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, 6th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	12/31/2022
Date of reporting period:	12/31/2022

Item 1 – Reports to Stockholders

The Prudential Series Fund

ANNUAL REPORT              December 31, 2022

	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
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.

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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.

Prudential Series Table of Contents Annual Report December 31, 2022

∎ 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, Financial Statements, and Financial Highlights
	Glossary	A1
	PSF Global Portfolio	A2
	PSF International Growth Portfolio	A11
	PSF Mid-Cap Growth Portfolio	A18
	PSF Natural Resources Portfolio	A25
	PSF PGIM 50/50 Balanced Portfolio	A31
	PSF PGIM Flexible Managed Portfolio	A69
	PSF PGIM Government Income Portfolio	A105
	PSF PGIM Government Money Market Portfolio	A114
	PSF PGIM High Yield Bond Portfolio	A119
	PSF PGIM Jennison Blend Portfolio.	A141
	PSF PGIM Jennison Focused Blend Portfolio	A148
	PSF PGIM Jennison Growth Portfolio	A154
	PSF PGIM Jennison Value Portfolio	A160
	PSF PGIM Total Return Bond Portfolio	A167
	PSF Small-Cap Stock Index Portfolio	A212
	PSF Small-Cap Value Portfolio.	A226
	PSF Stock Index Portfolio.	A234
Section B	Notes to Financial Statements
Section C	Report of Independent Registered Public Accounting Firm
Section D	Information about Board Members 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, 2022

∎ 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, 2023

Market Overview — unaudited Annual Report December 31, 2022

Equity Market Overview

Across the majority of asset classes and regions, equities posted losses in 2022. Recession fears—spurred by the highest inflation in decades and aggressive central bank interest-rate hikes—were the main headwinds. Bond markets also suffered as yields spiked and the US Treasury yield curve inverted. However, commodities gained as oil and gas prices benefited from supply-chain woes following the onset of Russia’s invasion of Ukraine.

Equities end the year lower

US equity losses were widespread, as the large-cap S&P 500 Index fell 18.10%, the broad-based Russell 3000 Index declined 19.21%, and the tech-heavy Nasdaq Composite Index plummeted 33.10% during the year. Internationally, the MSCI ACWI Ex-US Index, a gauge of stock performance in developed and emerging markets outside the US, slid 15.57%. (Performance is based on net returns in US dollars unless stated otherwise and assumes reinvestment of dividends.)

Central bank activity dominates market sentiments

The US equity market suffered its worst year since 2008 as the US Federal Reserve (the Fed) aggressively tightened monetary policy in an attempt to lower inflation. The Fed raised its federal funds rate, which began the year at around 0%, seven times throughout 2022 to close the year in a range of 4.25% to 4.50%. The impact of higher rates punished the housing market, as housing starts and building permits declined, largely in response to rising mortgage rates. While inflation remained high for most of 2022, markets cheered by year-end as both the Consumer Price Index and the Personal Consumption Expenditures Price Index had slowed. During the same period, unemployment remained historically low.

Energy prices and the US dollar both posted gains for the year. Oil prices spiked in the first half of 2022, at one point rising above $100 per barrel for the first time since 2014. Supply concerns were exacerbated by Russia’s invasion of Ukraine and resulting sanctions against Russia. The US dollar benefited from rising rates, climbing 7.87% against a basket of developed market currencies.

US stocks swoon as inflation soars

Stocks started 2022 on solid ground, with the S&P 500 hitting a record high in January, but quickly retreated and spent the rest of the year in negative territory. Inflationary pressures reached multi-decade highs and the Fed began raising interest rates, sending markets lower. Geopolitical woes were heightened when Russia invaded Ukraine in February, creating new supply-chain issues. Economic data was disappointing, with US gross domestic product declining in both the first and second quarters.

As inflation increased and central banks worldwide hiked interest rates, equity markets briefly fell into bear market territory, defined as a drop of 20% or more from a recent high. Earnings expectations were revised downward as inflation began to crimp profit margins. Toward the end of 2022, equity markets began to slowly recover as inflation moderated.

Energy sector up, all other sectors down

In 2022, the top-performing sector in the S&P 500 Index was energy, rising 65.72% amid tight supply and rising demand. Other sectors posted negative returns, most significantly communication services (-39.89%) and consumer discretionary (-37.03%).

Tech darlings fall out of favor as value stocks lead

Recession fears drove large-cap technology equities sharply lower in 2022, as investors shifted away from the mega-cap tech stocks that they favored during the COVID-19 pandemic to more economically sensitive value stocks. Worries about slowing earnings growth led value stocks to significantly outperform growth stocks across market capitalizations.

During the year, the Russell 3000 Value Index declined 7.98%, significantly outperforming the Russell 3000 Growth Index, which fell 28.97%. The large-cap Russell 1000 Index fell 19.13%, the Russell Midcap Index slipped 17.32%, and the small-cap Russell 2000 Index dropped 20.44%.

Rising inflation and energy pressures sink international developed stocks

Central banks outside the US also tightened monetary policy in response to rising inflation, including the European Central Bank, which raised rates for the first time in more than 10 years. In addition to inflationary pressures, European markets faced energy-supply issues due to Russia’s invasion of Ukraine. A tax-cutting plan to shore up the economy in the United Kingdom backfired, causing a near collapse of the British pound sterling and requiring central bank intervention. In December, Japan jolted global financial markets when it loosened the tight limits it had been imposing on bond yields.

Developed equity markets outside the US and Canada, as measured by the MSCI EAFE Index, declined 14.45% during the year, and the MSCI Europe Index dropped 15.06%. The MSCI Japan Index dipped 16.65%.

Market Overview — unaudited (continued) Annual Report December 31, 2022

Emerging market stocks suffer

A surging US dollar, spiking food and fuel prices, and Russia’s invasion of Ukraine hurt high-risk assets, including emerging market stocks, during 2022. The MSCI Emerging Markets Index declined 20.09%. While many emerging market countries began raising rates before their developed market counterparts, China—the world’s second-largest economy—was forced to trim key rates in response to slowing growth caused by its zero-COVID policy, and its lockdown measures were dropped by the end of the year. The MSCI China Index declined 21.93%.

Fixed Income Market Overview

In response to rampant inflation, central banks hiked interest rates aggressively in 2022, sending bond yields higher and prices significantly lower. Bonds failed to provide a safe haven for investors as carnage spread across most sectors, including government bonds, high yield issues, and emerging-market fixed income.

US Treasury yields increased dramatically during the year, sending the Bloomberg US Aggregate Bond Index lower by 13.01%—one of the worst years ever for US investment-grade fixed income. Bonds issued by the US government and indexed to inflation, or TIPS, declined 11.85%. High yield bonds (i.e., debt rated below investment grade) as measured by the Bloomberg US Corporate High Yield Index, fell 11.19%, outperforming their investment-grade counterparts. Emerging market debt, based on the J.P. Morgan EMBI Global Diversified Index, declined 17.78%. (All returns cited are in US dollars unless stated otherwise.)

Central banks shift gears to fight record-high inflation

Across most of the world, inflationary pressures intensified in 2022, leading central banks to begin tightening monetary policy after injecting aggressive stimulus into their economies in 2020 and 2021. Consumer prices, particularly food and fuel, spiked and remained elevated throughout the year, as inflation rose to a 40-year high in many countries.

The US Federal Reserve raised the federal funds rate seven times in 2022. The rate began the year at around 0% and ended it in a range between 4.25% and 4.50%. While the Bank of England began raising rates in late 2021, the European Central Bank held steadfast until July 2022, when it raised rates for the first time in 11 years. Even Japan, which had kept interest rates below zero since 2016, altered its bond policy in December 2022, allowing 10-year yields to rise.

Labor markets remain robust despite slowing economic growth

Economic growth was uneven during 2022. US gross domestic product declined in the first and second quarters. While growth resumed in the third quarter, it was boosted by the largest rise in real net exports in over 40 years, which many economists do not consider sustainable. However, the labor market remained shielded, as unemployment remained low and hourly earnings steadily increased.

Commodities gain

Crude oil prices rocketed above $100 per barrel following the onset of Russia’s invasion of Ukraine in February. However, gains were muted by year-end as recession fears increased. Further impacting energy prices was the decision by the Organization of the Petroleum Exporting Countries and its major allies to cut oil production in the fall, as well as efforts to cap the price of Russian oil.

Falling bond prices lead to yield curve inversion

Longer-term US Treasuries were one of the worst-performing sectors of the bond market in 2022, as the Bloomberg US 10+ Year Corporate Index dropped 25.62%, significantly underperforming its 1-5 year counterpart, which fell 5.56%.

The impact of rising rates sent bond prices lower across the spectrum. However, the negative impact was particularly strong for longer-dated debt, resulting in an inversion in Treasury yields. The 10-year US Treasury yield began the year at 1.51% and spiked over 4% before ending the year at 3.88%. Meanwhile, the shorter-dated 2-year Treasury note traded at around 4.42% at year-end. Yield inversion—when the yield on a shorter-term bond is higher than a longer-term bond—has been a historical harbinger of a recession.

Rising dollar pressures emerging market bonds

Emerging-market central banks began tightening monetary policy in early 2021, nearly a full year before the Fed, in their battle against surging food and fuel costs. However, Russia’s invasion of Ukraine increased pricing pressures further, and the surging US dollar—which had one of its best performances in years—threatened many emerging economies by making foreign debt payments more difficult.

The Prudential Series Fund, PSF Global Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-18.80%	6.09%	8.96%	—
Portfolio: Class III	-19.01	N/A	N/A	-8.27
MSCI World Index® (GD)	-17.73	6.69	9.44	—
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, 2022, the PSF Global Portfolio Class I shares returned -18.80%. The Portfolio’s Class I shares underperformed the MSCI World Index (GD).

What were the market conditions during the reporting period?

Aggressive interest rate hikes by global central banks aimed at combating inflation that soared to its highest level since the early 1980s weighed on financial markets in calendar-year 2022 (the reporting period). In addition to higher interest rates, investors grappled with Russia’s invasion of Ukraine and rising fears of recession.

Equity markets were under pressure for most of the reporting period. In the US, the S&P 500 Index declined 18.10%, its worst year since the Global Financial Crisis of 2008. Growth stocks endured an especially difficult year, with the Russell 1000 Growth Index declining 29.14% during the reporting period as rising interest rates had a disproportionately negative impact on the longer-duration nature of their expected earnings. Additionally, international developed equities declined 14.01%, as measured by the MSCI EAFE Index (GD), and emerging market equities fell 19.74%, as measured by the MSCI Emerging Markets Index (GD).

The US Federal Reserve raised the federal funds rate at the fastest pace in decades during the reporting period. The result was a 13.01% decline in the Bloomberg US Aggregate Bond Index for the reporting period. Hawkish global central banks also put downward pressure on investment-grade bond prices, with the Bloomberg Global Aggregate Index declining 13.02% during the reporting period. (Hawkish tends to suggest higher interest rates, opposite of dovish.) At the same time, spread widening, or greater yield differentials to government bonds, led to losses for riskier high yield bonds, which declined 12.71%, as measured by the Bloomberg Global High Yield Index.

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

During the reporting period, the Portfolio had average overweights of +1.27% and +0.61%, respectively, in its US Large Cap Value and International Value sleeves. This contributed positively to the Portfolio’s performance relative to its benchmark. The Portfolio had average underweights of -1.25% and -0.96% in its US Large Cap Growth and International Growth sleeves. The Portfolio had an 0.33% allocation to cash, which modestly added to performance given all styles declined during the reporting period. Asset allocation added about 21 basis points (bps) to Portfolio performance relative to its benchmark, while selection effects detracted 87 bps. (One basis point equals 0.01%.)

Manager performance was mixed during the reporting period. In April 2022, the Large Cap Growth sleeve managed by Brown Advisors was transitioned to MFS. MFS subsequently outperformed its Russell 1000 Growth Index benchmark, but not by enough to offset the underperformance of Brown Advisors earlier in the reporting period. In International, the high-growth William Blair sleeve underperformed its MSCI EAFE Growth Index benchmark. Growth managers in general struggled as the rising global rate environment caused significant repricing of high-growth stocks. The Large Cap Value sleeve managed by T. Rowe Price was a solid performer throughout the reporting period, offsetting some of the negative performance from the other asset classes.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (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 Global Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
Microsoft Corp.	Software	United States	3.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	United States	1.6%
Apple, Inc.	Technology Hardware, Storage & Peripherals	United States	1.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	United States	1.3%
Mastercard, Inc. (Class A Stock)	IT Services	United States	1.2%
Southern Co. (The)	Electric Utilities	United States	1.2%
TotalEnergies SE, ADR	Oil, Gas & Consumable Fuels	France	1.2%
Johnson & Johnson	Pharmaceuticals	United States	1.1%
Becton, Dickinson & Co.	Health Care Equipment & Supplies	United States	1.1%
Wells Fargo & Co.	Banks	United States	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, PSF International Growth Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years
Portfolio: Class I	-28.93%	4.04%	6.34%
Portfolio: Class II	-29.16	3.65	5.94
MSCI EAFE Index® (GD)	-14.01	2.03	5.16
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, 2022, the PSF International Growth Portfolio Class I shares returned -28.93%. The Portfolio’s Class I shares underperformed the MSCI EAFE Index (GD).

What were the market conditions during the reporting period?

Aggressive interest rate hikes by global central banks aimed at combating inflation that soared to its highest level since the early 1980s weighed on financial markets in calendar-year 2022 (the reporting period). In addition to higher interest rates, investors grappled with Russia’s invasion of Ukraine, China’s “zero-COVID” policy, soaring energy prices, and rising fears of recession. In all, the reporting period was historically challenging for both global equities and fixed income.

Equity markets were under pressure for most of the reporting period. International developed equities declined 14.01%, as measured by the MSCI EAFE Index (GD). It was especially difficult for growth stocks, with the MSCI EAFE Growth Index (GD) tumbling 22.69% as rising interest rates had a disproportionately negative impact on the longer-duration nature of their expected earnings. Emerging market equities struggled as well, with the MSCI Emerging Markets Index (GD) falling 19.74% during the reporting period.

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

Risk exposures had the largest negative impact on the Portfolio’s relative performance during the reporting period, as large underexposures to value factors (defined as lower price-to-earnings and price-to-book ratios) as well overexposures to earnings momentum and volatility factors all sharply detracted from the Portfolio’s performance. This was in contrast to the three previous years when these exposures helped significantly. All of the Portfolio’s subadvisors (Jennison, Neuberger Berman, and William Blair) had underexposures to value factors, as this Portfolio is more focused on companies with strong earnings growth rates than on undervalued securities. Meanwhile, William Blair and Jennison had overexposures to earnings momentum factors. William Blair incorporates momentum as part of its process, while Jennison’s momentum exposure was more of a residual of its bottom-up stock selection process. To summarize, the market favored value over growth characteristics during the reporting period, as interest rates rose and investors avoided the higher valuations associated with higher earnings growth rates.

Additionally, all three subadvisors were overweight information technology services and software stocks, which declined sharply. These are examples of high-growth stocks that are normally discounted once interest rates start to rise. Likewise, all of the subadvisors were underweight integrated oil and gas, as well as oil and gas exploration and production stocks. These stocks did especially well as oil and gas prices rose during the reporting period. Given that these industries are more capital intensive, they are normally not fast growers. As such, it was not surprising that these subadvisors were all underweight oil and gas-related industries. All industry weightings were within the subadvisors’ historical allocations.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

From a country standpoint, all three subadvisors held Chinese securities during the reporting period, as these securities (especially the information technology stocks) had been some of the fastest-growing stocks in the world. China’s economy slowed in the reporting period due to its “zero-COVID” policy, and the Chinese market suffered accordingly. Thus, the subadvisors’ allocation to Chinese stocks hurt the Portfolio’s relative performance during the reporting period. On the other hand, some of this underperformance was mitigated by all of the subadvisors’ underweight to Japan, which has an aging population and slower growth rates. As a result, the subadvisors inherently tend to be underweight Japan given the Portfolio’s growth mandate. In the reporting period, Japan suffered as the Japanese yen declined versus the US dollar. Since the subadvisors were underweight Japan, the Portfolio benefited.

Finally, security selection overall detracted from the Portfolio’s performance in the reporting period. Specifically, all three subadvisors’ information technology (IT) and healthcare holdings detracted from the Portfolio’s performance. IT especially suffered as interest rates rose and many workers returned to the office. Meanwhile, some of the more growth-oriented biotechnology companies within the healthcare sector declined as growth rates and valuations came under investor scrutiny. Given the Portfolio’s growth mandate, the subadvisors faced headwinds because they favored companies in these faster-growing areas. Partially mitigating these detractors was all three subadvisors’ stock selection in the financials sector, which aided 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 International Growth Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
AstraZeneca PLC	Pharmaceuticals	United Kingdom	3.0%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	2.6%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	2.6%
Compass Group PLC	Hotels, Restaurants & Leisure	United Kingdom	2.5%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	2.0%
Pernod Ricard SA	Beverages	France	1.7%
HDFC Bank Ltd., ADR	Banks	India	1.6%
L’Oreal SA	Personal Products	France	1.6%
Keyence Corp.	Electronic Equipment, Instruments & Components	Japan	1.5%
ICON PLC	Life Sciences Tools & Services	United States	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 Mid-Cap Growth Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-26.96%	8.64%	10.26%	—
Portfolio: Class II	-27.24	8.21	9.81	—
Portfolio: Class III	-27.16	N/A	N/A	-15.79
Russell MidCap® Growth Index	-26.72	7.64	11.41	—
S&P MidCap 400 Index	-13.06	6.71	10.78	—
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, 2022, the PSF Mid-Cap Growth Portfolio Class I shares returned -26.96%. 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?

After three years of strength, US equity markets experienced a volatile calendar-year 2022 (the reporting period), with the S&P 500 Index returning -18.10%—its worst year since 2008. Across market capitalizations, growth as a style was at the epicenter of volatility. Companies at the highest end of the growth spectrum entered this reporting period with two characteristics: high valuations when compared to history and high expectations. The US Federal Reserve’s (the Fed’s) abrupt shift to quantitative tightening sparked a sharp move higher in interest rates and future rate expectations, which, in turn, caused multiples (i.e., price/earnings ratios) to compress. Within the mid-cap segment of the US equity market, value stocks meaningfully outperformed growth stocks during the reporting period, with the Russell Midcap Value Index returning -12.03% compared to -26.72% for the Russell Midcap Growth Index. Within the Russell Midcap Growth Index, the energy (+40.23%) and utilities (+1.22%) sectors had the highest returns. The communication services (-42.54%) and information technology (-37.93%) sectors were the only sectors to post negative returns for the reporting period.

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

Stock selection and an overweight allocation within healthcare was the top positive contributor during the reporting period, as the Portfolio’s preference for companies with more stable and consistent business models was rewarded. Stock selection within consumer staples also contributed positively to the Portfolio’s performance. On the other hand, stock selection within information technology was the top detractor, despite an underweight allocation which contributed positively. Stock selection within energy also detracted from the Portfolio’s performance.

EOG Resources Inc. (EOG) was the top positive individual stock contributor after benefitting from rising oil prices, which were driven by recovering demand and a gradual return of OPEC+ (Organization of the Petroleum Exporting Countries) production early in the reporting period. The Portfolio trimmed its EOG position following the sharp appreciation in oil prices in the first half of the reporting period but continued to have conviction in EOG’s focus on returns and cash generation through the cycle. Quanta Services Inc. also contributed positively after reporting strong quarterly results that highlighted continued strength within utility infrastructure maintenance and expansion. At the end of the reporting period, Quanta remained a top holding that the Portfolio’s managers believed was well positioned to benefit from accelerating utility-scale wind and solar deployments within renewables.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

An underweight position in Enphase Energy Inc. was the top detractor from Portfolio results in the reporting period after Enphase posted strong third-calendar quarter results, driven by increased European revenues due to rising energy costs. The Portfolio initiated this position based on Enphase’s domestic focus, new product cycle, and long-term benefits from the Inflation Reduction Act. The Portfolio remained underweight relative to the index given heightened investor consensus expectations for Enphase. A position in Marvell Technology Inc. also detracted, as higher-multiple stocks, including semiconductor companies, came under pressure during the reporting period with growing concerns over sustainability of data-center spending. The Portfolio remains constructive on Marvell long term but is taking a cautious approach and tracking the company’s inventory levels.

Portfolio positioning at the end of the reporting period was skewed toward what its managers viewed as resilient, high-quality growth franchises with strong financial characteristics and solid fundamentals. While there were growing prospects within the higher-growth segment of the market, notably within technology, the Portfolio remained selective, only incrementally adding to names with strong financial profiles and underappreciated fundamental opportunities. Healthcare and financials remained the top Portfolio overweights, anchored in durable, steady growth businesses executing on company-specific catalysts. The Portfolio also identified emerging areas of leadership across sectors believed to be poised to benefit from increased spending toward renewables and infrastructure. The Portfolio continued to be cautious on companies exhibiting deep cyclicality and those with exposure to consumer end markets such as housing and autos. Information technology and real estate remained top Portfolio underweights at the end of 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 Mid-Cap Growth Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Horizon Therapeutics PLC	Biotechnology	2.3%
Trane Technologies PLC	Building Products	2.2%
Quanta Services, Inc.	Construction & Engineering	2.2%
Dexcom, Inc.	Health Care Equipment & Supplies	2.1%
Agilent Technologies, Inc.	Life Sciences Tools & Services	2.0%
Synopsys, Inc.	Software	2.0%
Cheniere Energy, Inc.	Oil, Gas & Consumable Fuels	1.9%
Copart, Inc.	Commercial Services & Supplies	1.8%
Hilton Worldwide Holdings, Inc.	Hotels, Restaurants & Leisure	1.8%
Cadence Design Systems, Inc.	Software	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 Natural Resources Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	22.04%	9.30%	2.15%	—
Portfolio: Class II	21.54	8.85	1.74	—
Portfolio: Class III	21.88	N/A	N/A	19.26
Blended Index	21.11	6.06	4.64	—
Lipper Global Natural Resources Funds Index	21.12	6.66	3.83	—
MSCI World Index® (GD)	-17.73	6.69	9.44	—
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, 2022, the PSF Natural Resources Portfolio Class I shares returned 22.04%. The Portfolio’s Class I shares outperformed the Blended Index, the Lipper Global Natural Resources Funds Index, and the MSCI World Index (GD).

What were the market conditions during the reporting period?

The geopolitical climate during the reporting period exacerbated near-term uncertainty around the timing of commodity price normalization. Predicting the magnitude and duration of multiple exogenous factors—including weather-related issues, policy and recession risks, geopolitics, and broader economic supply-chain and inflation challenges—was complicated, and the Portfolio remained focused where it believed it had an investment edge—specifically, in the multi-year structural commodity call. Overall, the Portfolio’s bearish long-term outlook for commodities has not changed; and toward the end of the reporting period, it was adding to companies it believed to have strong core businesses and idiosyncratic drivers to help mitigate the risks of an uncertain environment. The Portfolio also favored beneficiaries of commodity deflation—including utilities, packaging, and specialty chemicals—as well as paper and forest products.

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

Precious metals and minerals posted losses, weighed down by interest rate hikes and a stronger US dollar, and so the Portfolio’s underweight allocation in the industry added value. The Portfolio’s overweight to US-based oil explorers and producers also boosted relative performance, as the industry generated gains due to elevated oil prices and meaningfully outperformed the commodities complex.

The Portfolio’s overweight in construction, farm machinery, and heavy trucks proved beneficial as well. The group surged during the reporting period as demand picked up due to expanding manufacturing activity and pricing actions to manage increased costs and supply-chain disruptions. Conversely, the Portfolio’s overweight allocation in paper and forest products, coupled with adverse stock selection, detracted most from relative returns, as the industry was pressured by weak demand, increased input costs, and elevated inventories. The Portfolio’s underweight position in the integrated oil and gas industry and its lack of exposure to oil and gas refining and marketing firms also hampered relative performance, as those groups benefited from elevated oil prices, particularly early in the reporting period, and outperformed the benchmark.

* 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 Natural Resources Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Natural Resources Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	Country	% of Net Assets
ConocoPhillips	Oil & Gas Exploration & Production	United States	5.8%
TotalEnergies SE	Integrated Oil & Gas	France	5.4%
EOG Resources, Inc.	Oil & Gas Exploration & Production	United States	3.7%
Chevron Corp.	Integrated Oil & Gas	United States	3.7%
Hess Corp.	Oil & Gas Exploration & Production	United States	3.3%
Equinor ASA	Integrated Oil & Gas	Norway	3.2%
Linde PLC	Industrial Gases	United Kingdom	2.9%
Pioneer Natural Resources Co.	Oil & Gas Exploration & Production	United States	2.7%
Devon Energy Corp.	Oil & Gas Exploration & Production	United States	2.4%
BHP Group Ltd.	Diversified Metals & Mining	Australia	2.1%

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, PSF PGIM 50/50 Balanced Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-14.70%	4.49%	6.65%	—
Portfolio: Class III	-14.90	N/A	N/A	-5.02
Blended Index	-13.88	5.17	6.91	—
S&P 500 Index	-18.10	9.42	12.55	—
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, 2022, the PSF PGIM 50/50 Balanced Portfolio Class I shares returned -14.70%. The Portfolio’s Class I shares underperformed the Blended Index and outperformed the S&P 500 Index.

What were the market conditions during the reporting period?

At the beginning of calendar-year 2022 (the reporting period), the global economy was experiencing high levels of uncertainty about an expected slowdown from strong 2021 growth, high levels of inflation, the ongoing impact of COVID-19 on global supply chains and demand, and the expected unwinding of unprecedented levels of monetary and fiscal support. Russia’s invasion of Ukraine propelled already-concerning levels of inflation to new heights, prompting aggressive central bank tightening and contributing to significantly higher sovereign bond yields and a surge in the value of the US dollar. US stocks, particularly growth stocks, saw sharp declines during the reporting period, while the pullback in value stocks was more modest. The S&P 500 Index declined 18.10% during the reporting period. EAFE (Europe, Australasia, and the Far East) stocks saw comparatively lower double-digit percentage declines.

Global bonds also fell, as yields rose sharply. In the US, the 10-year Treasury yield was 1.51% at the beginning of the reporting period and rose to a high of around 4.23% in October 2022, before easing back to around 3.55% at the end of the reporting period. The Bloomberg US Aggregate Bond Index fell 13.01%, making 2022 a year of sharp declines for both stocks and bonds. In an environment of rising interest rates, the 3-month Treasury bill outperformed both stocks and bonds, finishing the reporting period gaining 1.46%.

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

During the reporting period, the impact of asset allocation decisions on Portfolio performance was roughly neutral. While the Portfolio was overweight stocks relative to its benchmark index at the beginning of the reporting period, funded by an underweight to bonds, the Portfolio’s stock positions were soon reduced as the headwinds to risk assets became apparent, with the Federal Reserve embarking on its rate-hiking cycle and with Russia’s invasion of Ukraine. By the second quarter of 2022, the Portfolio was roughly neutral in stocks. It had an out-of-benchmark position in EAFE stocks at that time, which was expected to be relatively defensive compared to US stocks. Further, the Portfolio had a significant overweight in cash.

This positioning was largely maintained during the third quarter of 2022. In the fourth quarter, while the stock positions were roughly maintained, the Portfolio’s underweight to bonds was reduced, given that bond yields had risen sharply in previous months. In addition, by the end of the reporting period, the Portfolio’s overweight in cash was gradually reduced to close to neutral. As for stock selection by the Portfolio’s subadvisor, it was a slight drag on the Portfolio’s performance during the reporting period. At the close of the reporting period, the Portfolio was positioned with relatively neutral exposure to equities, a small position in international equities, and neutral exposures to fixed income and cash.

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 negligible 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 negative impact on performance for 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 50/50 Balanced Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

The Portfolio also used credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX contributed to performance. Additionally, the Portfolio used S&P 500 Index and MSCI EAFE Mini Futures to maintain exposure to equities and provide portfolio liquidity. These futures had minimal 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.

Presentation of Portfolio Holdings — unaudited

PSF PGIM 50/50 Balanced Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	2.9%
Microsoft Corp.	Software	2.7%
Federal National Mortgage Assoc., 4.500%, TBA	U.S. Government Agency Obligations	1.3%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.1%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	0.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.8%
UnitedHealth Group, Inc.	Health Care Providers & Services	0.7%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	0.7%
Johnson & Johnson	Pharmaceuticals	0.7%
Exxon Mobil Corp.	Oil, Gas & Consumable Fuels	0.7%

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 Flexible Managed Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-14.70%	4.73%	7.80%	—
Portfolio: Class III	-14.91	N/A	N/A	-4.80
Blended Index	-15.10	6.03	8.07	—
S&P 500 Index	-18.10	9.42	12.55	—
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, 2022, the PSF PGIM Flexible Managed Portfolio Class I shares returned -14.70%. The Portfolio’s Class I shares outperformed both the Blended Index and the S&P 500 Index.

What were the market conditions during the reporting period?

At the beginning of calendar-year 2022 (the reporting period), the global economy was experiencing high levels of uncertainty about an expected slowdown from strong growth in 2021, high levels of inflation, the ongoing impact of COVID-19 on global supply chains and demand, and the expected unwinding of unprecedented levels of monetary and fiscal support. Russia’s invasion of Ukraine propelled already-concerning levels of inflation to new heights, prompting aggressive central bank tightening and contributing to significantly higher sovereign bond yields and a surge in the value of the US dollar. US stocks, particularly growth stocks, saw sharp declines during the reporting period, while the pullback in value stocks was more modest. The S&P 500 Index declined 18.10% in the reporting period. EAFE (Europe, Australasia, Far East) stocks saw comparatively lower double-digit percentage declines. Global bonds also fell, as yields rose sharply. In the US, the 10-year US Treasury yield began the reporting period at 1.51% and rose to a high of around 4.23% in October 2022, before easing back to around 3.55% by the end of the reporting period. The Bloomberg US Aggregate Bond Index fell 13.01%, making the reporting period a year of sharp declines for both stocks and bonds. In an environment of rising interest rates, cash (3-month Treasuries) outperformed both stocks and bonds, finishing the reporting period with gains of 1.46%.

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

During the reporting period, the impact of asset allocation decisions on the Portfolio’s performance was roughly neutral. The Portfolio was overweight stocks relative to its benchmark index at the beginning of the reporting period, funded by an underweight in bonds. The stock positions were subsequently reduced because of increased headwinds for risk assets, including the US Federal Reserve (the Fed) embarking on its rate-hiking cycle and Russia’s invasion of Ukraine. By the second quarter of the reporting period, the Portfolio had just a small overweight in stocks overall. It also had an out-of-index position in EAFE stocks, which was expected to be relatively defensive compared to US stocks. Further, the Portfolio had a significant overweight in cash, which was largely maintained during the third quarter of the reporting period. In the fourth quarter of the reporting period, the Portfolio’s underweight in bonds was reduced, given that bond yields had risen sharply in previous months and because the Fed’s rate-hiking cycle appeared to be closer to its end. In addition, by the end of the reporting period, the Portfolio’s overweight in cash was gradually reduced to a small overweight. As for manager performance, it was a significantly positive contributor to the Portfolio’s performance during the reporting period. At the close of the reporting period, the Portfolio was positioned with relatively neutral exposure to equities, a small out of-index position in international equities, and close to neutral exposures to fixed income and cash.

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 negligible 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 negative impact on performance for 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 Flexible Managed Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

The Portfolio also used credit derivatives in the form of the Credit Default Swap Index (CDX) to manage credit risk. The use of CDX had a negligible impact on performance. Additionally, the Portfolio used S&P 500 Index and MSCI EAFE Mini Futures to maintain exposure to equities and provide portfolio liquidity. These futures had minimal 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.

Presentation of Portfolio Holdings — unaudited

PSF PGIM Flexible Managed Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	3.4%
Microsoft Corp.	Software	3.4%
UnitedHealth Group, Inc.	Health Care Providers & Services	1.2%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.1%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	0.9%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	0.9%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	0.9%
Johnson & Johnson	Pharmaceuticals	0.9%
Exxon Mobil Corp.	Oil, Gas & Consumable Fuels	0.8%
Visa, Inc. (Class A Stock)	IT Services	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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-13.45%	-0.74%	0.53%	—
Portfolio: Class III	-13.68	N/A	N/A	-8.91
Bloomberg Government Bond Index	-12.32	-0.06	0.60	—
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, 2022, the PSF PGIM Government Income Portfolio Class I shares returned -13.45%. The Portfolio’s Class I shares underperformed the Bloomberg Government Bond Index.

What were the market conditions during the reporting period?

From a starting point of low yields, tight spreads (yield differentials), and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets in calendar-year 2022 (the reporting period). Concerns about central bank tightening, hard economic landings, and Russia’s invasion of Ukraine led credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing. (A hard landing refers to a marked economic slowdown or downturn.)

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than what was experienced over the prior decade of low inflation. A succession of federal funds rate hikes—by over 400 basis points (bps) in the reporting period—confirmed to markets that the US Federal Reserve (the Fed) was fully focused on tackling inflation. (One basis point equals 0.01%.)

As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted in the last six months of the reporting period. (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.) From 0.78% on December 31, 2021, the 10-year/2-year Treasury spread declined to -0.54% by the end of the reporting period. US 10-year Treasury yields began the reporting period at 1.51% and ended it at 3.88%. Meanwhile, the yield on the 2-year Treasury note ended the reporting period at 4.42%, a rise of 369 bps since the beginning of the reporting period.

Agency mortgage-backed securities (MBS) underperformed US Treasuries on concerns that the Fed may begin selling MBS if Fed officials need to step up their inflation fight. Meanwhile, high inflation and recession concerns generally kept securitized credit on a widening trajectory as well, with high-quality collateralized loan obligation (CLO) and commercial mortgage-backed securities (CMBS) spreads trading well above their recent tights by the end of the reporting period.

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

During the reporting period, the combined impact of the Portfolio’s duration and yield curve strategies were the main drivers of underperformance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Individual security selection and sector allocation also detracted from the Portfolio’s performance. Within security selection, positioning in US Treasuries was the largest detractor. This was partially offset

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

by selection in CMBS, CLOs, and agency securities, which contributed to the Portfolio’s performance. Within sector allocation, overweights relative to the benchmark index in CLOs, agency securities, and CMBS detracted from the Portfolio’s performance. This was partially offset by an underweight to MBS, which contributed to the Portfolio’s performance.

During the reporting period, the Portfolio used interest rate swaps to help manage duration and yield curve exposure. The use of interest rate swaps had a positive impact on performance during the reporting 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 purchase and sale of cash bonds. The use of futures detracted from the Portfolio’s performance during the reporting period.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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 12/31/2022)
Credit Quality	% of Total Investments
AAA	99.1%
Cash/Cash Equivalents	0.9%
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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	7-Day* Current Net Yield	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	4.06%	1.39%	1.03%	0.58%	—
Portfolio: Class III	4.06	1.22	N/A	N/A	0.48
Lipper US Government Money Market Index	N/A	1.18	0.91	0.51	—
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 167 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 12/31/2022. 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, 2022, the PSF PGIM Government Money Market Portfolio Class I shares returned 1.39%. The Portfolio’s Class I shares outperformed the Lipper US Government Money Market Index.

What were the market conditions during the reporting period?

From a starting point of low yields, tight spreads (yield differentials), and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets in calendar-year 2022 (the reporting period). Concerns about central bank tightening, hard economic landings, and Russia’s invasion of Ukraine led credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing. (A hard landing refers to a marked economic slowdown or downturn.)

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than what was experienced over the prior decade of low inflation. A succession of federal funds rate hikes—by over 400 basis points (bps) in the reporting period—confirmed to markets that the US Federal Reserve (the Fed) was fully focused on tackling inflation. (One basis point equals 0.01%.)

As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted in the last six months of the reporting period. (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.) The 10-year/2-year Treasury spread declined from 0.78% on December 31, 2021, to -0.54% at the end of the reporting period, while the yield on the 2-year Treasury note ended the reporting period at 4.42%, a rise of 369 bps since the beginning of the period. At the same time, the yield on the 3-month Treasury bill rose from 0.05% to 4.42%, while the 3-month LIBOR (London Interbank Offered Rate) and SOFR (Secured Overnight Financing Rate) rose 455 bps and 425 bps, respectively, to end the reporting period at 4.77% and 4.30%. In the short-term credit markets, investment-grade credit spreads widened during the reporting period. The Bloomberg 1-3 Year Credit Index, a proxy for the short-term spread market, underperformed short-duration Treasuries by 0.10% during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

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

The Prudential Series Fund, PSF PGIM Government Money Market Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

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

The Portfolio’s weighted average maturity remained shorter than peers during almost all of the reporting period before extending over the period’s final weeks as it became clear the Fed was nearing the end of its tightening cycle. The Portfolio’s weighted average life began the reporting period shorter than peers but extended in the middle of the second quarter of the period and remained longer than peers throughout most of the remainder of the period.

