic Education, Inc.		21,510		1,244,139
WW International, Inc.*(a)		50,640		816,823
				4,638,781
Diversified Telecommunication Services — 0.4%
ATN International, Inc.		10,400		415,480
Cogent Communications Holdings, Inc.		40,250		2,945,495

SEE NOTES TO FINANCIAL STATEMENTS.

A181

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services (cont’d.)
Consolidated Communications Holdings, Inc.*		68,470	$	512,156
				3,873,131
Electrical Equipment — 0.4%
AZZ, Inc.		23,572		1,303,296
Encore Wire Corp.		19,261		2,756,249
Powell Industries, Inc.		8,492		250,429
				4,309,974
Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries, Inc.(a)		35,807		3,260,585
Arlo Technologies, Inc.*		80,154		840,816
Badger Meter, Inc.		27,814		2,963,860
Benchmark Electronics, Inc.		33,450		906,495
CTS Corp.		30,654		1,125,615
ePlus, Inc.*		25,620		1,380,406
Fabrinet (Thailand)*		35,170		4,166,590
FARO Technologies, Inc.*		17,314		1,212,326
Insight Enterprises, Inc.*(a)		33,175		3,536,455
Itron, Inc.*		42,970		2,944,304
Knowles Corp.*		87,320		2,038,922
Methode Electronics, Inc.		36,286		1,784,183
OSI Systems, Inc.*(a)		15,790		1,471,628
PC Connection, Inc.		10,390		448,121
Plexus Corp.*		26,790		2,568,893
Rogers Corp.*		17,681		4,826,913
Sanmina Corp.*		61,230		2,538,596
ScanSource, Inc.*		24,293		852,198
TTM Technologies, Inc.*(a)		101,789		1,516,656
				40,383,562
Energy Equipment & Services — 1.2%
Archrock, Inc.(a)		127,500		953,700
Bristow Group, Inc.*(a)		22,057		698,545
Core Laboratories NV(a)		44,060		982,979
DMC Global, Inc.*(a)		17,790		704,662
Dril-Quip, Inc.*		33,450		658,296
Helix Energy Solutions Group, Inc.*(a)		133,920		417,830
Helmerich & Payne, Inc.		102,640		2,432,568
Nabors Industries Ltd.*		7,336		594,876
Oceaneering International, Inc.*		94,940		1,073,771
Oil States International, Inc.*(a)		58,270		289,602
Patterson-UTI Energy, Inc.		204,600		1,728,870
ProPetro Holding Corp.*		80,380		651,078
RPC, Inc.*(a)		67,620		306,995
US Silica Holdings, Inc.*(a)		70,590		663,546
				12,157,318
Entertainment — 0.2%
Cinemark Holdings, Inc.*(a)		101,280		1,632,634
Marcus Corp. (The)*(a)		20,768		370,916
				2,003,550
Equity Real Estate Investment Trusts (REITs) — 7.4%
Acadia Realty Trust		84,105		1,836,012
Agree Realty Corp.(a)		66,280		4,729,741
Alexander &Baldwin, Inc.(a)		68,980		1,730,708

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
American Assets Trust, Inc.		50,030	$	1,877,626
Armada Hoffler Properties, Inc.		58,520		890,674
Brandywine Realty Trust(a)		162,730		2,183,837
CareTrust REIT, Inc.(a)		92,275		2,106,638
Centerspace		13,580		1,506,022
Chatham Lodging Trust*		46,120		632,766
Community Healthcare Trust, Inc.		22,250		1,051,758
DiamondRock Hospitality Co.*		200,310		1,924,979
Diversified Healthcare Trust		227,030		701,523
Easterly Government Properties, Inc.(a)		81,940		1,878,065
Essential Properties Realty Trust, Inc.		115,630		3,333,613
Four Corners Property Trust, Inc.		73,579		2,163,958
Franklin Street Properties Corp.		90,372		537,713
GEO Group, Inc. ( The)( a)		116,120		899,930
Getty Realty Corp.		37,514		1,203,824
Global Net Lease, Inc.		98,560		1,505,997
Hersha Hospitality Trust*		31,290		286,929
Independence Realty Trust, Inc.(a)		99,290		2,564,661
Industrial Logistics Properties Trust		62,190		1,557,859
Innovative Industrial Properties, Inc.(a)		22,740		5,978,573
iStar, Inc.(a)		66,100		1,707,363
LTC Properties, Inc.(a)		37,456		1,278,748
LXP Industrial Trust(a)		268,956		4,201,093
NexPoint Residential Trust, Inc.		21,600		1,810,728
Office Properties Income Trust		46,060		1,144,130
Orion Office REIT, Inc.*		51,550		962,439
Retail Opportunity Investments Corp.		115,490		2,263,604
RPT Realty		80,150		1,072,407
Safehold, Inc.(a)		13,370		1,067,595
Saul Centers, Inc.		12,410		657,978
Service Properties Trust		156,990		1,379,942
SITE Centers Corp.		170,740		2,702,814
Summit Hotel Properties, Inc.*		101,260		988,298
Tanger Factory Outlet Centers, Inc.(a)		98,900		1,906,792
Uniti Group, Inc.		224,510		3,145,385
Universal Health Realty Income Trust		12,180		724,345
Urstadt Biddle Properties, Inc. (Class A Stock)		28,640		610,032
Veris Residential, Inc.*		76,120		1,399,086
Washington Real Estate Investment Trust(a)		80,520		2,081,442
Whitestone REIT		43,900		444,707
Xenia Hotels & Resorts, Inc.*(a)		108,630		1,967,289
				76,599,623
Food &Staples Retailing — 0.7%
Andersons, Inc. (The)		29,454		1,140,164
Chefs’ Warehouse, Inc. (The)*		31,010		1,032,633
PriceSmart, Inc.		22,810		1,669,008
SpartanNash Co.		34,226		881,662
United Natural Foods, Inc.*		53,480		2,624,798
				7,348,265
Food Products — 1.4%
B&G Foods, Inc.(a)		61,730		1,896,963
Calavo Growers, Inc.(a)		16,800		712,320
Cal-Maine Foods, Inc.(a)		35,620		1,317,584
Fresh Del Monte Produce, Inc.		31,650		873,540

SEE NOTES TO FINANCIAL STATEMENTS.

A182

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Food Products (cont’d.)
J & J Snack Foods Corp.		14,138	$	2,233,238
John B. Sanfilippo & Son, Inc.		8,430		760,049
Seneca Foods Corp. (Class A Stock)*		5,940		284,823
Simply Good Foods Co. (The)*		80,110		3,330,173
Tootsie Roll Industries, Inc.		16,450		595,984
TreeHouse Foods, Inc.*		53,050		2,150,116
				14,154,790
Gas Utilities — 0.6%
Chesapeake Utilities Corp.		16,740		2,440,859
Northwest Natural Holding Co.		29,135		1,421,205
South Jersey Industries, Inc.(a)		106,964		2,793,900
				6,655,964
Health Care Equipment & Supplies — 2.9%
AngioDynamics, Inc.*		36,770		1,014,117
Avanos Medical, Inc.*		45,810		1,588,233
BioLife Solutions, Inc.*		27,780		1,035,361
Cardiovascular Systems, Inc.*		38,550		723,969
CONMED Corp.(a)		27,789		3,939,369
CryoLife, Inc.*(a)		37,433		761,762
Cutera, Inc.*(a)		15,560		642,939
Glaukos Corp.*		44,580		1,981,135
Heska Corp.*(a)		10,190		1,859,573
Inogen, Inc.*		19,480		662,320
Integer Holdings Corp.*		31,404		2,687,868
Lantheus Holdings, Inc.*		64,370		1,859,649
LeMaitre Vascular, Inc.		18,280		918,204
Meridian Bioscience, Inc.*		41,275		842,010
Merit Medical Systems, Inc.*		48,308		3,009,588
Mesa Laboratories, Inc.(a)		4,970		1,630,607
Natus Medical, Inc.*		32,475		770,632
OraSure Technologies, Inc.*		68,550		595,700
Orthofix Medical, Inc.*		18,680		580,761
Surmodics, Inc.*		13,132		632,306
Tactile Systems Technology, Inc.*(a)		18,700		355,861
Varex Imaging Corp.*(a)		37,480		1,182,494
Zynex, Inc.*(a)		18,700		186,439
				29,460,897
Health Care Providers & Services — 3.9%
Addus HomeCare Corp.*		15,130		1,414,806
AMN Healthcare Services, Inc.*		44,919		5,494,941
Apollo Medical Holdings, Inc.*(a)		35,910		2,638,667
Community Health Systems, Inc.*		118,130		1,572,310
CorVel Corp.*		8,920		1,855,360
Covetrus, Inc.*		98,290		1,962,851
Cross Country Healthcare, Inc.*		33,643		933,930
Ensign Group, Inc. (The)		49,810		4,182,048
Fulgent Genetics, Inc.*(a)		18,430		1,853,874
Hanger, Inc.*		35,010		634,731
Joint Corp. (The)*		13,710		900,610
Magellan Health, Inc.*		22,111		2,100,324
MEDNAX, Inc.*(a)		82,230		2,237,478
ModivCare, Inc.*		11,720		1,737,959
Owens & Minor, Inc.		71,680		3,118,080
Pennant Group, Inc. (The)*		25,745		594,195
RadNet, Inc.*		42,200		1,270,642

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Select Medical Holdings Corp.		100,790	$	2,963,226
Tivity Health, Inc.*(a)		42,118		1,113,600
US Physical Therapy, Inc.(a)		12,270		1,172,398
				39,752,030
Health Care Technology — 1.3%
Allscripts Healthcare Solutions, Inc.*		116,590		2,151,085
Computer Programs &Systems, Inc.*		13,916		407,739
HealthStream, Inc.*		24,030		633,431
NextGen Healthcare, Inc.*		54,614		971,583
Omnicell, Inc.*(a)		41,762		7,535,536
OptimizeRx Corp.*(a)		16,900		1,049,659
Simulations Plus, Inc.(a)		14,870		703,351
Tabula Rasa HealthCare, Inc.*(a)		22,520		337,800
				13,790,184
Hotels, Restaurants &Leisure — 1.4%
BJ’s Restaurants, Inc.*		22,182		766,388
Bloomin’ Brands, Inc.*(a)		77,230		1,620,285
Brinker International, Inc.*(a)		43,210		1,581,054
Cheesecake Factory, Inc. (The)*(a)		46,050		1,802,858
Chuy’s Holdings, Inc.*(a)		18,810		566,557
Dave & Buster’s Entertainment, Inc.*(a)		36,700		1,409,280
Dine Brands Global, Inc.		16,365		1,240,631
El Pollo Loco Holdings, Inc.*		18,440		261,664
Fiesta Restaurant Group, Inc.*		16,440		181,004
Monarch Casino &Resort, Inc.*		12,471		922,230
Red Robin Gourmet Burgers, Inc.*		14,823		245,024
Ruth’s Hospitality Group, Inc.*(a)		30,168		600,343
Shake Shack, Inc. (Class A Stock)*		37,130		2,679,301
				13,876,619
Household Durables — 2.4%
Cavco Industries, Inc.*		8,100		2,572,965
Century Communities, Inc.		28,160		2,303,206
Ethan Allen Interiors, Inc.		20,979		551,538
Installed Building Products, Inc.(a)		22,320		3,118,550
iRobot Corp.*(a)		25,550		1,683,234
La-Z-Boy, Inc.		42,171		1,531,229
LGI Homes, Inc.*(a)		20,320		3,139,034
M/I Homes, Inc.*		27,600		1,716,168
MDC Holdings, Inc.		53,672		2,996,508
Meritage Homes Corp.*		35,487		4,331,543
Tupperware Brands Corp.*(a)		46,490		710,832
Universal Electronics, Inc.*		12,464		507,908
				25,162,715
Household Products — 0.5%
Central Garden & Pet Co.*		9,290		488,933
Central Garden & Pet Co. (Class A Stock)*		38,178		1,826,817
WD-40 Co.(a)		13,019		3,184,968
				5,500,718
Insurance — 2.7%
Ambac Financial Group, Inc.*		44,050		707,002
American Equity Investment Life Holding Co.		78,310		3,047,825

SEE NOTES TO FINANCIAL STATEMENTS.

A183

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Insurance (cont’d.)
AMERISAFE, Inc.		18,344	$	987,458
Assured Guaranty Ltd.		66,310		3,328,762
eHealth, Inc.*(a)		22,591		576,071
Employers Holdings, Inc.		26,575		1,099,673
Genworth Financial, Inc. (Class A Stock)*		482,560		1,954,368
HCI Group, Inc.		7,530		629,056
Horace Mann Educators Corp.		39,460		1,527,102
James River Group Holdings Ltd.		35,460		1,021,603
Palomar Holdings, Inc.*		22,950		1,486,471
ProAssurance Corp.		51,326		1,298,548
Safety Insurance Group, Inc.		13,520		1,149,606
Selectquote, Inc.*(a)		118,500		1,073,610
SiriusPoint Ltd. (Bermuda)*		83,200		676,416
Stewart Information Services Corp.		25,492		2,032,477
Trupanion, Inc.*(a)		32,600		4,304,178
United Fire Group, Inc.		20,451		474,259
Universal Insurance Holdings, Inc.		26,730		454,410
				27,828,895
Interactive Media & Services — 0.2%
Cars.com, Inc.*		61,800		994,362
QuinStreet, Inc.*		47,450		863,115
				1,857,477
Internet & Direct Marketing Retail — 0.3%
Liquidity Services, Inc.*		25,300		558,624
PetMed Express, Inc.(a)		19,941		503,710
Shutterstock, Inc.		22,250		2,467,080
				3,529,414
IT Services — 1.6%
CSG Systems International, Inc.		30,954		1,783,570
EVERTEC, Inc. (Puerto Rico)		56,740		2,835,865
ExlService Holdings, Inc.*		31,640		4,580,523
Perficient, Inc.*(a)		31,294		4,046,001
TTEC Holdings, Inc.		17,357		1,571,676
Unisys Corp.*		63,850		1,313,395
				16,131,030
Leisure Products — 0.4%
Sturm Ruger & Co., Inc.(a)		16,717		1,137,090
Vista Outdoor, Inc.*(a)		54,400		2,506,208
				3,643,298
Life Sciences Tools & Services — 0.4%
NeoGenomics, Inc.*		117,110		3,995,793
Machinery — 5.6%
Alamo Group, Inc.		9,410		1,384,964
Albany International Corp. (Class A Stock)		30,714		2,716,653
Astec Industries, Inc.(a)		21,570		1,494,154
Barnes Group, Inc.		44,196		2,059,092
Chart Industries, Inc.*(a)		33,850		5,398,736
CIRCOR International, Inc.*		19,288		524,248
Enerpac Tool Group Corp.		57,334		1,162,733
EnPro Industries, Inc.		19,598		2,157,152
ESCO Technologies, Inc.		24,711		2,223,743

	Shares		Value
COMMON STOCKS (continued)
Machinery (cont’d.)
Federal Signal Corp.		58,000	$	2,513,720
Franklin Electric Co., Inc.		36,990		3,497,774
Greenbrier Cos., Inc. (The)		30,860		1,416,165
Hillenbrand, Inc.		69,378		3,606,962
John Bean Technologies Corp.		30,187		4,635,516
Lindsay Corp.		10,379		1,577,608
Meritor, Inc.*		66,730		1,653,569
Mueller Industries, Inc.		54,488		3,234,408
Proto Labs, Inc.*		26,220		1,346,397
SPX Corp.*		43,100		2,572,208
SPX FLOW, Inc.		39,900		3,450,552
Standex International Corp.		11,610		1,284,763
Tennant Co.		17,590		1,425,494
Titan International, Inc.*		48,350		529,916
Wabash National Corp.		47,000		917,440
Watts Water Technologies, Inc. (Class A Stock)		26,181		5,083,565
				57,867,532
Marine — 0.4%
Matson, Inc.(a)		39,890		3,591,297
Media — 0.7%
AMC Networks, Inc. (Class A Stock)*(a)		27,780		956,743
EW Scripps Co. (The) (Class A Stock)*		54,371		1,052,079
Gannett Co., Inc.*		134,870		718,857
Loyalty Ventures, Inc.*		18,950		569,827
Scholastic Corp.		28,890		1,154,444
TechTarget, Inc.*(a)		24,580		2,351,323
Thryv Holdings, Inc.*		16,150		664,249
				7,467,522
Metals & Mining — 1.3%
Allegheny Technologies, Inc.*		121,020		1,927,849
Arconic Corp.*		101,300		3,343,913
Carpenter Technology Corp.		45,830		1,337,778
Century Aluminum Co.*		48,043		795,592
Haynes International, Inc.		12,000		483,960
Kaiser Aluminum Corp.		15,100		1,418,494
Materion Corp.		19,368		1,780,694
Olympic Steel, Inc.		8,918		209,573
SunCoke Energy, Inc.		78,480		517,183
TimkenSteel Corp.*(a)		39,030		643,995
Warrior Met Coal, Inc.		48,930		1,257,990
				13,717,021
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		125,060		1,645,790
ARMOUR Residential REIT, Inc.(a)		85,280		836,597
Ellington Financial, Inc.		51,882		886,663
Franklin BSP Realty Trust, Inc.		41,826		624,880
Granite Point Mortgage Trust, Inc.		51,140		598,849
Invesco Mortgage Capital, Inc.(a)		296,460		824,159
KKR Real Estate Finance Trust, Inc.(a)		42,250		880,068
New York Mortgage Trust, Inc.		360,730		1,341,916
PennyMac Mortgage Investment Trust(a)		92,170		1,597,306

SEE NOTES TO FINANCIAL STATEMENTS.

A184

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Ready Capital Corp.		56,023	$	875,639
Redwood Trust, Inc.(a)		109,090		1,438,897
Two Harbors Investment Corp.(a)		327,050		1,887,079
				13,437,843
Multiline Retail — 0.1%
Big Lots, Inc.(a)		30,960		1,394,748
Multi-Utilities — 0.3%
Avista Corp.		67,233		2,856,730
Unitil Corp.		15,200		699,048
				3,555,778
Oil, Gas & Consumable Fuels — 3.5%
Callon Petroleum Co.*(a)		45,080		2,130,030
Civitas Resources, Inc.(a)		68,460		3,352,486
CONSOL Energy, Inc.*		30,180		685,388
Dorian LPG Ltd.		26,390		334,889
Green Plains, Inc.*(a)		50,960		1,771,369
Laredo Petroleum, Inc.*(a)		13,622		819,091
Matador Resources Co.		104,900		3,872,908
Par Pacific Holdings, Inc.*		43,530		717,810
PBF Energy, Inc. (Class A Stock)*		90,380		1,172,229
PDC Energy, Inc.		92,518		4,513,028
Range Resources Corp.*		237,560		4,235,695
Ranger Oil Corp. (Class A Stock)*(a)		20,080		540,554
Renewable Energy Group, Inc.*(a)		47,720		2,025,237
REX American Resources Corp.*		4,960		476,160
SM Energy Co.		115,400		3,401,992
Southwestern Energy Co.*		965,140		4,497,552
Talos Energy, Inc.*		38,880		381,024
World Fuel Services Corp.		60,020		1,588,729
				36,516,171
Paper & Forest Products — 0.4%
Clearwater Paper Corp.*		15,900		583,053
Glatfelter Corp.		42,220		726,184
Mercer International, Inc. (Germany)		38,020		455,860
Neenah, Inc.		15,918		736,685
Schweitzer-Mauduit International, Inc.		29,936		895,086
Sylvamo Corp.*		33,600		937,104
				4,333,972
Personal Products — 0.9%
Edgewell Personal Care Co.		51,590		2,358,179
elf Beauty, Inc.*		45,540		1,512,383
Inter Parfums, Inc.(a)		16,890		1,805,541
Medifast, Inc.		11,040		2,312,107
USANA Health Sciences, Inc.*(a)		11,090		1,122,308
				9,110,518
Pharmaceuticals — 1.6%
Amphastar Pharmaceuticals, Inc.*(a)		35,100		817,479
ANI Pharmaceuticals, Inc.*		10,310		475,085
Cara Therapeutics, Inc.*(a)		39,963		486,749
Collegium Pharmaceutical, Inc.*		32,900		614,572
Corcept Therapeutics, Inc.*(a)		90,850		1,798,830
Endo International PLC*		222,170		835,359
Harmony Biosciences Holdings, Inc.*		21,600		921,024

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Innoviva, Inc.*(a)		59,510	$	1,026,548
Nektar Therapeutics*		175,500		2,371,005
Pacira BioSciences, Inc.*		42,280		2,543,988
Phibro Animal Health Corp. (Class A Stock)		19,250		393,085
Prestige Consumer Healthcare, Inc.*		47,550		2,883,907
Supernus Pharmaceuticals, Inc.*(a)		50,580		1,474,913
				16,642,544
Professional Services — 1.5%
Exponent, Inc.		49,520		5,780,469
Forrester Research, Inc.*		10,582		621,481
Heidrick & Struggles International, Inc.		18,554		811,366
Kelly Services, Inc. (Class A Stock)		34,219		573,853
Korn Ferry		51,760		3,919,785
ManTech International Corp. (Class A Stock)		26,130		1,905,661
Resources Connection, Inc.		29,670		529,313
TrueBlue, Inc.*		33,778		934,637
				15,076,565
Real Estate Management & Development — 0.6%
Douglas Elliman, Inc.*		62,226		715,599
Marcus & Millichap, Inc.*		23,690		1,219,087
RE/MAX Holdings, Inc. (Class A Stock)		17,910		546,076
Realogy Holdings Corp.*		110,890		1,864,061
St. Joe Co. (The)(a)		31,270		1,627,604
				5,972,427
Road &Rail — 0.5%
ArcBest Corp.		24,315		2,914,153
Heartland Express, Inc.		44,298		745,092
Marten Transport Ltd.		56,805		974,774
				4,634,019
Semiconductors & Semiconductor Equipment — 3.7%
Axcelis Technologies, Inc.*		31,640		2,359,078
CEVA, Inc.*		21,850		944,794
Cohu, Inc.*		46,317		1,764,214
Diodes, Inc.*		42,810		4,700,966
FormFactor, Inc.*		74,280		3,396,082
Ichor Holdings Ltd.*		27,020		1,243,731
Kulicke & Soffa Industries, Inc. (Singapore)(a)		58,822		3,561,084
MaxLinear, Inc.*		67,030		5,053,392
Onto Innovation, Inc.*		46,857		4,743,334
PDF Solutions, Inc.*		28,440		904,108
Photronics, Inc.*		58,120		1,095,562
Rambus, Inc.*		103,890		3,053,327
SMART Global Holdings, Inc.*(a)		21,950		1,558,230
Ultra Clean Holdings, Inc.*		42,610		2,444,110
Veeco Instruments, Inc.*(a)		48,023		1,367,215
				38,189,227
Software — 2.8%
8x8, Inc.*		108,370		1,816,281
Agilysys, Inc.*		18,492		822,154
Alarm.com Holdings, Inc.*		43,710		3,707,045

SEE NOTES TO FINANCIAL STATEMENTS.