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 reporting period. During the period, the Portfolio increased its positions in floating rate agency securities and agency discount notes, while reducing its position in short, fixed-rate US Treasuries to offset that trade.

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

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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 12/31/2022)
Ten Largest Holdings	Interest Rate	Maturity Date	% of Net Assets
Federal Home Loan Bank	4.289%	02/17/2023	3.6%
Federal Home Loan Bank	4.111%	01/27/2023	2.3%
Federal Home Loan Bank	4.229%	02/08/2023	1.8%
Federal Home Loan Bank	4.400%	02/22/2023	1.8%
Federal Home Loan Bank	4.495%	03/22/2023	1.8%
Federal Home Loan Bank	4.360%	05/01/2023	1.8%
Federal Home Loan Bank	4.480%	03/15/2023	1.8%
Federal Home Loan Bank	4.417%	03/01/2023	1.8%
Federal Home Loan Bank	4.330%	01/19/2023	1.7%
Federal Home Loan Bank	4.330%	02/28/2023	1.7%

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-11.24%	3.34%	4.73%	—
Portfolio: Class III	-11.41	N/A	N/A	-4.80
Bloomberg US High Yield 1% Issuer Capped Index	-11.11	2.17	3.96	—
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, 2022, the PSF PGIM High Yield Bond Portfolio Class I shares returned -11.24%. The Portfolio’s Class I shares underperformed the Bloomberg US High Yield 1% Issuer Capped Index.

What were market conditions during the reporting period?

US high yield corporate bonds posted significant declines during calendar-year 2022 (the reporting period), as interest rate hike concerns, high and persistent inflation, and recession fears overshadowed the strength of corporate earnings and credit fundamentals. Retail demand for high yield corporate bonds remained negative throughout much of the reporting period, as a combination of slowing global growth and an increasingly hawkish US Federal Reserve drove outflows from high yield bond mutual funds. However, subdued primary market activity combined with a high volume of calls, tenders, and coupon payments provided a relatively solid technical backdrop. For the full reporting period, the Bloomberg US High Yield 1% Issuer Constrained Bond Index returned -11.19% on a total-return basis and -3.71% on an excess-return basis. By quality, higher-quality (BB-rated and B-rated) credits outperformed their lower-quality (CCC-rated) peers during the reporting period, as investors sought out the relative safety of higher-rated credits. The high yield primary market remained muted as issuers sat out the volatility. For the reporting period, high yield issuance totaled $106 billion, which was down from $483 billion in 2021. The 12-month trailing, par-weighted default rate (including distressed exchanges) rose to 1.65% as of the end of the reporting period—its highest level since June 2021.

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

During the reporting period, the Portfolio’s performance was driven primarily by overall sector allocation, with overweights relative to the benchmark index in upstream energy and electric utilities, along with underweights to media & entertainment and retailers & restaurants, contributing the most. This was partially offset by underweights to gaming/lodging/leisure and paper & packaging, along with overweights to cable & satellite and healthcare & pharmaceuticals, all of which detracted from the Portfolio’s performance. Overall security selection detracted from the Portfolio’s relative performance during the reporting period, with selection in telecom, media & entertainment, and electric utilities detracting the most. This was partially offset by selection in upstream energy, retailers & restaurants, and healthcare & pharmaceuticals, which contributed to the Portfolio’s performance. From a beta perspective, on average, having less risk in the Portfolio relative to the benchmark was a contributor to returns during the reporting period. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

Among the largest single-name contributors to the Portfolio’s performance were positions in Chesapeake Energy Corp. (upstream energy), Ferrellgas Escrow, LLC (midstream energy), and Carvana Co. (retailers & restaurants). Overweights to Digicel International (telecom), Venator Finance SARL (chemicals), and Diamond Sports Group (media & entertainment) were the largest single-name detractors from the Portfolio’s performance.

During the reporting 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 had no impact on the Portfolio’s performance during the reporting period. The Portfolio used credit derivatives to manage its overall risk profile, which positively impacted 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, 2022

Report of the Investment Manager - As of December 31, 2022 (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 High Yield Bond Portfolio (As of 12/31/2022)
Credit Quality	% of Total Investments
AAA	11.2%
BBB	3.5%
BB	29.0%
B	35.5%
CCC	11.5%
CC	1.9%
C	0.1%
NR	3.2%
Cash/Cash Equivalents	4.1%
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 Jennison Blend Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-25.10%	7.36%	10.61%	—
Portfolio: Class II	-25.40	6.93	10.16	—
Portfolio: Class III	-25.29	N/A	N/A	-10.23
Russell 1000® Index	-19.13	9.13	12.37	—
S&P 500 Index	-18.10	9.42	12.55	—
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, 2022, the PSF PGIM Jennison Blend Portfolio Class I shares returned -25.10%. 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?

Calendar-year 2022 (the reporting period) was challenging for equity markets, with major indices closing at or near their lows for the reporting period. Uncertainty and volatility were enduring constants.

In response to signs of an economic slowdown, around the world and across industries, many companies that had benefited most from the COVID-19 pandemic began to reduce headcount and take operational steps to mitigate expected weakness. Commodity prices continued their retreat into the end of the reporting period, despite the lingering impact of Russia’s invasion of Ukraine. China took steps to ease its restrictive “zero-COVID” policy, resulting in a wave of infections, hospitalizations, and further economic dislocation as the reporting period ended.

Economic data reflected a mix of contrasting trends, with strength in employment, wages, and savings largely offsetting the effects of consumer price inflation, falling house prices, and waning spending by lower-income households. The persistence of labor-market tightness kept the US Federal Reserve (the Fed) on a tightening path, with the federal funds rate closing the reporting period in the range of 4.25% to 4.50%, levels last seen in 2007. Inflation was a global phenomenon, and central banks in many countries followed a path similar to that of the Fed, leading to a partial retracement of the US dollar’s significant appreciation since the end of 2021.

The S&P 500 Index declined 18.10% in the reporting period. Communication services, consumer discretionary, information technology, and real estate saw the biggest declines. The energy sector posted, by far, the largest gain. The utilities sector managed modestly positive returns, while other defensive value sectors such as consumer staples and healthcare were down slightly but held up better than the S&P 500 Index overall.

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

Relative to the Portfolio’s benchmark index, stock selection in information technology and communication services detracted the most from the Portfolio’s performance during the reporting period. Stock selection in healthcare, along with an overweight allocation to energy and underweight allocations to information technology and communication services, contributed the most to the Portfolio’s relative results.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

The most notable stocks to contribute positively to the overall Portfolio’s performance during the reporting period included Eli Lilly & Co., ConocoPhillips Co., Cigna Corp., McDonald’s Corp., and AbbVie Inc. Top individual stock detractors from the Portfolio’s performance for the reporting period included Tesla Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., and NVIDIA Corp.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas & Consumable Fuels	6.1%
Apple, Inc.	Technology Hardware, Storage & Peripherals	4.7%
Microsoft Corp.	Software	4.5%
Eli Lilly & Co.	Pharmaceuticals	3.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.4%
AstraZeneca PLC (United Kingdom), ADR	Pharmaceuticals	2.1%
Danaher Corp.	Life Sciences Tools & Services	2.0%
Bristol-Myers Squibb Co.	Pharmaceuticals	1.9%
Goldman Sachs Group, Inc. (The)	Capital Markets	1.8%

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 Jennison Focused Blend Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-25.76%	6.74%	10.50%	—
Portfolio: Class II	-26.04	6.32	10.06	—
Portfolio: Class III	-25.95	N/A	N/A	-12.79
Russell 1000® Index	-19.13	9.13	12.37	—
S&P 500 Index	-18.10	9.42	12.55	—
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, 2022, the PSF PGIM Jennison Focused Blend Portfolio Class I shares returned -25.76%. 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?

Calendar-year 2022 (the reporting period) was challenging for equity markets, with major indices closing at or near their lows for the reporting period. Uncertainty and volatility were enduring constants.

In response to signs of an economic slowdown, around the world and across industries, many companies that had benefited most from the COVID-19 pandemic began to reduce headcount and take operational steps to mitigate expected weakness. Commodity prices continued their retreat into the end of the reporting period, despite the lingering impact of Russia’s invasion of Ukraine. China took steps to ease its restrictive “zero-COVID” policy, resulting in a wave of infections, hospitalizations, and further economic dislocation as the reporting period ended.

Economic data reflected a mix of contrasting trends, with strength in employment, wages, and savings largely offsetting the effects of consumer price inflation, falling house prices, and waning spending by lower-income households. The persistence of labor-market tightness kept the US Federal Reserve (the Fed) on a tightening path, with the federal funds rate closing the reporting period in the range of 4.25% to 4.50%, levels last seen in 2007. Inflation was a global phenomenon, and central banks in many countries followed a path similar to that of the Fed, leading to a partial retracement of the US dollar’s significant appreciation since the end of 2021.

The S&P 500 Index declined 18.10% in the reporting period. Communication services, consumer discretionary, information technology, and real estate saw the biggest declines. The energy sector posted, by far, the largest gain. The utilities sector managed modestly positive returns, while other defensive value sectors such as consumer staples and healthcare were down slightly but held up better than the S&P 500 Index overall.

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

Relative to the Portfolio’s benchmark index, stock selection in information technology and consumer discretionary, along with an overweight allocation to consumer discretionary, detracted the most from the Portfolio’s performance during the reporting period. An underweight allocation to information technology and overweight allocations to energy and healthcare were the top positive contributors to the Portfolio’s relative results.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

The most notable stocks to contribute positively to the overall Portfolio’s performance included ConocoPhillips Co., Eli Lilly & Co., Novo Nordisk A/S, AstraZeneca plc, and Chubb Ltd. Top individual stock detractors from the Portfolio’s performance during the reporting period included Tesla Inc., Alphabet Inc., Amazon.com Inc., Microsoft Corp., and NVIDIA Corp.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
ConocoPhillips	Oil, Gas & Consumable Fuels	6.0%
Eli Lilly & Co.	Pharmaceuticals	5.4%
Microsoft Corp.	Software	4.9%
Apple, Inc.	Technology Hardware, Storage & Peripherals	2.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.7%
Chubb Ltd.	Insurance	2.6%
AstraZeneca PLC (United Kingdom), ADR	Pharmaceuticals	2.5%
Walmart, Inc.	Food & Staples Retailing	2.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.4%
LVMH Moet Hennessy Louis Vuitton SE (France)	Textiles, Apparel & Luxury Goods	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 Jennison Growth Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-37.60%	8.39%	13.09%	—
Portfolio: Class II	-37.85	7.96	12.64	—
Portfolio: Class III	-37.75	N/A	N/A	-19.71
Russell 1000® Growth Index	-29.14	10.96	14.10	—
S&P 500 Index	-18.10	9.42	12.55	—
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio Class III inception: 04/26/2021. Portfolio performance is net of fund expenses, but not contract charges, which, if included, would significantly lower the performance quoted. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of such fee waivers and/or expense reimbursements, performance would be lower. Unless noted otherwise, Index returns are based on the Portfolio’s Class I shares.
The Russell 1000® Growth Index is a trademark/service of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company.
The graph is based on the performance of Class I shares. Performance of Class II and Class III shares will be lower due to differences in the fee structure. Class II shares have associated 12b-1 and administrative fees at an annual rate of 0.25% and 0.15%, respectively, of the average daily net assets of the Class II shares. Class III shares have associated 12b-1 fees at an annual rate of 0.25%, of the average daily net assets of the Class III shares.

For the year ended December 31, 2022, the PSF PGIM Jennison Growth Portfolio Class I shares returned -37.60%. 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?

Equity markets finished out a challenging calendar-year 2022 (the reporting period), with major indices closing at or near their lows for the reporting period as uncertainty and volatility endured. Persistently high inflation, resulting in part from accommodative fiscal policies during the COVID-19 pandemic, brought about a sharp reversal in monetary policy globally and an unusually abrupt tightening of financial conditions. In response, growth equities went through a grinding period of adjustment.

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

The Portfolio underperformed its benchmark index during the reporting period. This underperformance, in large part, reflected the higher expected growth and higher valuations of the Portfolio’s holdings. These valuations proved to be particularly vulnerable to the significant de-rating that occurred, as interest rates moved sharply higher. (A de-rating is a negative change in the rating of a stock’s or group of stocks’ expected performance, issued by a financial services analyst.) This was most evident in high-growth companies requiring very high reinvestment rates, often utilizing most, if not all, available free cash flow to fuel their growth.

Portfolio underperformance was also driven by the selection of positions with disappointing fundamentals. Two names with outsized impact were Shopify Inc. and Snap Inc. (Snap). E-commerce leader Shopify suffered a meaningful deceleration after economies reopened from pandemic lockdowns. Shopify has been working to right-size itself for a slower growth trajectory. However, Jennison reduced and ultimately exited the stock, as it became clear the need for reinvestment into sales, technology, and physical fulfillment networks would be more significant for longer than Jennison had envisioned. In the case of Snap, social-media stocks reported disappointing results in the reporting period, and the Portfolio’s position in Snap detracted from the Portfolio’s performance. The company faced revenue pressures from Apple Inc.’s privacy changes, given the difficulty in demonstrating the effectiveness of target-marketing campaigns, which led to disappointing earnings. Jennison exited the stock, expecting resolution of these challenges to take some time.

Following significant outperformance, Tesla Inc. was an underperformer during the reporting period. Economic sensitivity began to weigh on automobile sales, including electric vehicles (EVs), in the second half of the reporting period, which prompted Tesla to make several pricing adjustments in the fourth quarter of the reporting period. In the US, the company offered incentives to encourage customers to take possession of vehicles before the end of the reporting period, in part to address buyer confusion regarding eligibility for upcoming EV tax credits. In China, pandemic lockdowns, coupled with the

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

ensuing COVID-19 spread upon reopening, severely impacted auto demand, particularly in Tesla’s segment. These factors were compounded by the negative impact of Elon Musk’s purchase of Twitter Inc., which closed in the fourth quarter of the reporting period after Mr. Musk’s unsuccessful attempts to walk away from the deal. Jennison lowered its estimates on Tesla to reflect these developments, which, along with elevated uncertainty broadly, led Jennison to reduce the Portfolio’s position in Tesla.

As a group, software stocks also weighed on the Portfolio’s relative returns during the reporting period. While many of the Portfolio’s software holdings reported recurring revenue growth in excess of 25%, the slowing economy led to longer sales cycles, postponed investments, and lower-than-consensus anticipated revenue growth. The resetting of growth expectations lowered the valuations investors were willing to pay for long-duration growth stocks, and Jennison reduced the Portfolio’s exposure to this industry accordingly.

On the positive side, Portfolio holdings in healthcare (Eli Lilly and Co., Novo Nordisk A/S), luxury consumer (LVMH Moet Hennessy Louis Vuitton SE), and energy (Schlumberger Ltd.) helped the Portfolio’s relative returns during the reporting period. Adding exposure to healthcare stocks with strong fundamentals and positive multi-year catalysts was an important positive change in the Portfolio over the course of 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 PGIM Jennison Growth Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	6.3%
Microsoft Corp.	Software	6.2%
Amazon.com, Inc.	Internet & Direct Marketing Retail	4.9%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	4.6%
Eli Lilly & Co.	Pharmaceuticals	3.9%
Visa, Inc. (Class A Stock)	IT Services	3.7%
Mastercard, Inc. (Class A Stock)	IT Services	3.2%
LVMH Moet Hennessy Louis Vuitton SE (France)	Textiles, Apparel & Luxury Goods	3.0%
Tesla, Inc.	Automobiles	3.0%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year		5 Years		10 Years		Since Inception
Portfolio: Class I		-7.89%		6.73%		9.28%	—
Portfolio: Class II		-8.25		6.31		8.84	—
Portfolio: Class III		-8.12		N/A		N/A	1.29
Russell 1000® Value Index		-7.54		6.67		10.29	—
S&P 500 Index		-18.10		9.42		12.55	—
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, 2022, the PSF PGIM Jennison Value Portfolio Class I shares returned -7.89%. The Portfolio’s Class I shares underperformed the Russell 1000 Value Index and outperformed the S&P 500 Index.

What were the market conditions during the reporting period?

Calendar-year 2022 (the reporting period) was challenging for equity markets, with major indices closing at or near their lows for the reporting period. Uncertainty and volatility were enduring constants.

In response to signs of an economic slowdown, around the world and across industries, many companies that had benefited most from the COVID-19 pandemic began to reduce headcount and take operational steps to mitigate expected weakness. Commodity prices continued their retreat into the end of the reporting period, despite the lingering impact of Russia’s invasion of Ukraine. China took steps to ease its restrictive “zero-COVID” policy, resulting in a wave of infections, hospitalizations, and further economic dislocation as the reporting period ended.

Economic data reflected a mix of contrasting trends, with strength in employment, wages, and savings largely offsetting the effects of consumer price inflation, falling house prices, and waning spending by lower-income households. The persistence of labor-market tightness kept the US Federal Reserve (the Fed) on a tightening path, with the federal funds rate closing the reporting period in the range of 4.25% to 4.50%, levels last seen in 2007. Inflation was a global phenomenon, and central banks in many countries followed a path similar to that of the Fed, leading to a partial retracement of the US dollar’s significant appreciation since the end of 2021.

The Russell 1000 Value Index declined 7.54% in the reporting period. The information technology, communication services, real estate, and consumer discretionary sectors declined the most during the reporting period while the energy sector posted, by far, the largest gain. Defensive value sectors like consumer staples, utilities, and healthcare saw modest gains.

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

Relative to the Portfolio’s benchmark index, stock selection in the healthcare and industrials sectors, along with an overweight allocation to the energy sector and underweight allocations to communication services and real estate, benefited the Portfolio’s performance during the reporting period. Stock selection in the communication services and consumer discretionary sectors, along with a slight overweight to the information technology sector, were the largest detractors from the Portfolio’s relative results during the reporting period.

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

The Prudential Series Fund, PSF PGIM Jennison Value Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

The most notable stocks to contribute positively to the overall Portfolio’s performance during the reporting period included Chevron Corp., ConocoPhillips Co., Eli Lilly & Co., Hess Corp., and AbbVie Inc. Top detractors from the Portfolio’s performance for the reporting period included Alphabet Inc., General Motors Co., Qualcomm Inc., Crown Holdings Inc., and Meta Platforms 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 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Chevron Corp.	Oil, Gas & Consumable Fuels	3.8%
Eli Lilly & Co.	Pharmaceuticals	3.4%
Bristol-Myers Squibb Co.	Pharmaceuticals	3.2%
JPMorgan Chase & Co.	Banks	3.1%
Chubb Ltd.	Insurance	3.0%
ConocoPhillips	Oil, Gas & Consumable Fuels	2.7%
AbbVie, Inc.	Biotechnology	2.5%
Linde PLC (United Kingdom)	Chemicals	2.3%
Bank of America Corp.	Banks	2.2%
Goldman Sachs Group, Inc. (The)	Capital Markets	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 Total Return Bond Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years		10 Years		Since Inception
Portfolio: Class I	-14.81%		0.30%		1.98%	—
Portfolio: Class III	-15.09		N/A		N/A	-8.24
Bloomberg US Aggregate Bond Index	-13.01		0.02		1.06	—
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, 2022, the PSF PGIM Total Return Bond Portfolio Class I shares returned -14.81%. The Portfolio’s Class I shares underperformed the Bloomberg US Aggregate Bond Index.

What were the market conditions during the reporting period?

From a starting point of low yields, tight spreads (yield differentials), and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets in calendar-year 2022 (the reporting period). Concerns about central bank tightening, hard economic landings, and Russia’s invasion of Ukraine led credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing. (A hard landing refers to a marked economic slowdown or downturn.)

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than what was experienced over the prior decade of low inflation. A succession of federal funds rate hikes—by over 400 basis points (bps) in the reporting period—confirmed to markets that the US Federal Reserve (the Fed) was fully focused on tackling inflation. (One basis point equals 0.01%.)

As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted in the last six months of the reporting period. (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.) From 0.78% on December 31, 2021, the 10-year/2-year Treasury spread declined to -0.54% by the end of the reporting period. US 10-year Treasury yields began the reporting period at 1.51% and ended it at 3.88%. Meanwhile, the yield on the 2-year Treasury note ended the reporting period at 4.42%, a rise of 369 bps since the beginning of the reporting period.

US investment-grade corporate spreads widened significantly as corporates were challenged by elevated inflationary pressures, a slower growth outlook, and higher event and geopolitical risk. US high yield bonds posted significant declines through much of the reporting period as rate-hike concerns, high and persistent inflation, and recession fears overshadowed the strength of earnings and credit fundamentals. Securitized credit spreads, including collateralized loan obligations (CLO) and commercial mortgage-backed securities (CMBS), also widened. The emerging markets sector posted negative total returns, and spreads widened as markets were pressured by tightening financial conditions and slowing growth in China and Europe. Meanwhile, agency mortgage-backed securities (MBS) underperformed US Treasuries on concerns that the Fed may begin selling MBS if Fed officials need to step up their inflation fight.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

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

During the reporting period, individual security selection and sector allocation were the main drivers of the Portfolio’s underperformance. Within security selection, positioning in US Treasuries, emerging markets debt, and investment-grade corporate bonds were the largest detractors. This was partially offset by selection in CLOs, high yield corporate bonds, and agency securities, all of which contributed to the Portfolio’s performance. Within sector allocation, overweights relative to the benchmark index in high yield corporate bonds, CLOs, and CMBS, along with a duration underweight to investment-grade corporate bonds, detracted from the Portfolio’s performance. (A duration underweight means having less exposure than the benchmark to higher-duration bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) This was partially offset by an underweight to MBS, which contributed to the Portfolio’s performance. Within credit, selection in upstream energy, aerospace & defense, and midstream energy contributed to the Portfolio’s performance. Selection in foreign non-corporate bonds, banking, and healthcare & pharmaceuticals detracted from the Portfolio’s performance. The Portfolio’s duration positioning also detracted from performance during the period, while its yield curve strategies contributed to the Portfolio’s performance.

During the reporting 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 the Portfolio’s performance during the reporting 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 negative impact on the Portfolio’s performance during the reporting 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 contributed to the Portfolio’s performance for 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 PGIM Total Return Bond Portfolio (As of 12/31/2022)
Credit Quality	% of Total Investments
AAA	56.7%
AA	3.7%
A	10.6%
BBB	17.7%
BB	9.1%
B	4.4%
CCC	0.9%
CC	0.2%
NR	5.0%
Cash/Cash Equivalents	-8.3%
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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years		10 Years		Since Inception
Portfolio: Class I	-16.37%		5.55%		10.52%	—
Portfolio: Class III	-16.58		N/A		N/A	-7.91
S&P SmallCap 600 Index	-16.10		5.88		10.82	—
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, 2022, the PSF Small-Cap Stock Index Portfolio Class I shares returned -16.37%. The Portfolio’s Class I shares underperformed the S&P SmallCap 600 Index.

What were the market conditions during the reporting period?

US equities experienced their worst full-year performance in calendar-year 2022 (the reporting period) since the Global Financial Crisis of 2008. Peaking in the first week of the reporting period, equities continued a downward path through the end of the third quarter, before making up some lost ground in the fourth quarter of the reporting period. While most sectors posted negative returns for the full reporting period, commodity-related equities were an exception, advancing by double digits and further burnishing their credentials as effective inflation hedges. There was also a large disparity between growth and value equities, with the latter outperforming the former by more than 20% as sky-high valuations for growth stocks succumbed to rising interest rates and more realistic profitability outlooks. Despite the steep declines, valuations for US equities remained historically high at the end of the reporting period, supported by a favorable earnings growth outlook, especially when compared to other developed markets. Despite predictions of a mild economic recession in 2023, full-year earnings growth was still expected to be positive, albeit in the single-digit range.

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

Cash flows, brokerage costs, and other Portfolio costs and expenses caused the Portfolio’s return to slightly differ from the return of its benchmark, the S&P Small-Cap 600 Index (the Index).

In terms of positions, PBF Energy, Inc. and Helmerich & Payne, Inc. were the largest positive contributors to the Portfolio’s performance, while Innovative Industrial Properties, Inc. was the largest detractor.

The Portfolio closely tracked the Index during the reporting 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 reporting period to help enhance liquidity, but the position did not have a material impact on the Portfolio’s performance.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Small-Cap Stock Index Portfolio (As of 12/31/2022)
Ten Largest Holdings	Asset Class/Line of Business	% of Net Assets
iShares Core S&P Small-Cap ETF	Exchange-Traded Funds	1.3%
Agree Realty Corp.,	Equity Real Estate Investment Trusts (REITs)	0.7%
Ensign Group, Inc. (The)	Health Care Providers & Services	0.6%
Helmerich & Payne, Inc.	Energy Equipment & Services	0.6%
Exponent, Inc.	Professional Services	0.5%
UFP Industries, Inc.	Building Products	0.5%
Applied Industrial Technologies, Inc.	Trading Companies & Distributors	0.5%
Fabrinet (Thailand)	Electronic Equipment, Instruments & Components	0.5%
SPS Commerce, Inc.	Software	0.5%
AMN Healthcare Services, Inc.	Health Care Providers & Services	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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years
Portfolio	-14.65%	3.09%	8.38%
Russell 2000® Value Index	-14.48	4.13	8.48
Russell 2500™ Index	-18.37	5.89	10.03
Past performance does not guarantee future returns. The investment return and principal value of an investment will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance.
Portfolio 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, 2022, the PSF Small-Cap Value Portfolio returned -14.65%. 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 small-capitalization value stocks, returned -14.48% in calendar-year 2022 (the reporting period). The reporting period saw heightened volatility, with negative returns in the first three quarters and a slight rebound in the fourth quarter. During the reporting period, small-cap value stocks outperformed small-cap growth stocks overall. The fourth quarter of 2022 marked the seventh of the last eight quarters in which small-cap value stocks outperformed small-cap growth stocks and the first time value had outperformed growth in two consecutive years since 2005-2006. Within the small-cap value market segment, energy was the only positively contributing sector, while real estate and financials detracted most.

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

Stock selection in financials and communication services contributed positively to the Portfolio’s relative returns, while investments in real estate and energy detracted from relative returns.

Antero Resources Corp., an independent oil and gas company that engages in the development, production, exploration, and acquisition of natural gas, was a top positive contributor to the Portfolio’s relative returns during the reporting period. Supported by an increase in commodity prices, shares of the company rose to start the reporting period. The market also reacted positively to an earlier-than-expected share repurchasing program. Following a run-up in the stock price, the Portfolio’s position in Antero Resources was sold and proceeds of the sale reallocated. Professional services firm KBR, Inc. was another top contributor. Despite some volatility during the reporting period, KBR’s stock price ended higher after the company was awarded a $156.7 million contract to update the US Army’s Utility Helicopter 60 Variant fleet. At the end of the reporting period, the Portfolio continued to see upside potential for KBR given the opportunity for continued strong organic growth, capital deployment via mergers and acquisitions, and re-rating of the company’s sustainable technology business segment.

Hudson Pacific Properties, Inc., an office, media, and entertainment property real estate investment trust (REIT), was a top detractor from the Portfolio’s relative return during the reporting period. Despite largely in-line or above-expectation earnings results, softer guidance and broad weakness in its peer group drove its stock lower. The market also reacted negatively to Hudson Pacific’s completion of its previously announced acquisition of Washington 1000, a fully entitled, state-of-the-art office development site in Seattle. Despite recent weakness, the Portfolio continued to hold shares of Hudson Pacific at the end of the reporting period, as leasing volumes were recovering, mark to market remained intact, and the company was aggressively repurchasing stock. (Mark to market refers to an accounting tool used to record the value of an asset with respect to its current market price.) Cell tower and data center REIT DigitalBridge Group, Inc. was another top detractor. During the reporting period, the data center space sold off broadly as a result of the rotation away from higher-growth sectors in light of the macroeconomic backdrop. The Portfolio exited its position in November 2022 on some strength and reallocated proceeds to what it saw as better risk-reward opportunities elsewhere in the Portfolio.

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, 2022

Report of the Investment Manager - As of December 31, 2022 (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 Small-Cap Value Portfolio (As of 12/31/2022)
Ten Largest Holdings	Asset Class/Line of Business	% of Net Assets
iShares Russell 2000 Value ETF	Exchange-Traded Fund	1.5%
Physicians Realty Trust	Equity Real Estate Investment Trusts (REITs)	1.3%
STAG Industrial, Inc.	Equity Real Estate Investment Trusts (REITs)	1.1%
KBR, Inc.	Professional Services	1.1%
Hancock Whitney Corp.	Banks	1.1%
Selective Insurance Group, Inc.	Insurance	1.0%
ABM Industries, Inc.	Commercial Services & Supplies	1.0%
Terreno Realty Corp.	Equity Real Estate Investment Trusts (REITs)	1.0%
Hostess Brands, Inc.	Food Products	0.9%
United Community Banks, Inc.	Banks	0.9%

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

The Prudential Series Fund, PSF Stock Index Portfolio December 31, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited)

Average Annual Total Returns	1 Year	5 Years	10 Years	Since Inception
Portfolio: Class I	-18.34%	9.11%	12.25%	—
Portfolio: Class III	-18.54	N/A	N/A	-3.97
S&P 500 Index	-18.10	9.42	12.55	—
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, 2022, the PSF Stock Index Portfolio Class I shares returned -18.34%. The Portfolio’s Class I shares underperformed the S&P 500 Index.

What were the market conditions during the reporting period?

US equities experienced their worst full-year performance in calendar-year 2022 (the reporting period) since the Global Financial Crisis of 2008. Peaking in the first week of the reporting period, equities continued a downward path through the end of the third quarter, before making up some lost ground in the fourth quarter of the reporting period. While most sectors posted negative returns for the full reporting period, commodity-related equities were an exception, advancing by double digits and further burnishing their credentials as effective inflation hedges. There was also a large disparity between growth and value equities, with the latter outperforming the former by more than 20% as sky-high valuations for growth stocks succumbed to rising interest rates and more realistic profitability outlooks. Despite the steep declines, valuations for US equities remained historically high at the end of the reporting period, supported by a favorable earnings growth outlook, especially when compared to other developed markets. Despite predictions of a mild economic recession in 2023, full-year earnings growth was still expected to be positive, albeit in the single-digit range.

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

Cash flows, brokerage costs, and other Portfolio costs and expenses caused the Portfolio’s return to slightly differ from the return of its benchmark, the S&P 500 Index (the Index).

In terms of positions, ExxonMobil Corp. and Chevron Corp. were the largest positive contributors to the Portfolio’s performance during the reporting period, while Apple Inc. was the largest detractor.

The Portfolio closely tracked the Index during the reporting 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 reporting period to help enhance liquidity, but the position did not have a material impact on the Portfolio’s performance.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Portfolio’s performance, is compiled based on how the Portfolio performed relative to the Portfolio’s assigned 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, 2022

Report of the Investment Manager - As of December 31, 2022 (Unaudited) (Continued)

Presentation of Portfolio Holdings — unaudited

PSF Stock Index Portfolio (As of 12/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	5.9%
Microsoft Corp.	Software	5.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.3%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	1.7%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.6%
UnitedHealth Group, Inc.	Health Care Providers & Services	1.5%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.4%
Johnson & Johnson	Pharmaceuticals	1.4%
Exxon Mobil Corp.	Oil, Gas & Consumable Fuels	1.4%
JPMorgan Chase & Co.	Banks	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	December 31, 2022
Benchmark Glossary — unaudited

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

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

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

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

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

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

MSCI 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. TheGDversion 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.

The Prudential Series Fund	December 31, 2022
Benchmark Glossary — unaudited (continued)

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.

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 DowJones Indices LLC and/or its affiliates and have been licensed for use by PGIM, Inc. and/or its affiliates. Copyright © 2023 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	December 31, 2022
Fees and Expenses — unaudited

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, 2022 through December 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

The Prudential Series Fund Portfolios		Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
PSF Global (Class I)	Actual	$1,000.00	$1,028.30	0.75%	$3.83
	Hypothetical	$1,000.00	$1,021.42	0.75%	$3.82
PSF Global (Class III)	Actual	$1,000.00	$1,027.10	1.00%	$5.11
	Hypothetical	$1,000.00	$1,020.16	1.00%	$5.09
PSF International Growth (Class I)	Actual	$1,000.00	$1,035.90	1.01%	$5.18
	Hypothetical	$1,000.00	$1,020.11	1.01%	$5.14
PSF International Growth (Class II)	Actual	$1,000.00	$1,034.40	1.41%	$7.18
	Hypothetical	$1,000.00	$1,018.15	1.41%	$7.12
PSF Mid-Cap Growth (Class I)	Actual	$1,000.00	$1,042.40	0.66%	$3.40
	Hypothetical	$1,000.00	$1,021.88	0.66%	$3.36
PSF Mid-Cap Growth (Class II)	Actual	$1,000.00	$1,040.70	1.06%	$5.45
	Hypothetical	$1,000.00	$1,019.86	1.06%	$5.40
PSF Mid-Cap Growth (Class III)	Actual	$1,000.00	$1,041.10	0.91%	$4.68
	Hypothetical	$1,000.00	$1,020.62	0.91%	$4.63
PSF Natural Resources (Class I)	Actual	$1,000.00	$1,139.40	0.48%	$2.59
	Hypothetical	$1,000.00	$1,022.79	0.48%	$2.45
PSF Natural Resources (Class II)	Actual	$1,000.00	$1,137.00	0.88%	$4.74
	Hypothetical	$1,000.00	$1,020.77	0.88%	$4.48

The Prudential Series Fund	December 31, 2022
Fees and Expenses — unaudited (continued)

The Prudential Series Fund Portfolios		Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	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	$1,138.00	0.73%	$3.93
	Hypothetical	$1,000.00	$1,021.53	0.73%	$3.72
PSF PGIM 50/50 Balanced (Class I)	Actual	$1,000.00	$1,000.60	0.57%	$2.87
	Hypothetical	$1,000.00	$1,022.33	0.57%	$2.91
PSF PGIM 50/50 Balanced	Actual	$1,000.00	$   999.40	0.82%	$4.13
(Class III)	Hypothetical	$1,000.00	$1,021.07	0.82%	$4.18
PSF PGIM Flexible Managed	Actual	$1,000.00	$   998.90	0.61%	$3.07
(Class I)	Hypothetical	$1,000.00	$1,022.13	0.61%	$3.11
PSF PGIM Flexible Managed	Actual	$1,000.00	$   997.60	0.86%	$4.33
(Class III)	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Government Income	Actual	$1,000.00	$   962.80	0.49%	$2.42
(Class I)	Hypothetical	$1,000.00	$1,022.74	0.49%	$2.50
PSF PGIM Government Income	Actual	$1,000.00	$   961.90	0.74%	$3.66
(Class III)	Hypothetical	$1,000.00	$1,021.48	0.74%	$3.77
PSF PGIM Government Money	Actual	$1,000.00	$1,012.90	0.33%	$1.67
Market (Class I)	Hypothetical	$1,000.00	$1,023.54	0.33%	$1.68
PSF PGIM Government Money	Actual	$1,000.00	$1,011.60	0.58%	$2.94
Market (Class III)	Hypothetical	$1,000.00	$1,022.28	0.58%	$2.96
PSF PGIM High Yield Bond	Actual	$1,000.00	$1,024.20	0.57%	$2.91
(Class I)	Hypothetical	$1,000.00	$1,022.33	0.57%	$2.91
PSF PGIM High Yield Bond (Class III)	Actual	$1,000.00	$1,022.50	0.82%	$4.18
	Hypothetical	$1,000.00	$1,021.07	0.82%	$4.18
PSF PGIM Jennison Blend (Class I)	Actual	$1,000.00	$1,017.70	0.46%	$2.34
	Hypothetical	$1,000.00	$1,022.89	0.46%	$2.35
PSF PGIM Jennison Blend (Class II)	Actual	$1,000.00	$1,015.80	0.86%	$4.37
	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Jennison Blend (Class III)	Actual	$1,000.00	$1,016.50	0.71%	$3.61
	Hypothetical	$1,000.00	$1,021.63	0.71%	$3.62
PSF PGIM Jennison Focused Blend (Class I)	Actual	$1,000.00	$1,019.80	0.88%	$4.48
	Hypothetical	$1,000.00	$1,020.77	0.88%	$4.48
PSF PGIM Jennison Focused Blend (Class II)	Actual	$1,000.00	$1,017.80	1.28%	$6.51
	Hypothetical	$1,000.00	$1,018.75	1.28%	$6.51
PSF PGIM Jennison Focused Blend (Class III)	Actual	$1,000.00	$1,018.50	1.13%	$5.75
	Hypothetical	$1,000.00	$1,019.51	1.13%	$5.75
PSF PGIM Jennison Growth (Class I)	Actual	$1,000.00	$   970.70	0.61%	$3.03
	Hypothetical	$1,000.00	$1,022.13	0.61%	$3.11
PSF PGIM Jennison Growth (Class II)	Actual	$1,000.00	$   968.70	1.01%	$5.01
	Hypothetical	$1,000.00	$1,020.11	1.01%	$5.14
PSF PGIM Jennison Growth (Class III)	Actual	$1,000.00	$   969.50	0.86%	$4.27
	Hypothetical	$1,000.00	$1,020.87	0.86%	$4.38
PSF PGIM Jennison Value (Class I)	Actual	$1,000.00	$1,063.00	0.42%	$2.18
	Hypothetical	$1,000.00	$1,023.09	0.42%	$2.14
PSF PGIM Jennison Value (Class II)	Actual	$1,000.00	$1,060.70	0.82%	$4.26
	Hypothetical	$1,000.00	$1,021.07	0.82%	$4.18

The Prudential Series Fund	December 31, 2022
Fees and Expenses — unaudited (continued)

The Prudential Series Fund Portfolios		Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
PSF PGIM Jennison Value	Actual	$1,000.00	$1,061.70	0.67%	$3.48
(Class III)	Hypothetical	$1,000.00	$1,021.83	0.67%	$3.41
PSF PGIM Total Return Bond	Actual	$1,000.00	$   973.70	0.44%	$2.19
(Class I)	Hypothetical	$1,000.00	$1,022.99	0.44%	$2.24
PSF PGIM Total Return Bond	Actual	$1,000.00	$   972.20	0.69%	$3.43
(Class III)	Hypothetical	$1,000.00	$1,021.73	0.69%	$3.52
PSF Small-Cap Stock Index	Actual	$1,000.00	$1,033.80	0.38%	$1.95
(Class I)	Hypothetical	$1,000.00	$1,023.29	0.38%	$1.94
PSF Small-Cap Stock Index	Actual	$1,000.00	$1,032.50	0.63%	$3.23
(Class III)	Hypothetical	$1,000.00	$1,022.03	0.63%	$3.21
PSF Small-Cap Value (Class I)	Actual	$1,000.00	$1,039.00	0.97%	$4.99
	Hypothetical	$1,000.00	$1,020.32	0.97%	$4.94
PSF Stock Index (Class I)	Actual	$1,000.00	$1,021.70	0.29%	$1.48
	Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48
PSF Stock Index (Class III)	Actual	$1,000.00	$1,020.40	0.54%	$2.75
	Hypothetical	$1,000.00	$1,022.48	0.54%	$2.75

* Portfolio expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended December 31, 2022, and divided by the 365 days in the Portfolio’s fiscal year ended December 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Portfolio may invest.