A185

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Bottomline Technologies DE, Inc.*		36,710	$	2,073,014
Consensus Cloud Solutions, Inc.*		15,250		882,517
Ebix, Inc.(a)		22,577		686,341
InterDigital, Inc.(a)		29,170		2,089,447
LivePerson, Inc.*(a)		62,610		2,236,429
OneSpan, Inc.*		32,850		556,151
Progress Software Corp.		41,617		2,008,853
SPS Commerce, Inc.*		34,170		4,864,099
Vonage Holdings Corp.*		240,130		4,992,303
Xperi Holding Corp.		99,415		1,879,938
				28,614,572
Specialty Retail — 4.1%
Aaron’s Co., Inc. (The)		29,940		738,021
Abercrombie & Fitch Co. (Class A Stock)*		56,200		1,957,446
America’s Car-Mart, Inc.*		5,780		591,872
Asbury Automotive Group, Inc.*		22,000		3,800,060
Barnes & Noble Education, Inc.*		33,766		229,947
Bed Bath & Beyond, Inc.*(a)		96,130		1,401,575
Boot Barn Holdings, Inc.*		28,160		3,465,088
Buckle, Inc. (The)(a)		27,849		1,178,291
Caleres, Inc.		36,414		825,870
Cato Corp. (The) (Class A Stock)		18,673		320,429
Chico’s FAS, Inc.*		116,450		626,501
Children’s Place, Inc. (The)*		13,315		1,055,746
Conn’s, Inc.*		18,130		426,418
Designer Brands, Inc. (Class A Stock)*		58,350		829,154
Genesco, Inc.*(a)		13,502		866,423
Group 1 Automotive, Inc.		17,214		3,360,517
Guess?, Inc.		37,050		877,344
Haverty Furniture Cos., Inc.(a)		14,151		432,596
Hibbett, Inc.(a)		14,296		1,028,311
Lumber Liquidators Holdings, Inc.*(a)		27,602		471,166
MarineMax, Inc.*(a)		20,662		1,219,885
Monro, Inc.		31,882		1,857,764
ODP Corp. (The)*		43,635		1,713,983
Rent-A-Center, Inc.(a)		57,420		2,758,457
Sally Beauty Holdings, Inc.*(a)		107,520		1,984,819
Shoe Carnival, Inc.(a)		16,690		652,245
Signet Jewelers Ltd.(a)		50,440		4,389,793
Sleep Number Corp.*		21,540		1,649,964
Sonic Automotive, Inc. (Class A Stock)(a)		19,727		975,500
Zumiez, Inc.*		20,270		972,757
				42,657,942
Technology Hardware, Storage & Peripherals — 0.3%
3D Systems Corp.*(a)		121,460		2,616,248
Diebold Nixdorf, Inc.*(a)		69,210		626,351
				3,242,599
Textiles, Apparel & Luxury Goods — 1.2%
Fossil Group, Inc.*(a)		45,020		463,256
G-III Apparel Group Ltd.*		41,560		1,148,718
Kontoor Brands, Inc.		45,200		2,316,500
Movado Group, Inc.		15,617		653,259
Oxford Industries, Inc.		15,116		1,534,576

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (cont’d.)
Steven Madden Ltd.		72,675	$	3,377,207
Unifi, Inc.*		13,170		304,886
Vera Bradley, Inc.*		24,210		206,027
Wolverine World Wide, Inc.		78,344		2,257,091
				12,261,520
Thrifts & Mortgage Finance — 2.3%
Axos Financial, Inc.*		50,910		2,846,378
Capitol Federal Financial, Inc.		122,790		1,391,211
Flagstar Bancorp, Inc.		50,170		2,405,150
Mr. Cooper Group, Inc.*		71,380		2,970,122
NMI Holdings, Inc. (Class A Stock)*		81,560		1,782,086
Northfield Bancorp, Inc.		41,460		669,993
Northwest Bancshares, Inc.		120,380		1,704,581
Provident Financial Services, Inc.		73,390		1,777,506
TrustCo Bank Corp. NY		18,277		608,807
Walker & Dunlop, Inc.(a)		28,030		4,229,166
WSFS Financial Corp.		60,660		3,040,279
				23,425,279
Tobacco — 0.3%
Universal Corp.		23,400		1,285,128
Vector Group Ltd.		124,452		1,428,709
				2,713,837
Trading Companies & Distributors — 1.1%
Applied Industrial Technologies, Inc.		36,538		3,752,453
Boise Cascade Co.		37,310		2,656,472
DXP Enterprises, Inc.*		16,250		417,138
GMS, Inc.*		41,020		2,465,712
NOW, Inc.*		104,800		894,992
Veritiv Corp.*		13,190		1,616,698
				11,803,465
Water Utilities — 0.9%
American States Water Co.		35,092		3,629,916
California Water Service Group		49,960		3,590,126
Middlesex Water Co.		16,640		2,001,792
				9,221,834
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co.		47,510		1,211,505
Telephone &Data Systems, Inc.		93,900		1,892,085
				3,103,590
TOTAL COMMON STOCKS (cost $581,196,037)				1,023,349,094
EXCHANGE-TRADED FUND — 0.3%
iShares Core S&P Small-Cap ETF(a)		25,520		2,922,295
(cost $2,209,070)
TOTAL LONG-TERM INVESTMENTS (cost $583,405,107)				1,026,271,389
SHORT-TERM INVESTMENTS — 19.6%
AFFILIATED MUTUAL FUNDS — 19.6%
PGIM Core Ultra Short Bond Fund(wa)		3,755,340		3,755,340

SEE NOTES TO FINANCIAL STATEMENTS.

A186

PSF SMALL-CAP STOCK INDEX PORTFOLIO   (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

		Shares		Value
AFFILIATED MUTUAL FUNDS (continued)
PGIM Institutional Money Market Fund (cost $197,728,598; includes $197,716,560 of cash collateral for securities on loan)(b)(wa)			. 198,032,226	$	197,893,603
TOTAL AFFILIATED MUTUAL FUNDS (cost $201,483,938)					201,648,943
Interest Rate	Maturity Date	Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
0.040%     03/17/22			475		474,946
(cost $474,960)
TOTAL SHORT-TERM INVESTMENTS (cost $201,958,898)					202,123,889
TOTAL INVESTMENTS—119.2% (cost $785,364,005)					1,228,395,278
Liabilities in excess of other assets(z) — (19.2)%					(197,938,742	)
NET ASSETS — 100.0%				$	1,030,456,536

See the Glossary for a list of the abbreviation(s) used in the annual 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 $193,334,291; cash collateral of $197,716,560 (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 December 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
36	Russell 2000 E-Mini Index		Mar. 2022		$4,037,040		$75,576

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		$	—		$	474,946

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.

A187

PSF SMALL-CAP STOCK INDEX PORTFOLIO   (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

The following is a summary of the inputs used as of December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	11,091,407	$	—		$—
Air Freight & Logistics		8,227,007		—		—
Airlines		5,477,763		—		—
Auto Components		13,900,338		—		—
Automobiles		2,384,029		—		—
Banks		106,506,804		—		—
Beverages		7,440,489		—		—
Biotechnology		22,584,162		—		—
Building Products		20,442,915		—		—
Capital Markets		10,622,023		—		—
Chemicals		31,060,305		—		—
Commercial Services & Supplies		21,476,341		—		—
Communications Equipment		14,086,729		—		—
Construction & Engineering		10,818,516		—		—
Consumer Finance		9,540,597		—		—
Containers & Packaging		2,483,819		—		—
Diversified Consumer Services		4,638,781		—		—
Diversified Telecommunication Services		3,873,131		—		—
Electrical Equipment		4,309,974		—		—
Electronic Equipment, Instruments & Components		40,383,562		—		—
Energy Equipment & Services		12,157,318		—		—
Entertainment		2,003,550		—		—
Equity Real Estate Investment Trusts (REITs)		76,599,623		—		—
Food & Staples Retailing		7,348,265		—		—
Food Products		14,154,790		—		—
Gas Utilities		6,655,964		—		—
Health Care Equipment & Supplies		29,460,897		—		—
Health Care Providers & Services		39,752,030		—		—
Health Care Technology		13,790,184		—		—
Hotels, Restaurants & Leisure		13,876,619		—		—
Household Durables		25,162,715		—		—
Household Products		5,500,718		—		—
Insurance		27,828,895		—		—
Interactive Media & Services		1,857,477		—		—
Internet & Direct Marketing Retail		3,529,414		—		—
IT Services		16,131,030		—		—
Leisure Products		3,643,298		—		—
Life Sciences Tools & Services		3,995,793		—		—
Machinery		57,867,532		—		—
Marine		3,591,297		—		—
Media		7,467,522		—		—
Metals & Mining		13,717,021		—		—
Mortgage Real Estate Investment Trusts (REITs)		13,437,843		—		—
Multiline Retail		1,394,748		—		—
Multi-Utilities		3,555,778		—		—
Oil, Gas & Consumable Fuels		36,516,171		—		—
Paper & Forest Products		4,333,972		—		—
Personal Products		9,110,518		—		—
Pharmaceuticals		16,642,544		—		—
Professional Services		15,076,565		—		—
Real Estate Management & Development		5,972,427		—		—
Road & Rail		4,634,019		—		—
Semiconductors & Semiconductor Equipment		38,189,227		—		—
Software		28,614,572		—		—
Specialty Retail		42,657,942		—		—
Technology Hardware, Storage & Peripherals		3,242,599		—		—
Textiles, Apparel & Luxury Goods		12,261,520		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A188

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Thrifts & Mortgage Finance	$	23,425,279	$	—	$	—
Tobacco		2,713,837		—		—
Trading Companies & Distributors		11,803,465		—		—
Water Utilities		9,221,834		—		—
Wireless Telecommunication Services		3,103,590		—		—
Exchange-Traded Fund		2,922,295		—		—
Short-Term Investments
Affiliated Mutual Funds		201,648,943		—		—
U.S. Treasury Obligation		—		474,946		—
Total	$	1,227,920,332	$	474,946	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	75,576	$	—	$	—

* 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 December 31, 2021 were as follows (unaudited):

Affiliated Mutual Funds (19.2% represents investments purchased with collateral from securities on loan)	19.6	%
Banks	10.3
Equity Real Estate Investment Trusts (REITs)	7.4
Machinery	5.6
Specialty Retail	4.1
Electronic Equipment, Instruments & Components	3.9
Health Care Providers & Services	3.9
Semiconductors & Semiconductor Equipment	3.7
Oil, Gas & Consumable Fuels	3.5
Chemicals	3.0
Health Care Equipment & Supplies	2.9
Software	2.8
Insurance	2.7
Household Durables	2.4
Thrifts & Mortgage Finance	2.3
Biotechnology	2.2
Commercial Services & Supplies	2.1
Building Products	2.0
Pharmaceuticals	1.6
IT Services	1.6
Professional Services	1.5
Food Products	1.4
Communications Equipment	1.4
Auto Components	1.4
Hotels, Restaurants & Leisure	1.4
Health Care Technology	1.3
Metals & Mining	1.3
Mortgage Real Estate Investment Trusts (REITs)	1.3
Textiles, Apparel & Luxury Goods	1.2
Energy Equipment & Services	1.2
Trading Companies & Distributors	1.1
Aerospace & Defense	1.1

Construction & Engineering	1.1	%
Capital Markets	1.0
Consumer Finance	0.9
Water Utilities	0.9
Personal Products	0.9
Air Freight & Logistics	0.8
Media	0.7
Beverages	0.7
Food & Staples Retailing	0.7
Gas Utilities	0.6
Real Estate Management & Development	0.6
Household Products	0.5
Airlines	0.5
Diversified Consumer Services	0.5
Road & Rail	0.5
Paper & Forest Products	0.4
Electrical Equipment	0.4
Life Sciences Tools & Services	0.4
Diversified Telecommunication Services	0.4
Leisure Products	0.4
Marine	0.4
Multi-Utilities	0.3
Internet & Direct Marketing Retail	0.3
Technology Hardware, Storage & Peripherals	0.3
Wireless Telecommunication Services	0.3
Exchange-Traded Fund	0.3
Tobacco	0.3
Containers & Packaging	0.2
Automobiles	0.2
Entertainment	0.2
Interactive Media & Services	0.2
Multiline Retail	0.1

SEE NOTES TO FINANCIAL STATEMENTS.

A189

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

U.S. Treasury Obligation	0.0	*%
	119.2
Liabilities in excess of other assets	(19.2	)
	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 December 31, 2021 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	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	$	75,576	*	—	$—

* 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 year ended December 31, 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	$	304,358

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	70,498

For the year ended December 31, 2021, the Portfolio’s average volume of derivative activities is as follows:

Futures

Contracts—

Long

Positions(1)

$3,911,495

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended December 31, 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.

A190

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

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		$	193,334,291		$	(193,334,291	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A191

PSF SMALL-CAP STOCK  INDEX PORTFOLIO (CONTINUED)    

STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2021
ASSETS
Investments at value, including securities on loan of $193,334,291:
Unaffiliated investments (cost $583,880,067)	$	1,026,746,335
Affiliated investments (cost $201,483,938)		201,648,943
Dividends and interest receivable		1,049,025
Receivable for investments sold		921,539
Receivable for Portfolio shares sold		22,626
Tax reclaim receivable		541
Prepaid expenses		7,816
Total Assets		1,230,396,825
LIABILITIES
Payable to broker for collateral for securities on loan		197,716,560
Payable for investments purchased		1,244,054
Payable for Portfolio shares purchased		430,496
Management fee payable		299,499
Accrued expenses and other liabilities		238,865
Due to broker-variation margin futures		7,380
Distribution fee payable		1,215
Affiliated transfer agent fee payable		980
Trustees’ fees payable		699
Payable to affiliate		541
Total Liabilities		199,940,289
NET ASSETS	$	1,030,456,536
Net assets were comprised of:
Partners’ Equity	$	1,030,456,536
Class I:
Net asset value and redemption price per share, $1,024,317,366 / 16,976,632 outstanding shares of beneficial interest	$	60.34
Class III:
Net asset value and redemption price per share, $6,139,170 / 101,920 outstanding shares of beneficial interest	$	60.24

STATEMENT OF OPERATIONS
Year Ended December 31, 2021
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $11,662 foreign withholding tax, of which $771 is reimbursable by an affiliate)	$	12,437,448
Income from securities lending, net (including affiliated income of $105,093)		230,885
Affiliated dividend income		4,879
Interest income		158
Total income		12,673,370
EXPENSES
Management fee		3,512,565
Distribution fee—Class III		5,091
Custodian and accounting fees		95,084
Shareholders’ reports		45,429
Audit fee		26,300
Legal fees and expenses		24,548
Trustees’ fees		22,339
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		29,513
Total expenses		3,771,551
NET INVESTMENT INCOME (LOSS)		8,901,819
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(25,792))		91,012,394
Futures transactions		304,358
		91,316,752
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(24,346))		122,728,218
Futures		70,498
		122,798,716
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		214,115,468
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	223,017,287

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	8,901,819		$	7,490,592
Net realized gain (loss) on investment transactions		91,316,752			19,541,105
Net change in unrealized appreciation (depreciation) on investments		122,798,716			51,036,156
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		223,017,287			78,067,853
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold		24,869,098			15,006,733
Portfolio shares purchased		(75,416,063	)		(69,049,362	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		(50,546,965	)		(54,042,629	)
TOTAL INCREASE (DECREASE)		172,470,322			24,025,224
NET ASSETS:
Beginning of year		857,986,214			833,960,990
End of year	$	1,030,456,536		$	857,986,214

SEE NOTES TO FINANCIAL STATEMENTS.

A192

PSF SMALL-CAP VALUE PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 98.2%
COMMON STOCKS — 97.0%
Aerospace & Defense — 0.7%
AAR Corp.*		38,980	$	1,521,389
Ducommun, Inc.*		13,414		627,373
				2,148,762
Air Freight & Logistics — 0.1%
Atlas Air Worldwide Holdings, Inc.*(a)		4,429		416,857
Airlines — 0.3%
Allegiant Travel Co.*		5,196		971,860
Auto Components — 1.3%
Adient PLC*		30,348		1,453,062
Goodyear Tire & Rubber Co. (The)*		121,136		2,582,620
				4,035,682
Banks — 16.5%
Amalgamated Financial Corp.		17,509		293,626
Ameris Bancorp		36,656		1,821,070
Associated Banc-Corp		57,650		1,302,314
Atlantic Union Bankshares Corp.		52,797		1,968,800
Banner Corp.		38,764		2,351,812
Berkshire Hills Bancorp, Inc.		17,098		486,096
Brookline Bancorp, Inc.		83,235		1,347,575
Cadence Bank		69,110		2,058,787
Columbia Banking System, Inc.		37,738		1,234,787
Community Bank System, Inc.		22,963		1,710,284
ConnectOne Bancorp, Inc.		52,988		1,733,238
CVB Financial Corp.		100,473		2,151,127
Eastern Bankshares, Inc.		91,247		1,840,452
FB Financial Corp.		34,858		1,527,478
First Financial Bankshares, Inc.(a)		25,672		1,305,165
First Merchants Corp.		46,872		1,963,468
First of Long Island Corp. (The)		9,297		200,722
German American Bancorp, Inc.		23,336		909,637
Glacier Bancorp, Inc.		30,734		1,742,618
Hancock Whitney Corp.		54,496		2,725,890
Heritage Financial Corp.		35,724		873,095
Home BancShares, Inc.		73,449		1,788,483
Independent Bank Corp.		24,414		1,990,473
Lakeland Financial Corp.(a)		28,577		2,290,161
OceanFirst Financial Corp.		71,462		1,586,456
Pacific Premier Bancorp, Inc.		46,170		1,848,185
PacWest Bancorp		41,273		1,864,301
Pinnacle Financial Partners, Inc.		14,516		1,386,278
Renasant Corp.		51,312		1,947,290
SouthState Corp.		22,173		1,776,279
Towne Bank		40,148		1,268,275
TriCo Bancshares		33,158		1,424,468
United Community Banks, Inc.		65,311		2,347,277
				53,065,967
Beverages — 0.9%
Primo Water Corp.		159,981		2,820,465
Biotechnology — 2.6%
2seventy bio, Inc.*(a)		9,303		238,436
Agios Pharmaceuticals, Inc.*(a)		21,794		716,369
Alkermes PLC*		30,674		713,477
Allogene Therapeutics, Inc.*		22,476		335,342
Arena Pharmaceuticals, Inc.*		17,054		1,584,999

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (cont’d.)
Bluebird Bio, Inc.*(a)		29,924	$	298,941
Blueprint Medicines Corp.*		4,153		444,828
Cytokinetics, Inc.*(a)		7,670		349,599
Inovio Pharmaceuticals, Inc.*(a)		43,567		217,399
Invitae Corp.*(a)		27,252		416,138
Ironwood Pharmaceuticals, Inc.*		68,917		803,572
Mersana Therapeutics, Inc.*		22,598		140,559
Myriad Genetics, Inc.*		37,761		1,042,203
REVOLUTION Medicines, Inc.*(a)		19,839		499,348
Turning Point Therapeutics, Inc.*		12,918		616,189
				8,417,399
Building Products — 1.6%
Griffon Corp.		24,770		705,450
Resideo Technologies, Inc.*		89,901		2,340,123
Zurn Water Solutions Corp.		54,828		1,995,739
				5,041,312
Capital Markets — 1.0%
Houlihan Lokey, Inc.		7,045		729,298
P10, Inc. (Class A Stock)*		45,860		641,123
PJT Partners, Inc. (Class A Stock)		11,629		861,593
Stifel Financial Corp.		15,637		1,101,157
				3,333,171
Chemicals — 2.4%
Amyris, Inc.*(a)		18,114		97,997
Avient Corp.		81,189		4,542,524
HB Fuller Co.		15,053		1,219,293
Kraton Corp.*		7,104		329,057
Tronox Holdings PLC (Class A Stock)		64,856		1,558,490
				7,747,361
Commercial Services & Supplies — 0.7%
Brady Corp. (Class A Stock)		16,294		878,246
Deluxe Corp.		45,353		1,456,285
				2,334,531
Communications Equipment — 0.7%
Viavi Solutions, Inc.*		125,946		2,219,169
Construction & Engineering — 1.1%
Arcosa, Inc.		29,613		1,560,605
Dycom Industries, Inc.*		19,175		1,797,848
				3,358,453
Construction Materials — 0.5%
Summit Materials, Inc. (Class A Stock)*		43,082		1,729,311
Consumer Finance — 0.7%
FirstCash Holdings, Inc.		12,303		920,387
Green Dot Corp. (Class A Stock)*		28,742		1,041,610
Oportun Financial Corp.*		12,635		255,859
				2,217,856
Diversified Financial Services — 0.1%
Alerus Financial Corp.		8,384		245,484
Diversified Telecommunication Services — 0.5%
Iridium Communications, Inc.*		41,754		1,724,023

SEE NOTES TO FINANCIAL STATEMENTS.

A193

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities — 2.3%
ALLETE, Inc.		35,444	$	2,351,709
IDACORP, Inc.		23,531		2,666,298
MGE Energy, Inc.		28,028		2,305,303
				7,323,310
Electrical Equipment — 0.1%
Array Technologies, Inc.*(a)		21,453		336,598
Electronic Equipment, Instruments &Components — 1.6%
CTS Corp.		28,736		1,055,186
FARO Technologies, Inc.*		18,424		1,290,048
Knowles Corp.*		62,339		1,455,616
TTM Technologies, Inc.*		88,181		1,313,897
				5,114,747
Energy Equipment & Services — 1.3%
Cactus, Inc. (Class A Stock)		27,419		1,045,486
ChampionX Corp.*		117,890		2,382,557
Liberty Oilfield Services, Inc. (Class A Stock)*		33,457		324,533
NexTier Oilfield Solutions, Inc.*		95,373		338,574
				4,091,150
Entertainment — 0.3%
AMC Entertainment Holdings, Inc. (Class A Stock)*(a)		39,198		1,066,186
Equity Real Estate Investment Trusts (REITs) — 10.2%
Acadia Realty Trust		86,744		1,893,621
DigitalBridge Group, Inc.*		302,123		2,516,685
Healthcare Realty Trust, Inc.		107,130		3,389,593
Highwoods Properties, Inc.		44,157		1,968,961
Hudson Pacific Properties, Inc.		104,989		2,594,278
National Health Investors, Inc.		16,849		968,312
Pebblebrook Hotel Trust(a)		128,549		2,875,641
RLJ Lodging Trust.		202,384		2,819,209
Ryman Hospitality Properties, Inc.*		26,901		2,473,816
Sabra Health Care REIT, Inc.		141,616		1,917,481
SITE Centers Corp.		135,777		2,149,350
STAG Industrial, Inc.		66,995		3,213,080
Terreno Realty Corp.		48,187		4,109,869
				32,889,896
Food & Staples Retailing — 0.9%
BJ’s Wholesale Club Holdings, Inc.*		20,984		1,405,298
Performance Food Group Co.*		3,450		158,321
United Natural Foods, Inc.*		24,978		1,225,920
				2,789,539
Food Products — 1.8%
B&G Foods, Inc.(a)		21,441		658,882
Hostess Brands, Inc.*		110,587		2,258,187
Nomad Foods Ltd. (United Kingdom)*		25,160		638,812
Simply Good Foods Co. (The)*		28,826		1,198,297
Sovos Brands, Inc.*		23,902		359,725
Utz Brands, Inc.(a)		46,925		748,454
				5,862,357
Gas Utilities — 1.4%
Chesapeake Utilities Corp.		12,257		1,787,193

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities (cont’d.)
ONE Gas, Inc.		35,602	$	2,762,359
				4,549,552
Health Care Equipment & Supplies — 2.6%
Avanos Medical, Inc.*		47,418		1,643,982
CONMED Corp.		15,622		2,214,575
LivaNova PLC*		13,926		1,217,550
Merit Medical Systems, Inc.*		26,052		1,623,040
NuVasive, Inc.*		27,949		1,466,763
Ortho Clinical Diagnostics Holdings PLC*		2,354		50,352
				8,216,262
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc.*		30,018		1,822,093
AMN Healthcare Services, Inc.*		11,316		1,384,286
Option Care Health, Inc.*		43,723		1,243,482
Owens & Minor, Inc.		38,654		1,681,449
Tenet Healthcare Corp.*		39,243		3,205,761
				9,337,071
Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.*		88,630		1,635,223
Vocera Communications, Inc.*		3,500		226,940
				1,862,163
Hotels, Restaurants & Leisure — 1.0%
Boyd Gaming Corp.*		13,524		886,769
SeaWorld Entertainment, Inc.*		20,761		1,346,558
Travel + Leisure Co.		19,388		1,071,575
				3,304,902
Household Durables — 2.0%
Century Communities, Inc.		30,079		2,460,161
Installed Building Products, Inc.		10,641		1,486,760
Meritage Homes Corp.*		19,861		2,424,234
Tupperware Brands Corp.*(a)		11,751		179,673
				6,550,828
Independent Power & Renewable Electricity Producers — 0.4%
NextEra Energy Partners LP(a)		14,454		1,219,918
Insurance — 2.6%
AMERISAFE, Inc.		10,973		590,676
BRP Group, Inc. (Class A Stock)*		15,463		558,369
CNO Financial Group, Inc.		85,724		2,043,660
Enstar Group Ltd.*		6,299		1,559,569
Primerica, Inc.		5,373		823,520
RLI Corp.		7,547		846,019
Selective Insurance Group, Inc.		22,971		1,882,244
				8,304,057
IT Services — 0.6%
LiveRamp Holdings, Inc.*		38,947		1,867,509
Leisure Products — 0.5%
Callaway Golf Co.*		62,205		1,706,905
Life Sciences Tools & Services — 0.2%
Pacific Biosciences of California, Inc.*		35,325		722,749

SEE NOTES TO FINANCIAL STATEMENTS.