Glossary

The following abbreviations are used in the Portfolios’ descriptions:

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
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
BARC — Barclays Bank PLC
BATE — CBOE- Europe – BXE Order Books
BNP — BNP Paribas S.A.
BOA — Bank of America, N.A.
BOS — Bank of America Securities, Inc.
CAG — Credit Agricole Corporate & Investment Bank
CDX — Credit Derivative Index
CIBC — Canadian Imperial Bank of Commerce
CIGM — Citigroup Global Markets, Inc.
CITI — Citibank, N.A.
CLO — Collateralized Loan Obligation
CSI — Credit Suisse International
CVA — Certificate Van Aandelen (Bearer)
CVR — Contingent Value Rights
CVT — Convertible Security
EAFE — Europe, Australasia, Far East
EMTN — Euro Medium Term Note
ETF — Exchange-Traded Fund
EURIBOR — Euro Interbank Offered Rate
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National Mortgage Association
GDR — Global Depositary Receipt
GMTN — Global Medium Term Note
GNMA — Government National Mortgage Association

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

ING — ING Financial Markets LLC

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

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

MSI — Morgan Stanley & Co International PLC

MTN — Medium Term Note

NWS — NatWest Markets Securities, Inc.

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

REMIC — Real Estate Mortgage Investment Conduit

S&P — Standard & Poor’s

SCB — Standard Chartered Bank

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SPDR — Standard & Poor’s Depositary Receipts

SSB — State Street Bank

STRIPs — Separate Trading of Registered Interest and
Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

TD — The Toronto-Dominion Bank

TDM — TD Securities (USA) LLC

UBS — UBS Securities LLC

USAID — United States Agency for International
Development

USOIS — United States Overnight Index Swap

XNGS — NASDAQ Global Select Exchange

SEE NOTES TO FINANCIAL STATEMENTS.

A1

	PSF GLOBAL PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 96.9%
COMMON STOCKS — 96.8%
Australia — 1.2%
ANZ Group Holdings Ltd.		65,280	$	1,051,590
Aristocrat Leisure Ltd.		56,893		1,172,326
Aurizon Holdings Ltd.		303,400		768,646
Bank of Queensland Ltd.		148,800		695,814
Beach Energy Ltd.		395,200		429,131
BHP Group Ltd.		64,500		1,998,013
Fortescue Metals Group Ltd.		86,570		1,210,002
Harvey Norman Holdings Ltd.		315,300		883,470
Inghams Group Ltd.		420,300		814,867
JB Hi-Fi Ltd.		5,660		161,320
Metcash Ltd.		333,000		900,519
New Hope Corp. Ltd.		175,600		754,144
Perenti Ltd.*		432,300		387,185
Rio Tinto Ltd.		20,600		1,625,867
St. Barbara Ltd.*		343,600		183,667
Stockland, REIT		279,500		688,369
Super Retail Group Ltd.		105,600		766,438
Woodside Energy Group Ltd.		11,655		282,263
				14,773,631
Austria — 0.3%
BAWAG Group AG, 144A*		16,000		852,645
OMV AG		33,700		1,733,561
Wienerberger AG		26,400		636,343
				3,222,549
Belgium — 0.3%
Bekaert SA		22,500		874,418
KBC Group NV		40,493		2,607,155
Telenet Group Holding NV		23,500		383,856
				3,865,429
Brazil — 0.3%
B3 SA - Brasil Bolsa Balcao		490,500		1,225,575
MercadoLibre, Inc.*		1,685		1,425,914
Yara International ASA		18,800		825,639
				3,477,128
Canada — 2.3%
Canadian Pacific Railway Ltd.(a)		114,042		8,506,393
Dollarama, Inc.		55,332		3,236,146
Intact Financial Corp.		19,368		2,788,048
Magna International, Inc.(a)		35,573		1,998,491
TC Energy Corp.(a)		189,469		7,552,234
Toronto-Dominion Bank (The)		49,674		3,216,336
				27,297,648
China — 0.4%
China Resources Cement Holdings Ltd.		1,042,000		550,647
China Tourism Group Duty Free Corp. Ltd. (Class H Stock), 144A*		65,200		1,910,961
Kingboard Holdings Ltd.		216,000		684,964
Lee & Man Paper Manufacturing Ltd.		1,049,000		460,001
Xinyi Glass Holdings Ltd.		328,000		606,005
				4,212,578

	Shares		Value
COMMON STOCKS (continued)
Denmark — 1.1%
AP Moller - Maersk A/S (Class B Stock)		200	$	447,721
Coloplast A/S (Class B Stock)		13,182		1,544,307
D/S Norden A/S		18,400		1,108,873
Danske Bank A/S		43,400		855,983
DSV A/S		14,784		2,337,900
Jyske Bank A/S*		19,600		1,270,900
Novo Nordisk A/S (Class B Stock)		33,232		4,513,423
Pandora A/S		9,500		671,474
Spar Nord Bank A/S		17,570		269,053
				13,019,634
Finland — 0.4%
Neste OYJ		51,657		2,382,265
Nokia OYJ		243,000		1,128,906
Nordea Bank Abp		83,600		895,520
Valmet OYJ		27,100		731,556
				5,138,247
France — 5.3%
Airbus SE		27,127		3,225,468
Arkema SA		8,700		782,521
AXA SA		54,100		1,506,985
BNP Paribas SA		28,200		1,605,685
Bouygues SA		39,800		1,193,672
Capgemini SE		4,000		668,705
Carrefour SA		89,600		1,498,645
Cie de Saint-Gobain		15,800		772,949
Cie Generale des Etablissements Michelin SCA		22,400		624,004
Credit Agricole SA		78,500		825,769
Dassault Systemes SE		32,775		1,178,578
Euroapi SA*		1		15
Faurecia SE*		1,269		19,207
Ipsen SA		7,557		812,836
Kering SA		1,205		613,258
L’Oreal SA		6,201		2,220,564
LVMH Moet Hennessy Louis Vuitton SE		11,690		8,506,734
Nexity SA		13,100		365,910
Orange SA		140,000		1,389,097
Rubis SCA		22,100		581,940
Safran SA		21,322		2,670,666
Sanofi		31,700		3,056,723
Sartorius Stedim Biotech		6,161		2,002,128
Societe BIC SA		15,900		1,088,402
Societe Generale SA		28,600		717,393
Sopra Steria Group SACA		7,100		1,074,963
Teleperformance		7,714		1,844,151
TotalEnergies SE		58,800		3,691,064
TotalEnergies SE, ADR		224,658		13,946,769
Vinci SA		46,671		4,652,493
				63,137,294
Germany — 2.1%
Allianz SE		5,000		1,067,789
Aurubis AG		10,800		879,133
Bayer AG		23,300		1,199,253

SEE NOTES TO FINANCIAL STATEMENTS.

A2

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Germany (cont’d.)
Bayerische Motoren Werke AG		15,630	$	1,383,803
Daimler Truck Holding AG*		8,800		270,527
Deutsche Post AG		63,500		2,376,594
Deutsche Telekom AG		45,300		901,315
Fresenius SE & Co. KGaA		18,600		519,534
HOCHTIEF AG		752		42,237
Infineon Technologies AG		119,557		3,633,568
Mercedes-Benz Group AG		25,800		1,687,190
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,600		841,024
Rational AG		259		153,801
Rheinmetall AG		4,910		977,464
Siemens AG, ADR		96,520		6,639,611
Siltronic AG		8,900		647,390
United Internet AG		18,400		371,029
Volkswagen AG		7,100		1,113,819
				24,705,081
Hong Kong — 0.5%
AIA Group Ltd.		251,000		2,771,891
PAX Global Technology Ltd.		933,000		803,085
Techtronic Industries Co. Ltd.		42,000		466,487
Tongda Group Holdings Ltd.*		8,180,000		134,777
WH Group Ltd., 144A		2,038,000		1,188,640
Yue Yuen Industrial Holdings Ltd.		296,500		414,943
				5,779,823
India — 0.8%
HDFC Bank Ltd., ADR(a)		42,505		2,907,767
Infosys Ltd., ADR(a)		130,094		2,342,993
Reliance Industries Ltd., 144A, GDR		78,479		4,814,203
				10,064,963
Indonesia — 0.0%
First Resources Ltd.		552,800		612,224
Italy — 0.4%
A2A SpA		546,200		728,229
Coca-Cola HBC AG*		20,738		490,222
Enel SpA		17,300		93,042
Leonardo SpA		97,000		836,603
Mediobanca Banca di Credito Finanziario SpA		87,600		841,754
Piaggio & C SpA		176,400		529,226
Pirelli & C SpA, 144A		171,800		736,430
UnipolSai Assicurazioni SpA		253,700		624,596
				4,880,102
Japan — 4.8%
AGC, Inc.(a)		21,300		706,856
Aozora Bank Ltd.		36,000		707,568
Bell System24 Holdings, Inc.		36,000		371,000
BIPROGY, Inc.		14,100		357,254
Brother Industries Ltd.		44,300		669,536
Citizen Watch Co. Ltd.		149,100		669,445
Credit Saison Co. Ltd.		42,600		549,277
Daihen Corp.		25,000		731,475
Dai-ichi Life Holdings, Inc.		39,900		901,077

	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Daikin Industries Ltd.		16,200	$	2,457,760
Daiwa House Industry Co. Ltd.		31,900		734,857
DCM Holdings Co. Ltd.		71,900		656,070
DTS Corp.		17,400		392,104
EDION Corp.		63,900		624,960
Fuji Corp.		34,400		501,205
GungHo Online Entertainment, Inc.*		31,100		502,329
Gunze Ltd.		17,000		543,461
Haseko Corp.		30,900		345,133
Hazama Ando Corp.		119,600		763,331
Honda Motor Co. Ltd.		61,600		1,405,035
Hoya Corp.		20,100		1,925,150
Isuzu Motors Ltd.		78,200		906,563
ITOCHU Corp.		44,400		1,392,950
Itoham Yonekyu Holdings, Inc.		117,500		623,502
Japan Airlines Co. Ltd.*		25,000		509,192
Japan Aviation Electronics Industry Ltd.		46,000		733,789
Japan Lifeline Co. Ltd.		79,400		549,632
KDDI Corp.		29,700		900,709
Keiyo Bank Ltd. (The)		76,500		340,165
Keyence Corp.		8,300		3,222,432
Komeri Co. Ltd.		17,200		356,521
Lintec Corp.		30,000		486,954
Marubeni Corp.		85,400		978,338
Mitsubishi Gas Chemical Co., Inc.		26,000		357,411
Mitsubishi HC Capital, Inc.		210,100		1,033,387
Mitsubishi UFJ Financial Group, Inc.		214,300		1,438,685
Mitsui & Co. Ltd.		36,000		1,048,526
Mitsui Chemicals, Inc.		42,400		952,338
Mizuho Financial Group, Inc.		73,620		1,037,180
Nippon Telegraph & Telephone Corp.		107,900		3,077,147
Nishi-Nippon Financial Holdings, Inc.		48,600		355,158
Nomura Holdings, Inc.		270,700		1,003,072
Nomura Real Estate Holdings, Inc.		19,200		410,550
Obayashi Corp.		97,500		736,475
Ono Pharmaceutical Co. Ltd.		43,000		1,005,064
ORIX Corp.		65,000		1,040,433
Resona Holdings, Inc.		366,600		2,013,520
Sankyu, Inc.		18,100		662,206
Sawai Group Holdings Co. Ltd.		9,800		305,768
Seino Holdings Co. Ltd.		72,500		642,653
Shin-Etsu Chemical Co. Ltd.		13,900		1,697,360
SKY Perfect JSAT Holdings, Inc.		151,000		554,924
SMC Corp.		3,800		1,586,704
Sompo Holdings, Inc.		15,600		690,193
Sumitomo Heavy Industries Ltd.		32,300		644,848
Sumitomo Mitsui Financial Group, Inc.		31,100		1,251,229
Taisei Corp.		19,200		619,108
Teijin Ltd.		67,300		655,853
Toagosei Co. Ltd.		44,900		376,893
Tokuyama Corp.		26,500		359,703
Tokyo Seimitsu Co. Ltd.		20,300		655,858
Towa Pharmaceutical Co. Ltd.		28,200		455,219
Transcosmos, Inc.		25,100		616,378
Tsubakimoto Chain Co.		17,000		383,500
UBE Corp.		41,500		608,290
Yokohama Rubber Co. Ltd. (The)(a)		62,000		959,364
				56,750,627

SEE NOTES TO FINANCIAL STATEMENTS.

A3

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Netherlands — 1.8%
ABN AMRO Bank NV, 144A, CVA		56,900	$	787,950
Adyen NV, 144A*		1,744		2,421,108
Aegon NV		215,700		1,092,882
ASML Holding NV (BATE)		5,916		3,225,711
ASML Holding NV (XNGS)		7,172		3,918,781
ASR Nederland NV		21,200		1,007,297
ING Groep NV		71,300		868,517
Koninklijke Ahold Delhaize NV		89,100		2,561,740
NN Group NV		18,700		764,684
Randstad NV		14,700		898,206
Shell PLC		141,000		3,974,905
				21,521,781
New Zealand — 0.1%
Air New Zealand Ltd.*		1,456,800		686,805
Norway — 0.4%
DNB Bank ASA		53,600		1,058,607
Equinor ASA		112,374		4,038,752
TOMRA Systems ASA		4,472		75,426
				5,172,785
Singapore — 0.1%
DBS Group Holdings Ltd.		41,200		1,042,838
Venture Corp. Ltd.		26,000		331,401
				1,374,239
South Africa — 0.2%
Anglo American PLC		48,300		1,891,423
South Korea — 0.1%
LG Energy Solution Ltd.*		1,963		676,561
Spain — 0.8%
Amadeus IT Group SA*		78,651		4,080,239
Banco Santander SA		249,200		745,137
Endesa SA		37,700		710,515
Mapfre SA(a)		494,400		956,419
Repsol SA		117,700		1,873,433
Telefonica SA		176,500		638,949
				9,004,692
Sweden — 1.3%
Atlas Copco AB (Class A Stock)		196,764		2,331,338
Boliden AB		35,400		1,329,702
Electrolux AB (Class B Stock)(a)		38,800		524,224
Evolution AB, 144A		25,800		2,513,035
Hexagon AB (Class B Stock)		265,118		2,779,787
Husqvarna AB (Class B Stock)		39,300		276,021
Indutrade AB		41,314		837,827
Securitas AB (Class B Stock)		103,242		861,498
Skanska AB (Class B Stock)		31,100		493,012
SKF AB (Class B Stock)		70,400		1,075,256
Swedbank AB (Class A Stock)		27,700		471,151
Telefonaktiebolaget LM Ericsson (Class B Stock)		80,900		474,026
Volvo AB (Class B Stock)		100,500		1,815,392
				15,782,269

	Shares		Value
COMMON STOCKS (continued)
Switzerland — 2.3%
Adecco Group AG		25,100	$	825,661
Baloise Holding AG		6,000		925,241
Credit Suisse Group AG		75,100		224,207
Forbo Holding AG		500		587,581
Helvetia Holding AG		10,600		1,233,445
Julius Baer Group Ltd.		25,700		1,495,769
Lonza Group AG		5,206		2,555,498
Novartis AG		47,700		4,316,729
Partners Group Holding AG		2,115		1,872,798
Sika AG		5,732		1,377,991
Straumann Holding AG		17,227		1,975,441
Swiss Life Holding AG		1,417		730,405
TE Connectivity Ltd.		13,125		1,506,750
UBS Group AG		166,700		3,098,324
Zurich Insurance Group AG		9,170		4,383,969
				27,109,809
Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		223,000		3,238,732
United Kingdom — 4.8%
3i Group PLC		52,800		851,524
Ashtead Group PLC		42,348		2,405,569
Associated British Foods PLC		39,200		743,184
AstraZeneca PLC		37,646		5,094,233
Aviva PLC		149,720		794,211
BAE Systems PLC		168,800		1,743,434
Barratt Developments PLC		61,900		295,653
Bellway PLC		23,200		530,543
British American Tobacco PLC		63,000		2,492,164
BT Group PLC		455,900		615,590
Bunzl PLC		94,517		3,144,596
Centrica PLC		457,200		531,752
CK Hutchison Holdings Ltd.		117,500		703,925
CNH Industrial NV		79,500		1,275,339
Coca-Cola Europacific Partners PLC		1,200		66,384
Compass Group PLC		213,659		4,933,821
Crest Nicholson Holdings PLC		143,814		409,416
Diageo PLC		72,621		3,178,757
Experian PLC		77,240		2,615,990
Halma PLC		66,041		1,572,763
Imperial Brands PLC		56,400		1,404,988
International Consolidated Airlines Group SA*		150,000		223,374
Investec PLC		79,700		487,228
J Sainsbury PLC		458,700		1,203,087
Keller Group PLC		48,200		465,178
Kingfisher PLC		357,200		1,014,886
Legal & General Group PLC		220,600		661,388
Linde PLC		14,229		4,641,215
Lloyds Banking Group PLC		1,666,000		909,160
London Stock Exchange Group PLC		32,195		2,766,233
Marks & Spencer Group PLC*		279,900		412,923
Paragon Banking Group PLC		105,900		720,018
Premier Foods PLC		357,756		466,169
Redde Northgate PLC		108,700		540,751
Redrow PLC		77,600		425,240
Rentokil Initial PLC		449,071		2,758,988

SEE NOTES TO FINANCIAL STATEMENTS.

A4

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (cont’d.)
Segro PLC, REIT		129,323	$	1,191,357
Spirax-Sarco Engineering PLC		9,533		1,217,656
Tate & Lyle PLC		34,250		293,428
Taylor Wimpey PLC		263,400		322,586
Tesco PLC		213,800		576,163
Vistry Group PLC		29,222		220,099
				56,920,963
United States — 64.4%
Abbott Laboratories		66,930		7,348,245
AbbVie, Inc.		39,672		6,411,392
Accenture PLC (Class A Stock)		3,878		1,034,806
Adobe, Inc.*		25,487		8,577,140
Agilent Technologies, Inc.		9,220		1,379,773
Air Products & Chemicals, Inc.		16,902		5,210,211
Alphabet, Inc. (Class A Stock)*		211,582		18,667,880
Alphabet, Inc. (Class C Stock)*		66,254		5,878,717
Amazon.com, Inc.*		185,293		15,564,612
Ameren Corp.		57,212		5,087,291
American Express Co.		6,553		968,206
American International Group, Inc.		155,046		9,805,109
American Tower Corp., REIT		21,354		4,524,058
AMETEK, Inc.		34,717		4,850,659
Amphenol Corp. (Class A Stock)		16,508		1,256,919
Aon PLC (Class A Stock)		21,040		6,314,946
Apple, Inc.		125,734		16,336,619
Applied Materials, Inc.		23,276		2,266,617
Arthur J. Gallagher & Co.		9,583		1,806,779
Autodesk, Inc.*		5,208		973,219
AvalonBay Communities, Inc., REIT		60,949		9,844,482
Bank of America Corp.		233,235		7,724,743
Becton, Dickinson & Co.		50,179		12,760,520
Best Buy Co., Inc.		56,659		4,544,618
Black Knight, Inc.*		15,717		970,525
Block, Inc.*		16,272		1,022,532
Boston Scientific Corp.*		160,292		7,416,711
Bristol-Myers Squibb Co.		49,491		3,560,877
Cadence Design Systems, Inc.*		18,501		2,972,001
CF Industries Holdings, Inc.		39,194		3,339,329
Charles Schwab Corp. (The)		67,184		5,593,740
Chipotle Mexican Grill, Inc.*		1,473		2,043,773
Chubb Ltd.		51,063		11,264,498
Cigna Corp.		26,468		8,769,907
Cisco Systems, Inc.		57,102		2,720,339
Citigroup, Inc.		89,601		4,052,653
CME Group, Inc.		16,125		2,711,580
Coca-Cola Co. (The)		59,246		3,768,638
Colgate-Palmolive Co.		54,620		4,303,510
Comcast Corp. (Class A Stock)		89,694		3,136,599
Conagra Brands, Inc.		225,274		8,718,104
ConocoPhillips		62,171		7,336,178
CoStar Group, Inc.*		58,038		4,485,177
CSL Ltd.		12,546		2,446,396
Cummins, Inc.(a)		30,291		7,339,206
CVS Health Corp.		41,112		3,831,227
Danaher Corp.		32,455		8,614,206
Dollar Tree, Inc.*		12,991		1,837,447
Dominion Energy, Inc.		76,250		4,675,650
Eaton Corp. PLC		9,414		1,477,527

	Shares		Value
COMMON STOCKS (continued)
United States (cont’d.)
Elanco Animal Health, Inc.*		226,561	$	2,768,575
Electronic Arts, Inc.		29,618		3,618,727
Elevance Health, Inc.		18,244		9,358,625
Enphase Energy, Inc.*		2,880		763,085
Entergy Corp.		17,173		1,931,962
EOG Resources, Inc.		17,494		2,265,823
Equifax, Inc.		12,486		2,426,779
Equinix, Inc., REIT		6,435		4,215,118
Equitable Holdings, Inc.		209,889		6,023,814
Estee Lauder Cos., Inc. (The) (Class A Stock)		21,707		5,385,724
Exxon Mobil Corp.		67,562		7,452,089
Fifth Third Bancorp		108,488		3,559,491
Fiserv, Inc.*		100,167		10,123,879
Gartner, Inc.*		8,590		2,887,443
General Electric Co.		93,584		7,841,403
Globant SA*(a)		4,718		793,379
Goldman Sachs Group, Inc. (The)		8,494		2,916,670
GSK PLC		181,680		3,140,018
Haleon PLC*		227,100		898,548
Hartford Financial Services Group, Inc. (The)		91,343		6,926,540
Hess Corp.		18,840		2,671,889
Hilton Worldwide Holdings, Inc.		31,795		4,017,616
Holcim AG*		20,100		1,040,442
Hologic, Inc.*		36,965		2,765,352
Huntington Bancshares, Inc.(a)		390,974		5,512,733
ICON PLC*		33,459		6,499,411
International Flavors & Fragrances, Inc.		56,346		5,907,315
International Paper Co.(a)		214,537		7,429,416
Intuit, Inc.		21,985		8,557,002
Johnson & Johnson		74,576		13,173,850
Johnson Controls International PLC		68,413		4,378,432
Kimberly-Clark Corp.		51,527		6,994,790
Kohl’s Corp.(a)		74,808		1,888,902
L3Harris Technologies, Inc.		32,992		6,869,264
Lam Research Corp.		6,703		2,817,271
Las Vegas Sands Corp.*(a)		50,792		2,441,571
Lululemon Athletica, Inc.*		14,832		4,751,876
Martin Marietta Materials, Inc.		3,124		1,055,818
Mastercard, Inc. (Class A Stock)		42,638		14,826,512
Match Group, Inc.*		29,586		1,227,523
Medtronic PLC		88,899		6,909,230
Merck & Co., Inc.		52,931		5,872,694
Meta Platforms, Inc. (Class A Stock)*		29,900		3,598,166
Microsoft Corp.		183,670		44,047,739
MSCI, Inc.		16,455		7,654,372
News Corp. (Class A Stock)		350,995		6,388,109
NVIDIA Corp.		46,998		6,868,288
O’Reilly Automotive, Inc.*		3,708		3,129,663
Pfizer, Inc.		95,311		4,883,736
Philip Morris International, Inc.		100,794		10,201,361
QUALCOMM, Inc.		85,196		9,366,448
Regeneron Pharmaceuticals, Inc.*		4,291		3,095,914
Roche Holding AG		13,400		4,210,783
Rockwell Automation, Inc.		4,274		1,100,854
RPM International, Inc.		32,493		3,166,443
Sempra Energy		56,440		8,722,238
ServiceNow, Inc.*		8,176		3,174,496

SEE NOTES TO FINANCIAL STATEMENTS.

A5

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
United States (cont’d.)
Sherwin-Williams Co. (The)		25,314	$	6,007,772
Signify NV, 144A		27,400		922,354
Southern Co. (The)		195,711		13,975,723
Southwest Airlines Co.*		58,785		1,979,291
Stanley Black & Decker, Inc.		63,800		4,792,656
Stellantis NV		74,557		1,059,263
Stericycle, Inc.*		18,111		903,558
STERIS PLC		9,286		1,715,031
Synopsys, Inc.*		4,987		1,592,299
Take-Two Interactive Software, Inc.*		12,873		1,340,465
Tenaris SA		252,604		4,430,097
Texas Instruments, Inc.		17,699		2,924,229
Thermo Fisher Scientific, Inc.		22,414		12,343,166
TJX Cos., Inc. (The)		34,854		2,774,378
TransUnion		30,541		1,733,202
U.S. Bancorp		116,196		5,067,308
United Parcel Service, Inc. (Class B Stock)		41,453		7,206,190
UnitedHealth Group, Inc.		15,782		8,367,301
Veeva Systems, Inc. (Class A Stock)*		2,236		360,846
Verisk Analytics, Inc.		35,070		6,187,049
Verizon Communications, Inc.		32,000		1,260,800
Vertex Pharmaceuticals, Inc.*		20,316		5,866,854
Visa, Inc. (Class A Stock)(a)		57,788		12,006,035
Vulcan Materials Co.		37,834		6,625,112
Walmart, Inc.		70,584		10,008,105
Walt Disney Co. (The)*		81,808		7,107,479
Wells Fargo & Co.		307,441		12,694,239
Western Digital Corp.*		138,150		4,358,632
Weyerhaeuser Co., REIT		220,877		6,847,187
Zimmer Biomet Holdings, Inc.		69,513		8,862,907
Zoetis, Inc.		25,107		3,679,431
				765,060,061
TOTAL COMMON STOCKS (cost $1,018,127,121)				1,149,377,078
PREFERRED STOCKS — 0.1%
Germany — 0.0%
Porsche Automobil Holding SE (PRFC)		11,600		632,617
United States — 0.1%
Becton, Dickinson & Co., Series B, CVT, 6.000%, Maturing 06/01/23(a)		18,231		913,009
Elanco Animal Health, Inc., CVT, 5.000%, Maturing 02/01/23		2,497		48,766
				961,775
TOTAL PREFERRED STOCKS (cost $1,703,094)				1,594,392
TOTAL LONG-TERM INVESTMENTS (cost $1,019,830,215)				1,150,971,470

	Shares		Value
SHORT-TERM INVESTMENTS — 6.6%
AFFILIATED MUTUAL FUNDS — 5.7%
PGIM Core Ultra Short Bond Fund(wa)		20,822,837	$	20,822,837
PGIM Institutional Money Market Fund (cost $46,479,819; includes $46,316,049 of cash collateral for securities on loan)(b)(wa)		46,535,263		46,511,994
TOTAL AFFILIATED MUTUAL FUNDS (cost $67,302,656)				67,334,831
UNAFFILIATED FUND — 0.9%
Dreyfus Government Cash Management (Institutional Shares)		10,665,495		10,665,495
(cost $10,665,495)
TOTAL SHORT-TERM INVESTMENTS (cost $77,968,151)				78,000,326
TOTAL INVESTMENTS—103.5% (cost $1,097,798,366)				1,228,971,796
Liabilities in excess of other assets — (3.5)%				(41,468,235	)
NET ASSETS — 100.0%			$	1,187,503,561

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 $45,187,084; cash collateral of $46,316,049 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

Fair Value Measurements:

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A6

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	1,051,590	$	13,722,041		$—
Austria		—		3,222,549		—
Belgium		—		3,865,429		—
Brazil		1,425,914		2,051,214		—
Canada		27,297,648		—		—
China		—		4,212,578		—
Denmark		—		13,019,634		—
Finland		—		5,138,247		—
France		13,946,769		49,190,525		—
Germany		6,639,611		18,065,470		—
Hong Kong		—		5,779,823		—
India		5,250,760		4,814,203		—
Indonesia		—		612,224		—
Italy		—		4,880,102		—
Japan		—		56,750,627		—
Netherlands		3,918,781		17,603,000		—
New Zealand		—		686,805		—
Norway		—		5,172,785		—
Singapore		—		1,374,239		—
South Africa		—		1,891,423		—
South Korea		—		676,561		—
Spain		—		9,004,692		—
Sweden		—		15,782,269		—
Switzerland		1,506,750		25,603,059		—
Taiwan		—		3,238,732		—
United Kingdom		4,707,599		52,213,364		—
United States		746,912,160		18,147,901		—
Preferred Stocks
Germany		—		632,617		—
United States		961,775		—		—
Short-Term Investments
Affiliated Mutual Funds		67,334,831		—		—
Unaffiliated Fund		10,665,495		—		—
Total	$	891,619,683	$	337,352,113		$—

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, 2022 were as follows:

Software	6.1	%
Banks	6.1
Affiliated Mutual Funds (3.9% represents investments purchased with collateral from securities on loan)	5.7
Oil, Gas & Consumable Fuels	5.3
Pharmaceuticals	5.3
Insurance	5.1
IT Services	4.5
Health Care Equipment & Supplies	4.5
Semiconductors & Semiconductor Equipment	3.5
Chemicals	3.0

Life Sciences Tools & Services	2.7	%
Capital Markets	2.5
Health Care Providers & Services	2.5
Interactive Media & Services	2.5
Equity Real Estate Investment Trusts (REITs)	2.3
Machinery	2.1
Technology Hardware, Storage & Peripherals	1.9
Professional Services	1.7
Multi-Utilities	1.7
Biotechnology	1.5
Electric Utilities	1.5

SEE NOTES TO FINANCIAL STATEMENTS.

A7

	PSF GLOBAL PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Industry Classification (continued):

Aerospace & Defense	1.5	%
Specialty Retail	1.5
Food & Staples Retailing	1.4
Hotels, Restaurants & Leisure	1.4
Internet & Direct Marketing Retail	1.4
Industrial Conglomerates	1.4
Textiles, Apparel & Luxury Goods	1.2
Tobacco	1.2
Electronic Equipment, Instruments & Components	1.2
Food Products	1.1
Road & Rail	1.1
Entertainment	1.0
Air Freight & Logistics	1.0
Household Products	1.0
Metals & Mining	0.9
Construction Materials	0.9
Electrical Equipment	0.9
Building Products	0.9
Unaffiliated Fund	0.9
Media	0.8
Trading Companies & Distributors	0.8
Personal Products	0.8
Multiline Retail	0.8
Construction & Engineering	0.7
Diversified Telecommunication Services	0.7

Diversified Financial Services	0.7	%
Automobiles	0.6
Beverages	0.6
Containers & Packaging	0.6
Commercial Services & Supplies	0.5
Energy Equipment & Services	0.4
Auto Components	0.4
Communications Equipment	0.3
Airlines	0.3
Household Durables	0.1
Marine	0.1
Consumer Finance	0.1
Real Estate Management & Development	0.1
Wireless Telecommunication Services	0.1
Thrifts & Mortgage Finance	0.1
Gas Utilities	0.0	*
Paper & Forest Products	0.0	*
Health Care Technology	0.0	*
	103.5
Liabilities in excess of other assets	(3.5	)
	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	$45,187,084	$(45,187,084)	$—

(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, 2022

ASSETS
Investments at value, including securities on loan of $45,187,084:
Unaffiliated investments (cost $1,030,495,710)	$	1,161,636,965
Affiliated investments (cost $67,302,656)		67,334,831
Foreign currency, at value (cost $3,269,516)		3,220,673
Tax reclaim receivable		2,204,535
Dividends receivable		1,779,079
Receivable for investments sold		288,671
Receivable for Portfolio shares sold		70,203
Receivable from affiliate		3,611
Prepaid expenses and other assets		17,327
Total Assets		1,236,555,895
LIABILITIES
Payable to broker for collateral for securities on loan		46,316,049
Payable to affiliate		956,143
Management fee payable		720,179
Payable for investments purchased		667,783
Accrued expenses and other liabilities		281,387
Payable for Portfolio shares purchased		103,341
Payable to custodian		5,369
Affiliated transfer agent fee payable		980
Trustees’ fees payable		970
Distribution fee payable		133
Total Liabilities		49,052,334
NET ASSETS	$	1,187,503,561
Net assets were comprised of:
Partners’ Equity	$	1,187,503,561
Class I:
Net asset value and redemption price per share, $1,186,876,797 / 25,723,941 outstanding shares of beneficial interest	$	46.14
Class III:
Net asset value and redemption price per share, $626,764 / 13,643 outstanding shares of beneficial interest	$	45.94

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $1,648,016 foreign withholding tax, of which $183,783 is reimbursable by an affiliate)	$	25,335,481
Affiliated dividend income		333,216
Income from securities lending, net (including affiliated income of $74,071)		127,148
Interest income		92,874
Total income		25,888,719
EXPENSES
Management fee		9,474,806
Distribution fee—Class III		1,298
Custodian and accounting fees		209,072
Shareholders’ reports		111,595
Legal fees and expenses		30,328
Audit fee		28,800
Trustees’ fees		28,070
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		78,409
Total expenses		9,973,060
Less: Fee waivers and/or expense reimbursement		(547,803	)
Net expenses		9,425,257
NET INVESTMENT INCOME (LOSS)		16,463,462
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $6,949)		149,841,797
Foreign currency transactions		(500,862	)
		149,340,935
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $15,218)		(448,865,494	)
Foreign currencies		(79,315	)
		(448,944,809	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(299,603,874	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(283,140,412	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	16,463,462			$	12,649,098
Net realized gain (loss) on investment and foreign currency transactions			149,340,935				117,432,711
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(448,944,809	)			113,015,658
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(283,140,412	)			243,097,467
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			17,030,984				17,833,148
Portfolio shares purchased			(65,062,909	)			(119,303,863	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(48,031,925	)			(101,470,715	)
TOTAL INCREASE (DECREASE)			(331,172,337	)			141,626,752
NET ASSETS:
Beginning of year			1,518,675,898				1,377,049,146
End of year		$	1,187,503,561			$	1,518,675,898

SEE NOTES TO FINANCIAL STATEMENTS.