A194

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Machinery — 5.3%
Astec Industries, Inc.		26,721	$	1,850,964
Chart Industries, Inc.*(a)		10,906		1,739,398
Colfax Corp.*		46,499		2,137,559
Columbus McKinnon Corp.		42,227		1,953,421
EnPro Industries, Inc.		15,930		1,753,415
ESCO Technologies, Inc.		15,181		1,366,138
Federal Signal Corp.		45,850		1,987,139
Hillenbrand, Inc.		19,395		1,008,346
Kennametal, Inc.		57,378		2,060,444
Terex Corp.		28,296		1,243,609
				17,100,433
Media — 2.1%
Entravision Communications Corp. (Class A Stock)		86,350		585,453
Gray Television, Inc.		56,139		1,131,762
iHeartMedia, Inc. (Class A Stock)*		46,901		986,797
John Wiley & Sons, Inc. (Class A Stock)		36,440		2,086,919
Nexstar Media Group, Inc. (Class A Stock)		8,622		1,301,750
TEGNA, Inc.		42,073		780,875
				6,873,556
Metals & Mining — 1.3%
Allegheny Technologies, Inc.*		41,451		660,315
Arconic Corp.*		16,206		534,960
Coeur Mining, Inc.*		85,220		429,509
Commercial Metals Co.		32,063		1,163,566
Constellium SE*		81,288		1,455,868
				4,244,218
Mortgage Real Estate Investment Trusts (REITs) — 1.6%
KKR Real Estate Finance Trust, Inc.(a)		71,442		1,488,137
PennyMac Mortgage Investment Trust(a)		130,438		2,260,491
TPG RE Finance Trust, Inc.		11,914		146,780
Two Harbors Investment Corp.(a)		205,309		1,184,633
				5,080,041
Multiline Retail — 0.7%
Dillard’s, Inc. (Class A Stock)(a)		619		151,667
Macy’s, Inc.		80,843		2,116,470
				2,268,137
Oil, Gas & Consumable Fuels — 4.7%
Antero Resources Corp.*(a)		94,643		1,656,252
Brigham Minerals, Inc. (Class A Stock)		56,298		1,187,325
Centennial Resource Development, Inc. (Class A Stock)*(a)		239,096		1,429,794
HollyFrontier Corp.		26,741		876,570
Magnolia Oil &Gas Corp. (Class A Stock)(a)		83,703		1,579,476
Oasis Petroleum, Inc.		7,603		957,902
Ovintiv, Inc.		78,210		2,635,677
PDC Energy, Inc.		15,548		758,431
Renewable Energy Group, Inc.*		15,534		659,263
SM Energy Co.		56,348		1,661,139

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (cont’d.)
Viper Energy Partners LP		70,821	$	1,509,196
				14,911,025
Personal Products — 0.1%
BellRing Brands, Inc. (Class A Stock)*(a)		14,411		411,146
Professional Services — 2.9%
ASGN, Inc.*		18,507		2,283,764
First Advantage Corp.*		71,397		1,359,399
ICF International, Inc.		15,220		1,560,811
KBR, Inc.		67,789		3,228,112
ManTech International Corp. (Class A Stock)		12,634		921,397
				9,353,483
Real Estate Management & Development — 0.5%
Kennedy-Wilson Holdings, Inc.		67,983		1,623,434
Road &Rail — 1.8%
ArcBest Corp.		17,647		2,114,993
Avis Budget Group, Inc.*(a)		8,350		1,731,540
Saia, Inc.*		5,382		1,813,895
				5,660,428
Semiconductors & Semiconductor Equipment — 2.3%
Cohu,Inc.*		41,529		1,581,840
MACOM Technology Solutions Holdings, Inc.*		28,351		2,219,883
Onto Innovation, Inc.*		27,367		2,770,362
Semtech Corp.*		9,910		881,296
				7,453,381
Software — 0.9%
Bottomline Technologies DE, Inc.*		22,147		1,250,641
Cerence, Inc.*(a)		9,860		755,671
InterDigital, Inc.		12,454		892,080
				2,898,392
Specialty Retail — 2.0%
Academy Sports & Outdoors, Inc.*		12,974		569,559
Citi Trends, Inc.*		14,321		1,356,915
Group 1 Automotive,Inc.		9,306		1,816,717
Rent-A-Center, Inc.		27,812		1,336,088
Signet Jewelers Ltd.		15,778		1,373,159
				6,452,438
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.*		17,225		1,118,075
Crocs, Inc.*(a)		10,921		1,400,290
Deckers Outdoor Corp.*		93		34,067
				2,552,432
Thrifts & Mortgage Finance — 2.5%
MGIC Investment Corp.		127,659		1,840,843
NMI Holdings, Inc. (Class A Stock)*		47,634		1,040,803
Walker & Dunlop, Inc.		17,352		2,618,070
Washington Federal, Inc.		72,874		2,432,534
				7,932,250

SEE NOTES TO FINANCIAL STATEMENTS.

A195

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors —1.6%
Beacon Roofing Supply, Inc.*		31,615	$	1,813,120
WESCO International, Inc.*		25,884		3,406,076
				5,219,196
Water Utilities — 0.4%
SJW Group		16,697		1,222,220
Wireless Telecommunication Services — 0.5%
Telephone & Data Systems, Inc.		75,951		1,530,413
TOTAL COMMON STOCKS (cost $242,916,196)				311,729,985
EXCHANGE-TRADED FUND — 1.2%
iShares Russell 2000 Value ETF(a)		22,900		3,802,545
(cost $3,210,636)
TOTAL LONG-TERM INVESTMENTS
(cost $246,126,832)				315,532,530
SHORT-TERM INVESTMENTS — 10.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		5,648,018		5,648,018
PGIM Institutional Money Market Fund (cost $27,645,103; includes $27,643,749 of cash collateral for securities on loan)(b)(wa)		27,669,365		27,649,997
TOTAL SHORT-TERM INVESTMENTS (cost $33,293,121)				33,298,015
TOTAL INVESTMENTS—108.6% (cost $279,419,953)				348,830,545
Liabilities in excess of other assets — (8.6)%				(27,477,644	)
NET ASSETS — 100.0%			$	321,352,901

See the Glossary for a list of the abbreviation(s) used in the annual 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 $26,809,686; cash collateral of $27,643,749 (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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	2,148,762		$—		$—
Air Freight & Logistics		416,857		—		—
Airlines		971,860		—		—
Auto Components		4,035,682		—		—
Banks		53,065,967		—		—
Beverages		2,820,465		—		—
Biotechnology		8,417,399		—		—
Building Products		5,041,312		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A196

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Capital Markets	$	3,333,171		$—		$—
Chemicals		7,747,361		—		—
Commercial Services & Supplies		2,334,531		—		—
Communications Equipment		2,219,169		—		—
Construction &Engineering		3,358,453		—		—
Construction Materials		1,729,311		—		—
Consumer Finance		2,217,856		—		—
Diversified Financial Services		245,484		—		—
Diversified Telecommunication Services		1,724,023		—		—
Electric Utilities		7,323,310		—		—
Electrical Equipment		336,598		—		—
Electronic Equipment, Instruments & Components		5,114,747		—		—
Energy Equipment & Services		4,091,150		—		—
Entertainment		1,066,186		—		—
Equity Real Estate Investment Trusts (REITs)		32,889,896		—		—
Food & Staples Retailing		2,789,539		—		—
Food Products		5,862,357		—		—
Gas Utilities		4,549,552		—		—
Health Care Equipment & Supplies		8,216,262		—		—
Health Care Providers & Services		9,337,071		—		—
Health Care Technology		1,862,163		—		—
Hotels, Restaurants &Leisure		3,304,902		—		—
Household Durables		6,550,828		—		—
Independent Power & Renewable Electricity Producers		1,219,918		—		—
Insurance		8,304,057		—		—
IT Services		1,867,509		—		—
Leisure Products		1,706,905		—		—
Life Sciences Tools & Services		722,749		—		—
Machinery		17,100,433		—		—
Media		6,873,556		—		—
Metals &Mining		4,244,218		—		—
Mortgage Real Estate Investment Trusts (REITs)		5,080,041		—		—
Multiline Retail		2,268,137		—		—
Oil, Gas & Consumable Fuels		14,911,025		—		—
Personal Products		411,146		—		—
Professional Services		9,353,483		—		—
Real Estate Management & Development		1,623,434		—		—
Road &Rail		5,660,428		—		—
Semiconductors & Semiconductor Equipment		7,453,381		—		—
Software		2,898,392		—		—
Specialty Retail		6,452,438		—		—
Textiles, Apparel & Luxury Goods		2,552,432		—		—
Thrifts & Mortgage Finance		7,932,250		—		—
Trading Companies & Distributors		5,219,196		—		—
Water Utilities		1,222,220		—		—
Wireless Telecommunication Services		1,530,413		—		—
Exchange-Traded Fund		3,802,545		—		—
Short-Term Investments
Affiliated Mutual Funds		33,298,015		—		—
Total	$	348,830,545		$—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2021 were as follows (unaudited):

SEE NOTES TO FINANCIAL STATEMENTS.

A197

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)    

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Banks	16.5	%
Affiliated Mutual Funds (8.6% represents investments purchased with collateral from securities on loan)	10.4
Equity Real Estate Investment Trusts (REITs)	10.2
Machinery	5.3
Oil, Gas & Consumable Fuels	4.7
Professional Services	2.9
Health Care Providers & Services	2.9
Biotechnology	2.6
Insurance	2.6
Health Care Equipment & Supplies	2.6
Thrifts & Mortgage Finance	2.5
Chemicals	2.4
Semiconductors & Semiconductor Equipment	2.3
Electric Utilities	2.3
Media	2.1
Household Durables	2.0
Specialty Retail	2.0
Food Products	1.8
Road & Rail	1.8
Trading Companies & Distributors	1.6
Electronic Equipment, Instruments & Components	1.6
Mortgage Real Estate Investment Trusts (REITs)	1.6
Building Products	1.6
Gas Utilities	1.4
Metals & Mining	1.3
Energy Equipment & Services	1.3
Auto Components	1.3
Exchange-Traded Fund	1.2
Construction & Engineering	1.1
Capital Markets	1.0

Hotels, Restaurants & Leisure		1.0	%
Software		0.9
Beverages		0.9
Food & Staples Retailing		0.9
Textiles, Apparel & Luxury Goods		0.8
Commercial Services & Supplies		0.7
Multiline Retail		0.7
Communications Equipment		0.7
Consumer Finance		0.7
Aerospace & Defense		0.7
IT Services		0.6
Health Care Technology		0.6
Construction Materials		0.5
Diversified Telecommunication Services		0.5
Leisure Products		0.5
Real Estate Management & Development		0.5
Wireless Telecommunication Services		0.5
Water Utilities		0.4
Independent Power & Renewable Electricity Producers		0.4
Entertainment		0.3
Airlines		0.3
Life Sciences Tools & Services		0.2
Air Freight & Logistics		0.1
Personal Products		0.1
Electrical Equipment		0.1
Diversified Financial Services		0.1
	108.6
Liabilities in excess of other assets		(8.6	)
		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		$	26,809,686		$	(26,809,686	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A198

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)     

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2021

ASSETS
Investments at value, including securities on loan of $26,809,686:
Unaffiliated investments (cost $246,126,832)	$	315,532,530
Affiliated investments (cost $33,293,121)		33,298,015
Dividends receivable		407,938
Receivable for Portfolio shares sold		131,179
Tax reclaim receivable		6,474
Prepaid expenses		2,461
Total Assets		349,378,597
LIABILITIES
Payable to broker for collateral for securities on loan		27,643,749
Management fee payable		238,601
Accrued expenses and other liabilities		80,525
Payable for Portfolio shares purchased		38,167
Payable for investments purchased		16,790
Payable to affiliate		6,474
Affiliated transfer agent fee payable		980
Trustees’ fees payable		410
Total Liabilities		28,025,696
NET ASSETS	$	321,352,901
Net assets were comprised of:
Partners’ Equity	$	321,352,901
Net asset value and redemption price per share, $321,352,901 / 8,951,083 outstanding shares of beneficial interest	$	35.90

STATEMENT OF OPERATIONS

Year Ended December 31, 2021
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $3,671 foreign withholding tax, of which $37 is reimbursable by an affiliate)	$3,295,299
Income from securities lending, net (including affiliated income of $12,609)	26,855
Affiliated dividend income	5,110
Total income	3,327,264
EXPENSES
Management fee	2,652,012
Custodian and accounting fees	62,767
Shareholders’ reports	27,065
Audit fee	26,800
Legal fees and expenses	20,883
Trustees’ fees	13,270
Transfer agent’s fees and expenses (including affiliated expense of $5,882)	10,682
Miscellaneous	16,995
Total expenses	2,830,474
NET INVESTMENT INCOME (LOSS)	496,790
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions (including affiliated of $(3,268))	55,333,818
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(2,206))	9,827,069
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS	65,160,887
NET INCREASE (DECREASE) IN NET ASSETS    RESULTING FROM OPERATIONS	$65,657,677

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021			Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	496,790		$	1,146,357
Net realized gain (loss) on investment transactions		55,333,818			(8,958,111	)
Net change in unrealized appreciation (depreciation) on investments		9,827,069			16,282,566
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		65,657,677			8,470,812
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold [1,189,991 and 1,269,719 shares, respectively]		39,680,214			28,928,500
Portfolio shares purchased [847,439 and 579,007 shares, respectively]		(28,411,729	)		(13,577,173	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS		11,268,485			15,351,327
TOTAL INCREASE (DECREASE)		76,926,162			23,822,139
NET ASSETS:
Beginning of year		244,426,739			220,604,600
End of year	$	321,352,901		$	244,426,739

SEE NOTES TO FINANCIAL STATEMENTS.

A199

PSF STOCK INDEX  PORTFOLIO    

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
LONG-TERM INVESTMENTS — 97.9%
COMMON STOCKS — 97.3%
Aerospace & Defense — 1.3%
Boeing Co. (The)*		96,736	$	19,474,892
General Dynamics Corp.		40,860		8,518,084
Howmet Aerospace, Inc.		67,292		2,141,904
Huntington Ingalls Industries, Inc.		7,000		1,307,180
L3Harris Technologies, Inc.		35,080		7,480,459
Lockheed Martin Corp.		43,058		15,303,244
Northrop Grumman Corp.		26,266		10,166,781
Raytheon Technologies Corp.		262,048		22,551,851
Textron, Inc.		38,950		3,006,940
TransDigm Group, Inc.*		9,130		5,809,236
				95,760,571
Air Freight & Logistics — 0.6%
C.H. Robinson Worldwide, Inc.(a)		22,900		2,464,727
Expeditors International of Washington, Inc.		29,500		3,961,555
FedEx Corp.		42,740		11,054,274
United Parcel Service, Inc. (Class B Stock)		127,700		27,371,218
				44,851,774
Airlines — 0.2%
Alaska Air Group, Inc.*		21,900		1,140,990
American Airlines Group, Inc.*(a)		112,300		2,016,908
Delta Air Lines, Inc.*		112,100		4,380,868
Southwest Airlines Co.*		103,137		4,418,389
United Airlines Holdings, Inc.*		56,500		2,473,570
				14,430,725
Auto Components — 0.1%
Aptiv PLC*(a)		47,400		7,818,630
BorgWarner, Inc.(a)		41,600		1,874,912
				9,693,542
Automobiles — 2.5%
Ford Motor Co.		685,459		14,236,984
General Motors Co.*		253,600		14,868,568
Tesla, Inc.*(a)		142,340		150,422,065
				179,527,617
Banks — 3.9%
Bank of America Corp.		1,260,182		56,065,497
Citigroup, Inc.		354,022		21,379,389
Citizens Financial Group, Inc.		74,600		3,524,850
Comerica, Inc.		23,250		2,022,750
Fifth Third Bancorp		119,849		5,219,424
First Republic Bank		31,400		6,484,414
Huntington Bancshares, Inc.		255,675		3,942,509
JPMorgan Chase & Co.		520,295		82,388,713
KeyCorp		163,000		3,770,190
M&T Bank Corp.		22,600		3,470,908
People’s United Financial, Inc.		73,100		1,302,642
PNC Financial Services Group, Inc. (The)		73,993		14,837,076
Regions Financial Corp.(a)		166,412		3,627,782
Signature Bank		10,600		3,428,782
SVB Financial Group*		10,260		6,958,742

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
Truist Financial Corp.		233,626	$	13,678,802
U.S. Bancorp		235,681		13,238,202
Wells Fargo & Co.		698,276		33,503,282
Zions Bancorp NA		27,400		1,730,584
				280,574,538
Beverages — 1.4%
Brown-Forman Corp. (Class B Stock)		32,025		2,333,342
Coca-Cola Co. (The)		680,350		40,283,523
Constellation Brands, Inc. (Class A Stock)		29,400		7,378,518
Molson Coors Beverage Co. (Class B Stock)(a)		33,400		1,548,090
Monster Beverage Corp.*		65,800		6,319,432
PepsiCo, Inc.		241,994		42,036,778
				99,899,683
Biotechnology — 1.7%
AbbVie, Inc.		309,489		41,904,810
Amgen, Inc.		99,194		22,315,674
Biogen, Inc.*		25,755		6,179,140
Gilead Sciences, Inc.		220,000		15,974,200
Incyte Corp.*		32,900		2,414,860
Moderna, Inc.*		61,800		15,695,964
Regeneron Pharmaceuticals, Inc.*		18,510		11,689,435
Vertex Pharmaceuticals, Inc.*		44,560		9,785,376
				125,959,459
Building Products — 0.5%
A.O. Smith Corp.		23,500		2,017,475
Allegion PLC		15,833		2,096,922
Carrier Global Corp.		151,567		8,220,994
Fortune Brands Home & Security, Inc.		23,800		2,544,220
Johnson Controls International PLC		124,415		10,116,184
Masco Corp.		42,930		3,014,545
Trane Technologies PLC		41,600		8,404,448
				36,414,788
Capital Markets — 2.9%
Ameriprise Financial, Inc.		19,650		5,927,619
Bank of New York Mellon Corp. (The)		133,049		7,727,486
BlackRock, Inc.		25,000		22,889,000
Cboe Global Markets, Inc.		18,500		2,412,400
Charles Schwab Corp. (The)		263,200		22,135,120
CME Group, Inc.		62,810		14,349,573
FactSet Research Systems, Inc.		6,600		3,207,666
Franklin Resources, Inc.(a)		48,900		1,637,661
Goldman Sachs Group, Inc. (The)		59,320		22,692,866
Intercontinental Exchange, Inc.		98,690		13,497,831
Invesco Ltd.		59,200		1,362,784
MarketAxess Holdings, Inc.		6,600		2,714,382
Moody’s Corp.		28,320		11,061,226
Morgan Stanley		251,278		24,665,448
MSCI, Inc.		14,400		8,822,736
Nasdaq, Inc.		20,500		4,305,205
Northern Trust Corp.		36,500		4,365,765
Raymond James Financial, Inc.		32,250		3,237,900
S&P Global, Inc.		42,180		19,906,007

SEE NOTES TO FINANCIAL STATEMENTS.

A200

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (cont’d.)
State Street Corp.		64,075	$	5,958,975
T. Rowe Price Group, Inc.(a)		39,400		7,747,616
				210,625,266
Chemicals — 1.7%
Air Products & Chemicals, Inc.		38,700		11,774,862
Albemarle Corp.		20,500		4,792,285
Celanese Corp.		19,100		3,209,946
CF Industries Holdings, Inc.		37,600		2,661,328
Corteva, Inc.		128,356		6,068,672
Dow, Inc.		129,522		7,346,488
DuPont de Nemours, Inc.		90,756		7,331,270
Eastman Chemical Co.		23,800		2,877,658
Ecolab, Inc.		43,700		10,251,583
FMC Corp.		22,250		2,445,052
International Flavors & Fragrances, Inc.		44,540		6,709,951
Linde PLC (United Kingdom)		90,300		31,282,629
LyondellBasell Industries NV (Class A Stock)		45,900		4,233,357
Mosaic Co. (The)		64,200		2,522,418
PPG Industries, Inc.		41,600		7,173,504
Sherwin-Williams Co. (The)		42,300		14,896,368
				125,577,371
Commercial Services & Supplies — 0.4%
Cintas Corp.		15,400		6,824,818
Copart, Inc.*		37,300		5,655,426
Republic Services, Inc.		36,835		5,136,641
Rollins, Inc.		39,825		1,362,413
Waste Management, Inc.		67,830		11,320,827
				30,300,125
Communications Equipment — 0.9%
Arista Networks, Inc.*		39,200		5,635,000
Cisco Systems, Inc.		738,175		46,778,150
F5, Inc.*		10,500		2,569,455
Juniper Networks, Inc.		57,400		2,049,754
Motorola Solutions, Inc.		29,627		8,049,656
				65,082,015
Construction & Engineering — 0.0%
Quanta Services, Inc.		25,000		2,866,500
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		11,000		4,845,720
Vulcan Materials Co.		23,200		4,815,856
				9,661,576
Consumer Finance — 0.5%
American Express Co.		109,800		17,963,280
Capital One Financial Corp.		74,569		10,819,216
Discover Financial Services		51,305		5,928,806
Synchrony Financial		95,830		4,445,554
				39,156,856
Containers & Packaging — 0.3%
Amcor PLC		269,300		3,234,293
Avery Dennison Corp.		14,500		3,140,265
Ball Corp.		56,900		5,477,763

	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging (cont’d.)
International Paper Co.		67,967	$	3,193,090
Packaging Corp. of America		16,700		2,273,705
Sealed Air Corp.		26,020		1,755,569
Westrock Co.		46,361		2,056,574
				21,131,259
Distributors — 0.1%
Genuine Parts Co.		24,925		3,494,485
LKQ Corp.		46,900		2,815,407
Pool Corp.		7,020		3,973,320
				10,283,212
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc. (Class B Stock)*		322,210		96,340,790
Diversified Telecommunication Services — 1.0%
AT&T, Inc.		1,249,871		30,746,827
Lumen Technologies, Inc.(a)		161,343		2,024,855
Verizon Communications, Inc.		724,638		37,652,190
				70,423,872
Electric Utilities — 1.6%
Alliant Energy Corp.		43,700		2,686,239
American Electric Power Co., Inc.		88,140		7,841,816
Duke Energy Corp.		134,448		14,103,595
Edison International		66,000		4,504,500
Entergy Corp.		35,000		3,942,750
Evergy, Inc.		39,700		2,723,817
Eversource Energy		60,100		5,467,898
Exelon Corp.		170,773		9,863,848
FirstEnergy Corp.		95,080		3,954,377
NextEra Energy, Inc.		343,500		32,069,160
NRG Energy, Inc.		43,000		1,852,440
Pinnacle West Capital Corp.		19,600		1,383,564
PPL Corp.		134,500		4,043,070
Southern Co. (The)		185,500		12,721,590
Xcel Energy, Inc.		93,895		6,356,692
				113,515,356
Electrical Equipment — 0.5%
AMETEK, Inc.		40,500		5,955,120
Eaton Corp. PLC		69,661		12,038,814
Emerson Electric Co.		104,400		9,706,068
Generac Holdings, Inc.*		11,100		3,906,312
Rockwell Automation, Inc.(a)		20,320		7,088,632
				38,694,946
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp. (Class A Stock)		104,800		9,165,808
CDW Corp.		23,800		4,873,764
Corning, Inc.		134,500		5,007,435
IPG Photonics Corp.*		6,300		1,084,482
Keysight Technologies, Inc.*		32,400		6,690,924
TE Connectivity Ltd.		57,300		9,244,782
Teledyne Technologies, Inc.*		8,129		3,551,479
Trimble, Inc.*		43,900		3,827,641

SEE NOTES TO FINANCIAL STATEMENTS.