A9

	PSF GLOBAL PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	56.82		$	48.06		$	41.49		$	31.83		$	34.33
Income (Loss) From Investment Operations:
Net investment income (loss)		0.63			0.46			0.41			0.52			0.47
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(11.31	)		8.30			6.16			9.14			(2.99	)
Total from investment operations		(10.68	)		8.76			6.57			9.66			(2.52	)
Capital Contributions		—			—			—			—	(b)(c)		0.02	(b)
Net Asset Value, end of year	$	46.14		$	56.82		$	48.06		$	41.49		$	31.83
Total Return(d)		(18.80	)%		18.23	%		15.84	%		30.39	%(e)		(7.28	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,186.9		$	1,518.5		$	1,377.0		$	1,263.7		$	1,006.6
Average net assets (in millions)	$	1,262.8		$	1,472.2		$	1,190.6		$	1,157.5		$	1,139.9
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.75	%		0.74	%		0.76	%		0.77	%		0.77	%
Expenses before waivers and/or expense reimbursement		0.79	%		0.78	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		1.30	%		0.86	%		1.01	%		1.41	%		1.33	%
Portfolio turnover rate(h)		52	%		21	%		34	%		26	%		28	%

Class III
	Year Ended December 31, 2022				April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	56.72			$	53.13
Income (Loss) From Investment Operations:
Net investment income (loss)			0.54				0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(11.32	)			3.44
Total from investment operations			(10.78	)			3.59
Net Asset Value, end of period		$	45.94			$	56.72
Total Return(d)			(19.01	)%			6.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.6			$	0.2
Average net assets (in millions)		$	0.5			$	0.1
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			1.00	%			0.99	%(j)
Expenses before waivers and/or expense reimbursement			1.04	%			1.03	%(j)
Net investment income (loss)			1.14	%			0.40	%(j)
Portfolio turnover rate(h)			52	%			21	%

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

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

(c) Amount rounds to zero.

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

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

(f) 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.

A10

	PSF INTERNATIONAL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 98.6%
COMMON STOCKS — 97.3%
Australia — 0.2%
Aristocrat Leisure Ltd.		8,334	$	171,729
Austria — 0.6%
BAWAG Group AG, 144A*		7,372		392,856
Belgium — 0.5%
KBC Group NV		5,932		381,934
Brazil — 2.0%
B3 SA - Brasil Bolsa Balcao		72,000		179,901
MercadoLibre, Inc.*		1,066		902,092
NU Holdings Ltd. (Class A Stock)*(a)		86,505		352,075
				1,434,068
Canada — 3.9%
Canadian Pacific Railway Ltd.(a)		9,979		744,334
Cenovus Energy, Inc.		18,470		358,503
Dollarama, Inc.		8,073		472,157
Intact Financial Corp.		2,826		406,806
Toronto-Dominion Bank (The)		12,206		790,325
				2,772,125
China — 0.7%
China Tourism Group Duty Free Corp. Ltd. (Class H Stock), 144A*		9,500		278,437
Shenzhou International Group Holdings Ltd.		20,800		231,959
				510,396
Denmark — 3.4%
Coloplast A/S (Class B Stock)		1,931		226,222
DSV A/S		2,166		342,525
Novo Nordisk A/S (Class B Stock)		13,913		1,889,602
				2,458,349
Finland — 0.9%
Neste OYJ		7,567		348,967
Nordea Bank Abp		28,581		306,159
				655,126
France — 14.3%
Air Liquide SA		2,324		329,858
Airbus SE		3,960		470,854
Bureau Veritas SA		15,039		396,338
Dassault Systemes SE		14,833		533,390
Hermes International		571		883,824
Kering SA		382		194,410
L’Oreal SA		3,131		1,121,204
LVMH Moet Hennessy Louis Vuitton SE		2,593		1,886,909
Pernod Ricard SA		6,224		1,224,402
Remy Cointreau SA		1,728		291,364
Safran SA		7,315		916,233
Sartorius Stedim Biotech		902		293,121
Teleperformance		2,371		566,824
TotalEnergies SE		7,481		469,606
Vinci SA		6,809		678,769
				10,257,106

	Shares		Value
COMMON STOCKS (continued)
Germany — 3.9%
adidas AG		1,537	$	208,304
Beiersdorf AG		3,087		352,757
Brenntag SE		6,947		443,044
Deutsche Boerse AG		2,548		438,741
HelloFresh SE*		5,081		110,892
Infineon Technologies AG		12,929		392,937
Rational AG		39		23,160
SAP SE, ADR(a)		3,138		323,810
Symrise AG		4,388		476,559
				2,770,204
Hong Kong — 2.4%
AIA Group Ltd.		81,200		896,723
Prudential PLC		28,298		385,852
Techtronic Industries Co. Ltd.		39,200		435,388
				1,717,963
India — 3.6%
HDFC Bank Ltd., ADR(a)		16,391		1,121,308
ICICI Bank Ltd., ADR(a)		17,894		391,700
Infosys Ltd., ADR(a)		19,286		347,341
Reliance Industries Ltd., 144A, GDR		11,456		702,755
				2,563,104
Indonesia — 0.5%
Bank Central Asia Tbk PT		673,926		369,539
Ireland — 1.9%
Bank of Ireland Group PLC		34,737		331,020
CRH PLC		8,159		324,686
Kerry Group PLC (Class A Stock)		3,844		347,230
Smurfit Kappa Group PLC		8,887		329,355
				1,332,291
Italy — 3.1%
Brunello Cucinelli SpA		12,585		931,176
Ferrari NV		4,707		1,009,363
Nexi SpA, 144A*		32,321		255,140
				2,195,679
Japan — 9.5%
Daikin Industries Ltd.		2,400		364,113
Disco Corp.		1,400		399,030
Fujitsu Ltd.		2,900		386,621
GMO Payment Gateway, Inc.		1,032		85,345
Hitachi Ltd.		5,100		256,613
Hoya Corp.		2,900		277,758
Keyence Corp.		2,722		1,056,802
Koito Manufacturing Co. Ltd.		9,400		140,137
Lasertec Corp.		1,941		316,908
Olympus Corp.		19,100		336,878
Otsuka Corp.		8,400		264,771
SCSK Corp.		21,900		331,495
Shin-Etsu Chemical Co. Ltd.		2,000		244,224
SMC Corp.		1,400		584,575
Sony Group Corp.		8,400		640,262
TechnoPro Holdings, Inc.		18,100		481,881
Terumo Corp.		12,100		343,042

SEE NOTES TO FINANCIAL STATEMENTS.

A11

	PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Japan (cont’d.)
Tokyo Electron Ltd.		1,000	$	293,829
				6,804,284
Netherlands — 6.1%
Adyen NV, 144A*		546		757,985
Argenx SE, ADR*		1,611		610,295
ASML Holding NV		2,563		1,397,481
Heineken NV		5,519		519,847
Koninklijke DSM NV		2,192		269,166
Shell PLC		16,515		465,571
Universal Music Group NV		13,986		338,219
				4,358,564
Norway — 0.5%
Equinor ASA		10,389		373,383
TOMRA Systems ASA		659		11,115
				384,498
Singapore — 0.7%
DBS Group Holdings Ltd.		18,864		477,478
South Korea — 1.1%
Coupang, Inc.*		19,944		293,376
LG Energy Solution Ltd.*		398		137,174
Samsung SDI Co. Ltd.		725		340,418
				770,968
Spain — 1.0%
Amadeus IT Group SA*		11,521		597,684
Bankinter SA		21,928		146,907
				744,591
Sweden — 2.5%
Atlas Copco AB (Class A Stock)		61,329		726,650
Autoliv, Inc.		2,349		179,886
Evolution AB, 144A		3,790		369,163
Hexagon AB (Class B Stock)		38,837		407,210
Indutrade AB		6,092		123,543
				1,806,452
Switzerland — 7.0%
Alcon, Inc.		4,840		332,116
Cie Financiere Richemont SA (Class A Stock)		4,685		607,457
Julius Baer Group Ltd.		5,832		339,429
Lonza Group AG		1,602		786,382
Novartis AG		9,866		892,848
Partners Group Holding AG		310		274,500
SIG Group AG*		12,912		282,142
Sika AG		837		201,218
Straumann Holding AG		2,514		288,283
UBS Group AG		17,858		331,913
Zurich Insurance Group AG		1,338		639,668
				4,975,956
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		33,000		479,274

	Shares		Value
COMMON STOCKS (continued)
United Kingdom — 17.1%
Ashtead Group PLC		17,685	$	1,004,593
AstraZeneca PLC		15,927		2,155,232
BAE Systems PLC		31,973		330,230
Bunzl PLC		27,659		920,219
Compass Group PLC		77,649		1,793,073
DCC PLC		5,100		250,777
Diageo PLC		18,058		790,432
Experian PLC		22,705		768,981
Fevertree Drinks PLC		2,931		36,455
Halma PLC		9,655		229,933
Linde PLC		1,347		439,364
Lloyds Banking Group PLC		703,116		383,700
London Stock Exchange Group PLC		10,741		922,880
Petershill Partners PLC, 144A		107,935		220,841
RELX PLC		21,384		591,226
Rentokil Initial PLC		65,784		404,162
Segro PLC, REIT		18,944		174,517
Smith & Nephew PLC		23,654		315,895
Spirax-Sarco Engineering PLC		1,404		179,334
Travis Perkins PLC		1,807		19,319
Unilever PLC		6,469		324,594
				12,255,757
United States — 9.2%
Aon PLC (Class A Stock)		1,869		560,962
CSL Ltd		1,838		358,399
CyberArk Software Ltd.*		2,530		328,014
Globant SA*(a)		691		116,199
ICON PLC*		5,347		1,038,655
Lululemon Athletica, Inc.*		1,877		601,353
Nestle SA.		4,529		523,142
QIAGEN NV*		9,385		468,030
Roche Holding AG		2,955		928,572
Schlumberger Ltd		11,034		589,878
Schneider Electric SE		2,717		381,561
Tenaris SA		36,856		646,370
				6,541,135
TOTAL COMMON STOCKS (cost $59,215,076)				69,581,426
PREFERRED STOCKS — 1.3%
Germany
Dr. Ing. h.c. F. Porsche AG (PRFC)*		2,424		244,614
Sartorius AG (PRFC)		1,663		656,679
TOTAL PREFERRED STOCKS (cost $350,361)				901,293
TOTAL LONG-TERM INVESTMENTS (cost $59,565,437)				70,482,719
SHORT-TERM INVESTMENTS — 5.9%
AFFILIATED MUTUAL FUNDS — 5.7%
PGIM Core Ultra Short Bond Fund(wa)		797,800		797,800

SEE NOTES TO FINANCIAL STATEMENTS.

A12

	PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
AFFILIATED MUTUAL FUNDS (continued)
PGIM Institutional Money Market Fund (cost $3,279,105; includes $3,266,949 of cash collateral for securities on loan)(b)(wa)		3,282,365	$	3,280,723
TOTAL AFFILIATED MUTUAL FUNDS (cost $4,076,905)				4,078,523
UNAFFILIATED FUND — 0.2%
BlackRock Liquidity FedFund (Institutional Shares)		181,292		181,292
(cost $181,292)
TOTAL SHORT-TERM INVESTMENTS (cost $4,258,197)				4,259,815
TOTAL INVESTMENTS—104.5% (cost $63,823,634)				74,742,534
Liabilities in excess of other assets — (4.5)%				(3,243,954	)
NET ASSETS — 100.0%			$	71,498,580

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 $3,182,292; cash collateral of $3,266,949 (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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	171,729		$	—
Austria		—		392,856			—
Belgium		—		381,934			—
Brazil		1,254,167		179,901			—
Canada		2,772,125		—			—
China		—		510,396			—
Denmark		—		2,458,349			—
Finland		—		655,126			—
France		—		10,257,106			—
Germany		323,810		2,446,394			—
Hong Kong		—		1,717,963			—
India		1,860,349		702,755			—
Indonesia		—		369,539			—
Ireland		—		1,332,291			—
Italy		—		2,195,679			—
Japan		—		6,804,284			—
Netherlands		610,295		3,748,269			—
Norway		—		384,498			—
Singapore		—		477,478			—
South Korea		293,376		477,592			—
Spain		—		744,591			—
Sweden		179,886		1,626,566			—

SEE NOTES TO FINANCIAL STATEMENTS.

A13

	PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Switzerland	$	—	$	4,975,956		$	—
Taiwan		—		479,274			—
United Kingdom		439,364		11,816,393			—
United States		3,703,091		2,838,044			—
Preferred Stocks
Germany		—		901,293			—
Short-Term Investments
Affiliated Mutual Funds		4,078,523		—			—
Unaffiliated Fund		181,292		—			—
Total	$	15,696,278	$	59,046,256		$	—

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, 2022 were as follows:

Pharmaceuticals	8.1	%
Textiles, Apparel & Luxury Goods	7.6
Banks	7.6
Affiliated Mutual Funds (4.6% represents investments purchased with collateral from securities on loan)	5.7
Life Sciences Tools & Services	4.6
Semiconductors & Semiconductor Equipment	4.5
IT Services	4.5
Insurance	4.1
Beverages	4.0
Professional Services	3.9
Oil, Gas & Consumable Fuels	3.8
Capital Markets	3.8
Trading Companies & Distributors	3.3
Hotels, Restaurants & Leisure	3.2
Health Care Equipment & Supplies	3.0
Machinery	2.9
Electronic Equipment, Instruments & Components	2.9
Chemicals	2.8
Personal Products	2.6
Aerospace & Defense	2.5
Automobiles	1.8
Energy Equipment & Services	1.7
Internet & Direct Marketing Retail	1.7
Software	1.7

Biotechnology	1.3	%
Food Products	1.2
Road & Rail	1.0
Construction & Engineering	0.9
Household Durables	0.9
Containers & Packaging	0.9
Electrical Equipment	0.7
Industrial Conglomerates	0.7
Multiline Retail	0.7
Commercial Services & Supplies	0.6
Building Products	0.5
Air Freight & Logistics	0.5
Entertainment	0.5
Construction Materials	0.4
Auto Components	0.4
Specialty Retail	0.4
Equity Real Estate Investment Trusts (REITs)	0.2
Food & Staples Retailing	0.2
Unaffiliated Fund	0.2
	104.5
Liabilities in excess of other assets	(4.5	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A14

	PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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	$3,182,292	$(3,182,292)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A15

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $3,182,292:
Unaffiliated investments (cost $59,746,729)	$	70,664,011
Affiliated investments (cost $4,076,905)		4,078,523
Foreign currency, at value (cost $73,054)		73,210
Tax reclaim receivable		247,939
Receivable for investments sold		68,690
Dividends receivable		26,174
Receivable from affiliate		1,129
Receivable for Portfolio shares sold		426
Prepaid expenses and other assets		1,379
Total Assets		75,161,481
LIABILITIES
Payable to broker for collateral for securities on loan		3,266,949
Payable for investments purchased		133,892
Accrued expenses and other liabilities		104,538
Payable to affiliate		95,385
Payable for Portfolio shares purchased		31,316
Management fee payable		27,632
Payable to custodian		1,831
Affiliated transfer agent fee payable		980
Trustees’ fees payable		341
Distribution fee payable		23
Administration fee payable		14
Total Liabilities		3,662,901
NET ASSETS	$	71,498,580
Net assets were comprised of:
Partners’ Equity	$	71,498,580
Class I:
Net asset value and redemption price per share, $71,393,549 / 7,281,484 outstanding shares of beneficial interest	$	9.80
Class II:
Net asset value and redemption price per share, $105,031 / 11,263 outstanding shares of beneficial interest	$	9.33

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $128,112 foreign withholding tax, of which $19,107 is reimbursable by an affiliate)	$	1,089,017
Affiliated dividend income		24,644
Income from securities lending, net (including affiliated income of $3,705)		10,637
Total income		1,124,298
EXPENSES
Management fee		657,039
Distribution fee—Class II		302
Administration fee—Class II		181
Custodian and accounting fees		128,025
Shareholders’ reports		43,837
Legal fees and expenses		28,267
Audit fee		27,700
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Trustees’ fees		9,561
Miscellaneous		34,696
Total expenses		940,290
Less: Fee waivers and/or expense reimbursement		(158,900	)
Net expenses		781,390
NET INVESTMENT INCOME (LOSS)		342,908
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(162))		3,497,798
Foreign currency transactions		(28,340	)
		3,469,458
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $1,272)		(34,285,471	)
Foreign currencies		(6,378	)
		(34,291,849	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(30,822,391	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,479,483	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	342,908			$	(3,065	)
Net realized gain (loss) on investment and foreign currency transactions			3,469,458				10,840,067
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(34,291,849	)			1,949,470
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(30,479,483	)			12,786,472
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			5,694,785				4,771,632
Portfolio shares purchased			(11,968,971	)			(12,643,096	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(6,274,186	)			(7,871,464	)
TOTAL INCREASE (DECREASE)			(36,753,669	)			4,915,008
NET ASSETS:
Beginning of year			108,252,249				103,337,241
End of year		$	71,498,580			$	108,252,249

SEE NOTES TO FINANCIAL STATEMENTS.

A16

PSF INTERNATIONAL GROWTH PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	13.79		$	12.26		$	9.28		$	7.01		$	8.05
Income (Loss) From Investment Operations:
Net investment income (loss)		0.05			—	(b)		—	(b)		0.05			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.04	)		1.53			2.98			2.21			(1.12	)
Total from investment operations		(3.99	)		1.53			2.98			2.26			(1.05	)
Capital Contributions		—			—			—			0.01	(c)(d)		0.01	(d)
Net Asset Value, end of year	$	9.80		$	13.79		$	12.26		$	9.28		$	7.01
Total Return(e)		(28.93	)%		12.48	%		32.11	%		32.38	%(f)		(12.92	)%(g)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	71.4		$	108.1		$	103.2		$	85.6		$	70.1
Average net assets (in millions)	$	77.2		$	108.3		$	86.3		$	79.6		$	81.8
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		1.22	%		1.07	%		1.21	%		1.24	%		1.20	%
Net investment income (loss)		0.44	%		—	%(b)		0.05	%		0.64	%		0.83	%
Portfolio turnover rate(i)		53	%		27	%		44	%		26	%		37	%
Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	13.17		$	11.75		$	8.93		$	6.77		$	7.81
Income (Loss) From Investment Operations:
Net investment income (loss)		—	(b)		(0.05	)		(0.03	)		0.02			0.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(3.84	)		1.47			2.85			2.13			(1.08	)
Total from investment operations		(3.84	)		1.42			2.82			2.15			(1.05	)
Capital Contributions		—			—			—			0.01	(c)(d)		0.01	(d)
Net Asset Value, end of year	$	9.33		$	13.17		$	11.75		$	8.93		$	6.77
Total Return(e)		(29.16	)%		12.09	%		31.58	%		31.91	%(f)		(13.32	)%(g)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	0.1		$	0.2		$	0.2		$	0.1		$	0.1
Average net assets (in millions)	$	0.1		$	0.2		$	0.1		$	0.1		$	0.1
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		1.62	%		1.47	%		1.61	%		1.64	%		1.60	%
Net investment income (loss)		0.02	%		(0.39	)%		(0.36	)%		0.24	%		0.44	%
Portfolio turnover rate(i)		53	%		27	%		44	%		26	%		37	%

(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.

A17

	PSF MID-CAP GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 97.4%
COMMON STOCKS
Aerospace & Defense — 0.7%
HEICO Corp. (Class A Stock)		19,290	$	2,311,906
Airlines — 0.7%
Delta Air Lines, Inc.*		64,101		2,106,359
Banks — 1.7%
East West Bancorp, Inc.		35,731		2,354,673
First Republic Bank		15,220		1,855,166
SVB Financial Group*		3,918		901,688
				5,111,527
Beverages — 1.0%
Constellation Brands, Inc. (Class A Stock)		13,048		3,023,874
Biotechnology — 7.1%
Alnylam Pharmaceuticals, Inc.*		18,480		4,391,772
Exact Sciences Corp.*(a)		46,445		2,299,492
Exelixis, Inc.*		116,073		1,861,811
Horizon Therapeutics PLC*		62,109		7,068,004
Natera, Inc.*		38,254		1,536,663
Neurocrine Biosciences, Inc.*		24,181		2,888,179
Seagen, Inc.*		15,653		2,011,567
				22,057,488
Building Products — 2.2%
Trane Technologies PLC		40,857		6,867,653
Capital Markets — 7.3%
Ares Management Corp. (Class A Stock)(a)		49,740		3,404,205
FactSet Research Systems, Inc.		7,420		2,976,978
LPL Financial Holdings, Inc.		20,593		4,451,589
Morningstar, Inc.		9,261		2,005,840
MSCI, Inc.		8,939		4,158,155
S&P Global, Inc.		8,384		2,808,137
Tradeweb Markets, Inc. (Class A Stock)		41,733		2,709,724
				22,514,628
Commercial Services & Supplies — 2.3%
Cintas Corp		3,463		1,563,960
Copart, Inc.*		92,664		5,642,311
				7,206,271
Communications Equipment — 1.7%
Arista Networks, Inc.*		26,589		3,226,575
F5, Inc.*		13,765		1,975,415
				5,201,990
Construction & Engineering — 3.5%
AECOM		28,044		2,381,777
Quanta Services, Inc.(a)		47,353		6,747,802
Valmont Industries, Inc.		4,831		1,597,467
				10,727,046
Diversified Consumer Services — 0.4%
Bright Horizons Family Solutions, Inc.*		22,060		1,391,986
Electrical Equipment — 2.2%
AMETEK, Inc.		27,175		3,796,891

	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (cont’d.)
Hubbell, Inc.		12,379	$	2,905,104
				6,701,995
Electronic Equipment, Instruments & Components — 2.8%
Jabil, Inc.		13,618		928,748
Keysight Technologies, Inc.*		18,764		3,209,957
Teledyne Technologies, Inc.*		5,734		2,293,084
Zebra Technologies Corp. (Class A Stock)*		9,052		2,321,023
				8,752,812
Energy Equipment & Services — 0.5%
Baker Hughes Co.(a)		53,301		1,573,979
Entertainment — 1.0%
Take-Two Interactive Software, Inc.*		29,243		3,045,074
Health Care Equipment & Supplies — 7.7%
Cooper Cos., Inc. (The)		10,479		3,465,091
Dexcom, Inc.*(a)		56,264		6,371,335
Hologic, Inc.*		38,486		2,879,138
IDEXX Laboratories, Inc.*		5,767		2,352,705
Insulet Corp.*		14,974		4,408,196
Novocure Ltd.*(a)		6,327		464,086
ResMed, Inc.		18,371		3,823,556
				23,764,107
Health Care Providers & Services — 4.3%
Acadia Healthcare Co., Inc.*		42,608		3,507,490
Amedisys, Inc.*		21,626		1,806,636
Centene Corp.*		51,466		4,220,727
McKesson Corp.		9,760		3,661,171
				13,196,024
Hotels, Restaurants & Leisure — 5.6%
Aramark		93,986		3,885,381
Booking Holdings, Inc.*		694		1,398,605
Chipotle Mexican Grill, Inc.*		3,699		5,132,326
Hilton Worldwide Holdings, Inc.		43,706		5,522,690
Royal Caribbean Cruises Ltd.*(a)		27,624		1,365,454
				17,304,456
Household Durables — 1.0%
Garmin Ltd.		15,211		1,403,823
Helen of Troy Ltd.*(a)		14,540		1,612,632
				3,016,455
Insurance — 1.3%
Progressive Corp. (The)		30,046		3,897,267
Interactive Media & Services — 0.5%
Bumble, Inc. (Class A Stock)*		77,132		1,623,629
Internet & Direct Marketing Retail — 0.5%
Chewy, Inc. (Class A Stock)*(a)		38,935		1,443,710
IT Services — 3.2%
Global Payments, Inc.		24,094		2,393,016
Globant SA*(a)		16,903		2,842,408
MongoDB, Inc.*(a)		16,083		3,165,778

SEE NOTES TO FINANCIAL STATEMENTS.

A18

	PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
IT Services (cont’d.)
Remitly Global, Inc.*(a)		128,766	$	1,474,371
				9,875,573
Life Sciences Tools & Services — 4.6%
10X Genomics, Inc. (Class A Stock)*		26,473		964,676
Agilent Technologies, Inc.		40,794		6,104,822
Maravai LifeSciences Holdings, Inc. (Class A Stock)*		65,830		942,027
Mettler-Toledo International, Inc.*		3,317		4,794,558
West Pharmaceutical Services, Inc.		5,463		1,285,717
				14,091,800
Machinery — 3.1%
Ingersoll Rand, Inc.		55,227		2,885,611
ITT, Inc.		36,776		2,982,533
Toro Co. (The)		33,875		3,834,650
				9,702,794
Media — 1.0%
Trade Desk, Inc. (The) (Class A Stock)*(a)		70,121		3,143,524
Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		48,880		1,857,440
Oil, Gas & Consumable Fuels — 3.7%
Antero Resources Corp.*(a)		43,460		1,346,826
Cheniere Energy, Inc.		37,955		5,691,732
EOG Resources, Inc.		33,918		4,393,059
				11,431,617
Pharmaceuticals — 1.6%
Jazz Pharmaceuticals PLC*		13,973		2,226,039
Royalty Pharma PLC (Class A Stock)		67,755		2,677,677
				4,903,716
Professional Services — 0.8%
Equifax, Inc.		13,197		2,564,969
Road & Rail — 0.9%
Old Dominion Freight Line, Inc.		9,355		2,654,762
Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices, Inc.*		23,654		1,532,069
Enphase Energy, Inc.*		6,096		1,615,196
Entegris, Inc.		32,720		2,146,105
Marvell Technology, Inc.		42,402		1,570,570
SolarEdge Technologies, Inc.*(a)		10,599		3,002,379
Teradyne, Inc.(a)		18,530		1,618,595
Wolfspeed, Inc.*(a)		19,841		1,369,823
				12,854,737
Software — 10.5%
Cadence Design Systems, Inc.*		32,389		5,202,969
Clear Secure, Inc. (Class A Stock)(a)		32,666		896,028
Confluent, Inc. (Class A Stock)*(a)		78,818		1,752,912
Crowdstrike Holdings, Inc. (Class A Stock)*		30,164		3,175,968
Five9, Inc.*		19,963		1,354,689
HashiCorp, Inc. (Class A Stock)*(a)		60,081		1,642,615
HubSpot, Inc.*		7,434		2,149,392

	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Palo Alto Networks, Inc.*		26,414	$	3,685,810
Procore Technologies, Inc.*(a)		39,326		1,855,401
Synopsys, Inc.*		19,032		6,076,727
Zoom Video Communications, Inc. (Class A Stock)*		39,369		2,666,856
Zscaler, Inc.*(a)		16,398		1,834,936
				32,294,303
Specialty Retail — 6.0%
AutoZone, Inc.*		2,072		5,109,925
Burlington Stores, Inc.*(a)		17,495		3,547,286
CarMax, Inc.*(a)		22,931		1,396,269
National Vision Holdings, Inc.*(a)		41,720		1,617,067
Ross Stores, Inc.		21,034		2,441,416
Tractor Supply Co.		19,574		4,403,563
				18,515,526
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.*		5,041		1,615,036
Trading Companies & Distributors — 0.7%
Air Lease Corp.		60,232		2,314,113
TOTAL LONG-TERM INVESTMENTS (cost $261,937,715)				300,660,146
SHORT-TERM INVESTMENTS — 17.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		8,340,520		8,340,520
PGIM Institutional Money Market Fund (cost $45,106,864; includes $44,930,929 of cash collateral for securities on loan)(b)(wa)		45,191,291		45,168,695
TOTAL SHORT-TERM INVESTMENTS (cost $53,447,384)				53,509,215
TOTAL INVESTMENTS—114.7% (cost $315,385,099)				354,169,361
Liabilities in excess of other assets — (14.7)%				(45,425,580	)
NET ASSETS — 100.0%			$	308,743,781

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 $44,057,756; cash collateral of $44,930,929 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A19

	PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	2,311,906		$	—		$—
Airlines		2,106,359			—		—
Banks		5,111,527			—		—
Beverages		3,023,874			—		—
Biotechnology		22,057,488			—		—
Building Products		6,867,653			—		—
Capital Markets		22,514,628			—		—
Commercial Services & Supplies		7,206,271			—		—
Communications Equipment		5,201,990			—		—
Construction & Engineering		10,727,046			—		—
Diversified Consumer Services		1,391,986			—		—
Electrical Equipment		6,701,995			—		—
Electronic Equipment, Instruments & Components		8,752,812			—		—
Energy Equipment & Services		1,573,979			—		—
Entertainment		3,045,074			—		—
Health Care Equipment & Supplies		23,764,107			—		—
Health Care Providers & Services		13,196,024			—		—
Hotels, Restaurants & Leisure		17,304,456			—		—
Household Durables		3,016,455			—		—
Insurance		3,897,267			—		—
Interactive Media & Services		1,623,629			—		—
Internet & Direct Marketing Retail		1,443,710			—		—
IT Services		9,875,573			—		—
Life Sciences Tools & Services		14,091,800			—		—
Machinery		9,702,794			—		—
Media		3,143,524			—		—
Metals & Mining		1,857,440			—		—
Oil, Gas & Consumable Fuels		11,431,617			—		—
Pharmaceuticals		4,903,716			—		—
Professional Services		2,564,969			—		—
Road & Rail		2,654,762			—		—
Semiconductors & Semiconductor Equipment		12,854,737			—		—
Software		32,294,303			—		—
Specialty Retail		18,515,526			—		—
Textiles, Apparel & Luxury Goods		1,615,036			—		—
Trading Companies & Distributors		2,314,113			—		—
Short-Term Investments
Affiliated Mutual Funds		53,509,215			—		—
Total	$	354,169,361		$	—		$—

SEE NOTES TO FINANCIAL STATEMENTS.

A20

	PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 were as follows:

Affiliated Mutual Funds (14.6% represents investments purchased with collateral from securities on loan)	17.3	%
Software	10.5
Health Care Equipment & Supplies	7.7
Capital Markets	7.3
Biotechnology	7.1
Specialty Retail	6.0
Hotels, Restaurants & Leisure	5.6
Life Sciences Tools & Services	4.6
Health Care Providers & Services	4.3
Semiconductors & Semiconductor Equipment	4.2
Oil, Gas & Consumable Fuels	3.7
Construction & Engineering	3.5
IT Services	3.2
Machinery	3.1
Electronic Equipment, Instruments & Components	2.8
Commercial Services & Supplies	2.3
Building Products	2.2
Electrical Equipment	2.2
Communications Equipment	1.7
Banks	1.7
Pharmaceuticals	1.6

Insurance	1.3	%
Media	1.0
Entertainment	1.0
Beverages	1.0
Household Durables	1.0
Road & Rail	0.9
Professional Services	0.8
Trading Companies & Distributors	0.7
Aerospace & Defense	0.7
Airlines	0.7
Metals & Mining	0.6
Interactive Media & Services	0.5
Textiles, Apparel & Luxury Goods	0.5
Energy Equipment & Services	0.5
Internet & Direct Marketing Retail	0.5
Diversified Consumer Services	0.4
	114.7
Liabilities in excess of other assets	(14.7	)
	100.0	%

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

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

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	$44,057,756	$(44,057,756)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A21

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2022
ASSETS
Investments at value, including securities on loan of $44,057,756:
Unaffiliated investments (cost $261,937,715)	$	300,660,146
Affiliated investments (cost $53,447,384)		53,509,215
Receivable for Portfolio shares sold		76,641
Dividends receivable		44,038
Tax reclaim receivable		43,656
Prepaid expenses and other assets		9,653
Total Assets		354,343,349
LIABILITIES
Payable to broker for collateral for securities on loan		44,930,929
Accrued expenses and other liabilities		268,684
Payable for Portfolio shares purchased		233,731
Management fee payable		157,182
Payable to affiliate		7,293
Affiliated transfer agent fee payable		980
Trustees’ fees payable		479
Distribution fee payable		270
Administration fee payable		20
Total Liabilities		45,599,568
NET ASSETS	$	308,743,781
Net assets were comprised of:
Partners’ Equity	$	308,743,781
Class I:
Net asset value and redemption price per share, $307,490,353 / 13,738,534 outstanding shares of beneficial interest	$	22.38
Class II:
Net asset value and redemption price per share, $158,983 / 7,681 outstanding shares of beneficial interest	$	20.70
Class III:
Net asset value and redemption price per share, $1,094,445 / 49,098 outstanding shares of beneficial interest	$	22.29

STATEMENT OF OPERATIONS
Year Ended December 31, 2022
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income	$	1,489,203
Affiliated dividend income		176,715
Income from securities lending, net (including affiliated income of $77,485)		79,341
Total income		1,745,259
EXPENSES
Management fee		1,984,866
Distribution fee—Class II		474
Distribution fee—Class III		2,420
Administration fee—Class II		284
Custodian and accounting fees		53,633
Shareholders’ reports		44,107
Audit fee		29,300
Legal fees and expenses		22,857
Trustees’ fees		13,608
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		22,980
Total expenses		2,185,211
Less: Fee waivers and/or expense reimbursement		(3,242	)
Net expenses		2,181,969
NET INVESTMENT INCOME (LOSS)		(436,710	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions (including affiliated of $7,708)		(9,216,436	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $12,950)		(104,430,291	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(113,646,727	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(114,083,437	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended				Year Ended
	December 31, 2022				December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(436,710	)		$	(1,147,737	)
Net realized gain (loss) on investment and foreign currency transactions			(9,216,436	)			48,576,165
Net change in unrealized appreciation (depreciation) on investments			(104,430,291	)			(7,196,032	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(114,083,437	)			40,232,396
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			21,009,623				36,381,574
Portfolio shares purchased			(23,921,060	)			(33,319,232	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(2,911,437	)			3,062,342
TOTAL INCREASE (DECREASE)			(116,994,874	)			43,294,738
NET ASSETS:
Beginning of year			425,738,655				382,443,917
End of year		$	308,743,781			$	425,738,655

SEE NOTES TO FINANCIAL STATEMENTS.

A22

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	30.64		$	27.68		$	18.77		$	13.63		$	14.79
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.03	)		(0.08	)		(0.03	)		—	(b)		0.02
Net realized and unrealized gain (loss) on investment transactions		(8.23	)		3.04			8.94			5.14			(1.18	)
Total from investment operations		(8.26	)		2.96			8.91			5.14			(1.16	)
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	22.38		$	30.64		$	27.68		$	18.77		$	13.63
Total Return(d)		(26.96	)%		10.69	%		47.47	%		37.71	%		(7.84	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	307.5		$	424.7		$	382.1		$	279.8		$	214.8
Average net assets (in millions)	$	329.7		$	407.5		$	302.1		$	257.0		$	248.2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.66	%		0.64	%		0.67	%		0.70	%		0.68	%
Expenses before waivers and/or expense reimbursement		0.66	%		0.64	%		0.67	%		0.70	%		0.68	%
Net investment income (loss)		(0.13	)%		(0.28	)%		(0.15	)%		(0.01	)%		0.15	%
Portfolio turnover rate(g)		43	%		46	%		63	%		106	%		43	%
Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	28.45		$	25.81		$	17.57		$	12.81		$	13.95
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.12	)		(0.19	)		(0.10	)		(0.06	)		(0.03	)
Net realized and unrealized gain (loss) on investment transactions		(7.63	)		2.83			8.34			4.82			(1.11	)
Total from investment operations		(7.75	)		2.64			8.24			4.76			(1.14	)
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	20.70		$	28.45		$	25.81		$	17.57		$	12.81
Total Return(d)		(27.24	)%		10.23	%		46.90	%		37.16	%		(8.17	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	0.2		$	0.3		$	0.3		$	0.5		$	0.5
Average net assets (in millions)	$	0.2		$	0.3		$	0.4		$	0.6		$	0.6
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.06	%		1.05	%		1.07	%		1.10	%		1.08	%
Expenses before waivers and/or expense reimbursement		1.06	%		1.05	%		1.07	%		1.10	%		1.08	%
Net investment income (loss)		(0.54	)%		(0.68	)%		(0.53	)%		(0.40	)%		(0.24	)%
Portfolio turnover rate(g)		43	%		46	%		63	%		106	%		43	%

SEE NOTES TO FINANCIAL STATEMENTS.

A23

PSF MID-CAP GROWTH PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31, 2022				April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	30.60			$	29.77
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.09	)			(0.11	)
Net realized and unrealized gain (loss) on investment transactions			(8.22	)			0.94
Total from investment operations			(8.31	)			0.83
Net Asset Value, end of period		$	22.29			$	30.60
Total Return(d)			(27.16	)%			2.79	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	1.1			$	0.8
Average net assets (in millions)		$	1.0			$	0.3
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.91	%			0.88	%(i)
Expenses before waivers and/or expense reimbursement			0.91	%			0.88	%(i)
Net investment income (loss)			(0.37	)%			(0.53	)%(i)
Portfolio turnover rate(g)			43	%			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 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.

A24

	PSF NATURAL RESOURCES PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 98.5%
COMMON STOCKS — 97.2%
Agricultural & Farm Machinery — 1.3%
AGCO Corp.		19,840	$	2,751,610
Deere & Co.		10,412		4,464,249
				7,215,859
Agricultural Products — 1.3%
Darling Ingredients, Inc.*		115,701		7,241,726
Aluminum — 0.7%
Norsk Hydro ASA (Norway)		531,453		3,971,212
Building Products — 0.4%
ROCKWOOL A/S (Denmark)(Class B Stock)		9,487		2,220,934
Coal & Consumable Fuels — 0.3%
NAC Kazatomprom JSC (Kazakhstan), GDR		55,412		1,556,166
Construction & Engineering — 0.7%
Quanta Services, Inc.		26,892		3,832,110
Construction Machinery & Heavy Trucks — 2.8%
Caterpillar, Inc.		18,093		4,334,359
Cummins, Inc.		26,391		6,394,276
Epiroc AB (Sweden)(Class B Stock)		254,719		4,097,715
				14,826,350
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		8,967		3,030,577
Vulcan Materials Co.		21,386		3,744,902
				6,775,479
Copper — 2.2%
ERO Copper Corp. (Brazil)*		154,444		2,126,171
OZ Minerals Ltd. (Australia)		176,539		3,327,612
Southern Copper Corp. (Mexico)		109,432		6,608,599
				12,062,382
Diversified Metals & Mining — 7.6%
Anglo American PLC (South Africa)		89,809		3,516,910
BHP Group Ltd. (Australia)		369,025		11,431,267
Boliden AB (Sweden)		250,270		9,400,691
Grupo Mexico SAB de CV (Mexico)(Class B Stock)		991,673		3,496,161
IGO Ltd. (Australia)		597,227		5,463,046
Rio Tinto Ltd. (Australia)		29,232		2,307,153
South32 Ltd. (Australia)		1,844,563		5,057,108
				40,672,336
Electric Utilities — 1.7%
Iberdrola SA (Spain)		134,927		1,575,071
NextEra Energy, Inc.		21,045		1,759,362
Southern Co. (The)		57,814		4,128,498
Xcel Energy, Inc.		25,266		1,771,399
				9,234,330
Electrical Components & Equipment — 2.9%
Hubbell, Inc.		24,409		5,728,304
Legrand SA (France)		30,408		2,438,166
Schneider Electric SE		31,143		4,373,556

	Shares		Value
COMMON STOCKS (continued)
Electrical Components & Equipment (cont’d.)
Shoals Technologies Group, Inc. (Class A Stock)*		132,023	$	3,257,008
				15,797,034
Fertilizers & Agricultural Chemicals — 4.3%
CF Industries Holdings, Inc.		67,765		5,773,578
FMC Corp.		65,083		8,122,358
Nutrien Ltd. (Canada)		123,920		9,049,878
				22,945,814
Forest Products — 0.8%
Svenska Cellulosa AB SCA (Sweden)(Class B Stock)		212,912		2,696,461
West Fraser Timber Co. Ltd. (Canada)		19,164		1,383,799
				4,080,260
Gold — 1.8%
Franco-Nevada Corp. (Canada)		23,040		3,140,689
Northern Star Resources Ltd. (Australia)		405,446		3,034,081
Perseus Mining Ltd. (Australia)		1,178,948		1,696,466
Wesdome Gold Mines Ltd. (Canada)*		329,965		1,822,849
				9,694,085
Industrial Gases — 4.3%
Air Products & Chemicals, Inc.		24,759		7,632,209
Linde PLC (United Kingdom)		47,092		15,360,469
				22,992,678
Industrial Machinery — 2.0%
Alfa Laval AB (Sweden)		101,209		2,927,707
Sandvik AB (Sweden)		214,963		3,884,722
Weir Group PLC (The) (United Kingdom)		204,711		4,117,647
				10,930,076
Integrated Oil & Gas — 15.7%
Chevron Corp.		109,521		19,657,924
Equinor ASA (Norway)		481,690		17,312,072
Galp Energia SGPS SA (Portugal)		551,393		7,438,643
Shell PLC (Netherlands)		383,101		10,799,930
TotalEnergies SE (France)		465,284		29,207,367
				84,415,936
Metal & Glass Containers — 1.6%
Ball Corp.		92,781		4,744,820
Verallia SA (France), 144A		111,898		3,792,191
				8,537,011
Multi-Utilities — 2.6%
Ameren Corp.		28,503		2,534,487
CMS Energy Corp.		31,411		1,989,259
Dominion Energy, Inc.		40,742		2,498,299
DTE Energy Co.		20,300		2,385,859
Sempra Energy		28,444		4,395,736
				13,803,640

SEE NOTES TO FINANCIAL STATEMENTS.

A25

	PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Oil & Gas Equipment & Services — 5.6%
Baker Hughes Co.		113,269	$	3,344,834
Cactus, Inc. (Class A Stock)		78,543		3,947,571
ChampionX Corp.		123,928		3,592,673
Halliburton Co.		101,768		4,004,571
Liberty Energy, Inc. (Class A Stock)		92,609		1,482,670
Schlumberger Ltd.		53,300		2,849,418
TechnipFMC PLC (United Kingdom)*		424,558		5,175,362
Tenaris SA, ADR		90,600		3,185,496
TGS ASA (Norway)		197,881		2,675,830
				30,258,425
Oil & Gas Exploration & Production — 21.2%
Canadian Natural Resources Ltd. (Canada)		125,757		6,983,507
Chesapeake Energy Corp.		54,500		5,143,165
ConocoPhillips		265,117		31,283,806
Devon Energy Corp.		213,183		13,112,886
EOG Resources, Inc.		153,918		19,935,459
Hess Corp.		126,867		17,992,278
Magnolia Oil & Gas Corp. (Class A Stock)		234,606		5,501,511
Pioneer Natural Resources Co.		62,343		14,238,518
				114,191,130
Oil & Gas Storage & Transportation — 0.8%
TC Energy Corp. (Canada)		103,530		4,126,706
Packaged Foods & Meats — 1.1%
Bakkafrost P/F (Faroe Islands)		90,844		5,671,138
Paper Packaging — 3.0%
Avery Dennison Corp.		21,519		3,894,939
International Paper Co.		105,845		3,665,412
Packaging Corp. of America		52,245		6,682,658
Westrock Co.		54,021		1,899,379
				16,142,388
Paper Products — 1.2%
Mondi PLC (Austria)		54,654		924,249
UPM-Kymmene OYJ (Finland)		151,275		5,660,920
				6,585,169
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		20,290
Railroads — 1.2%
Norfolk Southern Corp.		12,874		3,172,411
Union Pacific Corp.		14,945		3,094,661
				6,267,072

	Shares		Value
COMMON STOCKS (continued)
Specialized REITs — 1.0%
Rayonier, Inc., REIT		91,666	$	3,021,311
Weyerhaeuser Co., REIT		84,000		2,604,000
				5,625,311
Specialty Chemicals — 5.3%
Akzo Nobel NV (Netherlands)		57,418		3,852,896
Albemarle Corp.		8,861		1,921,596
Element Solutions, Inc.		145,131		2,639,933
RPM International, Inc.		75,397		7,347,438
Sherwin-Williams Co. (The)		46,172		10,958,001
Shin-Etsu Chemical Co. Ltd. (Japan)		13,300		1,624,092
				28,343,956
Steel — 0.5%
Reliance Steel & Aluminum Co.		14,558		2,947,122
TOTAL COMMON STOCKS (cost $421,828,724)				522,984,125
PREFERRED STOCK — 1.3%
Electric Utilities
NextEra Energy, Inc., CVT, 5.279%, Maturing 03/01/23		132,925		6,739,297
(cost $6,430,746)
TOTAL LONG-TERM INVESTMENTS (cost $428,259,470)				529,723,422
SHORT-TERM INVESTMENT — 1.6%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $8,528,614)(wa)		8,528,614		8,528,614
TOTAL INVESTMENTS—100.1% (cost $436,788,084)				538,252,036
Liabilities in excess of other assets — (0.1)%				(278,720	)
NET ASSETS — 100.0%			$	537,973,316

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 $20,290 and 0.0% of net assets.

(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 $20,290 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.

SEE NOTES TO FINANCIAL STATEMENTS.

A26

	PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	32,316,733	$	—
Austria		—		924,249		—
Brazil		2,126,171		—		—
Canada		26,507,428		—		—
Denmark		—		2,220,934		—
Faroe Islands		—		5,671,138		—
Finland		—		5,660,920		—
France		—		35,437,724		—
Japan		—		1,624,092		—
Kazakhstan		—		1,556,166		—
Mexico		10,104,760		—		—
Netherlands		—		14,652,826		—
Norway		—		23,959,114		—
Portugal		—		7,438,643		—
South Africa		—		3,516,910		20,290
Spain		—		1,575,071		—
Sweden		—		23,007,296		—
United Kingdom		20,535,831		4,117,647		—
United States		295,636,626		4,373,556		—
Preferred Stock
United States		6,739,297		—		—
Short-Term Investment
Affiliated Mutual Fund		8,528,614		—		—
Total	$	370,178,727	$	168,053,019	$	20,290

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, 2022 were as follows:

United States	58.6	%
France	6.5
Australia	5.9
Canada	5.0
United Kingdom	4.7
Norway	4.4
Sweden	4.3
Netherlands	2.7
Mexico	1.9
Portugal	1.4
Faroe Islands	1.1
Finland	1.0

South Africa	0.7	%
Denmark	0.4
Brazil	0.4
Japan	0.3
Spain	0.3
Kazakhstan	0.3
Austria	0.2
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A27

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value:
Unaffiliated investments (cost $428,259,470)	$	529,723,422
Affiliated investments (cost $8,528,614)		8,528,614
Foreign currency, at value (cost $788)		796
Tax reclaim receivable		1,274,977
Receivable for investments sold		782,630
Dividends receivable		575,668
Receivable for Portfolio shares sold		23,298
Prepaid expenses		4,935
Total Assets		540,914,340
LIABILITIES
Payable for investments purchased		1,479,496
Payable to affiliate		977,509
Management fee payable		203,896
Payable for Portfolio shares purchased		186,375
Accrued expenses and other liabilities		79,191
Distribution fee payable		8,574
Administration fee payable		4,383
Affiliated transfer agent fee payable		980
Trustees’ fees payable		620
Total Liabilities		2,941,024
NET ASSETS	$	537,973,316
Net assets were comprised of:
Partners’ Equity	$	537,973,316
Class I:
Net asset value and redemption price per share, $497,926,057 / 11,895,660 outstanding shares of beneficial interest	$	41.86
Class II:
Net asset value and redemption price per share, $33,969,694 / 852,929 outstanding shares of beneficial interest	$	39.83
Class III:
Net asset value and redemption price per share, $6,077,565 / 145,629 outstanding shares of beneficial interest	$	41.73

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $840,550 foreign withholding tax, of which $23,953 is reimbursable by an affiliate)	$	18,538,712
Affiliated dividend income		120,340
Income from securities lending, net (including affiliated income of $17,334)		21,558
Total income		18,680,610
EXPENSES
Management fee		2,317,253
Distribution fee—Class II		83,858
Distribution fee—Class III		9,330
Administration fee—Class II		50,315
Custodian and accounting fees		69,783
Shareholders’ reports		45,803
Audit fee		28,000
Legal fees and expenses		23,835
Trustees’ fees		16,782
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		30,298
Total expenses		2,685,939
Less: Fee waivers and/or expense reimbursement		(41,196	)
Net expenses		2,644,743
NET INVESTMENT INCOME (LOSS)		16,035,867
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $17,489)		108,897,915
Foreign currency transactions		(355,653	)
		108,542,262
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(18,740))		(26,508,654	)
Foreign currencies		(1,854	)
		(26,510,508	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		82,031,754
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	98,067,621

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	16,035,867			$	10,161,929
Net realized gain (loss) on investment and foreign currency transactions			108,542,262				83,447,598
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(26,510,508	)			(115,008	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			98,067,621				93,494,519
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			43,768,480				24,288,772
Portfolio shares purchased			(49,650,926	)			(56,248,016	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(5,882,446	)			(31,959,244	)
TOTAL INCREASE (DECREASE)			92,185,175				61,535,275
NET ASSETS:
Beginning of year			445,788,141				384,252,866
End of year		$	537,973,316			$	445,788,141

SEE NOTES TO FINANCIAL STATEMENTS.

A28

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	34.30		$	27.33		$	24.34		$	21.99		$	26.84
Income (Loss) From Investment Operations:
Net investment income (loss)		1.23			0.77			0.49			0.72			0.60
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.33			6.20			2.50			1.63			(5.46	)
Total from investment operations		7.56			6.97			2.99			2.35			(4.86	)
Capital Contributions		—			—			—			—	(b)(c)		0.01	(b)
Net Asset Value, end of year	$	41.86		$	34.30		$	27.33		$	24.34		$	21.99
Total Return(d)		22.04	%		25.50	%		12.28	%		10.69	%(e)		(18.07	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	497.9		$	419.2		$	351.8		$	332.2		$	324.3
Average net assets (in millions)	$	477.7		$	402.7		$	284.9		$	338.8		$	398.1
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.49	%		0.50	%		0.54	%		0.53	%		0.51	%
Expenses before waivers and/or expense reimbursement		0.50	%		0.51	%		0.55	%		0.54	%		0.52	%
Net investment income (loss)		3.14	%		2.39	%		2.28	%		3.04	%		2.30	%
Portfolio turnover rate(h)		109	%		79	%		136	%		132	%		108	%
Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	32.77		$	26.21		$	23.44		$	21.26		$	26.06
Income (Loss) From Investment Operations:
Net investment income (loss)		1.04			0.58			0.41			0.61			0.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.02			5.98			2.36			1.57			(5.30	)
Total from investment operations		7.06			6.56			2.77			2.18			(4.81	)
Capital Contributions		—			—			—			—	(b)(c)		0.01	(b)
Net Asset Value, end of year	$	39.83		$	32.77		$	26.21		$	23.44		$	21.26
Total Return(d)		21.54	%		25.03	%		11.82	%		10.25	%(e)		(18.42	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	34.0		$	25.6		$	32.5		$	49.5		$	48.4
Average net assets (in millions)	$	33.5		$	27.8		$	37.6		$	50.1		$	52.0
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.89	%		0.90	%		0.94	%		0.93	%		0.91	%
Expenses before waivers and/or expense reimbursement		0.90	%		0.91	%		0.95	%		0.94	%		0.92	%
Net investment income (loss)		2.77	%		1.89	%		2.05	%		2.63	%		1.93	%
Portfolio turnover rate(h)		109	%		79	%		136	%		132	%		108	%

SEE NOTES TO FINANCIAL STATEMENTS.

A29

PSF NATURAL RESOURCES PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31, 2022				April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	34.24			$	31.02
Income (Loss) From Investment Operations:
Net investment income (loss)			1.17				0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.32				3.02
Total from investment operations			7.49				3.22
Net Asset Value, end of period		$	41.73			$	34.24
Total Return(d)			21.88	%			10.38	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	6.1			$	1.0
Average net assets (in millions)		$	3.7			$	0.3
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.73	%			0.72	%(j)
Expenses before waivers and/or expense reimbursement			0.74	%			0.73	%(j)
Net investment income (loss)			2.95	%			0.82	%(j)
Portfolio turnover rate(h)			109	%			79	%

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

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

(c) Amount rounds to zero.

(d) 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.

A30

	PSF PGIM 50/50 BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 90.3%
COMMON STOCKS — 48.9%
Aerospace & Defense — 0.9%
BAE Systems PLC (United Kingdom)		6,901	$	71,276
Boeing Co. (The)*		19,250		3,666,933
General Dynamics Corp.		7,800		1,935,258
Howmet Aerospace, Inc.		13,080		515,483
Huntington Ingalls Industries, Inc.		1,400		322,952
Kongsberg Gruppen ASA (Norway)		195		8,300
L3Harris Technologies, Inc.		6,570		1,367,940
Lockheed Martin Corp.		8,020		3,901,650
MTU Aero Engines AG (Germany)		830		178,562
Northrop Grumman Corp.		5,022		2,740,053
Raytheon Technologies Corp.		50,955		5,142,379
Textron, Inc.		7,500		531,000
Thales SA (France)		232		29,642
TransDigm Group, Inc.		1,820		1,145,963
				21,557,391
Air Freight & Logistics — 0.3%
C.H. Robinson Worldwide, Inc.(a)		4,400		402,864
Expeditors International of Washington, Inc.		5,600		581,952
FedEx Corp.		8,180		1,416,776
United Parcel Service, Inc. (Class B Stock)		25,200		4,380,768
				6,782,360
Airlines — 0.1%
Alaska Air Group, Inc.*		4,300		184,642
American Airlines Group, Inc.*(a)		22,500		286,200
Delta Air Lines, Inc.*		22,200		729,492
Deutsche Lufthansa AG (Germany)*		1,320		10,881
Qantas Airways Ltd. (Australia)*		1,812		7,334
Singapore Airlines Ltd. (Singapore)		3,000		12,387
Southwest Airlines Co.*		20,600		693,602
United Airlines Holdings, Inc.*		11,200		422,240
				2,346,778
Auto Components — 0.1%
Aptiv PLC*		9,400		875,422
BorgWarner, Inc.		8,700		350,175
				1,225,597
Automobiles — 0.7%
Bayerische Motoren Werke AG (Germany)		734		64,985
Ferrari NV (Italy)		270		57,898
Ford Motor Co.		136,285		1,584,995
General Motors Co.		49,200		1,655,088
Honda Motor Co. Ltd. (Japan)		3,500		79,832
Isuzu Motors Ltd. (Japan)		1,200		13,911
Mazda Motor Corp. (Japan)		8,900		66,715
Mercedes-Benz Group AG (Germany)		181		11,836
Stellantis NV		17,964		255,275
Subaru Corp. (Japan)		12,500		189,251
Suzuki Motor Corp. (Japan)		700		22,419
Tesla, Inc.*		93,020		11,458,204
Toyota Motor Corp. (Japan)		9,500		129,604

	Shares		Value
COMMON STOCKS (continued)
Automobiles (cont’d.)
Volkswagen AG (Germany)		65	$	10,197
				15,600,210
Banks — 1.9%
ABN AMRO Bank NV (Netherlands), 144A, CVA		1,566		21,686
ANZ Group Holdings Ltd. (Australia)		10,164		163,731
Bank Hapoalim BM (Israel)		3,139		28,263
Bank Leumi Le-Israel BM (Israel)		24,516		204,189
Bank of America Corp.		241,241		7,989,902
Barclays PLC (United Kingdom)		136,650		260,019
Citigroup, Inc.		66,835		3,022,947
Citizens Financial Group, Inc.		17,100		673,227
Comerica, Inc.		4,500		300,825
Commerzbank AG (Germany)*		2,349		21,962
Commonwealth Bank of Australia (Australia)		3,555		246,912
DBS Group Holdings Ltd. (Singapore)		12,300		311,333
DNB Bank ASA (Norway)		6,175		121,957
Fifth Third Bancorp		23,721		778,286
FinecoBank Banca Fineco SpA (Italy)		1,332		22,119
First Republic Bank		6,400		780,096
HSBC Holdings PLC (United Kingdom)		12,210		75,672
Huntington Bancshares, Inc.(a)		50,236		708,328
ING Groep NV (Netherlands)		23,038		280,630
Israel Discount Bank Ltd. (Israel) (Class A Stock)		2,713		14,243
JPMorgan Chase & Co.		101,645		13,630,594
KeyCorp.		32,300		562,666
Lloyds Banking Group PLC (United Kingdom)		500,453		273,104
M&T Bank Corp.		6,005		871,085
Mizrahi Tefahot Bank Ltd. (Israel)		340		10,974
National Australia Bank Ltd. (Australia)		3,571		72,504
NatWest Group PLC (United Kingdom)		11,717		37,368
Nordea Bank Abp (Finland)		7,380		79,054
Oversea-Chinese Banking Corp. Ltd. (Singapore)		11,400		103,695
PNC Financial Services Group, Inc. (The)		14,133		2,232,166
Regions Financial Corp.		33,103		713,701
Signature Bank		2,300		265,006
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		3,484		40,111
Sumitomo Mitsui Financial Group, Inc. (Japan)		2,700		108,628
SVB Financial Group*		2,040		469,486
Swedbank AB (Sweden) (Class A Stock)		1,800		30,616
Truist Financial Corp.		46,301		1,992,332
U.S. Bancorp		46,585		2,031,572
Wells Fargo & Co.		132,064		5,452,923
Zions Bancorp NA		5,650		277,754
				45,281,666
Beverages — 0.9%
Brown-Forman Corp. (Class B Stock)		6,375		418,710
Coca-Cola Co. (The)		134,801		8,574,692
Coca-Cola HBC AG (Italy)*		434		10,259

SEE NOTES TO FINANCIAL STATEMENTS.

A31

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Beverages (cont’d.)
Constellation Brands, Inc. (Class A Stock)		5,540	$	1,283,895
Diageo PLC (United Kingdom)		931		40,752
Heineken Holding NV (Netherlands)		248		19,153
Heineken NV (Netherlands)		564		53,124
Keurig Dr. Pepper, Inc.		30,200		1,076,932
Molson Coors Beverage Co. (Class B Stock)		6,500		334,880
Monster Beverage Corp.*		13,400		1,360,502
PepsiCo, Inc.		48,007		8,672,945
				21,845,844
Biotechnology — 1.2%
AbbVie, Inc.		61,501		9,939,177
Amgen, Inc.		18,437		4,842,294
Biogen, Inc.*		4,860		1,345,831
Gilead Sciences, Inc.		43,400		3,725,890
Incyte Corp.*		6,300		506,016
Moderna, Inc.*		11,550		2,074,611
Regeneron Pharmaceuticals, Inc.*		3,740		2,698,372
Vertex Pharmaceuticals, Inc.*		8,800		2,541,264
				27,673,455
Building Products — 0.2%
A.O. Smith Corp.		4,600		263,304
Allegion PLC		3,133		329,780
Assa Abloy AB (Sweden) (Class B Stock)		2,184		46,976
Carrier Global Corp.		29,002		1,196,333
Cie de Saint-Gobain (France)		1,050		51,367
Johnson Controls International PLC		24,022		1,537,408
Lixil Corp. (Japan)		1,000		15,076
Masco Corp.(a)		7,800		364,026
Nibe Industrier AB (Sweden) (Class B Stock)		3,162		29,513
Trane Technologies PLC		8,000		1,344,720
Xinyi Glass Holdings Ltd. (China)		4,000		7,390
				5,185,893
Capital Markets — 1.5%
3i Group PLC (United Kingdom)		11,134		179,562
Ameriprise Financial, Inc.		3,620		1,127,159
Bank of New York Mellon Corp. (The)		25,358		1,154,296
BlackRock, Inc.		5,190		3,677,790
Cboe Global Markets, Inc.		3,700		464,239
Charles Schwab Corp. (The)		52,650		4,383,639
CME Group, Inc.		12,400		2,085,184
Deutsche Bank AG (Germany)		21,466		241,312
Deutsche Boerse AG (Germany)		411		70,770
FactSet Research Systems, Inc.		1,200		481,452
Franklin Resources, Inc.(a)		9,700		255,886
Goldman Sachs Group, Inc. (The)		11,680		4,010,678
Hargreaves Lansdown PLC (United Kingdom)		780		8,032
Intercontinental Exchange, Inc.		19,455		1,995,888
Invesco Ltd.		16,200		291,438
Julius Baer Group Ltd. (Switzerland)		1,818		105,810
Macquarie Group Ltd. (Australia)		1,318		148,787

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (cont’d.)
MarketAxess Holdings, Inc.		1,420	$	396,024
Moody’s Corp.		5,550		1,546,341
Morgan Stanley		45,619		3,878,527
MSCI, Inc.		2,780		1,293,173
Nasdaq, Inc.		12,000		736,200
Northern Trust Corp.		7,200		637,128
Partners Group Holding AG (Switzerland)		49		43,389
Raymond James Financial, Inc.		6,750		721,238
S&P Global, Inc.		11,560		3,871,906
Singapore Exchange Ltd. (Singapore)		7,700		51,489
State Street Corp.		12,700		985,139
T. Rowe Price Group, Inc.(a)		7,700		839,762
UBS Group AG (Switzerland)		19,799		367,989
				36,050,227
Chemicals — 0.9%
Air Products & Chemicals, Inc.		7,700		2,373,602
Albemarle Corp.		4,000		867,440
BASF SE (Germany)		756		37,224
Celanese Corp.		3,500		357,840
CF Industries Holdings, Inc.		6,800		579,360
Clariant AG (Switzerland)*		496		7,877
Corteva, Inc.		24,747		1,454,629
Dow, Inc.		24,747		1,247,001
DuPont de Nemours, Inc.(a)		17,247		1,183,662
Eastman Chemical Co.		4,200		342,048
Ecolab, Inc.		8,500		1,237,260
FMC Corp.		4,300		536,640
ICL Group Ltd. (Israel)		1,494		10,795
International Flavors & Fragrances, Inc.		8,800		922,592
Linde PLC (United Kingdom)		17,200		5,610,296
LyondellBasell Industries NV (Class A Stock)		9,100		755,573
Mitsubishi Chemical Group Corp. (Japan)		2,800		14,496
Mosaic Co. (The)		12,300		539,601
Nitto Denko Corp. (Japan)		300		17,278
OCI NV (Netherlands)		1,046		37,397
PPG Industries, Inc.		8,200		1,031,068
Sherwin-Williams Co. (The)		8,150		1,934,239
Shin-Etsu Chemical Co. Ltd. (Japan)		800		97,690
Solvay SA (Belgium)		2,036		205,852
Tosoh Corp. (Japan)		600		7,135
Yara International ASA (Brazil)		4,497		197,495
				21,606,090
Commercial Services & Supplies — 0.2%
Cintas Corp.		3,020		1,363,892
Copart, Inc.*		14,700		895,083
Republic Services, Inc.		7,265		937,112
Rollins, Inc.		8,700		317,898
Securitas AB (Sweden) (Class B Stock)		1,050		8,762
Waste Management, Inc.		13,142		2,061,717
				5,584,464
Communications Equipment — 0.4%
Arista Networks, Inc.*		8,700		1,055,745

SEE NOTES TO FINANCIAL STATEMENTS.

A32

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment (cont’d.)
Cisco Systems, Inc.		142,900	$	6,807,756
F5, Inc.*		2,200		315,722
Juniper Networks, Inc.		11,000		351,560
Motorola Solutions, Inc.		5,689		1,466,112
Nokia OYJ (Finland)		11,812		54,875
				10,051,770
Construction & Engineering — 0.1%
Eiffage SA (France)		642		63,150
Kajima Corp. (Japan)		1,000		11,637
Quanta Services, Inc.(a)		5,100		726,750
Vinci SA (France)		3,095		308,531
				1,110,068
Construction Materials — 0.1%
HeidelbergCement AG (Germany)		325		18,416
Martin Marietta Materials, Inc.		2,080		702,978
Vulcan Materials Co.		4,600		805,506
				1,526,900
Consumer Finance — 0.2%
American Express Co.		20,700		3,058,425
Capital One Financial Corp.		13,261		1,232,743
Discover Financial Services		9,440		923,515
Synchrony Financial		15,572		511,696
				5,726,379
Containers & Packaging — 0.1%
Amcor PLC(a)		53,250		634,208
Avery Dennison Corp.		2,700		488,700
Ball Corp.		11,200		572,768
International Paper Co.(a)		12,473		431,940
Packaging Corp. of America		3,200		409,312
Sealed Air Corp.		5,100		254,388
Westrock Co.		8,744		307,439
				3,098,755
Distributors — 0.1%
D’ieteren Group (Belgium)		54		10,363
Genuine Parts Co.		4,900		850,199
LKQ Corp.		9,300		496,713
Pool Corp.		1,280		386,983
				1,744,258
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc. (Class B Stock)*		62,380		19,269,182
Industrivarden AB (Sweden) (Class A Stock)		49		1,192
Investor AB (Sweden) (Class A Stock)		1,064		19,795
ORIX Corp. (Japan)		7,900		126,453
				19,416,622
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		246,936		4,546,092
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		48,174		82,643
Deutsche Telekom AG (Germany)		9,843		195,842

	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services (cont’d.)
HKT Trust & HKT Ltd. (Hong Kong)		9,000	$	11,017
Koninklijke KPN NV (Netherlands)		7,015		21,713
Lumen Technologies, Inc.(a)		33,779		176,326
Nippon Telegraph & Telephone Corp. (Japan)		1,600		45,630
Spark New Zealand Ltd. (New Zealand)		20,926		71,646
Telefonica Deutschland Holding AG (Germany)		20,863		51,240
Telstra Group Ltd. (Australia)		9,102		24,616
Verizon Communications, Inc.		144,876		5,708,114
				10,934,879
Electric Utilities — 1.0%
Alliant Energy Corp.		8,700		480,327
American Electric Power Co., Inc.		17,660		1,676,817
CK Infrastructure Holdings Ltd. (Hong Kong)		1,500		7,827
Constellation Energy Corp.		11,304		974,518
Duke Energy Corp.		26,561		2,735,517
Edison International		13,200		839,784
Endesa SA (Spain)		1,511		28,477
Enel SpA (Italy)		51,097		274,807
Entergy Corp.		7,000		787,500
Evergy, Inc.		7,900		497,147
Eversource Energy		11,900		997,696
Exelon Corp.		34,713		1,500,643
FirstEnergy Corp.		18,956		795,015
Fortum OYJ (Finland)		988		16,454
Iberdrola SA (Spain)		12,911		150,717
NextEra Energy, Inc.		68,800		5,751,680
NRG Energy, Inc.		8,700		276,834
Origin Energy Ltd. (Australia)		3,750		19,627
PG&E Corp.*		54,400		884,544
Pinnacle West Capital Corp.		4,100		311,764
Power Assets Holdings Ltd. (Hong Kong)		3,000		16,396
PPL Corp.		26,100		762,642
Southern Co. (The)		37,700		2,692,157
SSE PLC (United Kingdom)		7,676		157,872
Terna - Rete Elettrica Nazionale (Italy)		3,112		22,983
Xcel Energy, Inc.		19,110		1,339,802
				23,999,547
Electrical Equipment — 0.3%
ABB Ltd. (Switzerland)		3,540		107,890
AMETEK, Inc.		8,000		1,117,760
Eaton Corp. PLC		13,737		2,156,022
Emerson Electric Co.		20,400		1,959,624
Fuji Electric Co. Ltd. (Japan)		300		11,322
Generac Holdings, Inc.*(a)		2,100		211,386
Prysmian SpA (Italy)		558		20,733
Rockwell Automation, Inc.(a)		4,000		1,030,280
				6,615,017
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. (Class A Stock)		20,500		1,560,870
CDW Corp.		4,650		830,397

SEE NOTES TO FINANCIAL STATEMENTS.

A33

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (cont’d.)
Corning, Inc.		26,700	$	852,798
Halma PLC (United Kingdom)		836		19,909
Hamamatsu Photonics KK (Japan)		400		19,091
Hirose Electric Co. Ltd. (Japan)		500		62,711
Keysight Technologies, Inc.*		6,200		1,060,634
TE Connectivity Ltd. (Switzerland)		11,000		1,262,800
Teledyne Technologies, Inc.*		1,560		623,860
Trimble, Inc.*		8,700		439,872
Venture Corp. Ltd. (Singapore)		2,000		25,492
Yokogawa Electric Corp. (Japan)		500		7,935
Zebra Technologies Corp. (Class A Stock)*		1,770		453,846
				7,220,215
Energy Equipment & Services — 0.2%
Baker Hughes Co.		34,898		1,030,538
Halliburton Co.		31,300		1,231,655
Schlumberger Ltd.		48,824		2,610,131
				4,872,324
Entertainment — 0.6%
Activision Blizzard, Inc.		24,500		1,875,475
Electronic Arts, Inc.		9,100		1,111,838
Live Nation Entertainment, Inc.*		4,900		341,726
Netflix, Inc.*		15,310		4,514,613
Nintendo Co. Ltd. (Japan)		2,400		100,912
Take-Two Interactive Software, Inc.*		5,400		562,302
Walt Disney Co. (The)*		62,882		5,463,188
Warner Bros Discovery, Inc.*		76,976		729,732
				14,699,786
Equity Real Estate Investment Trusts (REITs) — 1.3%
Alexandria Real Estate Equities, Inc.		5,280		769,138
American Tower Corp.		16,060		3,402,472
AvalonBay Communities, Inc.		4,875		787,410
Boston Properties, Inc.(a)		4,900		331,142
Camden Property Trust		3,800		425,144
Crown Castle, Inc.		15,100		2,048,164
Dexus (Australia)		2,321		12,185
Digital Realty Trust, Inc.		10,100		1,012,727
Equinix, Inc.		3,184		2,085,616
Equity Residential		11,700		690,300
Essex Property Trust, Inc.		2,150		455,628
Extra Space Storage, Inc.		4,600		677,028
Federal Realty Investment Trust		2,400		242,496
GLP J-REIT (Japan)		9		10,365
Goodman Group (Australia)		14,090		165,703
Healthpeak Properties, Inc.		18,700		468,809
Host Hotels & Resorts, Inc.		24,782		397,751
Invitation Homes, Inc.		20,600		610,584
Iron Mountain, Inc.(a)		10,002		498,600
Japan Real Estate Investment Corp. (Japan)		10		43,923
Kimco Realty Corp.		21,400		453,252
Klepierre SA (France)*		8,956		206,710
Mid-America Apartment Communities, Inc.		4,000		627,960

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Nomura Real Estate Master Fund, Inc. (Japan)		9	$	11,150
Prologis, Inc.		32,084		3,616,829
Public Storage		5,420		1,518,630
Realty Income Corp.		21,300		1,351,059
Regency Centers Corp.		5,600		350,000
SBA Communications Corp.		3,800		1,065,178
Scentre Group (Australia)		11,818		23,004
Simon Property Group, Inc.		11,293		1,326,702
Stockland (Australia)		5,072		12,492
UDR, Inc.		10,300		398,919
Unibail-Rodamco-Westfield (France)*		264		13,801
Ventas, Inc.		13,868		624,753
VICI Properties, Inc.(a)		33,100		1,072,440
Vicinity Ltd. (Australia)		8,550		11,545
Vornado Realty Trust(a)		6,125		127,461
Warehouses De Pauw CVA (Belgium)		323		9,253
Welltower, Inc.		16,100		1,055,355
Weyerhaeuser Co.		26,018		806,558
				29,818,236
Food & Staples Retailing — 0.8%
Carrefour SA (France)		1,080		18,064
Coles Group Ltd. (Australia)		2,544		28,838
Costco Wholesale Corp.		15,220		6,947,930
Endeavour Group Ltd. (Australia)		2,976		12,951
J Sainsbury PLC (United Kingdom)		3,717		9,749
Jeronimo Martins SGPS SA (Portugal)		496		10,731
Kesko OYJ (Finland) (Class B Stock)		2,192		48,435
Koninklijke Ahold Delhaize NV (Netherlands)		9,594		275,840
Kroger Co. (The)		22,792		1,016,068
Sysco Corp.		17,500		1,337,875
Tesco PLC (United Kingdom)		2,038		5,492
Walgreens Boots Alliance, Inc.(a)		25,000		934,000
Walmart, Inc.		49,200		6,976,068
Woolworths Group Ltd. (Australia)		2,698		61,610
				17,683,651
Food Products — 0.6%
Archer-Daniels-Midland Co.		19,026		1,766,564
Campbell Soup Co.(a)		7,000		397,250
Conagra Brands, Inc.		16,700		646,290
General Mills, Inc.		20,800		1,744,080
Hershey Co. (The)		5,000		1,157,850
Hormel Foods Corp.		10,300		469,165
J.M. Smucker Co. (The)		3,900		617,994
Kellogg Co.		8,900		634,036
Kraft Heinz Co. (The)		28,267		1,150,750
Lamb Weston Holdings, Inc.		5,000		446,800
McCormick & Co., Inc.		8,740		724,459
Mondelez International, Inc. (Class A Stock)		47,953		3,196,067
Mowi ASA (Norway)		910		15,507
Nestle SA		4,419		510,436
Orkla ASA (Norway)		22,383		161,545
Tyson Foods, Inc. (Class A Stock)		10,200		634,950
WH Group Ltd. (Hong Kong), 144A		151,500		88,361

SEE NOTES TO FINANCIAL STATEMENTS.