A201

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (cont’d.)
Zebra Technologies Corp. (Class A Stock)*		9,380 $		5,582,976
				49,029,291
Energy Equipment & Services — 0.2%
Baker Hughes Co.		153,048		3,682,335
Halliburton Co.		155,000		3,544,850
Schlumberger NV		244,298		7,316,725
				14,543,910
Entertainment — 1.6%
Activision Blizzard, Inc.		136,400		9,074,692
Electronic Arts, Inc.		49,700		6,555,430
Live Nation Entertainment, Inc.*		23,700		2,836,653
Netflix, Inc.*		77,530		46,707,173
Take-Two Interactive Software, Inc.*		20,100		3,572,172
Walt Disney Co. (The)*		318,072		49,266,172
				118,012,292
Equity Real Estate Investment Trusts (REITs) — 2.6%
Alexandria Real Estate Equities, Inc.		24,680		5,502,653
American Tower Corp.		79,700		23,312,250
AvalonBay Communities, Inc.		24,418		6,167,743
Boston Properties, Inc.(a)		25,100		2,891,018
Crown Castle International Corp.		75,600		15,780,744
Digital Realty Trust, Inc.		49,700		8,790,439
Duke Realty Corp.		66,700		4,378,188
Equinix, Inc.		15,775		13,343,126
Equity Residential		59,800		5,411,900
Essex Property Trust, Inc.		11,470		4,040,078
Extra Space Storage, Inc.		23,500		5,328,155
Federal Realty Investment Trust		12,300		1,676,736
Healthpeak Properties, Inc.		94,400		3,406,896
Host Hotels & Resorts, Inc.*		124,926		2,172,463
Iron Mountain, Inc.(a)		50,730		2,654,701
Kimco Realty Corp.		106,500		2,625,225
Mid-America Apartment Communities, Inc.		20,200		4,634,688
Prologis, Inc.		129,228		21,756,826
Public Storage		26,750		10,019,480
Realty Income Corp.		99,100		7,094,569
Regency Centers Corp.		26,600		2,004,310
SBA Communications Corp.		19,030		7,403,051
Simon Property Group, Inc.		57,461		9,180,544
UDR, Inc.		50,900		3,053,491
Ventas, Inc.		69,904		3,573,492
Vornado Realty Trust		28,057		1,174,466
Welltower, Inc.		76,200		6,535,674
Weyerhaeuser Co.		130,530		5,375,225
				189,288,131
Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		77,332		43,901,376
Kroger Co. (The)		118,900		5,381,414
Sysco Corp.		89,400		7,022,370
Walgreens Boots Alliance, Inc.		125,400		6,540,864
Walmart, Inc.		249,600		36,114,624
				98,960,648

	Shares		Value
COMMON STOCKS (continued)
Food Products — 0.8%
Archer-Daniels-Midland Co.		97,738 $		6,606,112
Campbell Soup Co.(a)		35,800		1,555,868
Conagra Brands, Inc.		84,000		2,868,600
General Mills, Inc.(a)		105,700		7,122,066
Hershey Co. (The)		25,500		4,933,485
Hormel Foods Corp.		48,800		2,381,928
J.M. Smucker Co. (The)		19,000		2,580,580
Kellogg Co.(a)		44,600		2,873,132
Kraft Heinz Co. (The)		124,137		4,456,518
Lamb Weston Holdings, Inc.		25,700		1,628,866
McCormick & Co., Inc.(a)		43,400		4,192,874
Mondelez International, Inc. (Class A Stock)		246,711		16,359,406
Tyson Foods, Inc. (Class A Stock)		51,600		4,497,456
				62,056,891
Gas Utilities — 0.0%
Atmos Energy Corp.		23,200		2,430,664
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		309,625		43,576,622
ABIOMED, Inc.*		7,900		2,837,443
Align Technology, Inc.*		12,820		8,425,048
Baxter International, Inc.		87,700		7,528,168
Becton, Dickinson & Co.		50,149		12,611,471
Boston Scientific Corp.*		248,699		10,564,734
Cooper Cos., Inc. (The)(a)		8,630		3,615,452
DENTSPLY SIRONA, Inc.		38,200		2,131,178
Dexcom, Inc.*		16,980		9,117,411
Edwards Lifesciences Corp.*		109,350		14,166,292
Hologic, Inc.*		44,500		3,406,920
IDEXX Laboratories, Inc.*		14,880		9,797,885
Intuitive Surgical, Inc.*		62,380		22,413,134
Medtronic PLC		235,628		24,375,717
ResMed, Inc.		25,500		6,642,240
STERIS PLC		17,500		4,259,675
Stryker Corp.		58,670		15,689,531
Teleflex, Inc.		8,200		2,693,536
Zimmer Biomet Holdings, Inc.		36,686		4,660,589
				208,513,046
Health Care Providers & Services — 2.7%
AmerisourceBergen Corp.		26,400		3,508,296
Anthem, Inc.		42,580		19,737,533
Cardinal Health, Inc.		50,375		2,593,809
Centene Corp.*		102,268		8,426,883
Cigna Corp.		58,032		13,325,888
CVS Health Corp.		231,099		23,840,173
DaVita, Inc.*		11,700		1,330,992
HCA Healthcare, Inc.		41,900		10,764,948
Henry Schein, Inc.*		24,300		1,883,979
Humana, Inc.		22,500		10,436,850
Laboratory Corp. of America Holdings*		16,800		5,278,728
McKesson Corp.		27,107		6,737,987
Quest Diagnostics, Inc.		21,500		3,719,715
UnitedHealth Group, Inc.		164,930		82,817,950

SEE NOTES TO FINANCIAL STATEMENTS.

A202

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Universal Health Services, Inc. (Class B Stock)		12,800	$	1,659,648
				196,063,379
Health Care Technology — 0.1%
Cerner Corp.		51,300		4,764,231
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.*		7,180		17,226,471
Caesars Entertainment, Inc.*		37,600		3,516,728
Carnival Corp.*(a)		140,700		2,830,884
Chipotle Mexican Grill, Inc.*		4,910		8,583,907
Darden Restaurants, Inc.		22,650		3,411,996
Domino’s Pizza, Inc.(a)		6,400		3,611,712
Expedia Group, Inc.*(a)		25,600		4,626,432
Hilton Worldwide Holdings, Inc.*		48,800		7,612,312
Las Vegas Sands Corp.*		59,700		2,247,108
Marriott International, Inc. (Class A Stock)*		47,823		7,902,273
McDonald’s Corp.		130,810		35,066,237
MGM Resorts International		68,200		3,060,816
Norwegian Cruise Line Holdings Ltd.*(a)		64,200		1,331,508
Penn National Gaming, Inc.*(a)		28,800		1,493,280
Royal Caribbean Cruises Ltd.*(a)		38,900		2,991,410
Starbucks Corp.		206,600		24,166,002
Wynn Resorts Ltd.*		18,400		1,564,736
Yum! Brands, Inc.		51,800		7,192,948
				138,436,760
Household Durables — 0.4%
D.R. Horton, Inc.		57,000		6,181,650
Garmin Ltd.		26,700		3,635,739
Lennar Corp. (Class A Stock)		47,600		5,529,216
Mohawk Industries, Inc.*		9,600		1,748,928
Newell Brands, Inc.(a)		65,749		1,435,958
NVR, Inc.*		570		3,368,056
PulteGroup, Inc.		44,285		2,531,331
Whirlpool Corp.(a)		10,567		2,479,652
				26,910,530
Household Products — 1.4%
Church & Dwight Co., Inc.		42,800		4,387,000
Clorox Co. (The)		21,700		3,783,612
Colgate-Palmolive Co.		147,600		12,596,184
Kimberly-Clark Corp.		58,788		8,401,981
Procter & Gamble Co. (The)		424,176		69,386,710
				98,555,487
Independent Power & Renewable Electricity Producers — 0.0%
AES Corp. (The)		116,500		2,830,950
Industrial Conglomerates —1.0%
3M Co.		101,270		17,988,590
General Electric Co.		192,255		18,162,330
Honeywell International, Inc.		120,650		25,156,731
Roper Technologies, Inc.		18,500		9,099,410
				70,407,061

	Shares		Value
COMMON STOCKS (continued)
Insurance — 1.7%
Aflac, Inc.		106,600	$	6,224,374
Allstate Corp. (The)		50,228		5,909,324
American International Group, Inc.		145,329		8,263,407
Aon PLC (Class A Stock)(a)		39,425		11,849,578
Arthur J. Gallagher & Co.		36,200		6,142,054
Assurant, Inc.		10,500		1,636,530
Brown & Brown, Inc.		41,100		2,888,508
Chubb Ltd.		75,430		14,581,373
Cincinnati Financial Corp.		26,028		2,965,370
Everest Re Group Ltd.		6,900		1,890,048
Globe Life, Inc.(a)		16,175		1,515,921
Hartford Financial Services Group, Inc. (The)		59,600		4,114,784
Lincoln National Corp.		29,763		2,031,623
Loews Corp.		35,326		2,040,430
Marsh & McLennan Cos., Inc.		88,500		15,383,070
MetLife, Inc.		125,180		7,822,498
Principal Financial Group, Inc.		43,300		3,131,889
Progressive Corp. (The)		102,400		10,511,360
Travelers Cos., Inc. (The)		43,098		6,741,820
W.R. Berkley Corp.		24,600		2,026,794
Willis Towers Watson PLC		22,700		5,391,023
				123,061,778
Interactive Media & Services — 6.1%
Alphabet, Inc. (Class A Stock)*		52,629		152,468,318
Alphabet, Inc. (Class C Stock)*		48,920		141,554,423
Match Group, Inc.*		49,600		6,559,600
Meta Platforms, Inc. (Class A Stock)*		414,020		139,255,627
Twitter, Inc.*		140,000		6,050,800
				445,888,768
Internet & Direct Marketing Retail — 3.7%
Amazon.com, Inc.*		76,320		254,476,829
eBay, Inc.		112,300		7,467,950
Etsy, Inc.*		22,200		4,860,468
				266,805,247
IT Services — 4.4%
Accenture PLC (Class A Stock)		110,600		45,849,230
Akamai Technologies, Inc.*		28,500		3,335,640
Automatic Data Processing, Inc.		73,660		18,163,083
Broadridge Financial Solutions, Inc.		20,400		3,729,528
Cognizant Technology Solutions Corp. (Class A Stock)		91,800		8,144,496
DXC Technology Co.*		43,950		1,414,751
EPAM Systems, Inc.*		9,940		6,644,393
Fidelity National Information Services, Inc.		106,600		11,635,390
Fiserv, Inc.*		104,100		10,804,539
FleetCor Technologies, Inc.*		14,200		3,178,528
Gartner, Inc.*		14,400		4,814,208
Global Payments, Inc.		50,863		6,875,660
International Business Machines Corp.		157,025		20,987,961
Jack Henry & Associates, Inc.		12,900		2,154,171
Mastercard, Inc. (Class A Stock)		151,900		54,580,708
Paychex, Inc.		56,250		7,678,125
PayPal Holdings, Inc.*		205,700		38,790,906

SEE NOTES TO FINANCIAL STATEMENTS.

A203

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
IT Services (cont’d.)
VeriSign, Inc.*		17,100	$	4,340,322
Visa, Inc. (Class A Stock)(a)		293,400		63,582,714
				316,704,353
Leisure Products — 0.0%
Hasbro, Inc.(a)		22,950		2,335,851
Life Sciences Tools & Services — 2.0%
Agilent Technologies, Inc.		52,982		8,458,576
Bio-Rad Laboratories, Inc. (Class A Stock)*		3,760		2,840,943
Bio-Techne Corp.		6,880		3,559,299
Charles River Laboratories International, Inc.*		8,900		3,353,342
Danaher Corp.		111,300		36,618,813
Illumina, Inc.*		27,360		10,408,839
IQVIA Holdings, Inc.*		33,500		9,451,690
Mettler-Toledo International, Inc.*		4,050		6,873,701
PerkinElmer, Inc.		22,100		4,443,426
Thermo Fisher Scientific, Inc.		68,980		46,026,215
Waters Corp.*		10,600		3,949,560
West Pharmaceutical Services, Inc.		13,000		6,097,130
				142,081,534
Machinery — 1.5%
Caterpillar, Inc.		94,600		19,557,604
Cummins, Inc.		25,000		5,453,500
Deere &Co.		49,450		16,955,911
Dover Corp.		25,400		4,612,640
Fortive Corp.		62,800		4,791,012
IDEX Corp.		13,400		3,166,688
Illinois Tool Works, Inc.( a)		50,075		12,358,510
Ingersoll Rand, Inc.		71,337		4,413,620
Otis Worldwide Corp.		74,583		6,493,942
PACCAR, Inc.		60,628		5,351,027
Parker-Hannifin Corp.		22,687		7,217,188
Pentair PLC(a)		28,907		2,111,078
Snap-on, Inc.(a)		9,400		2,024,572
Stanley Black & Decker, Inc.		28,635		5,401,134
Westinghouse Air Brake Technologies Corp.		32,812		3,022,313
Xylem, Inc.(a)		31,600		3,789,472
				106,720,211
Media — 1.0%
Charter Communications, Inc. (Class A Stock)*		21,650		14,115,151
Comcast Corp. (Class A Stock)		798,092		40,167,970
Discovery, Inc. (Class A Stock)*(a)		29,900		703,846
Discovery, Inc. (Class C Stock)*(a)		52,100		1,193,090
DISH Network Corp. (Class A Stock)*		43,175		1,400,597
Fox Corp. (Class A Stock)		56,166		2,072,525
Fox Corp. (Class B Stock)		25,766		883,001
Interpublic Group of Cos., Inc. (The)(a)		68,262		2,556,412
News Corp. (Class A Stock)		67,925		1,515,407
News Corp. (Class B Stock)		21,400		481,500
Omnicom Group, Inc.(a)		37,300		2,732,971

	Shares		Value
COMMON STOCKS (continued)
Media (cont’d.)
ViacomCBS, Inc. (Class B Stock)(a)		104,966	$	3,167,874
				70,990,344
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		257,012		10,725,111
Newmont Corp.		139,703		8,664,380
Nucor Corp.		50,100		5,718,915
				25,108,406
Multiline Retail — 0.5%
Dollar General Corp.		41,300		9,739,779
Dollar Tree, Inc.*		39,447		5,543,092
Target Corp.		85,468		19,780,714
				35,063,585
Multi-Utilities — 0.7%
Ameren Corp.		44,900		3,996,549
CenterPoint Energy, Inc.		110,110		3,073,170
CMS Energy Corp.		50,700		3,298,035
Consolidated Edison, Inc.		61,900		5,281,308
Dominion Energy, Inc.		141,240		11,095,815
DTE Energy Co.		33,700		4,028,498
NiSource, Inc.		67,500		1,863,675
Public Service Enterprise Group, Inc.		88,300		5,892,259
Sempra Energy		55,854		7,388,367
WEC Energy Group, Inc.		55,176		5,355,934
				51,273,610
Oil, Gas & Consumable Fuels — 2.4%
APA Corp.		63,550		1,708,860
Chevron Corp.		337,759		39,636,019
ConocoPhillips		230,861		16,663,547
Coterra Energy, Inc.		142,100		2,699,900
Devon Energy Corp.(a)		110,300		4,858,715
Diamondback Energy, Inc.		29,600		3,192,360
EOG Resources, Inc.		102,400		9,096,192
Exxon Mobil Corp.		741,004		45,342,035
Hess Corp.		48,375		3,581,201
Kinder Morgan, Inc.		341,343		5,413,700
Marathon Oil Corp.		135,594		2,226,453
Marathon Petroleum Corp.		107,787		6,897,290
Occidental Petroleum Corp.		155,428		4,505,858
ONEOK, Inc.		77,740		4,568,002
Phillips 66		76,364		5,533,335
Pioneer Natural Resources Co.		39,700		7,220,636
Valero Energy Corp.		71,600		5,377,876
Williams Cos., Inc. (The)		211,700		5,512,668
				174,034,647
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The) (Class A Stock)		40,600		15,030,120
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		388,140		24,200,529
Catalent, Inc.*		30,000		3,840,900
Eli Lilly & Co.		139,000		38,394,580
Johnson & Johnson		460,796		78,828,372
Merck &Co., Inc.		442,103		33,882,774

SEE NOTES TO FINANCIAL STATEMENTS.

A204

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Organon & Co.		43,790	$	1,333,405
Pfizer, Inc.		982,423		58,012,078
Viatris, Inc.		209,894		2,839,866
Zoetis, Inc.		82,900		20,230,087
				261,562,591
Professional Services — 0.4%
Equifax, Inc.		21,300		6,236,427
IHS Markit Ltd.		69,600		9,251,232
Jacobs Engineering Group, Inc.		22,800		3,174,444
Leidos Holdings, Inc.		24,600		2,186,940
Nielsen Holdings PLC		61,800		1,267,518
Robert Half International, Inc.		19,500		2,174,640
Verisk Analytics, Inc.		28,200		6,450,186
				30,741,387
Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		58,600		6,358,686
Road & Rail — 0.9%
CSX Corp.		389,716		14,653,322
J.B. Hunt Transport Services, Inc.(a)		14,700		3,004,680
Norfolk Southern Corp.		43,300		12,890,843
Old Dominion Freight Line, Inc.		16,250		5,823,675
Union Pacific Corp.		114,100		28,745,213
				65,117,733
Semiconductors & Semiconductor Equipment — 6.2%
Advanced Micro Devices, Inc.*		211,400		30,420,460
Analog Devices, Inc.		93,944		16,512,537
Applied Materials, Inc.		158,100		24,878,616
Broadcom, Inc.		72,040		47,936,136
Enphase Energy, Inc.*		23,600		4,317,384
Intel Corp.		711,900		36,662,850
KLA Corp.		26,600		11,440,926
Lam Research Corp.		24,660		17,734,239
Microchip Technology, Inc.		97,100		8,453,526
Micron Technology, Inc.		195,800		18,238,770
Monolithic Power Systems, Inc.		7,600		3,749,308
NVIDIA Corp.		437,560		128,690,772
NXP Semiconductors NV (China)		46,600		10,614,548
Qorvo, Inc.*		19,286		3,016,138
QUALCOMM, Inc.		196,050		35,851,663
Skyworks Solutions, Inc.(a)		29,100		4,514,574
SolarEdge Technologies, Inc.*		9,200		2,581,244
Teradyne, Inc.		28,600		4,676,958
Texas Instruments, Inc.		161,700		30,475,599
Xilinx, Inc.		43,400		9,202,102
				449,968,350
Software — 9.3%
Adobe, Inc.*		83,295		47,233,263
ANSYS, Inc.*		15,300		6,137,136
Autodesk, Inc.*		38,470		10,817,379
Cadence Design Systems, Inc.*		48,600		9,056,610
Ceridian HCM Holding, Inc.*		24,000		2,507,040
Citrix Systems, Inc.		21,600		2,043,144
Fortinet, Inc.*		23,800		8,553,720
Intuit, Inc.		49,560		31,877,983

	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Microsoft Corp.		1,313,780	$	441,850,490
NortonLifeLock, Inc.		100,811		2,619,070
Oracle Corp.		282,295		24,618,947
Paycom Software, Inc.*		8,400		3,487,596
PTC, Inc.*		18,600		2,253,390
salesforce.com, Inc.*		171,400		43,557,882
ServiceNow, Inc.*		34,830		22,608,501
Synopsys, Inc.*		26,800		9,875,800
Tyler Technologies, Inc.*		7,180		3,862,481
				672,960,432
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		11,060		2,653,073
AutoZone, Inc.*		3,670		7,693,751
Bath & Body Works, Inc.		46,096		3,217,040
Best Buy Co., Inc.		38,825		3,944,620
CarMax, Inc.*		28,500		3,711,555
Gap, Inc. (The)		37,387		659,880
Home Depot, Inc. (The)		185,769		77,095,993
Lowe’s Cos., Inc.		123,175		31,838,274
O’Reilly Automotive, Inc.*		12,010		8,481,822
Ross Stores, Inc.		62,500		7,142,500
TJX Cos., Inc. (The)		210,800		16,003,936
Tractor Supply Co.		20,000		4,772,000
Ulta Beauty, Inc.*		9,570		3,946,094
				171,160,538
Technology Hardware, Storage & Peripherals — 7.0%
Apple, Inc.		2,727,320		484,290,213
Hewlett Packard Enterprise Co.(a)		228,166		3,598,178
HP, Inc.		201,766		7,600,525
NetApp, Inc.		39,100		3,596,809
Seagate Technology Holdings PLC(a)		35,900		4,055,982
Western Digital Corp.*		54,568		3,558,379
				506,700,086
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc. (Class B Stock)		223,700		37,284,079
PVH Corp.		12,400		1,322,460
Ralph Lauren Corp.		8,500		1,010,310
Tapestry, Inc.		49,000		1,989,400
Under Armour, Inc. (Class A Stock)*		32,700		692,913
Under Armour, Inc. (Class C Stock)*(a)		36,103		651,298
VF Corp.		57,144		4,184,084
				47,134,544
Tobacco — 0.6%
Altria Group, Inc.		322,200		15,269,058
Philip Morris International, Inc.		272,200		25,859,000
				41,128,058
Trading Companies & Distributors — 0.2%
Fastenal Co.(a)		100,300		6,425,218
United Rentals, Inc.*		12,740		4,233,374
W.W. Grainger, Inc.		7,620		3,948,989
				14,607,581

SEE NOTES TO FINANCIAL STATEMENTS.