A34

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Food Products (cont’d.)
Wilmar International Ltd. (China)		74,800	$	233,030
				14,595,134
Gas Utilities — 0.0%
Atmos Energy Corp.		4,800		537,936
Osaka Gas Co. Ltd. (Japan)		800		12,890
Tokyo Gas Co. Ltd. (Japan)		900		17,622
				568,448
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories		60,450		6,636,805
Align Technology, Inc.*		2,440		514,596
Baxter International, Inc.		17,900		912,363
Becton, Dickinson & Co.		9,910		2,520,113
BioMerieux (France)		90		9,456
Boston Scientific Corp.*		49,367		2,284,211
Cochlear Ltd. (Australia)		140		19,335
Cooper Cos., Inc. (The)		1,640		542,299
DENTSPLY SIRONA, Inc.		8,000		254,720
Dexcom, Inc.*		13,360		1,512,886
Edwards Lifesciences Corp.*		21,700		1,619,037
Hologic, Inc.*		8,800		658,328
IDEXX Laboratories, Inc.*		2,940		1,199,402
Intuitive Surgical, Inc.*		12,260		3,253,191
Medtronic PLC		45,790		3,558,799
Olympus Corp. (Japan)		7,100		125,227
ResMed, Inc.		5,000		1,040,650
STERIS PLC		3,450		637,181
Straumann Holding AG (Switzerland)		240		27,521
Stryker Corp.		11,600		2,836,084
Teleflex, Inc.		1,600		399,408
Zimmer Biomet Holdings, Inc.		7,200		918,000
				31,479,612
Health Care Providers & Services — 1.8%
AmerisourceBergen Corp.		5,600		927,976
Cardinal Health, Inc.		9,350		718,735
Centene Corp.*		19,950		1,636,099
Cigna Corp.		10,500		3,479,070
CVS Health Corp.		45,283		4,219,923
DaVita, Inc.*		1,900		141,873
Elevance Health, Inc.		8,280		4,247,392
Fresenius SE & Co. KGaA (Germany)		1,746		48,769
HCA Healthcare, Inc.		7,400		1,775,704
Henry Schein, Inc.*(a)		4,800		383,376
Humana, Inc.		4,370		2,238,270
Laboratory Corp. of America Holdings		3,100		729,988
McKesson Corp.		4,930		1,849,342
Molina Healthcare, Inc.*		1,950		643,929
Quest Diagnostics, Inc.		4,200		657,048
Sonic Healthcare Ltd. (Australia)		9,946		202,411
UnitedHealth Group, Inc.		32,380		17,167,228
Universal Health Services, Inc. (Class B Stock)		2,200		309,958
				41,377,091
Hotels, Restaurants & Leisure — 1.0%
Aristocrat Leisure Ltd. (Australia)		1,276		26,293

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (cont’d.)
Booking Holdings, Inc.*		1,340	$	2,700,475
Caesars Entertainment, Inc.*		7,400		307,840
Carnival Corp.*(a)		33,400		269,204
Chipotle Mexican Grill, Inc.*		970		1,345,865
Compass Group PLC (United Kingdom)		10,209		235,747
Darden Restaurants, Inc.		4,450		615,568
Domino’s Pizza, Inc.		1,160		401,824
Evolution AB (Sweden), 144A		890		86,690
Expedia Group, Inc.*		5,250		459,900
Hilton Worldwide Holdings, Inc.		9,400		1,187,784
InterContinental Hotels Group PLC (United Kingdom)		411		23,583
La Francaise des Jeux SAEM (France), 144A		4,835		194,553
Las Vegas Sands Corp.*		11,650		560,015
Marriott International, Inc. (Class A Stock)		9,328		1,388,846
McDonald’s Corp.		25,700		6,772,721
MGM Resorts International		11,600		388,948
Norwegian Cruise Line Holdings Ltd.*(a)		13,800		168,912
Oriental Land Co. Ltd. (Japan)		1,100		160,077
Royal Caribbean Cruises Ltd.*(a)		7,800		385,554
Sodexo SA (France)		184		17,605
Starbucks Corp.		39,600		3,928,320
Whitbread PLC (United Kingdom)		456		14,099
Wynn Resorts Ltd.*		3,500		288,645
Yum! Brands, Inc.		10,200		1,306,416
				23,235,484
Household Durables — 0.2%
D.R. Horton, Inc.(a)		10,900		971,626
Garmin Ltd.		5,300		489,137
Lennar Corp. (Class A Stock)		8,900		805,450
Mohawk Industries, Inc.*		1,940		198,307
Newell Brands, Inc.(a)		13,814		180,687
NVR, Inc.*		110		507,384
PulteGroup, Inc.		8,222		374,348
Sekisui Chemical Co. Ltd. (Japan)		800		11,150
Sony Group Corp. (Japan)		400		30,489
Whirlpool Corp.(a)		1,826		258,306
				3,826,884
Household Products — 0.8%
Church & Dwight Co., Inc.		8,500		685,185
Clorox Co. (The)(a)		4,200		589,386
Colgate-Palmolive Co.		29,800		2,347,942
Essity AB (Sweden) (Class B Stock)		531		13,905
Henkel AG & Co. KGaA (Germany)		198		12,725
Kimberly-Clark Corp.		12,200		1,656,150
Procter & Gamble Co. (The)		82,625		12,522,645
Reckitt Benckiser Group PLC (United Kingdom)		3,660		253,698
				18,081,636
Independent Power & Renewable Electricity Producers — 0.0%
AES Corp. (The)		23,000		661,480

SEE NOTES TO FINANCIAL STATEMENTS.

A35

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Independent Power & Renewable Electricity Producers (cont’d.)
Meridian Energy Ltd. (New Zealand)		2,880	$	9,579
				671,059
Industrial Conglomerates — 0.5%
3M Co.		19,080		2,288,074
General Electric Co.		37,778		3,165,419
Hitachi Ltd. (Japan)		3,600		181,139
Honeywell International, Inc.		23,612		5,060,051
Jardine Matheson Holdings Ltd. (Hong Kong)		4,100		208,570
Smiths Group PLC (United Kingdom)		8,533		163,766
				11,067,019
Insurance — 1.2%
Aflac, Inc.		20,100		1,445,994
Ageas SA/NV (Belgium)		364		16,151
AIA Group Ltd. (Hong Kong)		5,800		64,052
Allstate Corp. (The)		9,300		1,261,080
American International Group, Inc.		26,239		1,659,354
Aon PLC (Class A Stock)		7,400		2,221,036
Arch Capital Group Ltd.*		13,000		816,140
Arthur J. Gallagher & Co.		7,200		1,357,488
Assurant, Inc.		2,000		250,120
AXA SA (France)		11,788		328,361
Brown & Brown, Inc.		8,500		484,245
Chubb Ltd.		14,586		3,217,672
Cincinnati Financial Corp.		5,637		577,172
Dai-ichi Life Holdings, Inc. (Japan)		12,800		289,067
Everest Re Group Ltd.		1,340		443,902
Gjensidige Forsikring ASA (Norway)		448		8,787
Globe Life, Inc.		3,125		376,719
Hartford Financial Services Group, Inc. (The)		11,300		856,879
Japan Post Holdings Co. Ltd. (Japan)		29,400		247,370
Japan Post Insurance Co. Ltd. (Japan)		12,200		214,563
Legal & General Group PLC (United Kingdom)		10,970		32,890
Lincoln National Corp.(a)		5,518		169,513
Loews Corp.		6,975		406,852
Marsh & McLennan Cos., Inc.		17,200		2,846,256
MetLife, Inc.		23,450		1,697,076
NN Group NV (Netherlands)		4,860		198,736
Poste Italiane SpA (Italy), 144A		6,182		60,315
Principal Financial Group, Inc.(a)		8,100		679,752
Progressive Corp. (The)		20,200		2,620,142
Sampo OYJ (Finland) (Class A Stock)		1,390		72,599
Tokio Marine Holdings, Inc. (Japan)		6,800		145,264
Travelers Cos., Inc. (The)		8,235		1,543,980
W.R. Berkley Corp.		7,200		522,504
Willis Towers Watson PLC(a)		3,740		914,729
Zurich Insurance Group AG (Switzerland)		330		157,766
				28,204,526
Interactive Media & Services — 1.9%
Alphabet, Inc. (Class A Stock)*		206,900		18,254,787
Alphabet, Inc. (Class C Stock)*		183,460		16,278,406
Match Group, Inc.*		10,200		423,198

	Shares		Value
COMMON STOCKS (continued)
Interactive Media & Services (cont’d.)
Meta Platforms, Inc. (Class A Stock)*		77,930	$	9,378,096
Scout24 SE (Germany), 144A		176		8,859
				44,343,346
Internet & Direct Marketing Retail — 1.2%
Amazon.com, Inc.*		307,500		25,830,000
eBay, Inc.		18,900		783,783
Etsy, Inc.*(a)		4,400		527,032
				27,140,815
IT Services — 2.2%
Accenture PLC (Class A Stock)		21,800		5,817,112
Akamai Technologies, Inc.*(a)		5,600		472,080
Automatic Data Processing, Inc.		14,300		3,415,698
Bechtle AG (Germany)		176		6,221
Broadridge Financial Solutions, Inc.		4,200		563,346
Capgemini SE (France)		938		156,811
Cognizant Technology Solutions Corp. (Class A Stock)		18,200		1,040,858
Computershare Ltd.		12,943		228,004
DXC Technology Co.*		7,828		207,442
Edenred (France)		530		28,845
EPAM Systems, Inc.*		1,940		635,816
Fidelity National Information Services, Inc.		20,500		1,390,925
Fiserv, Inc.*		22,000		2,223,540
FleetCor Technologies, Inc.*		2,500		459,200
Gartner, Inc.*		2,800		941,192
Global Payments, Inc.		9,677		961,120
International Business Machines Corp.		31,300		4,409,857
Jack Henry & Associates, Inc.		2,500		438,900
Mastercard, Inc. (Class A Stock)		29,450		10,240,648
NEC Corp. (Japan)		600		21,042
NTT Data Corp. (Japan)		1,300		18,945
Otsuka Corp. (Japan)		2,300		72,497
Paychex, Inc.		11,000		1,271,160
PayPal Holdings, Inc.*		39,900		2,841,678
TIS, Inc. (Japan)		500		13,141
VeriSign, Inc.*		3,100		636,864
Visa, Inc. (Class A Stock)(a)		56,600		11,759,216
				50,272,158
Leisure Products — 0.0%
Bandai Namco Holdings, Inc. (Japan)		700		43,875
Hasbro, Inc.		4,700		286,747
Shimano, Inc. (Japan)		200		31,604
				362,226
Life Sciences Tools & Services — 0.9%
Agilent Technologies, Inc.		10,314		1,543,490
Bio-Rad Laboratories, Inc. (Class A Stock)*		740		311,163
Bio-Techne Corp.		5,600		464,128
Charles River Laboratories International, Inc.*		1,760		383,504
Danaher Corp.		22,600		5,998,492
Illumina, Inc.*		5,400		1,091,880
IQVIA Holdings, Inc.*		6,400		1,311,296

SEE NOTES TO FINANCIAL STATEMENTS.

A36

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
Mettler-Toledo International, Inc.*		770	$	1,112,996
PerkinElmer, Inc.		4,300		602,946
Thermo Fisher Scientific, Inc.		13,580		7,478,370
Waters Corp.*		2,000		685,160
West Pharmaceutical Services, Inc.		2,500		588,375
				21,571,800
Machinery — 0.9%
Alfa Laval AB (Sweden)		630		18,224
Atlas Copco AB (Sweden) (Class A Stock)		7,677		90,960
Atlas Copco AB (Sweden) (Class B Stock)		3,016		32,180
Caterpillar, Inc.		18,000		4,312,080
CNH Industrial NV (United Kingdom)		2,204		35,357
Cummins, Inc.		4,900		1,187,221
Daimler Truck Holding AG (Germany)*		968		29,758
Deere & Co.		9,540		4,090,370
Dover Corp.		5,000		677,050
Epiroc AB (Sweden) (Class A Stock)		1,392		25,347
Epiroc AB (Sweden) (Class B Stock)		784		12,612
Fortive Corp.		12,450		799,912
GEA Group AG (Germany)		1,275		51,851
Hitachi Construction Machinery Co. Ltd. (Japan)		8,800		196,121
IDEX Corp.		2,510		573,108
Illinois Tool Works, Inc.		9,600		2,114,880
Indutrade AB (Sweden)		580		11,762
Ingersoll Rand, Inc.		14,100		736,725
Komatsu Ltd. (Japan)		10,100		218,303
Nordson Corp.		1,900		451,668
Otis Worldwide Corp.		14,501		1,135,573
PACCAR, Inc.		12,143		1,201,793
Parker-Hannifin Corp.		4,465		1,299,315
Pentair PLC		5,977		268,845
Sandvik AB (Sweden)		2,340		42,288
Schindler Holding AG (Switzerland)		71		12,805
Snap-on, Inc.(a)		1,900		434,131
Spirax-Sarco Engineering PLC (United Kingdom)		160		20,437
Stanley Black & Decker, Inc.		5,047		379,131
Volvo AB (Sweden) (Class A Stock)		442		8,392
Volvo AB (Sweden) (Class B Stock)		13,266		239,632
Westinghouse Air Brake Technologies Corp.		6,451		643,874
Xylem, Inc.		6,200		685,534
				22,037,239
Marine — 0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		6		13,223
AP Moller - Maersk A/S (Denmark) (Class B Stock)		67		149,986
Kuehne + Nagel International AG (Switzerland)		118		27,433
Nippon Yusen KK (Japan)		1,200		28,297

	Shares		Value
COMMON STOCKS (continued)
Marine (cont’d.)
SITC International Holdings Co. Ltd. (China)		47,000	$	104,173
				323,112
Media — 0.4%
Charter Communications, Inc. (Class A Stock)*		3,660		1,241,106
Comcast Corp. (Class A Stock)		149,480		5,227,316
Dentsu Group, Inc. (Japan)		5,900		185,087
DISH Network Corp. (Class A Stock)*		9,017		126,599
Fox Corp. (Class A Stock)		11,100		337,107
Fox Corp. (Class B Stock)		5,733		163,104
Informa PLC (United Kingdom)		3,268		24,378
Interpublic Group of Cos., Inc. (The)(a)		13,631		454,049
News Corp. (Class A Stock)		13,675		248,885
News Corp. (Class B Stock)		4,800		88,512
Omnicom Group, Inc.		7,300		595,461
Paramount Global (Class B Stock)(a)		17,930		302,658
Publicis Groupe SA (France)		4,102		262,045
WPP PLC (United Kingdom)		19,618		193,826
				9,450,133
Metals & Mining — 0.3%
ArcelorMittal SA (Luxembourg)		1,135		29,944
BHP Group Ltd. (Australia)		11,806		365,714
BlueScope Steel Ltd. (Australia)		17,094		194,824
Boliden AB (Sweden)		592		22,237
Fortescue Metals Group Ltd. (Australia)		18,238		254,915
Freeport-McMoRan, Inc.(a)		49,288		1,872,944
Glencore PLC (Australia)		30,896		206,035
Newmont Corp.		27,400		1,293,280
Nippon Steel Corp. (Japan)		13,000		225,565
Norsk Hydro ASA (Norway)		2,850		21,296
Nucor Corp.		9,100		1,199,471
Pilbara Minerals Ltd. (Australia)*		5,454		13,811
Rio Tinto Ltd. (Australia)		817		64,482
Rio Tinto PLC (Australia)		2,146		151,044
South32 Ltd. (Australia)		10,304		28,250
Steel Dynamics, Inc.		5,750		561,775
Sumitomo Metal Mining Co. Ltd. (Japan)		600		21,083
voestalpine AG (Austria)		240		6,357
				6,533,027
Multiline Retail — 0.2%
Dollar General Corp.		7,800		1,920,750
Dollar Tree, Inc.*		7,465		1,055,850
Target Corp.		15,960		2,378,678
Wesfarmers Ltd. (Australia)		2,031		63,341
				5,418,619
Multi-Utilities — 0.5%
Ameren Corp.		8,900		791,388
CenterPoint Energy, Inc.		21,800		653,782
CMS Energy Corp.		10,000		633,300
Consolidated Edison, Inc.		12,300		1,172,313
Dominion Energy, Inc.		29,115		1,785,332
DTE Energy Co.		6,700		787,451

SEE NOTES TO FINANCIAL STATEMENTS.

A37

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities (cont’d.)
E.ON SE (Germany)		26,183	$	260,312
Engie SA (France)		16,970		242,774
NiSource, Inc.		13,600		372,912
Public Service Enterprise Group, Inc.		17,600		1,078,352
Sempra Energy		10,819		1,671,968
WEC Energy Group, Inc.		10,813		1,013,827
				10,463,711
Oil, Gas & Consumable Fuels — 2.4%
APA Corp.		11,614		542,141
BP PLC (United Kingdom)		41,816		241,276
Chevron Corp.		61,622		11,060,533
ConocoPhillips		43,119		5,088,042
Coterra Energy, Inc.		28,300		695,331
Devon Energy Corp.		22,600		1,390,126
Diamondback Energy, Inc.		6,300		861,714
Eni SpA (Italy)		18,773		266,942
EOG Resources, Inc.		20,200		2,616,304
EQT Corp.(a)		12,500		422,875
Equinor ASA (Norway)		7,504		269,696
Exxon Mobil Corp.		142,699		15,739,700
Hess Corp.		9,600		1,361,472
Inpex Corp. (Japan)		15,600		167,628
Kinder Morgan, Inc.		68,398		1,236,636
Marathon Oil Corp.		21,982		595,053
Marathon Petroleum Corp.		16,219		1,887,729
Occidental Petroleum Corp.		25,204		1,587,600
ONEOK, Inc.		15,500		1,018,350
Phillips 66		16,538		1,721,275
Pioneer Natural Resources Co.		8,250		1,884,217
Repsol SA (Spain)		1,785		28,412
Shell PLC (Netherlands)		16,748		472,140
Targa Resources Corp.		7,700		565,950
TotalEnergies SE (France)		5,455		342,428
Valero Energy Corp.		13,300		1,687,238
Williams Cos., Inc. (The)		42,000		1,381,800
				55,132,608
Paper & Forest Products — 0.0%
Oji Holdings Corp. (Japan)		12,400		50,083
Stora Enso OYJ (Finland) (Class R Stock)		1,224		17,258
				67,341
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) (Class A Stock)		8,000		1,984,880
Haleon PLC*		12,233		48,401
L’Oreal SA (France)		513		183,704
Unilever PLC (United Kingdom)		9,174		463,176
				2,680,161
Pharmaceuticals — 2.5%
Astellas Pharma, Inc. (Japan)		4,000		60,823
AstraZeneca PLC (United Kingdom)		1,676		226,795
Bayer AG (Germany)		3,972		204,439
Bristol-Myers Squibb Co.		73,670		5,300,557
Catalent, Inc.*		6,300		283,563

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Chugai Pharmaceutical Co. Ltd. (Japan)		1,400	$	35,709
Eli Lilly & Co.		27,200		9,950,848
GSK PLC		19,993		345,544
Ipsen SA (France)		2,086		224,371
Johnson & Johnson		91,158		16,103,061
Kyowa Kirin Co. Ltd. (Japan)		600		13,742
Merck & Co., Inc.		87,833		9,745,071
Merck KGaA (Germany)		279		53,830
Novartis AG (Switzerland)		7,176		649,410
Novo Nordisk A/S (Denmark) (Class B Stock)		3,549		482,009
Ono Pharmaceutical Co. Ltd. (Japan)		3,000		70,121
Organon & Co.		8,753		244,471
Orion OYJ (Finland) (Class B Stock)		240		13,158
Pfizer, Inc.		194,470		9,964,643
Roche Holding AG		2,027		636,960
Sanofi (France)		4,812		464,005
Shionogi & Co. Ltd. (Japan)		600		29,936
Viatris, Inc.		41,986		467,304
Zoetis, Inc.		16,100		2,359,455
				57,929,825
Professional Services — 0.2%
CoStar Group, Inc.*		14,100		1,089,648
Equifax, Inc.		4,200		816,312
Jacobs Solutions, Inc.		4,500		540,315
Leidos Holdings, Inc.		4,900		515,431
Randstad NV (Netherlands)		272		16,620
RELX PLC (United Kingdom)		4,200		116,121
Robert Half International, Inc.(a)		3,800		280,554
Verisk Analytics, Inc.		5,300		935,026
Wolters Kluwer NV (Netherlands)		1,857		194,308
				4,504,335
Real Estate Management & Development — 0.0%
Aroundtown SA (Germany)		2,214		5,157
Capitaland Investment Ltd. (Singapore)		5,800		16,029
CBRE Group, Inc. (Class A Stock)*		11,100		854,256
CK Asset Holdings Ltd. (Hong Kong)		4,500		27,599
Daito Trust Construction Co. Ltd. (Japan)		200		20,477
New World Development Co. Ltd. (Hong Kong)		4,000		11,221
Nomura Real Estate Holdings, Inc. (Japan)		2,000		42,766
Sagax AB (Sweden) (Class B Stock)		420		9,543
Sino Land Co. Ltd. (Hong Kong)		8,000		9,978
Swire Pacific Ltd. (Hong Kong) (Class A Stock)		1,500		13,149
				1,010,175
Road & Rail — 0.4%
CSX Corp.		72,800		2,255,344
J.B. Hunt Transport Services, Inc.		2,800		488,208
Norfolk Southern Corp.		8,000		1,971,360
Old Dominion Freight Line, Inc.		3,165		898,164

SEE NOTES TO FINANCIAL STATEMENTS.

A38

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Road & Rail (cont’d.)
Union Pacific Corp.		21,260	$	4,402,308
				10,015,384
Semiconductors & Semiconductor Equipment — 2.5%
Advanced Micro Devices, Inc.*		55,699		3,607,624
Analog Devices, Inc.		17,947		2,943,846
Applied Materials, Inc.		30,000		2,921,400
ASML Holding NV (Netherlands)		482		262,812
Broadcom, Inc.		14,040		7,850,185
Disco Corp. (Japan)		100		28,502
Enphase Energy, Inc.*		4,700		1,245,312
First Solar, Inc.*		3,400		509,286
Infineon Technologies AG (Germany)		8,252		250,794
Intel Corp.		143,000		3,779,490
KLA Corp.		4,850		1,828,596
Lam Research Corp.		4,690		1,971,207
Microchip Technology, Inc.		19,300		1,355,825
Micron Technology, Inc.		38,000		1,899,240
Monolithic Power Systems, Inc.		1,600		565,776
NVIDIA Corp.		86,360		12,620,650
NXP Semiconductors NV (China)		9,000		1,422,270
ON Semiconductor Corp.*		14,900		929,313
Qorvo, Inc.*		3,607		326,939
QUALCOMM, Inc.		38,700		4,254,678
Renesas Electronics Corp. (Japan)*		8,500		75,125
Skyworks Solutions, Inc.		5,700		519,441
SolarEdge Technologies, Inc.*(a)		2,000		566,540
STMicroelectronics NV (Singapore)		1,466		52,096
SUMCO Corp. (Japan)		13,500		178,856
Teradyne, Inc.		5,600		489,160
Texas Instruments, Inc.		31,500		5,204,430
				57,659,393
Software — 4.0%
Adobe, Inc.*		16,080		5,411,402
ANSYS, Inc.*		3,000		724,770
Autodesk, Inc.*		7,600		1,420,212
Cadence Design Systems, Inc.*		9,400		1,510,016
Ceridian HCM Holding, Inc.*		5,550		356,033
Check Point Software Technologies Ltd. (Israel)*		1,600		201,856
Dassault Systemes SE (France)		2,035		73,178
Fortinet, Inc.*		22,600		1,104,914
Gen Digital, Inc.		20,878		447,416
Intuit, Inc.		9,780		3,806,572
Microsoft Corp.		258,320		61,950,302
Nice Ltd. (Israel)*		66		12,697
Oracle Corp.		53,250		4,352,655
Paycom Software, Inc.*		1,520		471,671
PTC, Inc.*		3,600		432,144
Roper Technologies, Inc.		3,580		1,546,882
Sage Group PLC (The) (United Kingdom)		2,208		19,882
Salesforce, Inc.*		34,650		4,594,243
SAP SE (Germany)		237		24,468
ServiceNow, Inc.*		7,050		2,737,304
Synopsys, Inc.*		5,300		1,692,237
Tyler Technologies, Inc.*		1,510		486,839

	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
WiseTech Global Ltd. (Australia)		320	$	11,006
				93,388,699
Specialty Retail — 1.2%
Advance Auto Parts, Inc.		2,100		308,763
AutoZone, Inc.*		660		1,627,679
Bath & Body Works, Inc.		8,106		341,587
Best Buy Co., Inc.		6,875		551,444
CarMax, Inc.*(a)		5,600		340,984
Fast Retailing Co. Ltd. (Japan)		400		243,413
Home Depot, Inc. (The)		35,450		11,197,237
Industria de Diseno Textil SA (Spain)		10,125		268,931
JD Sports Fashion PLC (United Kingdom)		140,528		213,550
Lowe’s Cos., Inc.		21,500		4,283,660
O’Reilly Automotive, Inc.*		2,190		1,848,426
Ross Stores, Inc.		12,000		1,392,840
TJX Cos., Inc. (The)		40,400		3,215,840
Tractor Supply Co.		3,700		832,389
Ulta Beauty, Inc.*		1,700		797,419
USS Co. Ltd. (Japan)		500		7,933
				27,472,095
Technology Hardware, Storage & Peripherals — 3.0%
Apple, Inc.		518,140		67,321,930
Hewlett Packard Enterprise Co.		45,448		725,350
HP, Inc.		30,648		823,512
NetApp, Inc.		7,700		462,462
Seagate Technology Holdings PLC(a)		7,100		373,531
Seiko Epson Corp. (Japan)		12,500		181,863
Western Digital Corp.*		11,303		356,610
				70,245,258
Textiles, Apparel & Luxury Goods — 0.3%
Burberry Group PLC (United Kingdom)		874		21,249
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		2,265		293,680
Hermes International (France)		86		133,115
LVMH Moet Hennessy Louis Vuitton SE (France)		598		435,160
NIKE, Inc. (Class B Stock)		43,600		5,101,636
Ralph Lauren Corp.(a)		1,400		147,938
Swatch Group AG (The) (Switzerland)		77		4,004
Tapestry, Inc.		8,300		316,064
VF Corp.(a)		11,300		311,993
				6,764,839
Tobacco — 0.4%
Altria Group, Inc.		63,000		2,879,730
British American Tobacco PLC (United Kingdom)		9,851		389,687
Imperial Brands PLC (United Kingdom)		1,916		47,730
Japan Tobacco, Inc. (Japan)		12,200		245,955
Philip Morris International, Inc.		54,300		5,495,703
				9,058,805
Trading Companies & Distributors — 0.2%
Ashtead Group PLC (United Kingdom)		1,650		93,728

SEE NOTES TO FINANCIAL STATEMENTS.

A39

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors (cont’d.)
Brenntag SE (Germany)		2,571	$	163,965
Bunzl PLC (United Kingdom)		700		23,289
Fastenal Co.(a)		20,000		946,400
IMCD NV (Netherlands)		120		17,165
ITOCHU Corp. (Japan)		5,700		178,825
Marubeni Corp. (Japan)		22,800		261,196
Mitsubishi Corp. (Japan)		4,000		129,859
MonotaRO Co. Ltd. (Japan)		600		8,452
Sumitomo Corp. (Japan)		2,400		39,895
Toyota Tsusho Corp. (Japan)		5,300		194,957
United Rentals, Inc.*		2,400		853,008
W.W. Grainger, Inc.		1,600		890,000
				3,800,739
Water Utilities — 0.0%
American Water Works Co., Inc.		6,200		945,004
Wireless Telecommunication Services — 0.1%
KDDI Corp. (Japan)		3,300		100,079
T-Mobile US, Inc.*		20,700		2,898,000
				2,998,079
TOTAL COMMON STOCKS (cost $310,231,254)				1,143,954,201
EXCHANGE-TRADED FUNDS — 0.6%
iShares Core S&P 500 ETF		35,000		13,447,350
iShares MSCI EAFE ETF(a)		1,759		115,461
TOTAL EXCHANGE-TRADED FUNDS (cost $11,820,146)				13,562,811
PREFERRED STOCKS — 0.1%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		75		6,329
Porsche Automobil Holding SE (Germany) (PRFC)		2,929		159,736
				166,065
Banks — 0.0%
Citigroup Capital XIII, 10.785%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40(a)		20,000		568,000
Capital Markets — 0.1%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		30,000		705,300
TOTAL PREFERRED STOCKS (cost $1,435,941)				1,439,365
	Units
RIGHTS* — 0.0%
Health Care Equipment & Supplies
ABIOMED, Inc., expiring 12/31/23^ (cost $0)		1,460		—

Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
ASSET-BACKED SECURITIES — 7.5%
Automobiles — 2.0%
AmeriCredit Automobile Receivables Trust,
Series 2019-02, Class C
2.740%	04/18/25		1,177	$	1,165,792
Series 2019-03, Class C
2.320%	07/18/25		2,300		2,258,750
Series 2021-02, Class C
1.010%	01/19/27		900		818,249
Series 2021-03, Class C
1.410%	08/18/27		900		810,363
Avis Budget Rental Car Funding AESOP LLC,
Series 2019-02A, Class A, 144A
3.350%	09/22/25		2,000		1,932,357
Series 2019-03A, Class A, 144A
2.360%	03/20/26		2,700		2,512,914
Series 2020-01A, Class A, 144A
2.330%	08/20/26		1,300		1,202,956
Series 2021-01A, Class A, 144A
1.380%	08/20/27		2,400		2,089,574
Series 2021-02A, Class A, 144A
1.660%	02/20/28		2,600		2,249,750
Series 2022-01A, Class A, 144A
3.830%	08/21/28		2,900		2,760,694
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%	02/16/27		800		723,104
Series 2021-04, Class C
1.380%	07/15/27		600		527,799
Ford Credit Auto Owner Trust,
Series 2018-01, Class A, 144A
3.190%	07/15/31		1,800		1,719,374
Series 2019-01, Class A, 144A
3.520%	07/15/30		3,300		3,235,466
Series 2020-01, Class A, 144A
2.040%	08/15/31		2,500		2,345,087
Series 2020-02, Class A, 144A
1.060%	04/15/33		900		805,869
Series 2021-02, Class B, 144A
1.910%	05/15/34		400		343,751
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%	06/12/34		200		170,308
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%	12/27/27		1,300		1,131,462
Hertz Vehicle Financing LLC,
Series 2021-01A, Class A, 144A
1.210%	12/26/25		1,500		1,385,826
Series 2022-02A, Class A, 144A
2.330%	06/26/28		3,300		2,892,539
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%	09/14/27		4,100		3,935,059
Series 2021-01A, Class B, 144A
1.260%	07/14/28		1,800		1,566,551
Santander Drive Auto Receivables Trust,
Series 2020-02, Class C
1.460%	09/15/25		141		140,823

SEE NOTES TO FINANCIAL STATEMENTS.

A40

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		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			797	$	789,696
Series 2020-04, Class C
1.010%	01/15/26			690		682,890
Series 2021-02, Class C
0.900%	06/15/26			800		778,229
Series 2021-02, Class D
1.350%	07/15/27			1,700		1,589,400
Series 2021-03, Class C
0.950%	09/15/27			1,400		1,346,582
Series 2021-04, Class C
1.260%	02/16/27			1,900		1,805,979
Series 2022-01, Class C
2.560%	04/17/28			1,100		1,050,878
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%	11/15/27			400		364,135
						47,132,206
Collateralized Loan Obligations — 4.5%
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	07/20/34			2,500		2,434,299
Battalion CLO Ltd. (Cayman Islands),
Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)
5.495%(c)	01/25/35			500		487,055
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)
4.949%(c)	07/15/29			534		529,729
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
1.978%(c)	04/15/31		EUR	1,750		1,813,402
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
5.079%(c)	07/15/30			2,735		2,708,037
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%)
5.323%(c)	01/20/32			6,750		6,625,061
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.279%(c)	10/17/31			7,000		6,913,738
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)
2.671%(c)	05/22/32		EUR	1,750		1,825,163
Series 14A, Class A2R, 144A
1.250%	05/22/32		EUR	3,800		3,742,485
Elevation CLO Ltd. (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)
5.359%(c)	07/15/29			415		410,073

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
5.089%(c)	04/15/31		1,000	$	986,887
HPS Loan Management Ltd. (Cayman Islands),
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
5.532%(c)	02/05/31		248		245,498
ICG US CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)
5.367%(c)	10/19/28		4,733		4,669,598
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)
5.713%(c)	04/20/32		7,500		7,404,937
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)
5.418%(c)	10/20/31		4,237		4,128,395
KKR Static CLO Ltd. (Cayman Islands),
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%)
6.738%(c)	10/20/31		2,000		1,999,362
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)
5.154%(c)	10/15/32		6,000		5,884,286
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
5.398%(c)	04/21/31		3,459		3,391,726
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)
5.199%(c)	07/15/31		2,500		2,450,087
Northwoods Capital Ltd. (Cayman Islands),
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)
5.854%(c)	09/01/31		4,000		3,932,240
OCP CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)
5.114%(c)	01/15/33		2,500		2,449,159
Octagon Investment Partners 31 Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)
5.293%(c)	07/20/30		2,500		2,465,433
OZLM Ltd. (Cayman Islands),
Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)
5.159%(c)	04/17/31		2,956		2,888,368
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
5.665%(c)	10/30/30		742		730,767

SEE NOTES TO FINANCIAL STATEMENTS.

A41

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
5.343%(c)	07/20/30			4,936	$	4,869,357
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.896%(c)	06/20/34			3,750		3,668,495
Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
5.563%(c)	10/20/32			2,500		2,479,663
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.538%(c)	07/25/34			4,750		4,623,937
TIAA CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)
5.443%(c)	07/20/31			1,750		1,719,985
Toro European CLO DAC (Ireland),
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
2.533%(c)	07/25/34		EUR	3,000		3,075,950
Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
5.703%(c)	07/20/32			7,500		7,345,707
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)
4.959%(c)	07/15/27			53		52,905
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.229%(c)	01/17/31			2,000		1,961,565
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/31			3,750		3,647,460
						104,560,809
Consumer Loans — 0.3%
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A
2.780%	04/20/28			1,830		1,775,730
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A
3.840%	05/14/32			360		357,446
Series 2020-02A, Class A, 144A
1.750%	09/14/35			1,900		1,659,784
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
4.567%(c)	06/16/36			2,000		1,910,948
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A
1.210%	03/08/28			800		744,943
						6,448,851

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#			Value
ASSET-BACKED SECURITIES (continued)
Equipment — 0.2%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A
2.720%	06/15/40			1,964	$	1,908,992
Series 2018-A, Class A5, 144A
3.610%	03/10/42			500		485,412
Series 2019-A, Class A5, 144A
3.080%	11/12/41			1,600		1,545,099
Series 2019-B, Class A5, 144A
2.290%	11/12/41			1,600		1,460,516
						5,400,019
Other — 0.1%
Home Partners of America Trust,
Series 2021-03, Class A, 144A
2.200%	01/17/41			921		774,953
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)
7.189%(c)	06/25/24			2,240		2,095,829
						2,870,782
Residential Mortgage-Backed Securities — 0.1%
Countrywide Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
5.139%(c)	03/25/34			144		139,615
Long Beach Mortgage Loan Trust,
Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%)
5.184%(c)	06/25/34			111		105,649
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
4.686%(c)	04/16/23^		EUR	890		903,007
						1,148,271
Student Loans — 0.3%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%	09/25/42			529		486,329
Series 2018-AGS, Class A1, 144A
3.210%	02/25/44			380		351,541
Series 2018-CGS, Class A1, 144A
3.870%	02/25/46			102		98,047
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A
2.810%	11/25/42			85		82,943
Series 2018-B, Class A2FX, 144A
3.540%	05/26/43			161		157,566
Series 2019-A, Class A2FX, 144A
2.730%	10/25/48			191		185,922
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A
3.190%	02/18/42			176		174,699
Series 2018-CA, Class A2, 144A
3.520%	06/16/42			171		168,052
Series 2019-CA, Class A2, 144A
3.130%	02/15/68			560		528,469

SEE NOTES TO FINANCIAL STATEMENTS.

A42

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Series 2020-BA, Class A2, 144A
2.120%	01/15/69		592	$	537,808
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%)
4.919%(c)	05/25/70		1,322		1,287,056
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%	06/15/48		475		458,782
Series 2019-B, Class A2FX, 144A
3.090%	08/17/48		562		528,297
Series 2019-C, Class A2FX, 144A
2.370%	11/16/48		868		806,280
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%	08/25/47		546		528,666
Series 2020-A, Class A2FX, 144A
2.540%	05/15/46		1,173		1,061,906
					7,442,363
TOTAL ASSET-BACKED SECURITIES (cost $183,703,422)					175,003,301
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.9%
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%	05/15/49		3,100		2,954,047
BANK,
Series 2021-BN35, Class A3
1.717%	06/15/64		3,500		2,924,079
Series 2021-BN35, Class ASB
2.067%	06/15/64		2,300		1,939,357
Series 2021-BN37, Class A4
2.370%	11/15/64		3,900		3,151,193
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%	12/15/51		3,850		3,621,572
Series 2021-C12, Class A4
2.421%	11/15/54		4,500		3,694,562
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%	04/10/51		3,600		3,366,534
Series 2021-B24, Class A3
2.010%	03/15/54		2,000		1,713,219
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%	01/15/44		5,500		4,111,636
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A3
3.014%	05/10/58		2,090		1,944,490
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4
3.575%	05/10/47		632		615,940
Series 2016-C01, Class A3
2.944%	05/10/49		2,700		2,497,763
Series 2017-P07, Class A3
3.442%	04/14/50		3,721		3,464,283

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust,
Series 2014-CR18, Class A4
3.550%	07/15/47		1,744	$	1,688,223
Series 2014-LC17, Class A4
3.648%	10/10/47		3,024		2,919,713
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%	11/15/48		2,482		2,357,787
Series 2017-C08, Class A3
3.127%	06/15/50		3,678		3,302,226
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO
1.346%(cc)	03/25/26		4,302		149,481
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
5.054%(c)	11/21/35		1,064		989,831
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4
3.136%	02/10/48		2,763		2,646,960
Series 2015-GC34, Class A3
3.244%	10/10/48		4,545		4,289,211
Series 2016-GS03, Class A3
2.592%	10/10/49		3,901		3,541,802
Series 2016-GS04, Class A3
3.178%	11/10/49		3,795		3,497,927
Series 2020-GSA02, Class A4
1.721%	12/12/53		4,150		3,255,602
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%	11/15/47		532		510,180
Series 2015-C27, Class A3A1
2.920%	02/15/48		3,978		3,742,187
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A3
3.109%	07/15/50		2,717		2,619,276
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%	06/15/49		2,500		2,326,110
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)
5.669%(c)	04/15/38		2,150		2,054,996
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A3
3.540%	12/15/48		4,782		4,494,936
Series 2016-BNK02, Class A3
2.791%	11/15/49		2,000		1,815,255
Series 2016-UB11, Class A3
2.531%	08/15/49		6,152		5,530,358
Series 2019-H06, Class A3
3.158%	06/15/52		5,000		4,427,357
Series 2019-H07, Class A2
2.492%	07/15/52		9,400		8,936,949
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%	08/15/50		2,318		2,208,716

SEE NOTES TO FINANCIAL STATEMENTS.

A43

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		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	$	4,606,020
Series 2018-C09, Class A3
3.854%	03/15/51		1,800		1,677,599
Series 2018-C14, Class A3
4.180%	12/15/51		2,708		2,551,156
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%	11/15/49		4,500		4,136,584
Series 2017-C38, Class A4
3.190%	07/15/50		3,185		2,914,419
Series 2019-C49, Class A3
3.749%	03/15/52		7,300		6,932,553
Series 2020-C58, Class A3
1.810%	07/15/53		5,000		3,974,876
Series 2021-C61, Class A3
2.406%	11/15/54		9,000		7,281,733
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $154,019,822)					137,378,698
CORPORATE BONDS — 10.8%
Aerospace & Defense — 0.3%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%	02/04/26		1,610		1,463,364
3.300%	03/01/35		1,920		1,423,877
3.900%	05/01/49		1,500		1,057,322
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes
5.050%	06/15/25		551		534,573
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A
5.696%	09/16/23		765		763,853
Lockheed Martin Corp.,
Sr. Unsec’d. Notes
5.700%	11/15/54		565		599,175
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
4.125%	11/16/28		910		872,079
					6,714,243
Agriculture — 0.2%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%	03/25/28(a)		3,190		2,654,996
3.557%	08/15/27		1,365		1,242,951
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%	02/01/29		875		759,369
					4,657,316
Airlines — 0.1%
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.375%	11/01/28		1,649		1,374,778

		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(a)		224	$	213,313
Southwest Airlines Co.,
Sr. Unsec’d. Notes
2.625%	02/10/30(a)		1,375		1,137,920
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	04/15/26		590		549,511
4.625%	04/15/29		115		100,362
					3,375,884
Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%	08/15/29		550		416,463
Auto Manufacturers — 0.3%
Daimler Trucks Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%	12/13/24		3,770		3,505,942
Ford Motor Co.,
Sr. Unsec’d. Notes
5.291%	12/08/46		665		511,385
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%	02/16/28		200		165,260
General Motors Co.,
Sr. Unsec’d. Notes
6.250%	10/02/43		740		685,700
6.600%	04/01/36		585		573,703
General Motors Financial Co., Inc.,
Gtd. Notes
3.950%	04/13/24		1,700		1,666,521
					7,108,511
Banks — 3.1%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes
1.849%	03/25/26		800		707,396
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
5.039%(c)	04/12/23		400		399,686
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)	06/20/24(a)(oo)		1,145		1,067,214
Sr. Unsec’d. Notes, MTN
1.898%(ff)	07/23/31		1,805		1,387,766
2.496%(ff)	02/13/31		5,165		4,196,077
3.194%(ff)	07/23/30		1,050		903,671
3.824%(ff)	01/20/28		615		574,134
Sub. Notes, MTN
4.000%	01/22/25		1,700		1,663,983
4.200%	08/26/24		745		733,493
4.450%	03/03/26		4,790		4,692,930
Bank of America NA,
Sub. Notes
6.000%	10/15/36(a)		805		825,332

SEE NOTES TO FINANCIAL STATEMENTS.

A44

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%	03/16/25		935	$	897,439
3.932%(ff)	05/07/25		320		310,687
Sr. Unsec’d. Notes, MTN
4.972%(ff)	05/16/29		705		662,195
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
2.219%(ff)	06/09/26		480		441,296
2.591%(ff)	01/20/28		800		704,010
3.132%(ff)	01/20/33		1,335		1,049,422
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)	01/30/25(oo)		1,675		1,394,757
Sr. Unsec’d. Notes
2.561%(ff)	05/01/32		2,100		1,658,203
3.200%	10/21/26		670		621,066
3.700%	01/12/26		1,610		1,549,118
3.887%(ff)	01/10/28		560		523,389
Sub. Notes
4.450%	09/29/27		1,485		1,418,451
4.750%	05/18/46		440		363,995
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%	04/17/26		6,000		5,300,510
Sr. Unsec’d. Notes, 144A
2.193%(ff)	06/05/26		1,100		935,398
3.091%(ff)	05/14/32		560		385,373
4.282%	01/09/28		980		808,993
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes
2.129%(ff)	11/24/26		460		405,525
Discover Bank,
Sr. Unsec’d. Notes
4.250%	03/13/26		595		569,108
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.542%(ff)	09/10/27		2,345		2,025,853
3.750%	02/25/26		1,165		1,122,747
3.814%(ff)	04/23/29		440		400,308
3.850%	01/26/27		2,625		2,499,374
Sub. Notes
6.750%	10/01/37		225		239,637
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes
3.550%	04/09/24		400		391,176
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)	08/01/24(oo)		540		496,279
Jr. Sub. Notes, Series HH
4.600%(ff)	02/01/25(oo)		1,245		1,105,469
Jr. Sub. Notes, Series II
4.000%(ff)	04/01/25(oo)		230		196,400
Sr. Unsec’d. Notes
2.580%(ff)	04/22/32		1,585		1,268,063
3.782%(ff)	02/01/28		270		252,546
3.964%(ff)	11/15/48		2,240		1,753,620

		Principal
Interest	Maturity	Amount
Rate	Date	(000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
4.005%(ff)	04/23/29		1,360	$	1,259,800
Sub. Notes
3.875%	09/10/24(a)		3,525		3,448,105
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN
2.239%(ff)	07/21/32		2,770		2,122,293
3.772%(ff)	01/24/29		1,295		1,185,242
3.875%	01/27/26		550		532,636
4.431%(ff)	01/23/30		455		424,776
Sr. Unsec’d. Notes, MTN
3.591%(ff)	07/22/28		1,030		946,719
Sub. Notes, GMTN
4.350%	09/08/26		3,050		2,964,540
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes
5.076%(ff)	01/27/30		1,570		1,476,952
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A
1.488%(ff)	12/14/26		3,200		2,785,747
State Bank of India (India),
Sr. Unsec’d. Notes, 144A
4.375%	01/24/24		1,255		1,236,803
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
1.364%(ff)	01/30/27		2,250		1,967,791
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN
2.572%(ff)	02/11/31		2,895		2,394,412
					71,647,905
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.700%	02/01/36		1,220		1,150,183
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%	08/01/31(a)		780		619,124
					1,769,307
Biotechnology — 0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%	08/15/41		2,840		1,971,290
Building Materials — 0.0%
Masonite International Corp.,
Gtd. Notes, 144A
3.500%	02/15/30(a)		400		322,000
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.750%	01/15/28		300		269,966
					591,966
Chemicals — 0.1%
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%	11/15/42		5		4,134

SEE NOTES TO FINANCIAL STATEMENTS.

A45

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest Rate	Maturity       Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Chemicals (cont’d.)
6.900%	05/15/53		260	$	283,626
9.400%	05/15/39		15		19,799
LYB International Finance BV,
Gtd. Notes
5.250%	07/15/43		620		547,260
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%	06/01/24		875		845,469
Sasol Financing USA LLC (South Africa),
Gtd. Notes
5.875%	03/27/24		600		585,000
6.500%	09/27/28		405		367,133
					2,652,421
Commercial Services — 0.1%
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%	11/01/46		875		682,016
7.000%	10/15/37		390		424,923
United Rentals North America, Inc.,
Gtd. Notes
3.750%	01/15/32		250		204,213
4.875%	01/15/28(a)		735		696,420
5.250%	01/15/30		265		248,882
University of Miami,
Sr. Unsec’d. Notes, Series 2022
4.063%	04/01/52		815		669,162
					2,925,616
Diversified Financial Services — 0.3%
BOC Aviation USA Corp. (Singapore),
Gtd. Notes, 144A, MTN
1.625%	04/29/24		445		422,513
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.500%	04/14/27		3,485		3,235,563
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%	07/24/24		445		433,748
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%	07/14/31		1,490		1,148,928
OneMain Finance Corp.,
Gtd. Notes
8.250%	10/01/23		1,100		1,105,807
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%	06/15/25		255		245,545
					6,592,104
Electric — 1.1%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%	04/29/28(a)		370		327,866
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%	09/27/51		438		333,181

Interest Rate	Maturity       Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%	10/01/36		530	$	566,206
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%	05/15/37		335		346,615
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%	03/01/31		1,400		1,132,021
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%	03/15/33		300		337,002
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%	05/15/29		1,000		879,875
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%	07/01/31		2,290		1,846,545
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%	12/01/39		145		141,958
Duke Energy Carolinas LLC,
First Mortgage
6.050%	04/15/38		530		559,404
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%	05/15/35		845		821,389
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%	07/12/31		1,500		1,093,082
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A
3.400%	01/28/30		400		324,825
Florida Power & Light Co.,
First Mortgage
5.950%	10/01/33		380		401,885
Iberdrola International BV (Spain),
Gtd. Notes
6.750%	09/15/33		140		145,995
Indiana Michigan Power Co.,
Sr. Unsec’d. Notes
3.850%	05/15/28(a)		2,105		1,984,101
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%	08/14/28		575		538,811
Monongahela Power Co.,
First Mortgage, 144A
4.100%	04/15/24		1,560		1,533,653
Northern States Power Co.,
First Mortgage
3.600%	09/15/47		1,035		800,802
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%	02/15/31		50		38,257
3.875%	02/15/32		150		113,092
Sr. Sec’d. Notes, 144A
2.000%	12/02/25		225		200,514

SEE NOTES TO FINANCIAL STATEMENTS.

A46

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
2.450%	12/02/27		970	$	804,547
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%	06/01/49		465		368,245
PacifiCorp,
First Mortgage
5.350%	12/01/53		2,045		2,045,703
PECO Energy Co.,
First Mortgage
2.800%	06/15/50		785		518,221
Public Service Electric & Gas Co.,
First Mortgage, MTN
3.700%	05/01/28		850		809,789
4.900%	12/15/32		820		821,749
Sr. Sec’d. Notes, MTN
5.800%	05/01/37		515		535,801
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%	08/15/30		1,235		959,452
San Diego Gas & Electric Co.,
First Mortgage
4.150%	05/15/48		1,010		849,334
Southern California Edison Co.,
First Ref. Mortgage
4.000%	04/01/47		350		274,811
First Ref. Mortgage, Series C
3.600%	02/01/45		690		496,681
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%	07/31/27		495		460,651
Sr. Sec’d. Notes, 144A
3.550%	07/15/24		1,475		1,415,477
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%	09/15/41		480		418,273
					25,245,813
Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%	03/15/27		600		580,791
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
5.500%	07/31/47		1,350		1,039,500
					1,620,291
Entertainment — 0.0%
Warnermedia Holdings, Inc.,
Gtd. Notes, 144A
5.050%	03/15/42		450		346,050
5.141%	03/15/52		650		477,285
					823,335
Foods — 0.3%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A
5.125%	02/01/28		3,000		2,845,672

Interest Rate	Maturity     Date	Principal         Amount (000)#			Value
CORPORATE BONDS (continued)
Foods (cont’d.)
Kraft Heinz Foods Co.,
Gtd. Notes
6.500%	02/09/40			1,135	$	1,201,871
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%	01/31/30			200		176,962
4.375%	01/31/32			600		524,047
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%	07/16/40			535		362,983
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
5.875%	09/30/27			1,200		1,175,926
						6,287,461
Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes
4.500%	08/01/24			207		203,222
Gas — 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%	02/15/31			270		205,629
3.600%	05/01/30			1,600		1,426,502
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
3.500%	06/01/29			2,090		1,919,791
						3,551,922
Healthcare-Products — 0.1%
DH Europe Finance II Sarl,
Gtd. Notes
1.350%	09/18/39		EUR	1,125		813,930
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29			475		382,830
Medtronic Global Holdings SCA,
Gtd. Notes
2.250%	03/07/39		EUR	300		247,501
						1,444,261
Healthcare-Services — 0.2%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%	06/15/36			480		510,994
Elevance Health, Inc.,
Sr. Unsec’d. Notes
3.600%	03/15/51			885		666,266
4.625%	05/15/42			330		300,179
HCA, Inc.,
Gtd. Notes
5.125%	06/15/39			665		592,788
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%	05/01/47			670		568,818

SEE NOTES TO FINANCIAL STATEMENTS.

A47

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp.,
Sr. Sec’d. Notes, 144A
4.375%	01/15/30		425	$	368,217
6.125%	06/15/30		225		214,293
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
5.875%	02/15/53(a)		965		1,047,740
6.050%	02/15/63		630		693,723
					4,963,018
Home Builders — 0.0%
KB Home,
Gtd. Notes
4.000%	06/15/31(a)		400		323,150
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%	06/15/27		405		389,748
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A
5.625%	03/01/24		600		595,500
					1,308,398
Housewares — 0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.450%	04/01/26		2,010		1,901,910
Insurance — 0.2%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%	10/15/50		1,125		792,356
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%	10/09/37		701		687,996
Markel Corp.,
Sr. Unsec’d. Notes
5.000%	03/30/43		165		141,628
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%	11/15/39		650		723,795
Principal Financial Group, Inc.,
Gtd. Notes
4.625%	09/15/42		105		87,791
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%	05/15/47		1,430		1,181,754
6.850%	12/16/39		122		134,120
					3,749,440
Internet — 0.0%
Meta Platforms, Inc.,
Sr. Unsec’d. Notes
4.450%	08/15/52(a)		530		421,165
Media — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
4.000%	03/01/23(a)		1,000		996,770
5.500%	05/01/26(a)		500		484,236

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%	06/01/52		500	$	315,361
6.384%	10/23/35		1,695		1,655,345
6.484%	10/23/45		1,000		906,256
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%	06/15/31		3,695		2,939,740
CSC Holdings LLC,
Gtd. Notes, 144A
4.500%	11/15/31		1,000		695,000
Discovery Communications LLC,
Gtd. Notes
4.000%	09/15/55		823		495,822
Paramount Global,
Sr. Unsec’d. Notes
5.250%	04/01/44		1,340		1,032,510
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%	09/01/41		270		225,502
Walt Disney Co. (The),
Gtd. Notes
7.625%	11/30/28		515		580,187
					10,326,729
Miscellaneous Manufacturing — 0.1%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%	07/01/27		800		764,149
Pentair Finance Sarl,
Gtd. Notes
4.500%	07/01/29		2,415		2,234,933
					2,999,082
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
2.750%	01/06/23		385		384,808
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%	12/01/26		1,270		1,129,304
5.500%	12/01/24		500		498,198
					1,627,502
Oil & Gas — 0.5%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%	07/15/31		530		431,167
Sr. Unsec’d. Notes, 144A
3.750%	01/15/30		2,222		1,948,507
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%	06/15/47		850		767,605

SEE NOTES TO FINANCIAL STATEMENTS.

A48

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest Rate	Maturity     Date	Principal         Amount (000)#			Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Continental Resources, Inc.,
Gtd. Notes
4.500%	04/15/23(a)			430	$	428,490
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%	07/15/41			225		210,212
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%	04/29/30			440		398,200
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	01/30/28			350		335,131
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
4.500%	03/30/24			390		375,570
4.875%	03/30/26			570		523,082
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
6.000%	04/15/30			275		246,100
6.250%	04/15/32			325		279,211
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%	04/24/25			400		385,075
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.450%	09/15/36			1,040		1,061,004
Petroleos Mexicanos (Mexico),
Gtd. Notes
4.750%	02/26/29		EUR	100		83,682
6.350%	02/12/48			458		278,035
6.490%	01/23/27			346		315,898
6.500%	03/13/27			130		118,138
Gtd. Notes, MTN
6.750%	09/21/47			471		299,970
6.875%	08/04/26(a)			770		731,885
QatarEnergy Trading LLC (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%	09/12/26			1,544		1,364,800
2.250%	07/12/31			545		449,727
						11,031,489
Packaging & Containers — 0.2%
Ball Corp.,
Gtd. Notes
3.125%	09/15/31			300		240,825
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%	01/15/26			3,570		3,187,679
Graphic Packaging International LLC,
Gtd. Notes
4.125%	08/15/24			450		440,104
						3,868,608
Pharmaceuticals — 0.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.800%	03/15/25			950		926,082

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
4.250%	11/21/49		1,000	$	840,567
4.500%	05/14/35		1,595		1,484,868
4.550%	03/15/35		1,770		1,654,648
4.700%	05/14/45		855		763,759
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%	12/15/25		1,150		1,116,760
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
3.734%	12/15/24		102		99,446
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.125%	06/15/39		280		249,627
Cigna Corp.,
Gtd. Notes
4.375%	10/15/28		1,870		1,803,845
Sr. Unsec’d. Notes
3.200%	03/15/40		1,555		1,176,287
CVS Health Corp.,
Sr. Unsec’d. Notes
5.125%	07/20/45		985		897,510
5.300%	12/05/43		185		173,274
Mylan, Inc.,
Gtd. Notes
5.400%	11/29/43		590		467,375
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%	04/30/28		700		619,793
Viatris, Inc.,
Gtd. Notes
3.850%	06/22/40		520		348,485
					12,622,326
Pipelines — 0.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
7.875%	05/15/26		525		533,119
DCP Midstream Operating LP,
Gtd. Notes
5.125%	05/15/29		2,600		2,506,715
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%	12/15/44		45		36,972
EIG Pearl Holdings Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
3.545%	08/31/36		1,060		888,942
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%	06/15/28		795		767,890
5.000%	05/15/50		990		799,240
6.125%	12/15/45		120		111,277
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%	06/01/27		25		24,492
7.500%	06/01/30		25		24,100

SEE NOTES TO FINANCIAL STATEMENTS.

A49

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
Kinder Morgan, Inc.,
Gtd. Notes
3.600%	02/15/51		1,575	$	1,088,786
MPLX LP,
Sr. Unsec’d. Notes
4.000%	02/15/25		1,140		1,104,680
4.875%	06/01/25		2,275		2,248,785
5.200%	03/01/47		25		21,252
5.500%	02/15/49		700		619,195
ONEOK Partners LP,
Gtd. Notes
6.650%	10/01/36		130		130,529
ONEOK, Inc.,
Gtd. Notes
3.100%	03/15/30		3,495		2,932,640
4.500%	03/15/50		245		183,815
4.950%	07/13/47		640		519,477
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		80		70,042
4.125%	08/15/31		55		46,888
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%	03/01/48		80		66,238
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%	01/15/45		1,100		935,542
5.300%	08/15/52		210		189,174
					15,849,790
Real Estate Investment Trusts (REITs) — 0.2%
Corporate Office Properties LP,
Gtd. Notes
2.900%	12/01/33		945		665,713
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%	04/15/26		725		714,889
Kimco Realty Corp.,
Sr. Unsec’d. Notes
2.700%	10/01/30		2,420		1,974,841
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31		625		429,980
5.000%	10/15/27(a)		275		231,413
Realty Income Corp.,
Sr. Unsec’d. Notes
3.250%	01/15/31(a)		2,250		1,951,295
					5,968,131
Retail — 0.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%	01/15/28(a)		500		450,625
AutoZone, Inc.,
Sr. Unsec’d. Notes
3.750%	04/18/29		1,820		1,685,461

Interest Rate	Maturity     Date	Principal         Amount (000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%	05/15/25		3,395	$	3,315,602
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%	10/01/29		200		142,323
3.875%	10/01/31(a)		425		299,830
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%	12/01/25		1,020		982,488
					6,876,329
Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.187%	11/15/36		3,650		2,634,349
Software — 0.1%
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%	09/01/30		1,425		1,085,804
Workday, Inc.,
Sr. Unsec’d. Notes
3.800%	04/01/32(a)		1,845		1,628,240
					2,714,044
Telecommunications — 0.6%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%	12/01/33		346		266,074
3.500%	09/15/53		2,817		1,916,601
3.650%	09/15/59		4		2,708
4.300%	02/15/30		490		460,787
4.500%	05/15/35		1,095		995,920
British Telecommunications PLC (United Kingdom),
Sr. Unsec’d. Notes
9.625%	12/15/30		350		419,563
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A
3.400%	03/01/27		250		211,797
T-Mobile USA, Inc.,
Gtd. Notes
2.550%	02/15/31		965		786,404
3.875%	04/15/30		5,500		4,992,491
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.550%	03/21/31		1,515		1,246,841
2.650%	11/20/40		1,095		739,142
4.016%	12/03/29		1,365		1,277,439
					13,315,767
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%	08/01/28		735		774,839
CSX Corp.,
Sr. Unsec’d. Notes
6.150%	05/01/37		690		736,375

SEE NOTES TO FINANCIAL STATEMENTS.

A50

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity     Date		Principal     Amount (000)#		Value
CORPORATE BONDS (continued)
Transportation (cont’d.)
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%		05/17/25		120	$	120,984
						1,632,198
TOTAL CORPORATE BONDS (cost $287,289,569)						253,794,414
MUNICIPAL BONDS — 0.4%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%		09/15/32		180		166,736
California — 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%		04/01/49		1,305		1,502,478
Taxable, Revenue Bonds
2.574%		04/01/31		415		362,366
State of California,
General Obligation Unlimited, BABs
7.300%		10/01/39		1,250		1,516,791
General Obligation Unlimited, Taxable, BABs
7.500%		04/01/34		350		424,637
7.625%		03/01/40		205		258,064
						4,064,336
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%		11/01/50		565		608,422
Illinois — 0.0%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%		01/01/40		970		1,080,758
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%		01/01/40		1,000		1,236,722
New York — 0.1%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs
5.767%		08/01/36		1,050		1,085,385
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%		06/01/40		415		419,612
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2
4.879%		12/01/34		275		275,582
						695,194
Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%		11/15/34		425		455,219

Interest     Rate	Maturity     Date		Principal     Amount (000)#		Value
MUNICIPAL BONDS (continued)
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%		12/01/45		505	$	507,792
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%		09/01/2117		355		261,952
TOTAL MUNICIPAL BONDS (cost $9,380,780)						10,162,516
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.6%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1
5.250%		09/25/35		10		9,323
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
2.543%(cc)		02/25/35		41		38,696
Bellemeade Re Ltd.,
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.128%(c)		06/25/31		1,400		1,386,225
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
4.928%(c)		09/25/31		1,500		1,421,378
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
4.928%(c)		09/25/31		944		931,434
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)
5.678%(c)		01/26/32		2,270		2,239,529
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5
3.492%(cc)		02/25/37		76		72,134
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A
3.850%(cc)		09/25/57		516		482,090
Eagle Re Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.478%(c)		04/25/34		3,641		3,619,504
Fannie Mae REMIC,
Series 2014-73, Class CZ
3.000%		11/25/44		2,582		2,245,929
Series 2020-24, Class SP, IO, 1 Month LIBOR + 6.050% (Cap 6.050%, Floor 0.000%)
1.661%(c)		04/25/50		810		91,244
Series 2021-03, Class JI, IO
2.500%		02/25/51		2,387		318,328
Series 2022-51, Class PS, IO, 30 Day Average SOFR + 5.950% (Cap 5.950%, Floor 0.000%)
2.022%(c)		08/25/52		1,903		129,701
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%)
6.528%(c)		11/25/50		1,251		1,248,646

SEE NOTES TO FINANCIAL STATEMENTS.

A51

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
9.639%(c)	09/25/50		155	$	158,293
Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
6.028%(c)	10/25/33		2,005		1,965,851
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
5.578%(c)	01/25/34		170		167,989
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)
4.778%(c)	09/25/41		4,287		4,092,534
Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)
4.928%(c)	01/25/42		1,126		1,097,384
Freddie Mac REMIC,
Series 4117, Class ZC
3.000%	10/15/42		2,269		2,011,804
Series 4535, Class PA
3.000%	03/15/44		371		347,631
Series 4680, Class GZ
3.500%	03/15/47		1,216		1,054,079
Series 5021, Class SB, IO, 30 Day Average SOFR + 3.550% (Cap 3.550%, Floor 0.000%)
0.000%(c)	10/25/50		1,949		66,170
Series 5023, Class IO, IO
2.000%	10/25/50		911		106,154
Series 5222, Class SA, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	05/25/52		312		5,383
Government National Mortgage Assoc.,
Series 2019-69, Class KB
3.000%	06/20/49		2,400		1,905,115
Series 2021-165, Class ST, IO, 1 Month LIBOR + 3.360% (Cap 0.020%, Floor 0.000%)
0.000%(c)	01/20/50		468		154
Series 2021-177, Class SB, IO, 30 Day Average SOFR + 3.200% (Cap 3.200%, Floor 0.000%)
0.000%(c)	10/20/51		2,105		33,307
Series 2021-205, Class DS, IO, 30 Day Average SOFR + 3.200% (Cap 3.200%, Floor 0.000%)
0.000%(c)	11/20/51		3,469		54,972
Series 2022-046, Class S, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	03/20/52		833		14,093
Series 2022-051, Class SC, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	03/20/52		3,832		59,337
Series 2022-066, Class SB, IO, 30 Day Average SOFR + 3.850% (Cap 3.850%, Floor 0.000%)
0.024%(c)	04/20/52		1,300		25,113
Series 2022-068, Class SP, IO, 30 Day Average SOFR + 3.850% (Cap 3.850%, Floor 0.000%)
0.024%(c)	04/20/52		1,010		18,292

Interest     Rate	Maturity     Date	Principal     Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2022-078, Class MS, IO, 30 Day Average SOFR + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)	04/20/52		3,331	$	49,207
Series 2022-078, Class SB, IO, 30 Day Average SOFR + 3.750% (Cap 3.750%, Floor 0.000%)
0.000%(c)	04/20/52		2,229		40,057
Series 2022-093, Class GS, IO, 30 Day Average SOFR + 3.650% (Cap 3.650%, Floor 0.000%)
0.000%(c)	05/20/52		742		10,943
Series 2022-126, Class CS, IO, 30 Day Average SOFR + 3.760% (Cap 3.760%, Floor 0.000%)
0.000%(c)	07/20/52		4,445		47,686
Series 2022-133, Class SA, IO, 30 Day Average SOFR + 3.950% (Cap 3.950%, Floor 0.000%)
0.124%(c)	07/20/52		1,630		25,946
Series 2022-148, Class DS, IO, 30 Day Average SOFR + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)	08/20/52		1,635		20,966
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
6.039%(c)	05/25/29		116		114,092
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)
5.178%(c)	01/25/34		375		374,024
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1
3.939%(cc)	07/25/35		24		23,459
Legacy Mortgage Asset Trust,
Series 2021-GS01, Class A1, 144A
1.892%	10/25/66		240		219,389
MFA Trust,
Series 2021-RPL01, Class A1, 144A
1.131%(cc)	07/25/60		1,819		1,592,362
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A
2.750%(cc)	01/25/61		288		278,625
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
5.139%(c)	01/25/48		167		160,484
Oaktown Re II Ltd.,
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
5.939%(c)	07/25/28		103		103,192
Oaktown Re VII Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.528%(c)	04/25/34		2,700		2,642,922
PMT Credit Risk Transfer Trust,
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)
7.287%(c)	02/27/24		1,767		1,687,629
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA
3.500%	08/25/58		784		738,931

SEE NOTES TO FINANCIAL STATEMENTS.

A52

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity     Date	Principal     Amount (000)#				Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
3.780%(cc)	02/25/34			65		$	60,321
TFS (Spain),
Series 2018-03, Class A1
0.000%(s)	04/16/40^		EUR	—	(r)		1,145
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)
3.773%(c)	02/25/57			455			450,417
Series 2020-04, Class A1, 144A
1.750%	10/25/60			586			517,801
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $39,623,155)							36,577,414
SOVEREIGN BONDS — 0.4%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
3.125%	10/11/27			2,420			2,310,344
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%	08/20/30			465			390,542
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%	01/28/26			220			206,498
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A
3.875%	02/01/28			745			689,497
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%	06/04/25			400			379,732
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.450%	09/18/26		EUR	1,510			1,469,693
3.375%	07/30/25		EUR	1,200			1,271,935
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes
3.375%	10/31/23			200			197,489
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN
2.125%	10/25/23			1,000			976,847
3.000%	03/12/24			200			195,528
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%	04/16/50			340			256,445
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%	01/23/31			514			424,950
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
5.103%	04/23/48			665			664,917
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A
3.250%	06/01/23			600			594,944

Interest     Rate	Maturity       Date	Principal     Amount (000)#		Value
SOVEREIGN BONDS (continued)
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
5.100%	06/18/50		395	$	389,470
TOTAL SOVEREIGN BONDS (cost $11,060,974)					10,418,831
U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.3%
Federal Home Loan Bank
5.500%	07/15/36		850		934,469
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		1,251		966,863
2.000%	01/01/32		376		342,493
2.000%	02/01/36		936		834,769
2.000%	06/01/40		744		633,720
2.000%	10/01/40		1,237		1,053,534
2.000%	09/01/50		2,835		2,318,459
2.000%	03/01/51		921		752,201
2.000%	07/01/51		2,701		2,203,833
2.000%	09/01/51		482		395,341
2.000%	10/01/51		488		397,400
2.500%	03/01/30		198		185,507
2.500%	03/01/51		675		579,636
2.500%	04/01/51		5,603		4,759,092
2.500%	05/01/51		2,550		2,163,036
2.500%	08/01/51		485		412,059
2.500%	08/01/51		2,649		2,249,064
2.500%	09/01/51		1,868		1,585,583
2.500%	09/01/51		4,509		3,828,604
2.500%	12/01/51		1,000		846,723
2.500%	12/01/51		2,895		2,450,585
3.000%	10/01/28		135		129,916
3.000%	06/01/29		299		287,897
3.000%	01/01/37		84		78,121
3.000%	06/01/42		139		126,217
3.000%	10/01/42		340		309,542
3.000%	01/01/43		320		291,559
3.000%	07/01/43		863		785,874
3.000%	11/01/49		1,142		1,009,446
3.000%	02/01/50		1,425		1,260,530
3.000%	05/01/50		296		260,876
3.000%	06/01/51		1,711		1,506,627
3.000%	01/01/52		1,000		877,986
3.000%	02/01/52		2,526		2,230,910
3.000%	02/01/52		3,882		3,408,333
3.000%	06/01/52		5,344		4,692,813
3.500%	06/01/42		146		136,649
3.500%	01/01/47		238		221,173
3.500%	02/01/47		401		372,866
3.500%	05/01/52		1,503		1,367,134
3.500%	06/01/52		2,993		2,719,556
4.000%	06/01/26		118		114,809
4.000%	09/01/26		43		41,871
4.000%	11/01/37		4,839		4,722,359
4.000%	03/01/38		166		157,584
4.000%	10/01/39		268		257,605
4.000%	09/01/40		323		310,463
4.000%	12/01/40		156		149,810
4.000%	10/01/41		132		126,728

SEE NOTES TO FINANCIAL STATEMENTS.

A53

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date			Principal     Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
4.000%		01/01/42			48	$	46,200
4.000%		04/01/52			953		901,528
4.500%		02/01/39			37		36,541
4.500%		09/01/39			56		55,613
4.500%		10/01/39			486		482,483
4.500%		12/01/39			50		49,801
4.500%		07/01/41			64		62,702
4.500%		07/01/41			1,069		1,060,931
4.500%		08/01/41			103		101,653
4.500%		08/01/41			106		103,137
4.500%		08/01/41			169		166,690
4.500%		10/01/41			97		95,171
4.500%		12/01/47			92		90,789
4.500%		08/01/48			192		188,211
5.000%		05/01/34			12		11,888
5.000%		05/01/34			137		139,904
5.000%		10/01/35			3		3,157
5.000%		07/01/37			178		182,401
5.000%		05/01/39			27		27,671
5.000%		10/01/52			1,506		1,485,417
5.000%		11/01/52			990		975,980
5.500%		12/01/33			30		30,414
5.500%		01/01/34			28		28,622
5.500%		06/01/34			38		38,132
5.500%		07/01/34			88		90,726
5.500%		05/01/37			24		25,186
5.500%		02/01/38			186		193,431
5.500%		05/01/38			20		21,071
5.500%		07/01/38			50		52,202
6.000%		03/01/32			115		116,926
6.000%		12/01/33			22		21,904
6.000%		11/01/36			24		24,650
6.000%		01/01/37			17		17,282
6.000%		05/01/37			11		11,176
6.000%		02/01/38			2		1,881
6.000%		08/01/39			28		29,346
6.750%		03/15/31			550		647,143
7.000%		05/01/31			3		2,739
7.000%		06/01/31			11		10,780
7.000%		08/01/31			88		90,191
7.000%		10/01/31			5		5,336
Federal National Mortgage Assoc.
1.500%		02/01/42			480		388,088
1.500%		11/01/50			3,294		2,545,265
1.500%		12/01/50			3,463		2,675,551
2.000%		08/01/31			366		332,521
2.000%		02/01/41			1,574		1,340,107
2.000%		05/01/41	(k)		3,469		2,954,553
2.000%		08/01/50			1,160		950,372
2.000%		10/01/50			6,559		5,377,066
2.000%		11/01/50			1,576		1,289,113
2.000%		03/01/51			3,178		2,595,468
2.000%		05/01/51			2,821		2,302,516
2.000%		08/01/51			987		805,627
2.000%		10/01/51			2,973		2,424,169
2.500%		10/01/43			337		290,329
2.500%		12/01/46			710		612,442
2.500%		03/01/50			692		591,273

Interest     Rate	Maturity       Date		Principal     Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
2.500%		08/01/50		2,454	$	2,087,867
2.500%		02/01/51		1,336		1,132,420
2.500%		02/01/51		1,620		1,373,434
2.500%		03/01/51		1,625		1,377,252
2.500%		04/01/51		2,822		2,397,611
2.500%		08/01/51		958		813,306
2.500%		08/01/51		1,468		1,246,423
2.500%		09/01/51		1,012		858,845
2.500%		10/01/51		526		445,982
2.500%		11/01/51		2,441		2,072,203
2.500%		12/01/51		3,997		3,407,153
2.500%		02/01/52		482		410,663
2.500%		02/01/52		500		423,464
2.500%		03/01/52		499		422,804
2.500%		03/01/52		1,810		1,535,930
2.500%		04/01/52		186		157,487
2.500%		05/01/52		1,436		1,224,029
3.000%		TBA(tt)		3,000		2,632,108
3.000%		02/01/27		456		440,809
3.000%		08/01/30		434		411,872
3.000%		11/01/36		648		601,002
3.000%		12/01/42		581		528,555
3.000%		03/01/43		117		106,596
3.000%		11/01/46		417		374,103
3.000%		01/01/47		621		554,160
3.000%		02/01/47		660		590,254
3.000%		03/01/47		347		310,125
3.000%		06/01/49		15		12,876
3.000%		12/01/49		1,299		1,149,472
3.000%		01/01/50		482		425,972
3.000%		02/01/50		492		434,882
3.000%		02/01/50		2,671		2,363,707
3.000%		03/01/50		271		239,237
3.000%		04/01/51		121		106,567
3.000%		05/01/51		2,225		1,962,050
3.000%		11/01/51		114		99,852
3.000%		02/01/52		765		671,712
3.000%		03/01/52		951		838,912
3.000%		04/01/52		486		427,132
3.000%		04/01/52		975		861,244
3.000%		04/01/52		1,500		1,316,275
3.500%		07/01/31		345		335,736
3.500%		02/01/33		845		816,789
3.500%		06/01/39		258		241,171
3.500%		01/01/42		1,527		1,428,921
3.500%		05/01/42		777		727,322
3.500%		07/01/42		403		377,021
3.500%		08/01/42		153		143,125
3.500%		08/01/42		391		366,343
3.500%		09/01/42		222		207,869
3.500%		09/01/42		810		758,086
3.500%		11/01/42		110		102,728
3.500%		03/01/43		1,254		1,173,553
3.500%		04/01/43		242		226,805
3.500%		04/01/43		354		330,784
3.500%		01/01/46		632		592,989
3.500%		07/01/46		448		415,940
3.500%		11/01/46		522		484,184

SEE NOTES TO FINANCIAL STATEMENTS.