A205

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Shares		Value
COMMON STOCKS (continued)
Water Utilities — 0.1%
American Water Works Co.,Inc.		31,700	$	5,986,862
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*		102,600		11,899,548
TOTAL COMMON STOCKS (cost $1,571,003,884)				7,061,999,962
EXCHANGE-TRADED FUNDS — 0.6%
iShares Core S&P 500 ETF		77,600		37,014,424
SPDR S&P 500 ETF Trust		17,000		8,074,320
TOTAL EXCHANGE-TRADED FUNDS (cost $31,637,094)				45,088,744
TOTAL LONG-TERM INVESTMENTS (cost $1,602,640,978)				7,107,088,706
SHORT-TERM INVESTMENTS — 5.6%
AFFILIATED MUTUAL FUNDS — 5.5%
PGIM Core Ultra Short Bond Fund(wa)		144,567,480		144,567,480
PGIM Institutional Money Market Fund (cost $254,977,818; includes $254,962,200 of cash collateral for securities on loan)(b)(wa)		255,293,920		255,115,214
TOTAL AFFILIATED MUTUAL FUNDS (cost $399,545,298)				399,682,694

Interest Rate	Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.1%
U.S. Treasury Bills
0.040%		03/17/22		7,400		7,399,171
(cost $7,399,386)
TOTAL SHORT-TERM INVESTMENTS (cost $406,944,684)						407,081,865
TOTAL INVESTMENTS—103.5% (cost $2,009,585,662)						7,514,170,571
Liabilities in excess of other assets(z) — (3.5)%						(253,005,928	)
NET ASSETS — 100.0%					$	7,261,164,643

See the Glossary for a list of the abbreviation(s) used in the annual 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 $248,092,556; cash collateral of $254,962,200 (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 December 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
629	S&P 500 E-Mini Index		Mar. 2022		$149,654,825		$1,824,910

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:

SEE NOTES TO FINANCIAL STATEMENTS.

A206

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Broker	Cash and/or Foreign Currency			Securities Market Value
UBS Securities LLC		$	—		$	7,399,171

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 December 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	95,760,571	$	—		$—
Air Freight & Logistics		44,851,774		—		—
Airlines		14,430,725		—		—
Auto Components		9,693,542		—		—
Automobiles		179,527,617		—		—
Banks		280,574,538		—		—
Beverages		99,899,683		—		—
Biotechnology		125,959,459		—		—
Building Products		36,414,788		—		—
Capital Markets		210,625,266		—		—
Chemicals		125,577,371		—		—
Commercial Services & Supplies		30,300,125		—		—
Communications Equipment		65,082,015		—		—
Construction & Engineering		2,866,500		—		—
Construction Materials		9,661,576		—		—
Consumer Finance		39,156,856		—		—
Containers & Packaging		21,131,259		—		—
Distributors		10,283,212		—		—
Diversified Financial Services		96,340,790		—		—
Diversified Telecommunication Services		70,423,872		—		—
Electric Utilities		113,515,356		—		—
Electrical Equipment		38,694,946		—		—
Electronic Equipment, Instruments & Components		49,029,291		—		—
Energy Equipment & Services		14,543,910		—		—
Entertainment		118,012,292		—		—
Equity Real Estate Investment Trusts (REITs)		189,288,131		—		—
Food & Staples Retailing		98,960,648		—		—
Food Products		62,056,891		—		—
Gas Utilities		2,430,664		—		—
Health Care Equipment & Supplies		208,513,046		—		—
Health Care Providers & Services		196,063,379		—		—
Health Care Technology		4,764,231		—		—
Hotels, Restaurants & Leisure		138,436,760		—		—
Household Durables		26,910,530		—		—
Household Products		98,555,487		—		—
Independent Power & Renewable Electricity Producers		2,830,950		—		—
Industrial Conglomerates		70,407,061		—		—
Insurance		123,061,778		—		—
Interactive Media & Services		445,888,768		—		—
Internet & Direct Marketing Retail		266,805,247		—		—
IT Services		316,704,353		—		—
Leisure Products		2,335,851		—		—
Life Sciences Tools & Services		142,081,534		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A207

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Machinery	$	106,720,211	$	—		$—
Media		70,990,344		—		—
Metals & Mining		25,108,406		—		—
Multiline Retail		35,063,585		—		—
Multi-Utilities		51,273,610		—		—
Oil, Gas & Consumable Fuels		174,034,647		—		—
Personal Products		15,030,120		—		—
Pharmaceuticals		261,562,591		—		—
Professional Services		30,741,387		—		—
Real Estate Management & Development		6,358,686		—		—
Road & Rail		65,117,733		—		—
Semiconductors & Semiconductor Equipment		449,968,350		—		—
Software		672,960,432		—		—
Specialty Retail		171,160,538		—		—
Technology Hardware, Storage & Peripherals		506,700,086		—		—
Textiles, Apparel & Luxury Goods		47,134,544		—		—
Tobacco		41,128,058		—		—
Trading Companies & Distributors		14,607,581		—		—
Water Utilities		5,986,862		—		—
Wireless Telecommunication Services		11,899,548		—		—
Exchange-Traded Funds		45,088,744		—		—
Short-Term Investments
Affiliated Mutual Funds		399,682,694		—		—
U.S. Treasury Obligation		—		7,399,171		—
Total	$	7,506,771,400	$	7,399,171		$—
Other Financial Instruments* Assets
Futures Contracts	$	1,824,910	$	—		$—

* 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 December 31, 2021 were as follows (unaudited):

Software	9.3	%
Technology Hardware, Storage & Peripherals	7.0
Semiconductors & Semiconductor Equipment	6.2
Interactive Media & Services	6.1
Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan)	5.5
IT Services	4.4
Banks	3.9
Internet & Direct Marketing Retail	3.7
Pharmaceuticals	3.6
Capital Markets	2.9
Health Care Equipment & Supplies	2.9
Health Care Providers & Services	2.7
Equity Real Estate Investment Trusts (REITs)	2.6
Automobiles	2.5
Oil, Gas & Consumable Fuels	2.4
Specialty Retail	2.4
Life Sciences Tools & Services	2.0

Hotels, Restaurants & Leisure	1.9	%
Biotechnology	1.7
Chemicals	1.7
Insurance	1.7
Entertainment	1.6
Electric Utilities	1.6
Machinery	1.5
Beverages	1.4
Food & Staples Retailing	1.4
Household Products	1.4
Diversified Financial Services	1.3
Aerospace & Defense	1.3
Media	1.0
Diversified Telecommunication Services	1.0
Industrial Conglomerates	1.0
Road & Rail	0.9
Communications Equipment	0.9
Food Products	0.8

SEE NOTES TO FINANCIAL STATEMENTS.

A208

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

Industry Classification (continued):

Multi-Utilities	0.7	%
Electronic Equipment, Instruments & Components	0.7
Textiles, Apparel & Luxury Goods	0.6
Exchange-Traded Funds	0.6
Air Freight & Logistics	0.6
Tobacco	0.6
Consumer Finance	0.5
Electrical Equipment	0.5
Building Products	0.5
Multiline Retail	0.5
Professional Services	0.4
Commercial Services & Supplies	0.4
Household Durables	0.4
Metals & Mining	0.3
Containers & Packaging	0.3
Personal Products	0.2
Trading Companies & Distributors	0.2
Energy Equipment & Services	0.2
Airlines	0.2

Wireless Telecommunication Services	0.2	%
Distributors	0.1
Auto Components	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
Construction & Engineering	0.0	*
Independent Power & Renewable Electricity Producers	0.0	*
Gas Utilities	0.0	*
Leisure Products	0.0	*
	103.5
Liabilities in excess of other assets	(3.5	)
	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 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 December 31, 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	$1,824,910*	—	$—

* 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 year ended December 31, 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	$33,523,532

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$(519,167)

SEE NOTES TO FINANCIAL STATEMENTS.

A209

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

SCHEDULE OF INVESTMENTS as of December 31, 2021

For the year ended December 31, 2021, the Portfolio’s average volume of derivative activities is as follows:

Futures

Contracts—

Long

Positions(1)

$129,616,616

(1)  Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended December 31, 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		$	248,092,556		$	(248,092,556	)		$	—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A210

PSF STOCK INDEX PORTFOLIO (CONTINUED)     

STATEMENT OF ASSETS AND LIABILITIES as of December 31, 2021
ASSETS
Investments at value, including securities on loan of $248,092,556:
Unaffiliated investments (cost $1,610,040,364)	$	7,114,487,877
Affiliated investments (cost $399,545,298)		399,682,694
Cash		36,332
Dividends receivable		4,272,874
Receivable for Portfolio shares sold		905,109
Receivable for investments sold		230,854
Tax reclaim receivable		79,841
Prepaid expenses		670,003
Total Assets		7,520,365,584
LIABILITIES
Payable to broker for collateral for securities on loan		254,962,200
Management fee payable		1,678,040
Payable for investments purchased		1,094,705
Payable for Portfolio shares purchased		884,336
Due to broker-variation margin futures		432,438
Accrued expenses and other liabilities		141,878
Distribution fee payable		3,214
Trustees’ fees payable		3,150
Affiliated transfer agent fee payable		980
Total Liabilities		259,200,941
NET ASSETS	$	7,261,164,643
Net assets were comprised of:
Partners’ Equity	$	7,261,164,643
Class I:
Net asset value and redemption price per share, $7,244,396,171 / 64,423,330 outstanding shares of beneficial interest	$	112.45
Class III:
Net asset value and redemption price per share, $16,768,472 / 149,371 outstanding shares of beneficial interest	$	112.26

STATEMENT OF OPERATIONS Year Ended December 31, 2021
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $105,441 foreign withholding tax)	$	86,556,304
Affiliated dividend income		167,751
Income from securities lending, net (including affiliated income of $143,230)		156,149
Interest income		3,377
Total income		86,883,581
EXPENSES
Management fee		18,080,511
Distribution fee—Class III		12,797
Custodian and accounting fees		327,337
Shareholders’ reports		153,965
Trustees’ fees		91,570
Legal fees and expenses		45,784
Audit fee		32,000
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		130,871
Total expenses		18,885,517
NET INVESTMENT INCOME (LOSS)		67,998,064
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(47,221))		46,636,257
Futures transactions		33,523,532
		80,159,789
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(11,492))		1,444,496,751
Futures		(519,167	)
		1,443,977,584
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		1,524,137,373
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,592,135,437

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2021				Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	67,998,064			$	72,019,778
Net realized gain (loss) on investment transactions			80,159,789				59,543,856
Net change in unrealized appreciation (depreciation) on investments			1,443,977,584				725,481,123
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			1,592,135,437				857,044,757
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			325,130,065				296,701,054
Portfolio shares purchased			(276,298,925	)			(290,448,745	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			48,831,140				6,252,309
TOTAL INCREASE (DECREASE)			1,640,966,577				863,297,066
NET ASSETS:
Beginning of year			5,620,198,066				4,756,901,000
End of year		$	7,261,164,643			$	5,620,198,066

SEE NOTES TO FINANCIAL STATEMENTS.

A211

Financial Highlights

PSF Global Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	48.06		$	41.49		$	31.83		$	34.33		$	27.50
Income (Loss) From Investment Operations:
Net investment income (loss)		0.46			0.41			0.52			0.47			0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.30			6.16			9.14			(2.99	)		6.41
Total from investment operations		8.76			6.57			9.66			(2.52	)		6.83
Capital Contributions		—			—			—	(b)(c)		0.02	(b)		—
Net Asset Value, end of year	$	56.82		$	48.06		$	41.49		$	31.83		$	34.33
Total Return(d)		18.23	%		15.84	%		30.39	%(e)		(7.28	)%(f)		24.84	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,518.5		$	1,377.0		$	1,263.7		$	1,006.6		$	1,132.9
Average net assets (in millions)	$	1,472.2		$	1,190.6		$	1,157.5		$	1,139.9		$	1,051.8
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.74	%		0.76	%		0.77	%		0.77	%		0.79	%
Expenses before waivers and/or expense reimbursement		0.78	%		0.80	%		0.80	%		0.80	%		0.81	%
Net investment income (loss)		0.86	%		1.01	%		1.41	%		1.33	%		1.34	%
Portfolio turnover rate(h)		21	%		34	%		26	%		28	%		33	%

PSF Global Portfolio—Class III
	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	53.13
Income (Loss) From Investment Operations:
Net investment income (loss)			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions			3.44
Total from investment operations			3.59
Net Asset Value, end of period		$	56.72
Total Return(d)			6.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.2
Average net assets (in millions)		$	0.1
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.99	%(j)
Expenses before waivers and/or expense reimbursement			1.03	%(j)
Net investment income (loss)			0.40	%(j)
Portfolio turnover rate(h)			21	%

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

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

(c) Amount rounds to zero.

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

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

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

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

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B1

Financial Highlights

PSF International Growth Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	12.26		$	9.28		$	7.01		$	8.05		$	5.92
Income (Loss) From Investment Operations:
Net investment income (loss)		—	(b)		—	(b)		0.05			0.07			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.53			2.98			2.21			(1.12	)		2.08
Total from investment operations		1.53			2.98			2.26			(1.05	)		2.13
Capital Contributions		—			—			0.01	(c)(d)		0.01	(d)		—
Net Asset Value, end of year	$	13.79		$	12.26		$	9.28		$	7.01		$	8.05
Total Return(e)		12.48	%		32.11	%		32.38	%(f)		(12.92	)%(g)		35.98	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	108.1		$	103.2		$	85.6		$	70.1		$	84.3
Average net assets (in millions)	$	108.3		$	86.3		$	79.6		$	81.8		$	75.1
Ratios to average net assets(h):
Expenses after waivers and/or expense reimbursement		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%
Expenses before waivers and/or expense reimbursement		1.07	%		1.21	%		1.24	%		1.20	%		1.34	%
Net investment income (loss)		—	%(b)		0.05	%		0.64	%		0.83	%		0.67	%
Portfolio turnover rate(i)		27	%		44	%		26	%		37	%		45	%
PSF International Growth Portfolio—Class II
	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	11.75		$	8.93		$	6.77		$	7.81		$	5.76
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.05	)		(0.03	)		0.02			0.03			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.47			2.85			2.13			(1.08	)		2.02
Total from investment operations		1.42			2.82			2.15			(1.05	)		2.05
Capital Contributions		—			—			0.01	(c)(d)		0.01	(d)		—
Net Asset Value, end of year	$	13.17		$	11.75		$	8.93		$	6.77		$	7.81
Total Return(e)		12.09	%		31.58	%		31.91	%(f)		(13.32	)%(g)		35.59	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	0.2		$	0.2		$	0.1		$	0.1		$	0.1
Average net assets (in millions)	$	0.2		$	0.1		$	0.1		$	0.1		$	0.3
Ratios to average net assets(h):
Expenses after waivers and/or expense reimbursement		1.41	%		1.41	%		1.41	%		1.41	%		1.41	%
Expenses before waivers and/or expense reimbursement		1.47	%		1.61	%		1.64	%		1.60	%		1.72	%
Net investment income (loss)		(0.39	)%		(0.36	)%		0.24	%		0.44	%		0.39	%
Portfolio turnover rate(i)		27	%		44	%		26	%		37	%		45	%

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

(b) Amount rounds to zero.

(c) Represents payment received by the Portfolio, from the Investment Manager, in connection for costs incurred due to a portfolio allocation error.

(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) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year 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 years 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.

(f) 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.

(g) 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.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

B2

Financial Highlights

PSF Mid-Cap Growth Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	27.68		$	18.77		$	13.63		$	14.79		$	12.08
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.08	)		(0.03	)		—	(b)		0.02			0.02
Net realized and unrealized gain (loss) on investment transactions		3.04			8.94			5.14			(1.18	)		2.69
Total from investment operations		2.96			8.91			5.14			(1.16	)		2.71
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	30.64		$	27.68		$	18.77		$	13.63		$	14.79
Total Return(d)		10.69	%		47.47	%		37.71	%		(7.84	)%(e)		22.43	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	424.7		$	382.1		$	279.8		$	214.8		$	249.8
Average net assets (in millions)	$	407.5		$	302.1		$	257.0		$	248.2		$	235.7
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.64	%		0.67	%		0.70	%		0.68	%		0.71	%
Expenses before waivers and/or expense reimbursement		0.64	%		0.67	%		0.70	%		0.68	%		0.71	%
Net investment income (loss)		(0.28	)%		(0.15	)%		(0.01	)%		0.15	%		0.18	%
Portfolio turnover rate(g)		46	%		63	%		106	%		43	%		39	%

PSF Mid-Cap Growth Portfolio—Class II

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	25.81		$	17.57		$	12.81		$	13.95		$	11.44
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.19	)		(0.10	)		(0.06	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		2.83			8.34			4.82			(1.11	)		2.54
Total from investment operations		2.64			8.24			4.76			(1.14	)		2.51
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	28.45		$	25.81		$	17.57		$	12.81		$	13.95
Total Return(d)		10.23	%		46.90	%		37.16	%		(8.17	)%(e)		21.94	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	0.3		$	0.3		$	0.5		$	0.5		$	0.6
Average net assets (in millions)	$	0.3		$	0.4		$	0.6		$	0.6		$	0.8
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.05	%		1.07	%		1.10	%		1.08	%		1.10	%
Expenses before waivers and/or expense reimbursement		1.05	%		1.07	%		1.10	%		1.08	%		1.10	%
Net investment income (loss)		(0.68	)%		(0.53	)%		(0.40	)%		(0.24	)%		(0.22	)%
Portfolio turnover rate(g)		46	%		63	%		106	%		43	%		39	%

SEE NOTES TO FINANCIAL STATEMENTS.

B3

Financial Highlights

PSF Mid-Cap Growth Portfolio—Class III

	April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	29.77
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.11	)
Net realized and unrealized gain (loss) on investment transactions			0.94
Total from investment operations			0.83
Net Asset Value, end of period		$	30.60
Total Return(d)			2.79	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.8
Average net assets (in millions)		$	0.3
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.88	%(i)
Expenses before waivers and/or expense reimbursement			0.88	%(i)
Net investment income (loss)			(0.53	)%(i)
Portfolio turnover rate(g)			46	%

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

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

(f) Does not include expenses of the investment companies in which the Portfolio invests.

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

(h) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B4

Financial Highlights

PSF Natural Resources Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	27.33		$	24.34		$	21.99		$	26.84		$	26.89
Income (Loss) From Investment Operations:
Net investment income (loss)		0.77			0.49			0.72			0.60			0.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.20			2.50			1.63			(5.46	)		(0.45	)
Total from investment operations		6.97			2.99			2.35			(4.86	)		(0.05	)
Capital Contributions		—			—			—	(b)(c)		0.01	(b)		—
Net Asset Value, end of year	$	34.30		$	27.33		$	24.34		$	21.99		$	26.84
Total Return(d)		25.50	%		12.28	%		10.69	%(e)		(18.07	)%(f)		(0.19	)%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	419.2		$	351.8		$	332.2		$	324.3		$	424.6
Average net assets (in millions)	$	402.7		$	284.9		$	338.8		$	398.1		$	410.3
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.50	%		0.54	%		0.53	%		0.51	%		0.52	%
Expenses before waivers and/or expense reimbursement		0.51	%		0.55	%		0.54	%		0.52	%		0.53	%
Net investment income (loss)		2.39	%		2.28	%		3.04	%		2.30	%		1.60	%
Portfolio turnover rate(h)		79	%		136	%		132	%		108	%		114	%
PSF Natural Resources Portfolio—Class II
	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	26.21		$	23.44		$	21.26		$	26.06		$	26.20
Income (Loss) From Investment Operations:
Net investment income (loss)		0.58			0.41			0.61			0.49			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.98			2.36			1.57			(5.30	)		(0.43	)
Total from investment operations		6.56			2.77			2.18			(4.81	)		(0.14	)
Capital Contributions		—			—			—	(b)(c)		0.01	(b)		—
Net Asset Value, end of year	$	32.77		$	26.21		$	23.44		$	21.26		$	26.06
Total Return(d)		25.03	%		11.82	%		10.25	%(e)		(18.42	)%(f)		(0.53	)%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	25.6		$	32.5		$	49.5		$	48.4		$	53.4
Average net assets (in millions)	$	27.8		$	37.6		$	50.1		$	52.0		$	48.3
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.90	%		0.94	%		0.93	%		0.91	%		0.92	%
Expenses before waivers and/or expense reimbursement		0.91	%		0.95	%		0.94	%		0.92	%		0.93	%
Net investment income (loss)		1.89	%		2.05	%		2.63	%		1.93	%		1.21	%
Portfolio turnover rate(h)		79	%		136	%		132	%		108	%		114	%

SEE NOTES TO FINANCIAL STATEMENTS.

B5

Financial Highlights

PSF Natural Resources Portfolio—Class III

	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	31.02
Income (Loss) From Investment Operations:
Net investment income (loss)			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions			3.02
Total from investment operations			3.22
Net Asset Value, end of period		$	34.24
Total Return(d)			10.38	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1.0
Average net assets (in millions)		$	0.3
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.72	%(j)
Expenses before waivers and/or expense reimbursement			0.73	%(j)
Net investment income (loss)			0.82	%(j)
Portfolio turnover rate(h)			79	%

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

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

(c) Amount rounds to zero.

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

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

(f) Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (18.11)% and (18.46)% for Class I and Class II, respectively.

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

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B6

Financial Highlights

PSF PGIM 50/50 Balanced Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	34.99		$	31.40		$	26.50		$	27.17		$	24.18
Income (Loss) From Investment Operations:
Net investment income (loss)		0.40			0.50			0.59			0.53			0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.28			3.09			4.31			(1.20	)		2.54
Total from investment operations		4.68			3.59			4.90			(0.67	)		2.99
Capital Contributions		—			—			—	(b)(c)		—	(b)(c)		—
Net Asset Value, end of year	$	39.67		$	34.99		$	31.40		$	26.50		$	27.17
Total Return(d)		13.38	%		11.43	%		18.49	%(e)		(2.47	)%(e)		12.37	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	2,896		$	2,710		$	2,597		$	2,370		$	2,595
Average net assets (in millions)	$	2,800		$	2,540		$	2,506		$	2,535		$	2,535
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.57	%		0.58	%		0.59	%		0.59	%		0.58	%
Expenses before waivers and/or expense reimbursement		0.57	%		0.58	%		0.59	%		0.59	%		0.58	%
Net investment income (loss)		1.06	%		1.58	%		2.02	%		1.94	%		1.75	%
Portfolio turnover rate(g)(h)		69	%		75	%		90	%		101	%		136	%

PSF PGIM 50/50 Balanced Portfolio—Class III

	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	36.75
Income (Loss) From Investment Operations:
Net investment income (loss)			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.64
Total from investment operations			2.85
Net Asset Value, end of period		$	39.60
Total Return(d)			7.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3
Average net assets (in millions)		$	1
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.81	%(j)
Expenses before waivers and/or expense reimbursement			0.81	%(j)
Net investment income (loss)			0.76	%(j)
Portfolio turnover rate(g)(h)			69	%

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

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

(c) Amount rounds to zero.

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

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

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

(g) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B7

Financial Highlights

PSF PGIM Flexible Managed Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	37.61		$	34.32		$	28.63		$	29.88		$	25.99
Income (Loss) From Investment Operations:
Net investment income (loss)		0.49			0.56			0.61			0.53			0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.04			2.73			5.08			(1.78	)		3.44
Total from investment operations		6.53			3.29			5.69			(1.25	)		3.89
Capital Contributions		—			—			—	(b)(c)		—	(b)(c)		—
Net Asset Value, end of year	$	44.14		$	37.61		$	34.32		$	28.63		$	29.88
Total Return(d)		17.36	%		9.59	%		19.87	%(e)		(4.18	)%(e)		14.97	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	4,968		$	4,479		$	4,328		$	3,834		$	4,230
Average net assets (in millions)	$	4,766		$	4,171		$	4,127		$	4,157		$	4,043
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.61	%		0.62	%		0.63	%		0.63	%		0.62	%
Expenses before waivers and/or expense reimbursement		0.61	%		0.62	%		0.63	%		0.63	%		0.62	%
Net investment income (loss)		1.18	%		1.64	%		1.92	%		1.75	%		1.62	%
Portfolio turnover rate(g)(h)		119	%		120	%		125	%		139	%		175	%

PSF PGIM Flexible Managed Portfolio—Class III
	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	40.73
Income (Loss) From Investment Operations:
Net investment income (loss)			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions			3.07
Total from investment operations			3.33
Net Asset Value, end of period		$	44.06
Total Return(d)			8.18	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2
Average net assets (in millions)		$	1
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.86	%(j)
Expenses before waivers and/or expense reimbursement			0.86	%(j)
Net investment income (loss)			0.86	%(j)
Portfolio turnover rate(g)(h)			119	%

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

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

(c) Amount rounds to zero.

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

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

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

(g) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B8

Financial Highlights

PSF PGIM Government Income Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	14.51		$	13.54		$	12.70		$	12.62		$	12.26
Income (Loss) From Investment Operations:
Net investment income (loss)		0.19			0.23			0.31			0.28			0.23
Net realized and unrealized gain (loss) on investment transactions		(0.65	)		0.74			0.53			(0.20	)		0.13
Total from investment operations		(0.46	)		0.97			0.84			0.08			0.36
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	14.05		$	14.51		$	13.54		$	12.70		$	12.62
Total Return(d)		(3.17	)%		7.16	%		6.61	%		0.63	%(e)		2.94	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	223.1		$	246.2		$	238.6		$	221.1		$	244.1
Average net assets (in millions)	$	231.5		$	246.6		$	234.6		$	230.5		$	252.4
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.48	%		0.51	%		0.52	%		0.51	%		0.53	%
Expenses before waivers and/or expense reimbursement		0.48	%		0.51	%		0.52	%		0.51	%		0.53	%
Net investment income (loss)		1.35	%		1.58	%		2.34	%		2.28	%		1.84	%
Portfolio turnover rate(g)(h)		222	%		150	%		269	%		284	%		495	%

PSF PGIM Government Income Portfolio—Class III

	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	14.17
Income (Loss) From Investment Operations:
Net investment income (loss)			0.11
Net realized and unrealized gain (loss) on investment transactions			(0.25	)
Total from investment operations			(0.14	)
Net Asset Value, end of period		$	14.03
Total Return(d)			(0.99	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.3
Average net assets (in millions)		$	0.2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.68	%(j)
Expenses before waivers and/or expense reimbursement			0.68	%(j)
Net investment income (loss)			1.09	%(j)
Portfolio turnover rate(g)(h)			222	%

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

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

(c) Amount rounds to zero.

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

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

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

(g) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B9

Financial Highlights

PSF PGIM Government Money Market Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	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
Less Dividends and Distributions		—	(b)		(0.03	)		(0.19	)		(0.15	)		(0.06	)
Net Asset Value, end of year	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total Return(c)		0.04	%		0.30	%		1.92	%		1.53	%		0.56	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	725		$	792		$	600		$	536		$	560
Average net assets (in millions)	$	748		$	667		$	563		$	560		$	665
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.06	%		0.21	%		0.35	%		0.35	%		0.35	%
Expenses before waivers and/or expense reimbursement		0.32	%		0.34	%		0.35	%		0.35	%		0.35	%
Net investment income (loss)		—	%		0.26	%		1.88	%		1.52	%		0.55	%

PSF PGIM Government Money Market Portfolio—Class III

	Year Ended December 31, 2021				May 18, 2020(e) 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)			0.04	%			—	%(b)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	144			$	66
Average net assets (in millions)		$	118			$	34
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement			0.06	%			0.13	%(f)
Expenses before waivers and/or expense reimbursement			0.58	%			0.58	%(f)
Net investment income (loss)			—	%			—	%(b)(f)

(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) Commencement of offering.

(f) Annualized.

SEE NOTES TO FINANCIAL STATEMENTS.

B10

Financial Highlights

PSF PGIM High Yield Bond Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	6.18		$	5.77		$	4.96		$	5.17		$	5.10
Income (Loss) From Investment Operations:
Net investment income (loss)		0.33			0.35			0.34			0.33			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.16			0.06			0.47			(0.39	)		0.07
Total from investment operations		0.49			0.41			0.81			(0.06	)		0.39
Less Dividends and Distributions		—			—			—			(0.15	)		(0.32	)
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	6.67		$	6.18		$	5.77		$	4.96		$	5.17
Total Return(d)		7.93	%		7.11	%		16.33	%		(1.26	)%(e)		7.80	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	562		$	529		$	522		$	474		$	508
Average net assets (in millions)	$	550		$	497		$	507		$	499		$	3,549
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Expenses before waivers and/or expense reimbursement		0.59	%		0.61	%		0.62	%		0.62	%		0.57	%
Net investment income (loss)		5.11	%		6.16	%		6.28	%		6.50	%		6.17	%
Portfolio turnover rate(g)		48	%		61	%		58	%		47	%		54	%

PSF PGIM High Yield Bond Portfolio—Class III

	April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	6.41
Income (Loss) From Investment Operations:
Net investment income (loss)			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions			0.03
Total from investment operations			0.25
Net Asset Value, end of period		$	6.66
Total Return(d)			3.90	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	6
Average net assets (in millions)		$	2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.80	%(i)
Expenses before waivers and/or expense reimbursement			0.82	%(i)
Net investment income (loss)			4.72	%(i)
Portfolio turnover rate(g)			48	%

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

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

(c) Amount rounds to zero.

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

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

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

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

(h) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B11

Financial Highlights

PSF PGIM Jennison Blend Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	81.50		$	63.18		$	49.02		$	51.52		$	40.96
Income (Loss) From Investment Operations:
Net investment income (loss)		0.40			0.53			0.66			0.53			0.41
Net realized and unrealized gain (loss) on investment and foreign currency transactions		16.19			17.79			13.50			(3.07	)		10.15
Total from investment operations		16.59			18.32			14.16			(2.54	)		10.56
Capital Contributions		—			—			—	(b)(c)		0.04	(b)		—
Net Asset Value, end of year	$	98.09		$	81.50		$	63.18		$	49.02		$	51.52
Total Return(d)		20.36	%		29.00	%		28.89	%(e)		(4.85	)%(f)		25.78	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	6,379.2		$	5,672.4		$	4,711.0		$	3,919.6		$	4,415.6
Average net assets (in millions)	$	6,084.1		$	4,776.8		$	4,406.8		$	4,497.1		$	4,098.8
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%
Expenses before waivers and/or expense reimbursement		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%
Net investment income (loss)		0.45	%		0.80	%		1.16	%		0.98	%		0.89	%
Portfolio turnover rate(h)		29	%		62	%		43	%		37	%		55	%

PSF PGIM Jennison Blend Portfolio—Class II

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	79.78		$	62.09		$	48.37		$	51.04		$	40.74
Income (Loss) From Investment Operations:
Net investment income (loss)		0.04			0.26			0.43			0.32			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		15.82			17.43			13.29			(3.03	)		10.07
Total from investment operations		15.86			17.69			13.72			(2.71	)		10.30
Capital Contributions		—			—			—	(b)(c)		0.04	(b)		—
Net Asset Value, end of year	$	95.64		$	79.78		$	62.09		$	48.37		$	51.04
Total Return(d)		19.88	%		28.49	%		28.36	%(e)		(5.23	)%(f)		25.28	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	2.3		$	2.0		$	1.7		$	1.5		$	1.7
Average net assets (in millions)	$	2.2		$	1.7		$	1.6		$	1.8		$	1.8
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.86	%		0.87	%		0.87	%		0.87	%		0.87	%
Expenses before waivers and/or expense reimbursement		0.86	%		0.87	%		0.87	%		0.87	%		0.87	%
Net investment income (loss)		0.04	%		0.40	%		0.76	%		0.59	%		0.50	%
Portfolio turnover rate(h)		29	%		62	%		43	%		37	%		55	%

SEE NOTES TO FINANCIAL STATEMENTS.

B12

Financial Highlights

PSF PGIM Jennison Blend Portfolio—Class III

	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	87.74
Income (Loss) From Investment Operations:
Net investment income (loss)			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions			10.06
Total from investment operations			10.18
Net Asset Value, end of period		$	97.92
Total Return(d)			11.60	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.6
Average net assets (in millions)		$	0.2
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.70	%(j)
Expenses before waivers and/or expense reimbursement			0.70	%(j)
Net investment income (loss)			0.18	%(j)
Portfolio turnover rate(h)			29	%

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

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

(c) Amount rounds to zero.

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

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

(f) Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (4.93)% and (5.31)% for Class I and Class II, respectively.

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

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B13

Financial Highlights

PSF PGIM Jennison Focused Blend Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	49.83		$	38.06		$	29.52		$	31.19		$	23.94
Income (Loss) From Investment Operations:
Net investment income (loss)		0.02	(b)		0.16			0.23			0.26			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.37			11.61			8.31			(1.95	)		7.15
Total from investment operations		8.39			11.77			8.54			(1.69	)		7.25
Capital Contributions		—			—			—			0.02	(d)		—
Net Asset Value, end of year	$	58.22		$	49.83		$	38.06		$	29.52		$	31.19
Total Return(e)		16.84	%		30.92	%		28.93	%		(5.35	)%(f)		30.28	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	97.2		$	86.7		$	71.7		$	59.0		$	68.9
Average net assets (in millions)	$	93.3		$	73.4		$	66.3		$	68.9		$	64.7
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.84	%		0.86	%		0.87	%		0.82	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.84	%		0.86	%		0.87	%		0.84	%		0.87	%
Net investment income (loss)		0.04	%		0.39	%		0.66	%		0.80	%		0.36	%
Portfolio turnover rate(h)		66	%		82	%		61	%		42	%		99	%
PSF PGIM Jennison Focused Blend Portfolio—Class II
	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	47.17		$	36.17		$	28.17		$	29.88		$	23.03
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.19	)		—	(c)		0.09			0.13			(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.90			11.00			7.91			(1.86	)		6.86
Total from investment operations		7.71			11.00			8.00			(1.73	)		6.85
Capital Contributions		—			—			—			0.02	(d)		—
Net Asset Value, end of year	$	54.88		$	47.17		$	36.17		$	28.17		$	29.88
Total Return(e)		16.35	%		30.41	%		28.40	%		(5.72	)%(f)		29.74	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	130.1		$	130.8		$	121.4		$	118.6		$	156.1
Average net assets (in millions)	$	131.9		$	117.4		$	118.1		$	147.4		$	150.7
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		1.24	%		1.26	%		1.27	%		1.22	%		1.22	%
Expenses before waivers and/or expense reimbursement		1.24	%		1.26	%		1.27	%		1.24	%		1.27	%
Net investment income (loss)		(0.36	)%		—	%(c)		0.26	%		0.40	%		(0.04	)%
Portfolio turnover rate(h)		66	%		82	%		61	%		42	%		99	%

SEE NOTES TO FINANCIAL STATEMENTS.

B14

Financial Highlights

PSF PGIM Jennison Focused Blend Portfolio—Class III

	April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	54.19
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			4.04
Total from investment operations			3.93
Net Asset Value, end of period		$	58.12
Total Return(e)			7.25	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.4
Average net assets (in millions)		$	0.2
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			1.09	%(j)
Expenses before waivers and/or expense reimbursement			1.09	%(j)
Net investment income (loss)			(0.27	)%(j)
Portfolio turnover rate(h)			66	%

(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) 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 (5.41)% and (5.79)% for Class I and Class II, respectively.

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

(h) The Portfolio’s turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments.

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B15

Financial Highlights

PSF PGIM Jennison Growth Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	127.49		$	81.62		$	61.21		$	61.69		$	45.13
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.45	)		(0.13	)		0.09			0.13			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		20.86			46.00			20.32			(0.61	)		16.43
Total from investment operations		20.41			45.87			20.41			(0.48	)		16.56
Capital Contributions		—			—			—	(b)(c)		—	(b)(c)		—
Net Asset Value, end of year	$	147.90		$	127.49		$	81.62		$	61.21		$	61.69
Total Return(d)		16.01	%		56.20	%		33.34	%(e)		(0.78	)%(e		36.69	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	3,566		$	3,260		$	2,242		$	1,803		$	1,937
Average net assets (in millions)	$	3,435		$	2,606		$	2,073		$	2,052		$	1,761
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.61	%		0.62	%		0.62	%		0.62	%		0.63	%
Expenses before waivers and/or expense reimbursement		0.61	%		0.62	%		0.62	%		0.62	%		0.63	%
Net investment income (loss)		(0.32	)%		(0.13	)%		0.13	%		0.19	%		0.25	%
Portfolio turnover rate(g)		40	%		56	%		41	%		38	%		51	%
PSF PGIM Jennison Growth Portfolio—Class II
	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	121.26		$	77.94		$	58.68		$	59.38		$	43.62
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.95	)		(0.49	)		(0.19	)		(0.14	)		(0.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		19.80			43.81			19.45			(0.56	)		15.84
Total from investment operations		18.85			43.32			19.26			(0.70	)		15.76
Capital Contributions		—			—			—	(b)(c)		—	(b)(c)		—
Net Asset Value, end of year	$	140.11		$	121.26		$	77.94		$	58.68		$	59.38
Total Return(d)		15.55	%		55.57	%		32.82	%(e)		(1.18	)%(e)		36.13	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	82		$	88		$	66		$	61		$	60
Average net assets (in millions)	$	85		$	72		$	64		$	70		$	49
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.01	%		1.02	%		1.02	%		1.02	%		1.03	%
Expenses before waivers and/or expense reimbursement		1.01	%		1.02	%		1.02	%		1.02	%		1.03	%
Net investment income (loss)		(0.72	)%		(0.53	)%		(0.27	)%		(0.22	)%		(0.16	)%
Portfolio turnover rate(g)		40	%		56	%		41	%		38	%		51	%

SEE NOTES TO FINANCIAL STATEMENTS.

B16

Financial Highlights

PSF PGIM Jennison Growth Portfolio—Class III
	April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	132.99
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.59	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			15.24
Total from investment operations			14.65
Net Asset Value, end of period		$	147.64
Total Return(d)			11.02	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	5
Average net assets (in millions)		$	2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.86	%(i)
Expenses before waivers and/or expense reimbursement			0.86	%(i)
Net investment income (loss)			(0.58	)%(i)
Portfolio turnover rate(g)			40	%

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

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

(c) Amount rounds to zero.

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

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

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

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

(h) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B17

Financial Highlights

PSF PGIM Jennison Value Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	37.28		$	35.99		$	28.55		$	31.68		$	27.08
Income (Loss) From Investment Operations:
Net investment income (loss)		0.61			0.66			0.67			0.56			0.47
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.75			0.63			6.77			(3.71	)		4.13
Total from investment operations		10.36			1.29			7.44			(3.15	)		4.60
Capital Contributions		—			—			—	(b)(c)		0.02	(b)		—
Net Asset Value, end of year	$	47.64		$	37.28		$	35.99		$	28.55		$	31.68
Total Return(d)		27.79	%		3.58	%		26.06	%(e)		(9.88	)%(f)		16.99	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,646.0		$	1,371.2		$	1,429.9		$	1,226.4		$	1,480.3
Average net assets (in millions)	$	1,543.8		$	1,236.8		$	1,354.1		$	1,416.6		$	1,412.8
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%
Expenses before waivers and/or expense reimbursement		0.42	%		0.43	%		0.43	%		0.43	%		0.43	%
Net investment income (loss)		1.40	%		2.03	%		2.04	%		1.76	%		1.63	%
Portfolio turnover rate(h)		17	%		32	%		25	%		23	%		16	%

PSF PGIM Jennison Value Portfolio—Class II

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	36.36		$	35.25		$	28.07		$	31.27		$	26.84
Income (Loss) From Investment Operations:
Net investment income (loss)		0.42			0.51			0.53			0.42			0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.50			0.60			6.65			(3.64	)		4.08
Total from investment operations		9.92			1.11			7.18			(3.22	)		4.43
Capital Contributions		—			—			—	(b)(c)		0.02	(b)		—
Net Asset Value, end of year	$	46.28		$	36.36		$	35.25		$	28.07		$	31.27
Total Return(d)		27.28	%		3.15	%		25.58	%(e)		(10.23	)%(f)		16.51	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	10.7		$	9.0		$	8.7		$	6.1		$	7.5
Average net assets (in millions)
Ratios to average net assets(g):	$	10.1		$	7.9		$	7.4		$	7.2		$	7.1
Expenses after waivers and/or expense reimbursement		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Expenses before waivers and/or expense reimbursement		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Net investment income (loss)		1.00	%		1.62	%		1.63	%		1.36	%		1.23	%
Portfolio turnover rate(h)		17	%		32	%		25	%		23	%		16	%

SEE NOTES TO FINANCIAL STATEMENTS.

B18

Financial Highlights

PSF PGIM Jennison Value Portfolio—Class III

	April 26, 2021(i)  through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	42.77
Income (Loss) From Investment Operations:
Net investment income (loss)			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions			4.50
Total from investment operations			4.79
Net Asset Value, end of period		$	47.56
Total Return(d)			11.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1.0
Average net assets (in millions)		$	0.4
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.66	%(j)
Expenses before waivers and/or expense reimbursement			0.66	%(j)
Net investment income (loss)			0.92	%(j)
Portfolio turnover rate(h)			17	%

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

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

(c) Amount rounds to zero.

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

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

(f) Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (9.94)% and (10.29)% for Class I and Class II, respectively.

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

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

(i) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B19

Financial Highlights

PSF PGIM Total Return Bond Portfolio—Class I
	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	15.78		$	14.55		$	13.12		$	13.14		$	12.28
Income (Loss) From Investment Operations:
Net investment income (loss)		0.40			0.45			0.49			0.45			0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.52	)		0.78			0.94			(0.48	)		0.44
Total from investment operations		(0.12	)		1.23			1.43			(0.03	)		0.86
Capital Contributions		—			—			—			0.01	(b)		—
Net Asset Value, end of year	$	15.66		$	15.78		$	14.55		$	13.12		$	13.14
Total Return(c)		(0.76	)%		8.45	%		10.90	%		(0.15	)%(d)		7.00	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,298		$	1,293		$	1,190		$	1,123		$	1,145
Average net assets (in millions)	$	1,292		$	1,235		$	1,166		$	1,132		$	1,123
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.42	%		0.43	%		0.44	%		0.44	%		0.44	%
Expenses before waivers and/or expense reimbursement		0.42	%		0.43	%		0.44	%		0.44	%		0.44	%
Net investment income (loss)		2.55	%		2.99	%		3.53	%		3.44	%		3.28	%
Portfolio turnover rate(f)		49	%		35	%		48	%		51	%		71	%

PSF PGIM Total Return Bond Portfolio—Class III

	April 26, 2021(g) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	15.35
Income (Loss) From Investment Operations:
Net investment income (loss)			0.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions			0.05	(h)
Total from investment operations			0.29
Net Asset Value, end of period		$	15.64
Total Return(c)			1.89	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	5
Average net assets (in millions)		$	2
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement			0.66	%(i)
Expenses before waivers and/or expense reimbursement			0.66	%(i)
Net investment income (loss)			2.24	%(i)
Portfolio turnover rate(f)			49	%

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

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

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

(d) Total return for the year includes the impact of the capital contribution. Excluding the capital contribution, the total return would have been (0.23)%.

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

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

(g) Commencement of offering.

(h) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B20

Financial Highlights

PSF Small-Cap Stock Index Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	47.76		$	43.03		$	35.15		$	38.51		$	34.08
Income (Loss) From Investment Operations:
Net investment income (loss)		0.51			0.40			0.46			0.40			0.39
Net realized and unrealized gain (loss) on investment transactions		12.07			4.33			7.42			(3.76	)		4.04
Total from investment operations		12.58			4.73			7.88			(3.36	)		4.43
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	60.34		$	47.76		$	43.03		$	35.15		$	38.51
Total Return(d)		26.34	%		10.99	%		22.42	%		(8.73	)%(e)		13.00	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,024		$	858		$	834		$	729		$	850
Average net assets (in millions)	$	1,002		$	701		$	794		$	871		$	811
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.38	%		0.40	%		0.39	%		0.39	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.38	%		0.40	%		0.39	%		0.39	%		0.40	%
Net investment income (loss)		0.89	%		1.07	%		1.15	%		0.98	%		1.11	%
Portfolio turnover rate(g)		18	%		18	%		19	%		18	%		17	%

PSF Small-Cap Stock Index Portfolio—Class III

	April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	57.73
Income (Loss) From Investment Operations:
Net investment income (loss)			0.31
Net realized and unrealized gain (loss) on investment transactions			2.20
Total from investment operations			2.51
Net Asset Value, end of period		$	60.24
Total Return(d)			4.35	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	6
Average net assets (in millions)		$	3
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.62	%(i)
Expenses before waivers and/or expense reimbursement			0.62	%(i)
Net investment income (loss)			0.76	%(i)
Portfolio turnover rate(g)			18	%

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

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

(c) Amount rounds to zero.

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

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

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

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

(h) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B21

Financial Highlights

PSF Small-Cap Value Portfolio

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	28.39		$	27.86		$	22.69		$	26.32		$	23.46
Income (Loss) From Investment Operations:
Net investment income (loss)		0.06			0.14			0.20			0.13			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.45			0.39			4.97			(3.76	)		2.74
Total from investment operations		7.51			0.53			5.17			(3.63	)		2.86
Capital Contributions		—			—			—			—	(b)(c)		—
Net Asset Value, end of year	$	35.90		$	28.39		$	27.86		$	22.69		$	26.32
Total Return(d)		26.45	%		1.90	%		22.79	%		(13.79	)%(e)		12.19	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	321		$	244		$	221		$	180		$	214
Average net assets (in millions)	$	295		$	188		$	207		$	211		$	208
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.96	%		1.03	%		1.01	%		0.99	%		1.01	%
Expenses before waivers and/or expense reimbursement		0.96	%		1.03	%		1.02	%		1.00	%		1.02	%
Net investment income (loss)		0.17	%		0.61	%		0.76	%		0.48	%		0.51	%
Portfolio turnover rate(g)		71	%		69	%		56	%		58	%		62	%

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

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

(c) Amount rounds to zero.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year 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 years 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.

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

B22

Financial Highlights

PSF Stock Index Portfolio—Class I

	Year Ended December 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	87.66		$	74.24		$	56.64		$	59.38		$	50.70
Income (Loss) From Investment Operations:
Net investment income (loss)		1.06			1.12			1.12			1.00			0.92
Net realized and unrealized gain (loss) on investment transactions		23.73			12.30			16.48			(3.74	)		9.75
Total from investment operations		24.79			13.42			17.60			(2.74	)		10.67
Less Dividends and Distributions		—			—			—			—			(1.99	)
Net Asset Value, end of year	$	112.45		$	87.66		$	74.24		$	56.64		$	59.38
Total Return(b)		28.28	%		18.08	%		31.07	%		(4.61	)%		21.46	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	7,244		$	5,620		$	4,757		$	3,672		$	3,928
Average net assets (in millions)	$	6,427		$	4,802		$	4,298		$	4,051		$	3,630
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29	%		0.31	%		0.31	%		0.31	%		0.32	%
Expenses before waivers and/or expense reimbursement		0.29	%		0.31	%		0.31	%		0.31	%		0.32	%
Net investment income (loss)		1.06	%		1.50	%		1.69	%		1.63	%		1.69	%
Portfolio turnover rate(d)		2	%		4	%		3	%		4	%		4	%

PSF Stock Index Portfolio—Class III

	April 26, 2021(e) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	97.90
Income (Loss) From Investment Operations:
Net investment income (loss)			0.54
Net realized and unrealized gain (loss) on investment transactions			13.82
Total from investment operations			14.36
Net Asset Value, end of period		$	112.26
Total Return(b)			14.67	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	17
Average net assets (in millions)		$	7
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement			0.54	%(f)
Expenses before waivers and/or expense reimbursement			0.54	%(f)
Net investment income (loss)			0.74	%(f)
Portfolio turnover rate(d)			2	%

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

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

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

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

(e) Commencement of offering.

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

SEE NOTES TO FINANCIAL STATEMENTS.

B23

NOTES TO FINANCIAL STATEMENTS OF

THE PRUDENTIAL SERIES FUND

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.

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,

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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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios’ foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

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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 exchange rate as of the valuation date;

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

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends

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and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. 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

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basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Inflation Swaps: Certain Portfolios entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Portfolios to interest rate risk.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap

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agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

Bank Loans: Certain Portfolios invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

Repurchase Agreements: Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

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Master Netting Arrangements: The Series Fund, on behalf of certain Portfolios, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolios to cover the Portfolios’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio’s custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

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.

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Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining 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 Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. For Portfolios with multiple classes of shares, net investment income or loss (other than administration and distribution fees which are charged directly to the respective class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

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Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s shareholders (participating insurance companies). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

Distributions: Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Series Fund, on behalf of the Portfolios, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment management services and supervises the subadviser’s 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”), PGIM Quantitative Solutions LLC (formerly known as QMA LLC) (“PGIM Quantitative Solutions”) (a wholly-owned subsidiary of PGIM, Inc.), T. Rowe Price Associates, Inc. (“T.Rowe”) and William Blair & Co. LLC (“William Blair”) (collectively, the “subadviser”), under which each provides investment advisory services for certain Portfolios of the Series Fund. The Manager pays for the services of the subadviser, 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			0.79	**
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			0.53	*****
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

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Portfolio	Management Fee	Effective Management Fee, Net of Waiver, if Applicable
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 year ended December 31, 2021, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $2,289,340, 0.26% of the Government Money Market Portfolio’s averaged daily net assets.

***** 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.

****** Effective July 1, 2021, 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 0.97% 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 December 31, 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; PGIM Quantitative Solutions; 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 & PGIM Quantitative Solutions
PSF PGIM Flexible Managed Portfolio	PFI; PGIM Limited & PGIM Quantitative Solutions
PSF PGIM Government Income Portfolio	PFI
PSF PGIM Government Money Market Portfolio	PFI
PSF PGIM High Yield Bond Portfolio	PFI & PGIM Limited
PSF PGIM Jennison Blend Portfolio	Jennison

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Portfolio	Subadviser(s)
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	PGIM Quantitative Solutions
PSF Small-Cap Value Portfolio	GSAM
PSF Stock Index Portfolio	PGIM Quantitative Solutions

The Series Fund, on behalf of the Portfolios, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class I, Class II and Class III shares of the Portfolios. The Portfolios compensate PIMS for distributing and servicing the Portfolios’ Class II and Class III shares pursuant to a plan of distribution (the “Class II Plan” and “Class III Plan”, together, the Plans), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class I shares of the Portfolios. Pursuant to the Plans, the Class II and Class III shares of each Portfolio compensate PIMS for distribution-related activities at an annual rate of 0.25% of the average daily net assets of the Class II and Class III shares. In order to support the Portfolio’s income yield, PIMS has voluntarily undertaken to waive the distribution and service (12b-1) fees of the Government Money Market Portfolio Class III shares, respectively, such that the 1-day income yield (excluding capital gain (loss)) does not fall below 0.00%.

The Series Fund has an administration agreement with the Manager, which acts as the administrator of the Class II shares of the Portfolios. The administration fee paid to the Manager is accrued daily and payable monthly, at the annual rate of 0.15% of the average daily net assets of the Class II shares.

The Series Fund, on behalf of the Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the year ended December 31, 2021, brokerage commission recaptured under these agreements was as follows:

Portfolio	Amount
PSF Global Portfolio	$	34,687
PSF International Growth Portfolio		4,286
PSF Mid-Cap Growth Portfolio		3,524
PSF PGIM Jennison Blend Portfolio		93,993
PSF PGIM Jennison Focused Blend Portfolio		3,414
PSF PGIM Jennison Growth Portfolio		58,265
PSF PGIM Jennison Value Portfolio		18,462

PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent 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

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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 year ended December 31, 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.

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		$253,438
PSF International Growth Portfolio		13,625
PSF Natural Resources Portfolio		12,726
PSF PGIM 50/50 Balanced Portfolio		23,037
PSF PGIM Flexible Managed Portfolio		58,563
PSF PGIM High Yield Bond Portfolio		545
PSF PGIM Jennison Focused Blend Portfolio		19,332
PSF PGIM Jennison Value Portfolio		582
PSF Small-Cap Stock Index Portfolio		771
PSF Small-Cap Value Portfolio		37

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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		$  79,084
PSF International Growth Portfolio		25,312
PSF Natural Resources Portfolio		103,323
PSF PGIM 50/50 Balanced Portfolio		13,928
PSF PGIM Jennison Blend Portfolio		116,956
PSF PGIM Jennison Growth Portfolio		164,769
PSF PGIM Jennison Value Portfolio		4,154
PSF Small-Cap Value Portfolio		1,302

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 year ended December 31, 2021, were as follows:

Portfolio	Cost of Purchases		Proceeds from Sales
PSF Global Portfolio	$	301,194,312	$	395,220,909
PSF International Growth Portfolio		28,878,173		36,265,538
PSF Mid-Cap Growth Portfolio		185,153,401		184,871,100
PSF Natural Resources Portfolio		333,153,702		353,432,212
PSF PGIM 50/50 Balanced Portfolio		1,643,412,230		1,825,051,828
PSF PGIM Flexible Managed Portfolio		5,296,904,428		5,572,887,440
PSF PGIM Government Income Portfolio		432,848,251		466,507,148
PSF PGIM High Yield Bond Portfolio		261,356,789		252,256,051
PSF PGIM Jennison Blend Portfolio		1,729,577,717		2,164,483,647
PSF PGIM Jennison Focused Blend Portfolio		147,026,856		168,438,553
PSF PGIM Jennison Growth Portfolio		1,384,840,744		1,620,884,183
PSF PGIM Jennison Value Portfolio		257,278,415		370,637,865
PSF PGIM Total Return Bond Portfolio		474,073,462		542,499,635
PSF Small-Cap Stock Index Portfolio		174,925,995		215,312,566
PSF Small-Cap Value Portfolio		214,530,910		203,195,439
PSF Stock Index Portfolio		250,788,093		129,100,095

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended December 31, 2021, is presented as follows:

PSF Global Portfolio

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$    26,392,925	$	241,332,695	$	234,082,933	$	—		$	—		$	33,642,687		33,642,687	$	37,078
PGIM Institutional Money Market Fund(1)(b)(wa)
17,555,978		357,102,274		356,876,177		(1,128	)		(7,918	)		17,773,029		17,785,479		18,308	(2)
$    43,948,903	$	598,434,969	$	590,959,110	$	(1,128	)	$	(7,918	)	$	51,415,716			$	55,386

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PSF International Growth Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$             979,546	$	15,101,161	$	15,478,213	$	—		$	—		$	602,494		602,494	$	1,072
PGIM Institutional Money Market Fund(1)(b)(wa)
5,979,911		37,688,518		42,298,359		(4,180	)		3,188			1,369,078		1,370,037		2,306	(2)
$          6,959,457	$	52,789,679	$	57,776,572	$	(4,180	)	$	3,188		$	1,971,572			$	3,378
PSF Mid-Cap Growth Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$          4,451,129	$	86,104,749	$	84,024,743	$	—		$	—		$	6,531,135		6,531,135	$	10,006
PGIM Institutional Money Market Fund(1)(b)(wa)
37,675,892		333,421,549		340,090,247		(4,232	)		(6,880	)		30,996,082		31,017,795		23,191	(2)
$        42,127,021	$	419,526,298	$	424,114,990	$	(4,232	)	$	(6,880	)	$	37,527,217			$	33,197
PSF Natural Resources Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$          1,121,990	$	149,065,418	$	147,881,936	$	—		$	—		$	2,305,472		2,305,472	$	4,001
PGIM Institutional Money Market Fund(1)(b)(wa)
36,621,121		401,857,321		415,085,441		(1,065	)		(5,989	)		23,385,947		23,402,328		21,798	(2)
$        37,743,111	$	550,922,739	$	562,967,377	$	(1,065	)	$	(5,989	)	$	25,691,419			$	25,799
PSF PGIM 50/50 Balanced Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$      386,462,547	$	628,786,523	$	651,850,559	$	—		$	—		$	363,398,511		363,398,511	$	484,263
PGIM Institutional Money Market Fund(1)(b)(wa)
72,964,955		436,845,054		474,266,423		(23,300	)		12,763			35,533,049		35,557,940		33,122	(2)
$      459,427,502	$	1,065,631,577	$	1,126,116,982	$	(23,300	)	$	12,763		$	398,931,560			$	517,385

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PSF PGIM Flexible Managed Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$      353,385,879	$	1,060,514,449	$	1,110,059,692	$	—		$	—		$	303,840,636		303,840,636	$	398,720
PGIM Institutional Money Market Fund(1)(b)(wa)
41,097,233		442,581,663		438,150,871		(11,193	)		(976	)		45,515,856		45,547,739		26,839(2	)
$      394,483,112	$	1,503,096,112	$	1,548,210,563	$	(11,193	)	$	(976	)	$	349,356,492			$	425,559
PSF PGIM Government Income Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$        33,734,048	$	101,496,786	$	127,310,985	$	—		$	—		$	7,919,849		7,919,849	$	15,877
PGIM Institutional Money Market Fund(1)(b)(wa)
—		70,452,299		70,449,950		—			(2,349	)		—		—		3,172(2	)
$        33,734,048	$	171,949,085	$	197,760,935	$	—		$	(2,349	)	$	7,919,849			$	19,049
PSF PGIM High Yield Bond Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$        15,920,182	$	126,080,748	$	111,975,071	$	—		$	—		$	30,025,859		30,025,859	$	28,155
PGIM Institutional Money Market Fund(1)(b)(wa)
130,341,153		545,608,602		502,930,091		(4,005	)		(36,684	)		172,978,975		173,100,145		86,437(2	)
$      146,261,335	$	671,689,350	$	614,905,162	$	(4,005	)	$	(36,684	)	$	203,004,834			$	114,592
PSF PGIM Jennison Blend Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$        34,536,497	$	889,364,039	$	827,051,638	$	—		$	—		$	96,848,898		96,848,898	$	76,374
PGIM Institutional Money Market Fund(1)(b)(wa)
509,328,849		1,981,119,237		2,366,185,047		(59,699	)		14,239			124,217,579		124,304,592		162,842(2	)
$      543,865,346	$	2,870,483,276	$	3,193,236,685	$	(59,699	)	$	14,239		$	221,066,477			$	239,216

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PSF PGIM Jennison Focused Blend Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$            3,948,214	$	51,951,450	$	52,633,613	$	—		$	—		$	3,266,051		3,266,051	$	3,539
PGIM Institutional Money Market Fund(1)(b)(wa)
13,233,266		130,236,963		139,801,570		(1	)		(813	)		3,667,845		3,670,415		5,869(2	)
$          17,181,480	$	182,188,413	$	192,435,183	$	(1	)	$	(813	)	$	6,933,896			$	9,408
PSF PGIM Jennison Growth Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$               573,256	$	679,661,380	$	663,308,534	$	—		$	—		$	16,926,102		16,926,102	$	16,309
PGIM Institutional Money Market Fund(1)(b)(wa)
339,841,014		1,639,954,448		1,915,157,600		(8,448	)		(26,031	)		64,603,383		64,648,637		107,004(2	)
$        340,414,270	$	2,319,615,828	$	2,578,466,134	$	(8,448		$	(26,031	)	$	81,529,485			$	123,313
PSF PGIM Jennison Value Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$            5,147,064	$	181,005,101	$	140,749,560	$	—		$	—		$	45,402,605		45,402,605	$	19,006
PGIM Institutional Money Market Fund(1)(b)(wa)
29,095,213		391,580,125		403,978,058		(4,755	)		2,408			16,694,933		16,706,627		15,451(2	)
$          34,242,277	$	572,585,226	$	544,727,618	$	(4,755	)	$	2,408		$	62,097,538			$	34,457
PSF PGIM Total Return Bond Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$          14,079,089	$	404,090,685	$	407,350,172	$	—		$	—		$	10,819,602		10,819,602	$	40,278
PGIM Institutional Money Market Fund(1)(b)(wa)
44,065,963		246,205,328		251,645,886		(3,038	)		(6,817	)		38,615,550		38,642,600		26,283(2	)
$          58,145,052	$	650,296,013	$	658,996,058	$	(3,038	)	$	(6,817	)	$	49,435,152			$	66,561

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PSF Small-Cap Stock Index Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$        1,916,230	$	93,060,007	$	91,220,897	$	—		$	—		$	3,755,340		3,755,340	$	4,879
PGIM Institutional Money Market Fund(1)(b)(wa)
153,807,687		796,955,987		752,819,933		(24,346	)		(25,792	)		197,893,603		198,032,226		105,093	(2)
$    155,723,917	$	890,015,994	$	844,040,830	$	(24,346	)	$	(25,792	)	$	201,648,943			$	109,972
PSF Small-Cap Value Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$        4,141,818	$	63,122,629	$	61,616,429	$	—		$	—		$	5,648,018		5,648,018	$	5,110
PGIM Institutional Money Market Fund(1)(b)(wa)
18,138,979		163,607,596		154,091,104		(2,206	)		(3,268	)		27,649,997		27,669,365		12,609	(2)
$      22,280,797	$	226,730,225	$	215,707,533	$	(2,206	)	$	(3,268	)	$	33,298,015			$	17,719
PSF Stock Index Portfolio
Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$   110,777,275	$	265,283,153	$	231,492,948	$	—		$	—		$	144,567,480		144,567,480	$	167,751
PGIM Institutional Money Market Fund(1)(b)(wa)
215,854,846		2,710,551,206		2,671,232,125		(11,492	)		(47,221	)		255,115,214		255,293,920		143,230	(2)
$   326,632,121	$	2,975,834,359	$	2,902,725,073	$	(11,492	)	$	(47,221	)	$	399,682,694			$	310,981

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

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

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership’s income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio’s adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Manager has analyzed the Portfolios’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31,

C17

2021 are subject to such review.

7. Borrowings

The Series Fund, on behalf of the Portfolios, (excluding the Government Money Market Portfolio), along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	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 year ended December 31, 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 December 31, 2021
PSF Global Portfolio	$	29,831,667	1.41%	3	$	40,063,000	$—
PSF International Growth Portfolio		428,250	1.40	8		524,000	—
PSF Natural Resources Portfolio		1,617,158	1.40	19		13,779,000	—
PSF PGIM Jennison Focused Blend Portfolio		292,769	1.41	26		612,000	—
PSF PGIM Jennison Growth Portfolio		893,786	1.39	14		2,931,000	—
PSF Small-Cap Stock Index Portfolio		278,714	1.41	7		439,000	—

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust’s Board of Trustees to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios. The Portfolios offer Class I shares and certain Portfolios offer Class II and/or Class III shares. All share classes are not subject to any sales charge or redemption charge and are sold at the net asset value of the Portfolio. Class I and Class III shares are sold only to certain separate accounts of Prudential to fund benefits under certain variable life insurance and variable annuity contracts (“contracts”). Class II shares are sold only to separate accounts of non-Prudential insurance companies as investment options under certain contracts. Class I shares are also offered to separate accounts of non-affiliated insurers for which Prudential or its affiliates administer and/or reinsure the variable life insurance or variable annuity contracts issued in connection with the separate accounts. The separate accounts invest in shares of the Portfolios through subaccounts that correspond to the Portfolios. The separate accounts will redeem shares of the Portfolios to the extent necessary to provide benefits under the contracts or for such other purposes as may be consistent with the contracts.

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As of December 31, 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		26,726,710	100.0%
PSF Global Portfolio–Class III		3,297	100.0
PSF International Growth Portfolio–Class I		7,835,315	100.0
PSF Mid-Cap Growth Portfolio–Class I		13,858,546	100.0
PSF Mid-Cap Growth Portfolio–Class III		25,467	100.0
PSF Natural Resources Portfolio–Class I		12,219,576	100.0
PSF Natural Resources Portfolio–Class III		28,613	100.0
PSF PGIM 50/50 Balanced Portfolio–Class I		73,017,679	100.0
PSF PGIM 50/50 Balanced Portfolio–Class III		67,274	100.0
PSF PGIM Flexible Managed Portfolio–Class I		112,550,776	100.0
PSF PGIM Flexible Managed Portfolio–Class III		45,575	100.0
PSF PGIM Government Income Portfolio–Class I		15,876,046	100.0
PSF PGIM Government Income Portfolio–Class III		23,249	100.0
PSF PGIM Government Money Market Portfolio–Class I		72,451,658	99.9
PSF PGIM Government Money Market Portfolio–Class III		14,399,507	100.0
PSF PGIM High Yield Bond Portfolio–Class I		84,276,487	100.0
PSF PGIM High Yield Bond Portfolio–Class III		857,173	100.0
PSF PGIM Jennison Blend Portfolio–Class I		65,033,111	100.0
PSF PGIM Jennison Blend Portfolio–Class III		6,534	100.0
PSF PGIM Jennison Focused Blend Portfolio–Class I		1,669,286	100.0
PSF PGIM Jennison Focused Blend Portfolio–Class III		7,207	100.0
PSF PGIM Jennison Growth Portfolio–Class I		24,112,913	100.0
PSF PGIM Jennison Growth Portfolio–Class III		32,033	100.0
PSF PGIM Jennison Value Portfolio–Class I		34,551,628	100.0
PSF PGIM Jennison Value Portfolio–Class III		21,457	100.0
PSF PGIM Total Return Bond Portfolio–Class I		81,637,086	98.5
PSF PGIM Total Return Bond Portfolio–Class III		350,850	100.0
PSF Small-Cap Stock Index Portfolio–Class I		16,976,632	100.0
PSF Small-Cap Stock Index Portfolio–Class III		101,920	100.0
PSF Small-Cap Value Portfolio–Composite		8,951,083	100.0
PSF Stock Index Portfolio–Class I		64,423,330	100.0
PSF Stock Index Portfolio–Class III		149,371	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	96.0	—	—
PSF Mid-Cap Growth Portfolio	2	99.5	—	—
PSF Natural Resources Portfolio	2	91.6	—	—
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	—	—

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	Affiliated		Unaffiliated
Portfolio	Number of   Shareholders	Percentage of   Outstanding Shares	Number of   Shareholders	Percentage of   Outstanding Shares
PSF PGIM High Yield Bond Portfolio	3	100.0%	—	—%
PSF PGIM Jennison Blend Portfolio	3	99.9	—	—
PSF PGIM Jennison Focused Blend Portfolio	1	37.0	2	53.0
PSF PGIM Jennison Growth Portfolio	2	93.3	—	—
PSF PGIM Jennison Value Portfolio	2	95.0	—	—
PSF PGIM Total Return Bond Portfolio	3	98.5	—	—
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
Year ended December 31, 2021:
Portfolio shares sold		331,454		$	17,649,681
Portfolio shares purchased		(2,257,822	)		(119,301,279	)
Net increase (decrease) in shares outstanding		(1,926,368	)	$	(101,651,598	)
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 December 31, 2021*:
Portfolio shares sold		3,343		$	183,467
Portfolio shares purchased		(46	)		(2,584	)
Net increase (decrease) in shares outstanding		3,297		$	180,883

* Commencement of offering was April 26, 2021.

PSF International Growth Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		359,564		$	4,743,560
Portfolio shares purchased		(940,090	)		(12,606,473	)
Net increase (decrease) in shares outstanding		(580,526	)	$	(7,862,913	)
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	)

C20

Class II:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		2,361		$	28,072
Portfolio shares purchased		(3,040	)		(36,623	)
Net increase (decrease) in shares outstanding		(679	)	$	(8,551	)
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
Year ended December 31, 2021:
Portfolio shares sold		1,190,070		$	35,467,558
Portfolio shares purchased		(1,135,400	)		(33,097,114	)
Net increase (decrease) in shares outstanding		54,670		$	2,370,444
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:
Year ended December 31, 2021:
Portfolio shares sold		677		$	18,164
Portfolio shares purchased		(3,764	)		(102,738	)
Net increase (decrease) in shares outstanding		(3,087	)	$	(84,574	)
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 December 31, 2021*:
Portfolio shares sold		29,340		$	895,852
Portfolio shares purchased		(3,873	)		(119,380	)
Net increase (decrease) in shares outstanding		25,467		$	776,472

* Commencement of offering was April 26, 2021.

PSF Natural Resources Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		219,073		$	7,070,025
Portfolio shares purchased		(872,875	)		(27,855,013	)
Net increase (decrease) in shares outstanding		(653,802	)	$	(20,784,988	)
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	)

C21

Class II:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		499,553		$	16,209,593
Portfolio shares purchased		(956,397	)		(28,344,054	)
Net increase (decrease) in shares outstanding		(456,844	)	$	(12,134,461	)
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 December 31, 2021*:
Portfolio shares sold		30,066		$	1,009,154
Portfolio shares purchased		(1,453	)		(48,949	)
Net increase (decrease) in shares outstanding		28,613		$	960,205

* Commencement of offering was April 26, 2021.

PSF PGIM 50/50 Balanced Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		382,552		$	14,110,839
Portfolio shares purchased		(4,825,082	)		(179,267,581	)
Net increase (decrease) in shares outstanding		(4,442,530	)	$	(165,156,742	)
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 December 31, 2021*:
Portfolio shares sold		67,888		$	2,606,087
Portfolio shares purchased		(614	)		(23,805	)
Net increase (decrease) in shares outstanding		67,274		$	2,582,282

* Commencement of offering was April 26, 2021.

PSF PGIM Flexible Managed Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		205,431		$	8,283,511
Portfolio shares purchased		(6,737,839	)		(277,035,778	)
Net increase (decrease) in shares outstanding		(6,532,408	)	$	(268,752,267	)
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	)

C22

Class III:	Shares		Amount
Period ended December 31, 2021*:
Portfolio shares sold		46,517	$	1,981,439
Portfolio shares purchased		(942)		(40,576	)
Net increase (decrease) in shares outstanding		45,575	$	1,940,863

* Commencement of offering was April 26, 2021.

PSF PGIM Government Income Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		241,234		$	3,421,573
Portfolio shares purchased		(1,340,149	)		(19,017,186	)
Net increase (decrease) in shares outstanding		(1,098,915	)	$	(15,595,613	)
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 December 31, 2021*:
Portfolio shares sold		25,257		$	358,644
Portfolio shares purchased		(2,008	)		(28,305	)
Net increase (decrease) in shares outstanding		23,249		$	330,339

* Commencement of offering was April 26, 2021.

PSF PGIM Government Money Market Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		81,112,748		$	811,127,478
Shares issued in reinvestment of dividends and distributions		33,163			331,630
Portfolio shares purchased		(87,878,545	)		(878,785,449	)
Net increase (decrease) in shares outstanding		(6,732,634	)	$	(67,326,341	)
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
Class III:
Year ended December 31, 2021:
Portfolio shares sold		30,778,884		$	307,788,840
Shares issued in reinvestment of dividends and distributions		5,015			50,145
Portfolio shares purchased		(22,945,609	)		(229,456,084	)
Net increase (decrease) in shares outstanding		7,838,290		$	78,382,901
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

C23

* Commencement of offering was May 18, 2020.

PSF PGIM High Yield Bond Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		4,381,297		$	28,424,104
Portfolio shares purchased		(5,718,074	)		(37,023,011	)
Net increase (decrease) in shares outstanding		(1,336,777	)	$	(8,598,907	)
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 December 31, 2021*:
Portfolio shares sold		859,765		$	5,649,840
Portfolio shares purchased		(2,592	)		(17,094	)
Net increase (decrease) in shares outstanding		857,173		$	5,632,746

* Commencement of offering was April 26, 2021.

PSF PGIM Jennison Blend Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		90,980		$	8,234,342
Portfolio shares purchased		(4,653,123	)		(419,514,499	)
Net increase (decrease) in shares outstanding		(4,562,143	)	$	(411,280,157	)
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	)
Class II:
Year ended December 31, 2021:
Portfolio shares sold		61		$	5,684
Portfolio shares purchased		(789	)		(70,000	)
Net increase (decrease) in shares outstanding		(728	)	$	(64,316	)
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 December 31, 2021*:
Portfolio shares sold		6,859		$	653,908
Portfolio shares purchased		(325	)		(31,592	)
Net increase (decrease) in shares outstanding		6,534		$	622,316

* Commencement of offering was April 26, 2021.

C24

PSF PGIM Jennison Focused Blend Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		112,213		$	6,197,482
Portfolio shares purchased		(182,627	)		(9,978,651	)
Net increase (decrease) in shares outstanding		(70,414	)	$	(3,781,169	)
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:
Year ended December 31, 2021:
Portfolio shares sold		100,289		$	5,001,130
Portfolio shares purchased		(501,661	)		(25,677,194	)
Net increase (decrease) in shares outstanding		(401,372	)	$	(20,676,064	)
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 December 31, 2021*:
Portfolio shares sold		7,937		$	449,314
Portfolio shares purchased		(730	)		(43,373	)
Net increase (decrease) in shares outstanding		7,207		$	405,941

* Commencement of offering was April 26, 2021.

PSF PGIM Jennison Growth Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		371,490		$	51,653,348
Portfolio shares purchased		(1,829,415	)		(250,644,681	)
Net increase (decrease) in shares outstanding		(1,457,925	)	$	(198,991,333	)
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:
Year ended December 31, 2021:
Portfolio shares sold		85,254		$	10,983,966
Portfolio shares purchased		(228,495	)		(29,813,406	)
Net increase (decrease) in shares outstanding		(143,241	)	$	(18,829,440	)
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	)

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Class III:	Shares			Amount
Period ended December 31, 2021*:
Portfolio shares sold		32,717		$	4,680,073
Portfolio shares purchased		(684	)		(97,809	)
Net increase (decrease) in shares outstanding		32,033		$	4,582,264

* Commencement of offering was April 26, 2021.

PSF PGIM Jennison Value Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		360,683		$	15,523,453
Portfolio shares purchased		(2,588,306	)		(111,797,897	)
Net increase (decrease) in shares outstanding		(2,227,623	)	$	(96,274,444	)
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:
Year ended December 31, 2021:
Portfolio shares sold		8,558		$	364,878
Portfolio shares purchased		(25,793	)		(1,096,740	)
Net increase (decrease) in shares outstanding		(17,235	)	$	(731,862	)
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
Class III:
Period ended December 31, 2021*:
Portfolio shares sold		21,731		$	984,337
Portfolio shares purchased		(274	)		(12,866	)
Net increase (decrease) in shares outstanding		21,457		$	971,471

* Commencement of offering was April 26, 2021.

PSF PGIM Total Return Bond Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		6,877,466		$	106,051,566
Portfolio shares purchased		(5,936,458	)		(92,126,262	)
Net increase (decrease) in shares outstanding		941,008		$	13,925,304
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

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Class III:	Shares			Amount
Period ended December 31, 2021*:
Portfolio shares sold		362,146		$	5,648,820
Portfolio shares purchased		(11,296	)		(176,793	)
Net increase (decrease) in shares outstanding		350,850		$	5,472,027

* Commencement of offering was April 26, 2021.

PSF Small-Cap Stock Index Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		333,605		$	18,823,948
Portfolio shares purchased		(1,322,121	)		(75,335,373	)
Net increase (decrease) in shares outstanding		(988,516	)	$	(56,511,425	)
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 December 31, 2021*:
Portfolio shares sold		103,297		$	6,045,150
Portfolio shares purchased		(1,377	)		(80,690	)
Net increase (decrease) in shares outstanding		101,920		$	5,964,460

* Commencement of offering was April 26, 2021.

PSF Stock Index Portfolio

Class I:	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		3,091,067		$	309,426,880
Portfolio shares purchased		(2,782,213	)		(276,133,548	)
Net increase (decrease) in shares outstanding		308,854		$	33,293,332
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 December 31, 2021:
Portfolio shares sold		150,911		$	15,703,185
Portfolio shares purchased		(1,540	)		(165,377	)
Net increase (decrease) in shares outstanding		149,371		$	15,537,808

* 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.

Adjustable and Floating-Rate Securities Risk: The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Variable and floating-rate bonds are subject to credit

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risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

Asset-Backed and/or Mortgage-Backed Securities Risk: Asset-backed and mortgage-backed securities are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to “subprime” borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

Asset Transfer Program Risk (applicable to PSF International Growth Portfolio only): Pre-determined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser’s ability to fully implement the Portfolio’s investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

Blend Style Risk: The Portfolio’s blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio’s assessment of market conditions or a company’s value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the overall Portfolio to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Commodity Risk: The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Derivatives Risk: A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may

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reduce or eliminate gains; and the price of commodity-linked derivatives may be more volatile than the prices of traditional equity and debt securities.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in periods of unusually high volatility in a market or a segment of a market, which could negatively impact performance. Reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of non-U.S. investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the Manager or a Portfolio’s Subadviser(s) to evaluate local companies or their potential impact on a Portfolio’s performance. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility and valuation difficulties. Regulatory regimes outside of the U.S. may not require or enforce corporate governance standards comparable to that of the U.S., which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors.

Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with 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 and Equity-Related Securities Risk: From time to time, a Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants.

Equity Securities Risk: The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer’s financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

Exchange-Traded Funds (ETF) Risk: An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies and policies. In addition, the market price of an ETF’s shares may trade above or below its net asset value and there may not be an active trading market for an ETF’s shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

Expense Risk: The actual cost of investing in the Portfolio may be higher than the expenses shown in the “Annual Portfolio Operating Expenses” table in the Portfolio’s prospectus for a variety of reasons, including, for example, if the Portfolio’s average net assets decrease.

Fixed Income Securities Risk: Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio’s investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio’s investment in fixed income securities will go down in value. Risks associated with changing interest rates are currently heightened because any increase or decrease may be sudden and significant, with unpredictable effects on the markets and the Portfolio’s investments. Changes in interest rates may also affect the liquidity of the Portfolio’s investments in fixed income securities.

Focus Risk: The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio’s performance may be more sensitive to a small group of related holdings and adverse developments in such areas

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than a portfolio more broadly invested, although the increasing interconnectivity between economies and financial markets throughout the world increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Foreign Investment Risk: Investments in foreign securities generally involve more risk than investments in securities of U.S. issuers, including: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, U.S. markets; foreign financial reporting standards usually differ from those in the U.S.; foreign exchanges are often less liquid than U.S. markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including interruptions in the global supply chain, natural disasters and outbreaks of infectious diseases.

High Yield Risk: Investments in fixed income securities rated below investment grade and unrated securities of similar credit quality (i.e., high yield securities or junk bonds) may be more sensitive to interest rate, credit, call and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics.

Index Tracking Risk: The Portfolio’s ability to track the performance and/or holdings and weightings of an index with a high degree of correlation may be affected by, among other things, transaction costs and shareholder purchases and redemptions.

Interest Rate Risk: The value of your investment may go down when interest rates rise. Arise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio’s holdings may fall sharply. This is referred to as “extension risk.” The Portfolio currently faces a heightened level of interest rate risk because interest rates in the U.S. are at or near historic lows. Interest rates may begin to increase in the future, possibly suddenly and significantly, with unpredictable effects on the markets and the Portfolio’s investments. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Investment Style Risk: Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

Large Company Risk: Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

Leverage Risk: Using leverage, the investment of borrowed cash, may amplify the Portfolio’s gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

Liquidity and Valuation Risk: The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio’s net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to guidelines established by the Trust’s Board of Trustees. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

Market and Management Risk: Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably. Investment techniques, risk analyses and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. The value of the Portfolio’s investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, environmental disasters, natural disasters or events, political or civil instability, and public health emergencies (such as the spread of infectious diseases, pandemics, or epidemics), among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines,

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and significantly adversely impact the economy. There is no guarantee that the investment objective of the Portfolio will be achieved.

Market Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment. Because the Portfolio may invest a portion of its assets in securities issued by small-cap companies, it is likely to be more volatile than a portfolio that focuses on securities issued by larger companies. Small-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, smaller companies are typically more sensitive to changes in overall economic conditions and their securities may be difficult to trade.

Portfolio Turnover Risk: A Subadviser generally does not consider the length of time a Portfolio has held a particular security in making investment decisions. In fact, a Subadviser may engage in active and frequent trading on behalf of a Portfolio—that is, frequent trading of its securities—in order to take advantage of new investment opportunities or yield differentials. A Portfolio’s turnover rate may be higher than that of other mutual funds due to a Subadviser’s investment strategies and the above-referenced asset transfer programs. Portfolio turnover generally involves some expense to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

Prepayment or Call Risk: Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

Quantitative Model Risk: The Portfolio and certain Underlying Portfolios, if applicable, may use quantitative models as part of its investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance.

Real Estate Risk: Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify with favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.

Regulatory Risk: The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the SEC, and depending on the Portfolio, the Commodity Futures Trading Commission. Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector or market.

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 and liquidity of these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies.

U.S. Government Securities Risk: U.S. Government securities may be adversely affected by changes in interest rates, a default by, or decline in the credit quality of, the U.S. Government, and may not be backed by the full faith and credit of the U.S. Government.

Yield Risk: The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio’s expenses could absorb all or a significant portion of the Portfolio’s income. If interest rates increase, the Portfolio’s yield may not increase proportionately. For example, the Portfolio’s investment manager may discontinue any temporary voluntary fee limitation.

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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. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

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

11. Subsequent Event

On September 20-22, 2021, the Board of the Advanced Series Trust and the Prudential Series Fund approved the reorganization (the “Reorganization”) of AST BlackRock Corporate Bond Portfolio, AST PIMCO Corporate Bond Portfolio, AST Prudential Corporate Bond Portfolio, AST T. Rowe Price Corporate Bond Portfolio and AST Western Asset Corporate Bond Portfolio (the “Target Portfolios”) into PSF PGIM Total Return Bond Portfolio (the “Acquiring Portfolio”). The shareholders of the Target Portfolios approved the Reorganization at a meeting on January 5, 2022 and the Reorganization took place at the close of business on February 11, 2022.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Prudential Series Fund and Shareholders of 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 and PSF Stock Index Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 and PSF Stock Index Portfolio (constituting Prudential Series Fund, hereafter collectively referred to as the “Portfolios”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2021, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the periods indicated therein ended on or subsequent to December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of 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 Growth Portfolio, PSF PGIM Jennison Value Portfolio, PSF PGIM Total Return Bond Portfolio, PSF Small-Cap Stock Index Portfolio, PSF Small-Cap Value Portfolio and PSF Stock Index Portfolio as of and for the year ended December 31, 2019 and the financial highlights for each of the periods ended on or prior to December 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose reports dated February 14, 2020 expressed unqualified opinions on those financial statements and financial highlights.

The financial statements of PSF PGIM Jennison Focused Blend Portfolio as of and for the year ended December 31, 2019 and the financial highlights for each of the periods ended on or prior to December 31, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 12, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

D1

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 17, 2022

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

D2

INFORMATION ABOUT TRUSTEES AND OFFICERS

Information about the Trustees and the officers of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the 1940 Act, are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” The Trustees oversee the operations of the Trust and appoint officers who are responsible for day-to-day business decisions based on policies set by the Board.

Independent Trustees
Name Year of Birth No. of Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held	Length of Board Service
Susan Davenport Austin 1967 No. of Portfolios Overseen: 90	Chief Financial Officer of Grace Church School (Since September 2019); President, Candide Business Advisors, Inc. (Since 2011); formerly Senior Managing Director of Brock Capital (2014-2019); formerly Vice Chairman (2013 -2017), Senior Vice President and Chief Financial Officer (2007-2012) and Vice President of Strategic Planning and Treasurer (2002-2007) of Sheridan Broadcasting Corporation; formerly President of Sheridan Gospel Network (2004-2014).	Director of NextEra Energy Partners, LP (NYSE: NEP) (Since February 2015); Member of the Board of Directors, Hubbard Radio, LLC (Since 2011); formerly Chairman (2011-2014), formerly Presiding Director (2014-2017) and currently a Member (2007-present) of the Board of Directors, Broadcast Music, Inc.; formerly Member of the Board of Directors, The MacDowell Colony (2010 -2021).	Since February 2011
Sherry S. Barrat 1949 No. of Portfolios Overseen: 90	Formerly Vice Chairman of Northern Trust Corporation (financial services and banking institution) (2011–June 2012); formerly President, Personal Financial Services, Northern Trust Corporation (2006-2010); formerly Chairman & CEO, Western US Region, Northern Trust Corporation (1999-2005); formerly President &CEO, Palm Beach/Martin County Region, Northern Trust.	Lead Director of NextEra Energy, Inc. (NYSE: NEE) (since May 2020); Director of NextEra Energy, Inc. (since 1998); Director of Arthur J. Gallagher & Company (Since July 2013).	Since January 2013
Jessica M. Bibliowicz 1959 No. of Portfolios Overseen: 90	Chairman of the Board of Fellows of Weill Cornell Medicine (since 2014); Formerly Chief Executive Officer (1999-2013) of National Financial Partners (independent distributor of financial services products).	Formerly Director (2006-2019) of The Asia Pacific Fund, Inc.; Formerly Director of Sotheby’s (2014-2019) (auction house and art-related finance).	Since September 2014
Kay Ryan Booth 1950 No. of Portfolios Overseen: 90	Trinity Investors (Since September 2014); formerly, Managing Director of Cappello Waterfield &Co. LLC (2011-2014); formerly Vice Chair, Global Research, J.P.Morgan (financial services and investment banking institution) (June 2008 –January 2009); formerly Global Director of Equity Research, Bear Stearns &Co., Inc. (financial services and investment banking institution) (1995-2008); formerly Associate Director of Equity Research, Bear Stearns &Co., Inc. (1987-1995).	None.	Since January 2013
Stephen M. Chipman 1961 No. of Portfolios Overseen: 90	Formerly Group Managing Director, International Expansion and Regional Managing Director, Americas of Vistra (June 2018 –June 2019); formerly Chief Executive Officer and Director of Radius (2016-2018); formerly Senior Vice Chairman (January 2015-October 2015) and Chief Executive Officer (January 2010-December 2014) of Grant Thornton LLP.	Chairman of the Board of Auxadi Holdco, S.L. (Since February 2022); Non-Executive Director of Auxadi Holdco, S.L (Since November 2020); Non-Executive Director of Stout (Since January 2020); Formerly Non-Executive Director of Clyde &Co. (January 2020 –June 2021); Formerly Non-Executive Chairman (September 2019 –January 2021) of Litera Microsystems.	Since January 2018
Robert F. Gunia 1946 No. of Portfolios Overseen: 90	Director of ICI Mutual Insurance Company (June 2020 - present; June 2016-June 2019; June 2012-June 2015); formerly Chief Administrative Officer (September 1999-September 2009) and Executive Vice President (December 1996-September 2009) of PGIM Investments LLC; formerly Executive Vice President (March 1999-September 2009) and Treasurer (May 2000-September 2009) of Prudential Mutual Fund Services LLC; formerly President (April 1999-December 2008) and Executive Vice President and Chief Operating Officer (December 2008-December 2009) of Prudential Investment Management Services LLC; formerly Chief Administrative Officer, Executive Vice President and Director (May 2003-September 2009) of AST Investment Services, Inc.	Formerly Director (1989-2019) of The Asia Pacific Fund, Inc.	Since July 2003

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Independent Trustees
Name Year of Birth No. of Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held	Length of Board Service
Thomas M. O’Brien 1950 No. of Portfolios Overseen: 90	Chairman, Chief Executive Officer and President of Sterling Bancorp (Since June 2020); Chairman, Chief Executive Officer and President of Sterling Bank and Trust, F.S.B.; Formerly Vice Chairman of Emigrant Bank and President of its Naples Commercial Finance Division (October 2018–March 2020); formerly Director, President and CEO Sun Bancorp, Inc. N.A. (NASDAQ: SNBC) and Sun National Bank (July 2014-February 2018); formerly Consultant, Valley National Bancorp, Inc. and Valley National Bank (January 2012-June 2012); formerly President and COO (November 2006-April 2017) and CEO (April 2007-December 2011) of State Bancorp, Inc. and State Bank; formerly Vice Chairman (January 1997-April 2000) of North Fork Bank; formerly President and Chief Executive Officer (December 1984-December 1996) of North Side Savings Bank; formerly President and Chief Executive Officer (May 2000-June 2006) Atlantic Bank of New York.	Formerly Director, Sun Bancorp, Inc. N.A. (NASDAQ: SNBC) and Sun National Bank (July 2014-February 2018); formerly Director, BankUnited, Inc. and BankUnited N.A. (NYSE: BKU) (May 2012-April 2014); formerly Director (April 2008-January 2012) of Federal Home Loan Bank of New York; formerly Director (December 1996-May 2000) of North Fork Bancorporation, Inc.; formerly Director (May 2000-April 2006) of Atlantic Bank of New York; Director (November 2006 –January 2012) of State Bancorp, Inc. (NASDAQ: STBC) and State Bank of Long Island.	Since July 2003

Interested Trustee
Timothy S. Cronin 1965 Number of Portfolios Overseen: 90	Vice President of Prudential Annuities (Since May 2003); Senior Vice President of PGIM Investments LLC (Since May 2009); Chief Investment Officer and Strategist of Prudential Annuities (Since January 2004); Director of Investment &Research Strategy (Since February 1998); President of AST Investment Services, Inc. (Since March 2006).	None.	Since October 2009

Trust Officers(a)
Name Year of Birth Position with the Trust	Principal Occupation(s) During the Past Five Years	Length of Service as Trust Officer
Ken Allen 1969 Vice President	Vice President of Investment Management (since December 2009).	Since June 2019
Claudia DiGiacomo 1974 Chief Legal Officer and Assistant Secretary	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown &Wood LLP (1999-2004).	Since December 2005
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; formerly, Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2019
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since March 2021
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018

E2

Trust Officers(a)
Name Year of Birth Position with the Trust	Principal Occupation(s) During the Past Five Years	Length of Service as Trust Officer
Jonathan Corbett 1983 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since August 2019) of Prudential; formerly, Vice President and Head of Key Risk Areas Compliance (March 2016 to July 2019), Chief Privacy Officer (March 2016 to July 2019) and head of Global Financial Crimes Unit (April 2014 to March 2016) at MetLife.	Since October 2021
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett &Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte &Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Alina Srodecka, CPA 1966 Assistant Treasurer	Vice President of Tax at Prudential Financial, Inc. (Since August 2007); formerly Director of Tax at MetLife (January 2003 –May 2006); formerly Tax Manager at Deloitte &Touché (October 1997 –January 2003); formerly Staff Accountant at Marsh &McLennan (May 1994 –May 1997).	Since June 2017

^(a) Excludes Mr.Cronin, an Interested Trustee who also serves as President and Principal Executive Officer.

Explanatory Notes to Tables:

Trustees are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments and/or an affiliate of PGIM Investments. Timothy S. Cronin is an Interested Trustee because he is employed by an affiliate of the Manager.

Unless otherwise noted, the address of all Trustees and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102.

There is no set term of office for Trustees or Officers. The Independent Trustees have adopted a retirement policy, which calls for the retirement of Trustees on December 31 of the year in which they reach the age of 78, provided that the Board may extend the retirement age on a year-by-year basis for a Trustee.

As used in the Officer’s table, “Prudential” means The Prudential Insurance Company of America

“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

“No. of Portfolios Overseen” includes all investment companies managed by PGIM Investments and/or ASTIS that are overseen by the Trustee. The investment companies for which PGIM Investments and/or ASTIS serves as Manager include The Prudential Variable Contract Accounts, The Prudential Series Fund, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc., the PGIM Funds, the PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc. and PGIM Short Duration High Yield Opportunities Fund.

E3

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.

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.

©2022 Prudential Financial, Inc. and its related entities. PGIM Investments, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

PSF-AR-A

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Stephen Chipman, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended December 31, 2021, and December 31, 2020, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $550,500 and $550,500 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2021 and December 31, 2020, fees of $10,625 and $9,639 were billed to the Registrant for services rendered by PwC in connection with matters relating to foreign reclaims attestation were paid by Prudential Financial, Inc. and/or its affiliates.

For the fiscal year ended December 31, 2020, fees of $32,312 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

(c)Tax Fees

For the fiscal years ended December 31, 2021 and December 31, 2020: none.

(d) All Other Fees

For the fiscal years ended December 31, 2021 and December 31, 2020: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended December 31, 2021 and December 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2021 and December 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 registrant’s most recent fiscal quarter of 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 – Attached hereto as Exhibit EX-99.CODE-ETH.

(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:	February 17, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Timothy S. Cronin
	Timothy S. Cronin
	President and Principal Executive Officer
Date:	February 17, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	February 17, 2022

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) is established for the funds listed on Attachment A hereto (each a Fund” and together the “Funds”) pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission (“SEC”). The Code applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the “Covered Officers” each of whom are set forth in Exhibit B) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by a Fund;

• compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. A Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund’s investment adviser, principal underwriter, administrator, or other service providers to the Fund (together “Service Providers”), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Directors/Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds’ Chief Legal Officer or other senior legal officer, if material. Examples of these include:

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or employment relationship with, any of a Fund’s Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer:

• should familiarize himself with the disclosure requirements generally applicable to the Funds;

• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Directors/Trustees that he has received, read, and understands the Code;

• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the Code; and

• notify the Funds’ Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds’ Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

The Funds will follow the following procedures in investigating and enforcing this Code:

• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported to her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should be reviewed by a Fund’s Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund’s Board or Board Committee comprised of Independent Directors/Trustees;

• based upon its review of any matter referred to it, a Fund’s Board or Board Committee comprised of Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund’s Board or Board Committee comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund’s investment adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

IX. Recordkeeping

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

EXHIBIT A

Funds Covered by this Code of Ethics

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• The Prudential Variable Contract Account – 2

• The Prudential Variable Contract Account – 10

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential’s Gibraltar Fund, Inc.

• The Prudential Series Fund

EXHIBIT B

Persons Covered by this Code of Ethics

Stuart S. Parker – President and Chief Executive Officer of the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund and The Prudential Variable Contract Account-2.

Timothy S. Cronin – President and Chief Executive Officer of Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

Christian J. Kelly – Treasurer and Chief Financial Officer for the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Variable Contract Accounts – 2 and -10, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

EX-99.CERT

Item 13

The Prudential Series Fund

Annual period ending 12/31/21

File No. 811-03623

CERTIFICATIONS

I, Timothy S. Cronin, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund(s).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any 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 reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 17, 2022	/s/ Timothy S. Cronin
	Timothy S. Cronin
	President and Principal Executive Officer

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Item 13

The Prudential Series Fund

Annual period ending 12/31/21

File No. 811-03623

CERTIFICATIONS

I, Christian J. Kelly, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund(s).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any 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 reasonably likely to materially affect, the registrant’s internal control over financial reporting.

3

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

February 17, 2022

/s/ Christian J. Kelly

Christian J. Kelly

Treasurer and Principal Financial and

Accounting Officer

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EX-99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:             The Prudential Series Fund

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

February 17, 2022	/s/ Timothy S. Cronin
	Timothy S. Cronin
	President and Principal Executive Officer

February 17, 2022	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer

This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.