A54

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date		Principal     Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.500%		09/01/47		271	$	251,155
3.500%		01/01/48		2,292		2,125,716
3.500%		05/01/48		463		428,146
3.500%		06/01/48		463		428,781
3.500%		07/01/48		276		255,496
3.500%		03/01/49		5,420		5,022,388
3.500%		05/01/49		402		370,532
3.500%		06/01/49		226		209,800
3.500%		02/01/52		2,946		2,680,273
3.500%		03/01/52		991		908,028
3.500%		03/01/52		1,910		1,736,016
3.500%		06/01/52		997		905,819
3.500%		07/01/52		6,939		6,307,374
4.000%		TBA		500		487,323
4.000%		10/01/41		1,001		961,514
4.000%		09/01/44		677		648,250
4.000%		10/01/46		251		238,519
4.000%		02/01/47		126		119,990
4.000%		09/01/47		426		406,213
4.000%		11/01/47		295		282,245
4.000%		11/01/47		594		568,568
4.000%		03/01/49		2,726		2,599,495
4.000%		04/01/52		488		457,787
4.000%		05/01/52		1,471		1,380,315
4.000%		06/01/52		966		906,280
4.500%		TBA		32,000		30,792,202
4.500%		07/01/33		21		20,754
4.500%		08/01/33		23		22,846
4.500%		09/01/33		51		49,576
4.500%		10/01/33		3		2,637
4.500%		10/01/33		19		18,385
4.500%		10/01/33		55		54,585
4.500%		01/01/35		1		689
4.500%		07/01/39		403		398,454
4.500%		08/01/39		558		550,825
4.500%		03/01/41		184		182,145
4.500%		11/01/47		967		949,195
4.500%		01/01/49		152		148,734
5.000%		TBA(tt)		2,000		1,970,443
5.000%		03/01/34		112		113,949
5.000%		06/01/35		40		40,551
5.000%		07/01/35		53		54,183
5.000%		09/01/35		44		44,492
5.000%		11/01/35		55		56,627
5.000%		02/01/36		49		49,654
5.000%		05/01/36		24		24,809
5.000%		09/01/52		494		487,311
5.500%		TBA(tt)		2,000		2,004,933
5.500%		09/01/33		95		97,483
5.500%		10/01/33		45		45,740
5.500%		12/01/33		27		27,847
5.500%		01/01/34		1		594
5.500%		12/01/34		93		96,355
5.500%		10/01/35		197		198,522
5.500%		03/01/36		44		44,595
5.500%		05/01/36		88		90,269
5.500%		04/01/37		44		46,077
6.000%		TBA(tt)		3,000		3,044,268

Interest     Rate	Maturity       Date			Principal     Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.000%		04/01/33			7		$	7,513
6.000%		06/01/33			3			2,777
6.000%		10/01/33			173			176,760
6.000%		11/01/33			2			1,987
6.000%		11/01/33			8			7,953
6.000%		11/01/33			40			40,318
6.000%		01/01/34			180			184,791
6.000%		02/01/34			33			34,161
6.000%		03/01/34			17			17,393
6.000%		03/01/34			21			21,354
6.000%		07/01/34			119			122,158
6.000%		08/01/34			1			516
6.000%		10/01/34			2			1,931
6.000%		11/01/34			2			2,240
6.000%		11/01/34			7			7,048
6.000%		01/01/35			46			47,137
6.000%		01/01/35			87			87,892
6.000%		02/01/35			34			34,564
6.000%		02/01/35			114			117,830
6.000%		03/01/35			1			882
6.000%		04/01/35			—(r	)		446
6.000%		07/01/36			17			17,707
6.000%		02/01/37			36			38,047
6.000%		05/01/37			14			14,215
6.000%		06/01/37			—(r	)		280
6.000%		08/01/37			7			6,960
6.000%		09/01/37			—(r	)		200
6.000%		10/01/37			26			27,075
6.000%		05/01/38			31			31,954
6.000%		06/01/38			1			740
6.500%		07/01/32			26			26,832
6.500%		09/01/32			1			1,306
6.500%		09/01/32			34			34,592
6.500%		09/01/32			35			35,762
6.500%		09/01/32			44			45,325
6.500%		04/01/33			41			42,255
6.500%		11/01/33			18			18,731
6.500%		01/01/34			19			19,266
6.500%		09/01/34			41			41,759
6.500%		09/01/36			40			42,533
6.500%		10/01/36			11			11,264
6.500%		01/01/37			35			36,100
6.500%		01/01/37			53			54,009
6.625%		11/15/30			1,140			1,329,773
7.000%		02/01/32			9			9,350
7.000%		05/01/32			9			9,232
7.000%		06/01/32			9			9,336
7.000%		07/01/32			29			29,841
7.125%		01/15/30(k	)		3,195			3,775,528
Government National Mortgage Assoc.
2.000%		03/20/51			782			658,666
2.000%		07/20/51			475			398,178
2.000%		10/20/51			686			576,666
2.500%		TBA			7,000			6,064,506
2.500%		03/20/43			135			119,156
2.500%		12/20/46			240			211,452
2.500%		05/20/51			399			346,699
2.500%		08/20/51			699			606,874

SEE NOTES TO FINANCIAL STATEMENTS.

A55

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
2.500%	11/20/51		455	$	394,600
2.500%	03/20/52		5,511		4,776,399
2.500%	05/20/52		5,000		4,331,335
3.000%	TBA		11,000		9,791,999
3.000%	12/20/44		89		81,125
3.000%	03/15/45		242		216,496
3.000%	11/20/45		274		248,932
3.000%	03/20/46		562		510,323
3.000%	07/20/46		1,421		1,287,976
3.000%	08/20/46		378		341,464
3.000%	10/20/46		329		297,860
3.000%	04/20/47		463		417,235
3.000%	12/20/49		157		141,443
3.000%	01/20/50		929		835,069
3.000%	06/20/51		679		607,362
3.000%	10/20/51		1,423		1,271,467
3.000%	12/20/51		2,791		2,493,787
3.000%	04/20/52		971		865,545
3.500%	12/20/42		540		509,134
3.500%	05/20/43		165		155,533
3.500%	04/20/45		474		443,281
3.500%	07/20/46		1,716		1,600,521
3.500%	07/20/48		1,333		1,241,282
3.500%	11/20/48		437		406,260
3.500%	06/20/49		1,643		1,517,019
3.500%	09/20/52		6,467		5,942,517
4.000%	06/15/40		31		30,161
4.000%	05/20/41		28		26,583
4.000%	12/20/42		307		296,485
4.000%	08/20/44		111		106,944
4.000%	11/20/45		212		204,242
4.000%	12/20/45		579		558,549
4.000%	09/20/47		1,584		1,524,717
4.000%	02/20/49		574		549,046
4.000%	01/20/50		226		215,689
4.500%	04/15/40		180		178,786
4.500%	01/20/41		209		208,748
4.500%	02/20/41		327		325,949
4.500%	03/20/41		164		163,984
4.500%	06/20/44		242		244,196
4.500%	09/20/46		198		194,309
4.500%	11/20/46		257		258,368
4.500%	03/20/47		139		137,703
4.500%	05/20/48		225		221,219
4.500%	08/20/48		398		390,759
5.000%	TBA		500		495,365
5.000%	10/20/37		59		59,613
5.000%	04/20/45		280		284,281
5.500%	TBA		3,500		3,516,289
5.500%	08/15/33		113		114,938
5.500%	08/15/33		149		151,708
5.500%	09/15/33		34		34,284
5.500%	12/15/33		8		7,962
5.500%	03/15/34		98		99,748
5.500%	12/15/34		183		191,488
5.500%	07/15/35		31		31,932
5.500%	04/15/36		27		27,750
5.500%	09/20/52		5,992		6,033,910

Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.000%	04/15/33		4		$	4,479
6.000%	12/15/33		64			65,739
6.000%	01/15/34		18			18,312
6.000%	01/15/34		18			18,689
6.000%	01/15/34		34			35,540
6.000%	06/20/34		57			59,977
6.000%	07/15/34		42			44,794
6.500%	10/15/23		—(r	)		89
6.500%	12/15/23		—(r	)		281
6.500%	01/15/24		—(r	)		91
6.500%	01/15/24		1			836
6.500%	01/15/24		2			1,943
6.500%	01/15/24		2			2,276
6.500%	01/15/24		2			2,428
6.500%	01/15/24		7			6,876
6.500%	02/15/24		—(r	)		234
6.500%	02/15/24		—(r	)		387
6.500%	02/15/24		1			1,017
6.500%	02/15/24		1			1,273
6.500%	02/15/24		1			1,331
6.500%	03/15/24		—(r	)		11
6.500%	03/15/24		—(r	)		259
6.500%	04/15/24		—(r	)		104
6.500%	04/15/24		—(r	)		403
6.500%	04/15/24		—(r	)		417
6.500%	04/15/24		1			540
6.500%	04/15/24		2			2,084
6.500%	04/15/24		2			2,084
6.500%	05/15/24		1			600
6.500%	05/15/24		1			1,029
6.500%	05/15/24		2			2,291
6.500%	10/15/24		2			2,085
6.500%	11/15/28		2			2,549
6.500%	08/15/31		3			2,863
6.500%	12/15/31		5			5,524
6.500%	02/15/32		18			18,026
6.500%	06/15/32		10			10,582
6.500%	07/15/32		18			18,467
6.500%	08/15/32		3			3,182
6.500%	08/15/32		3			3,549
6.500%	08/15/32		6			6,551
6.500%	08/15/32		21			21,775
6.500%	08/15/32		102			105,761
6.500%	08/15/34		19			19,522
6.500%	06/15/35		18			18,909
6.500%	09/15/36		20			20,817
8.000%	01/15/24		1			1,217
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%	09/15/31		200			157,003
7.125%	05/01/30		510			595,169
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $306,014,589)						287,552,610
U.S. TREASURY OBLIGATIONS — 1.8%
U.S. Treasury Bonds
2.000%	11/15/41		15,220			10,887,056
2.250%	05/15/41(h)		12,770			9,601,444
2.375%	02/15/42		12,375			9,455,273

SEE NOTES TO FINANCIAL STATEMENTS.

A56

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (continued)
2.500%	05/15/46		1,485	$	1,112,590
2.875%	05/15/52		3,105		2,500,495
3.000%	08/15/52		1,805		1,496,458
U.S. Treasury Notes
2.375%	03/31/29		705		641,715
U.S. Treasury Strips Coupon
1.760%(s)	08/15/40		830		394,056
2.000%(s)	08/15/39		360		178,819
2.378%(s)	11/15/43		3,600		1,468,406
2.941%(s)	11/15/41		7,520		3,347,575
TOTAL U.S. TREASURY OBLIGATIONS (cost $52,249,052)					41,083,887
TOTAL LONG-TERM INVESTMENTS (cost $1,366,828,704)					2,110,928,048
		Shares
SHORT-TERM INVESTMENTS — 13.4%
AFFILIATED MUTUAL FUNDS — 13.3%
PGIM Core Ultra Short Bond Fund(wa)			265,991,591		265,991,591
PGIM Institutional Money Market Fund (cost $46,062,431; includes $45,874,955 of cash collateral for securities on loan)(b)(wa)			46,168,616		46,145,531
TOTAL AFFILIATED MUTUAL FUNDS (cost $312,054,022)					312,137,122
Interest     Rate	Maturity     Date	Principal       Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.1%
U.S. Treasury Bills
4.275%	03/16/23		1,230		1,219,565
(cost $1,219,309)
TOTAL SHORT-TERM INVESTMENTS (cost $313,273,331)					313,356,687
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—103.7% (cost $1,680,102,035)					2,424,284,735
OPTIONS WRITTEN*~ — (0.0)%
(premiums received $0)					(149	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—103.7% (cost $1,680,102,035)					2,424,284,586
Liabilities in excess of other assets(z) — (3.7)%					(85,967,481	)
NET ASSETS — 100.0%				$	2,338,317,105

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. Excludes centrally cleared swaptions.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $905,736 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 $44,951,956; cash collateral of $45,874,955 (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, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

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

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

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 10,000,000 is 0.4% 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.

A57

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Forward Commitment Contracts:

U.S. Government Agency Obligations	Interest Rate		Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc.		2.500%		TBA		01/12/23		(1,000	)	$	(846,514	)
Federal National Mortgage Assoc.		4.000%		TBA		01/12/23		(1,000	)		(937,660	)
TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $1,810,703)										$	(1,784,174	)

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

GS_21-PJA^

Put

GSI

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

9,100

$

(149

)

(premiums received $0)

Options Purchased:

Centrally Cleared Swaptions

Description	Call/ Put	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value at December 31,         2022			Unrealized Appreciation (Depreciation)
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23	1.03%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		10,800		$	2,586		$	(50,334	)
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23	0.90%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		9,270			18,322			(16,318	)
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23	0.80%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		12,950			60,188			19,524
Total Centrally Cleared Swaptions (cost $128,223)									$	81,096		$	(47,128	)

Options Written:

Centrally Cleared Swaptions

Description	Call/ Put	Expiration Date	Strike	Receive	Pay	Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation (Depreciation)
CDX.NA.IG.39.V1, 12/20/27	Call	01/18/23	0.90%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		10,800		$	(41,872	)		$	(19,192	)
CDX.NA.IG.39.V1, 12/20/27	Call	02/15/23	0.80%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		9,270			(16,384	)			3,854
CDX.NA.IG.39.V1, 12/20/27	Call	03/15/23	0.73%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		12,950			(12,083	)			15,112
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23	1.30%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		10,800			(869	)			24,511
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23	1.15%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		9,270			(5,085	)			8,664
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23	1.10%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		12,950			(17,747	)			(6,092	)
Total Centrally Cleared Swaptions (premiums received $120,897)									$	(94,040	)		$	26,857

Futures contracts outstanding at December 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
227	2 Year U.S. Treasury Notes		Mar. 2023	$	46,552,735		$	45,949
316	5 Year U.S. Treasury Notes		Mar. 2023		34,105,782			(369,614	)

SEE NOTES TO FINANCIAL STATEMENTS.

A58

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Futures contracts outstanding at December 31, 2022 (continued):

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
342	10 Year U.S. Treasury Notes		Mar. 2023		$38,405,533		$	(530,223	)
86	30 Year U.S. Ultra Treasury Bonds		Mar. 2023		11,550,875			(212,003	)
5	Mini MSCI EAFE Index		Mar. 2023		487,350			(8,476	)
86	S&P 500 E-Mini Index		Mar. 2023		16,602,300			(464,197	)
								(1,538,564	)
Short Positions:
23	5 Year Euro-Bobl		Mar. 2023		2,849,805			91,540
11	10 Year Euro-Bund		Mar. 2023		1,565,244			104,400
25	10 Year U.S. Ultra Treasury Notes		Mar. 2023		2,957,031			18,974
412	20 Year U.S. Treasury Bonds		Mar. 2023		51,641,625			295,718
14	Euro Schatz Index		Mar. 2023		1,579,856			19,396
								530,028
							$	(1,008,536	)

Forward foreign currency exchange contracts outstanding at December 31, 2022:

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 01/19/23	HSBC		CAD	429	$	310,865	$	316,887		$	—		$	(6,022	)
Euro,
Expiring 01/12/23	BNP		EUR	15,430		15,993,843		16,532,202			—			(538,359	)
					$	16,304,708	$	16,849,089		$	—		$	(544,381	)

Credit default swap agreement outstanding at December 31, 2022:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at December 31, 2022(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

GS_21-PJA

01/14/23

0.250%(M)

5,100

*

$

1,733

$(35)

$

1,768

GSI

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000	$	171,504		$	115,683		$	55,821	BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000		171,503			112,839			58,664	BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		2,000		171,504			126,934			44,570	BARC
							$	514,511		$	355,456		$	159,055

SEE NOTES TO FINANCIAL STATEMENTS.

A59

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Credit default swap agreement outstanding at December 31, 2022: (continued)

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Value at Trade Date			Value at December 31, 2022				Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.39.V1	12/20/27	1.000%(Q)		22,520		$	(97,932)		$	(186,992	)		$	(89,060	)

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

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

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

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

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

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

Total return swap agreements outstanding at December 31, 2022:

Reference Entity	Financing Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)	1 Day USOIS -50bps(Q)/ 3.830%		JPM		03/20/23		(4,897)		$	(329,975	)		$	—		$(329,975)
U.S. Treasury Bond(T)	1 Day USOIS +9bps(T)/ 4.420%		JPM		01/18/23		6,655			39,220				—		39,220
U.S. Treasury Bond(T)	1 Day USOIS +6bps(T)/ 4.390%		GSI		01/19/23		12,240			116,052				—		116,052
U.S. Treasury Bond(T)	1 Day USOIS +10bps(T)/ 4.430%		JPM		01/23/23		11,775			331,454				—		331,454

SEE NOTES TO FINANCIAL STATEMENTS.

A60

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Total return swap agreements outstanding at December 31, 2022 (continued):

Reference Entity	Financing Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements (cont’d.):
U.S. Treasury Bond(T)	1 Day USOIS +12bps(T)/ 4.450%		JPM		01/26/23		10,220		$	448,783		$	—		$	448,783
U.S. Treasury Bond(T)	1 Day USOIS +6bps(T)/ 4.390%		GSI		01/27/23		16,755			348,063			—			348,063
U.S. Treasury Bond(T)	1 Day USOIS +15bps(T)/ 4.480%		BOA		02/10/23		19,230			600,928			—			600,928
U.S. Treasury Bond(T)	1 Day USOIS +13bps(T)/ 4.460%		JPM		02/23/23		13,010			14,571			—			14,571
									$	1,569,096		$	—		$	1,569,096

(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	$355,456	$(35)	$2,059,894	$(329,975)

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
CIGM		$	—		$	2,218,888
GS			—			1,219,565
Total		$	—		$	3,438,453

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	1,114,034,287	$	29,919,914	$	—
Exchange-Traded Funds		13,562,811		—		—
Preferred Stocks		1,273,300		166,065		—
Rights		—		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A61

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1				Level 2				Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Asset-Backed Securities
Automobiles		$	—			$	47,132,206			$	—
Collateralized Loan Obligations			—				104,560,809				—
Consumer Loans			—				6,448,851				—
Equipment			—				5,400,019				—
Other			—				2,870,782				—
Residential Mortgage-Backed Securities			—				245,264				903,007
Student Loans			—				7,442,363				—
Corporate Bonds			—				253,794,414				—
Commercial Mortgage-Backed Securities			—				137,378,698				—
Municipal Bonds			—				10,162,516				—
Residential Mortgage-Backed Securities			—				36,576,269				1,145
Sovereign Bonds			—				10,418,831				—
U.S. Government Agency Obligations			—				287,552,610				—
U.S. Treasury Obligations			—				41,083,887				—
Short-Term Investments
Affiliated Mutual Funds			312,137,122				—				—
U.S. Treasury Obligation			—				1,219,565				—
Total		$	1,441,007,520			$	982,373,063			$	904,152
Liabilities
Option Written		$	—			$	—			$	(149	)
Other Financial Instruments*
Assets
Centrally Cleared Swaptions Purchased		$	—			$	19,524			$	—
Centrally Cleared Swaptions Written			—				52,141				—
Futures Contracts			575,977				—				—
OTC Credit Default Swap Agreements			—				514,511				1,733
OTC Total Return Swap Agreements			—				1,899,071				—
Total		$	575,977			$	2,485,247			$	1,733
Liabilities
Forward Commitment Contracts		$	—			$	(1,784,174	)		$	—
Centrally Cleared Swaptions Purchased			—				(66,652	)			—
Centrally Cleared Swaptions Written			—				(25,284	)			—
Futures Contracts			(1,584,513	)			—				—
OTC Forward Foreign Currency Exchange Contracts			—				(544,381	)			—
Centrally Cleared Credit Default Swap Agreement			—				(89,060	)			—
OTC Total Return Swap Agreement			—				(329,975	)			—
Total		$	(1,584,513	)		$	(2,839,526	)		$	—

* Other financial instruments are derivative instruments, with the exception of forward commitment contracts and centrally cleared swaptions, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2022 were as follows:

Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan)	13.3	%
U.S. Government Agency Obligations	12.3
Commercial Mortgage-Backed Securities	5.9
Banks	5.0
Collateralized Loan Obligations	4.5

Software	4.1	%
Pharmaceuticals	3.0
Technology Hardware, Storage & Peripherals	3.0
Automobiles	2.7
Semiconductors & Semiconductor Equipment	2.5
Oil, Gas & Consumable Fuels	2.4

SEE NOTES TO FINANCIAL STATEMENTS.

A62

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Industry Classification (continued):

IT Services	2.2	%
Interactive Media & Services	1.9
U.S. Treasury Obligations	1.9
Health Care Providers & Services	1.8
Residential Mortgage-Backed Securities	1.7
Capital Markets	1.6
Insurance	1.4
Health Care Equipment & Supplies	1.3
Equity Real Estate Investment Trusts (REITs)	1.3
Biotechnology	1.3
Aerospace & Defense	1.2
Specialty Retail	1.2
Internet & Direct Marketing Retail	1.2
Diversified Financial Services	1.1
Electric	1.1
Chemicals	1.0
Electric Utilities	1.0
Beverages	1.0
Hotels, Restaurants & Leisure	1.0
Machinery	0.9
Life Sciences Tools & Services	0.9
Media	0.8
Household Products	0.8
Food & Staples Retailing	0.8
Pipelines	0.7
Entertainment	0.6
Food Products	0.6
Exchange-Traded Funds	0.6
Telecommunications	0.6
Industrial Conglomerates	0.5
Oil & Gas	0.5
Diversified Telecommunication Services	0.5
Multi-Utilities	0.5
Sovereign Bonds	0.4
Municipal Bonds	0.4
Communications Equipment	0.4
Road & Rail	0.4
Tobacco	0.4
Student Loans	0.3
Electronic Equipment, Instruments & Components	0.3
Auto Manufacturers	0.3
Retail	0.3
Air Freight & Logistics	0.3
Textiles, Apparel & Luxury Goods	0.3
Electrical Equipment	0.3
Metals & Mining	0.3
Consumer Loans	0.3
Foods	0.3
Real Estate Investment Trusts (REITs)	0.2
Consumer Finance	0.2
Airlines	0.2
Commercial Services & Supplies	0.2
Multiline Retail	0.2
Equipment	0.2
Building Products	0.2
Healthcare-Services	0.2
Energy Equipment & Services	0.2
Agriculture	0.2

Professional Services	0.2	%
Packaging & Containers	0.2
Household Durables	0.2
Trading Companies & Distributors	0.2
Gas	0.1
Containers & Packaging	0.1
Miscellaneous Manufacturing	0.1
Wireless Telecommunication Services	0.1
Commercial Services	0.1
Other	0.1
Personal Products	0.1
Semiconductors	0.1
Housewares	0.1
Distributors	0.1
Transportation	0.1
Office/Business Equipment	0.1
Engineering & Construction	0.1
Construction Materials	0.1
Healthcare-Products	0.1
Auto Components	0.1
Construction & Engineering	0.1
Home Builders	0.0	*
Real Estate Management & Development	0.0	*
Water Utilities	0.0	*
Independent Power & Renewable Electricity Producers	0.0	*
Building Materials	0.0	*
Gas Utilities	0.0	*
Internet	0.0	*
Apparel	0.0	*
Multi-National	0.0	*
Leisure Products	0.0	*
Marine	0.0	*
Forest Products & Paper	0.0	*
Paper & Forest Products	0.0	*
	103.7
Option Written	(0.0	)*
Liabilities in excess of other assets	(3.7	)
	100.0	%

* Less than +/- 0.05%

SEE NOTES TO FINANCIAL STATEMENTS.

A63

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and         Liabilities Location	Fair Value			Statement of Assets and         Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps and swaptions	$	71,665	*	Due from/to broker-variation margin swaps and swaptions	$	180,996	*
Credit contracts	Premiums paid for OTC swap agreements		355,456		Premiums received for OTC swap agreements		35
Credit contracts	—		—		Options written outstanding, at value		149
Credit contracts	Unrealized appreciation on OTC swap agreements		160,823		—		—
Equity contracts	—		—		Due from/to broker-variation margin futures		472,673	*
Foreign exchange contracts	—		—		Unrealized depreciation on OTC forward foreign currency exchange contracts		544,381
Interest rate contracts	Due from/to broker-variation margin futures		575,977	*	Due from/to broker-variation margin futures		1,111,840	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,899,071		Unrealized depreciation on OTC swap agreements		329,975
		$	3,062,992			$	2,640,049

* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures, centrally cleared swap contracts, and centrally cleared swaptions. 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written		Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts		$	(375,543	)	$	367,663	$	—		$	—	$	151,586
Equity contracts			—			—		(4,428,356	)		—		—
Foreign exchange contracts			—			—		—			1,957,920		—
Interest rate contracts			—			—		(26,439,214	)		—		(11,073,117	)
Total		$	(375,543	)	$	367,663	$	(30,867,570	)	$	1,957,920	$	(10,921,531	)

(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		$	(13,841	)		$	43,689		$	—			$	—		$	66,906
Equity contracts			—				—			(831,783	)			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A64

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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
Foreign exchange contracts		$	—			$	—	$	—		$	(301,006	)	$	—
Interest rate contracts			—				—		(1,844,659	)		—			3,643,684
Total		$	(13,841	)		$	43,689	$	(2,676,442	)	$	(301,006	)	$	3,710,590

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

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$       94,423
Options Written (2)		69,744,000
Futures Contracts - Long Positions (2)		187,124,962
Futures Contracts - Short Positions (2)		52,798,189
Forward Foreign Currency Exchange Contracts - Purchased (3)		10,577,331
Forward Foreign Currency Exchange Contracts - Sold (3)		30,184,543
Credit Default Swap Agreements - Buy Protection (2)		17,866,000
Credit Default Swap Agreements - Sell Protection (2)		8,830,224
Total Return Swap Agreements (2)		40,902,385
Inflation Swap Agreements (2)		5,735,000

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized                   Assets/(Liabilities)	Collateral Pledged/(Received)(2)	Net   Amount
Securities on Loan	$44,951,956	$(44,951,956)	$—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
BARC		$	514,511		$	—			$	514,511			$	(514,511	)		$	—
BNP			—			(538,359	)			(538,359	)			247,470				(290,889	)
BOA			600,928			—				600,928				(600,928	)			—
GSI			465,883			(184	)			465,699				(465,699	)			—
HSBC			—			(6,022	)			(6,022	)			—				(6,022	)
JPM			834,028			(329,975	)			504,053				(504,053	)			—
		$	2,415,350		$	(874,540	)		$	1,540,810			$	(1,837,721	)		$	(296,911	)

SEE NOTES TO FINANCIAL STATEMENTS.

A65

	PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

(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.

A66

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $44,951,956:
Unaffiliated investments (cost $1,368,048,013)	$	2,112,147,613
Affiliated investments (cost $312,054,022)		312,137,122
Foreign currency, at value (cost $160,004)		160,971
Receivable for investments sold		53,205,171
Dividends and interest receivable		6,949,746
Unrealized appreciation on OTC swap agreements		2,059,894
Premiums paid for OTC swap agreements		355,456
Tax reclaim receivable		331,598
Receivable for Portfolio shares sold		10,764
Receivable from affiliate		1,300
Due from broker-variation margin swaps and swaptions		536
Prepaid expenses		20,506
Total Assets		2,487,380,677
LIABILITIES
Payable for investments purchased		97,757,242
Payable to broker for collateral for securities on loan		45,874,955
Forward commitment contracts, at value (proceeds receivable $1,810,703)		1,784,174
Management fee payable		1,111,586
Accrued expenses and other liabilities		1,074,132
Unrealized depreciation on OTC forward foreign currency exchange contracts		544,381
Payable for Portfolio shares purchased		398,337
Unrealized depreciation on OTC swap agreements		329,975
Due to broker-variation margin futures		113,385
Payable to affiliate		70,063
Trustees’ fees payable		1,629
Distribution fee payable		1,428
Payable to custodian		1,121
Affiliated transfer agent fee payable		980
Options written outstanding, at value		149
Premiums received for OTC swap agreements		35
Total Liabilities		149,063,572
NET ASSETS	$	2,338,317,105
Net assets were comprised of:
Partners’ Equity	$	2,338,317,105
Class I:
Net asset value and redemption price per share, $2,331,607,006 / 68,905,541 outstanding shares of beneficial interest	$	33.84
Class III:
Net asset value and redemption price per share, $6,710,099 / 199,138 outstanding shares of beneficial interest	$	33.70

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $498 foreign withholding tax)	$	27,863,338
Unaffiliated dividend income (net of $142,196 foreign withholding tax, of which $21,630 is reimbursable by an affiliate)		21,037,885
Affiliated dividend income		6,119,960
Income from securities lending, net (including affiliated income of $77,097)		89,476
Total income		55,110,659
EXPENSES
Management fee		13,850,406
Distribution fee—Class III		13,243
Custodian and accounting fees		254,630
Shareholders’ reports		51,609
Audit fee		49,500
Trustees’ fees		47,439
Legal fees and expenses		34,564
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		76,919
Total expenses		14,388,992
NET INVESTMENT INCOME (LOSS)		40,721,667
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $16,548)		77,442,062
Futures transactions		(30,867,570	)
Forward currency contract transactions		1,957,920
Options written transactions		367,663
Swap agreements transactions		(10,921,531	)
Foreign currency transactions		(838,243	)
		37,140,301
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $5,262)		(498,076,675	)
Futures		(2,676,442	)
Forward currency contracts		(301,006	)
Options written		43,689
Swap agreements		3,710,590
Foreign currencies		32,131
		(497,267,713	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(460,127,412	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(419,405,745	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	40,721,667			$	29,759,603
Net realized gain (loss) on investment and foreign currency transactions			37,140,301				183,271,608
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(497,267,713	)			138,627,524
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(419,405,745	)			351,658,735
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			21,707,452				16,716,926
Portfolio shares purchased			(163,027,170	)			(179,291,386	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(141,319,718	)			(162,574,460	)
TOTAL INCREASE (DECREASE)			(560,725,463	)			189,084,275
NET ASSETS:
Beginning of year			2,899,042,568				2,709,958,293
End of year		$	2,338,317,105			$	2,899,042,568

SEE NOTES TO FINANCIAL STATEMENTS.

A67

PSF PGIM 50/50 BALANCED PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	39.67		$	34.99		$	31.40		$	26.50		$	27.17
Income (Loss) From Investment Operations:
Net investment income (loss)		0.57			0.40			0.50			0.59			0.53
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(6.40	)		4.28			3.09			4.31			(1.20	)
Total from investment operations		(5.83	)		4.68			3.59			4.90			(0.67	)
Capital Contributions		—			—			—			—	(b)(c)		—	(b)(c)
Net Asset Value, end of year	$	33.84		$	39.67		$	34.99		$	31.40		$	26.50
Total Return(d)		(14.70	)%		13.38	%		11.43	%		18.49	%(e)		(2.47	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	2,332		$	2,896		$	2,710		$	2,597		$	2,370
Average net assets (in millions)	$	2,513		$	2,800		$	2,540		$	2,506		$	2,535
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.57	%		0.57	%		0.58	%		0.59	%		0.59	%
Expenses before waivers and/or expense reimbursement		0.57	%		0.57	%		0.58	%		0.59	%		0.59	%
Net investment income (loss)		1.62	%		1.06	%		1.58	%		2.02	%		1.94	%
Portfolio turnover rate(g)(h)		96	%		69	%		75	%		90	%		101	%

Class III
	Year Ended December 31,                   2022				April 26, 2021(i) through December 31,                 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	39.60			$	36.75
Income (Loss) From Investment Operations:
Net investment income (loss)			0.52				0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(6.42	)			2.64
Total from investment operations			(5.90	)			2.85
Net Asset Value, end of period		$	33.70			$	39.60
Total Return(d)			(14.90	)%			7.76	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	7			$	3
Average net assets (in millions)		$	5			$	1
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.82	%			0.81	%(j)
Expenses before waivers and/or expense reimbursement			0.82	%			0.81	%(j)
Net investment income (loss)			1.48	%			0.76	%(j)
Portfolio turnover rate(g)(h)			96	%			69	%

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

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

(c) Amount rounds to zero.

(d) 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.

A68

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 95.1%
COMMON STOCKS — 59.7%
Aerospace & Defense — 1.2%
BAE Systems PLC (United Kingdom)		9,579	$	98,936
General Dynamics Corp.		60,700		15,060,277
Howmet Aerospace, Inc.		202,900		7,996,289
Kongsberg Gruppen ASA (Norway)		260		11,066
Lockheed Martin Corp.		39,900		19,410,951
MTU Aero Engines AG (Germany)		655		140,914
Textron, Inc.		42,500		3,009,000
Thales SA (France)		324		41,397
TransDigm Group, Inc.		5,500		3,463,075
				49,231,905
Air Freight & Logistics — 0.3%
FedEx Corp.		64,600		11,188,720
Airlines — 0.2%
Alaska Air Group, Inc.*		188,500		8,094,190
Deutsche Lufthansa AG (Germany)*		1,806		14,887
Qantas Airways Ltd. (Australia)*		2,977		12,050
Singapore Airlines Ltd. (Singapore)		4,200		17,341
United Airlines Holdings, Inc.*		38,500		1,451,450
				9,589,918
Auto Components — 0.2%
BorgWarner, Inc.		181,400		7,301,350
Automobiles — 0.8%
Bayerische Motoren Werke AG (Germany)		671		59,407
Ferrari NV (Italy)		375		80,415
General Motors Co.		283,800		9,547,032
Honda Motor Co. Ltd. (Japan)		4,800		109,483
Mazda Motor Corp. (Japan)		1,700		12,743
Stellantis NV		24,957		354,648
Subaru Corp. (Japan)		17,200		260,409
Suzuki Motor Corp. (Japan)		1,000		32,027
Tesla, Inc.*		176,200		21,704,316
Toyota Motor Corp. (Japan)		13,200		180,082
Volkswagen AG (Germany)		88		13,805
				32,354,367
Banks — 2.3%
ABN AMRO Bank NV (Netherlands), 144A, CVA		6,436		89,126
ANZ Group Holdings Ltd. (Australia)		12,387		199,541
Banco Santander SA (Spain)		11,084		33,142
Bank Hapoalim BM (Israel)		4,211		37,916
Bank Leumi Le-Israel BM (Israel)		34,068		283,746
Bank of America Corp.		436,900		14,470,128
Barclays PLC (United Kingdom)		189,362		360,320
Citigroup, Inc.		365,450		16,529,303
Citizens Financial Group, Inc.		180,300		7,098,411
Commerzbank AG (Germany)*		3,294		30,798
Commonwealth Bank of Australia (Australia)		4,864		337,828
DBS Group Holdings Ltd. (Singapore)		16,900		427,766
DNB Bank ASA (Norway)		10,338		204,177
HSBC Holdings PLC (United Kingdom)		16,723		103,641
ING Groep NV (Netherlands)		28,695		349,539

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
Israel Discount Bank Ltd. (Israel) (Class A Stock)		3,668	$	19,257
JPMorgan Chase & Co.		128,294		17,204,225
KBC Group NV (Belgium)		390		25,110
Lloyds Banking Group PLC (United Kingdom)		695,750		379,681
Mizrahi Tefahot Bank Ltd. (Israel)		456		14,718
National Australia Bank Ltd. (Australia)		1,368		27,775
NatWest Group PLC (United Kingdom)		15,778		50,320
Nordea Bank Abp (Finland)		10,332		110,676
Oversea-Chinese Banking Corp. Ltd. (Singapore)		15,600		141,898
Signature Bank		20,800		2,396,576
Skandinaviska Enskilda Banken AB (Sweden) (Class A Stock)		4,686		53,949
Sumitomo Mitsui Financial Group, Inc. (Japan)		3,700		148,860
Swedbank AB (Sweden) (Class A Stock)		2,800		47,625
Truist Financial Corp.		179,700		7,732,491
Wells Fargo & Co.		532,100		21,970,409
				90,878,952
Beverages — 1.3%
Coca-Cola Co. (The)		252,700		16,074,247
Constellation Brands, Inc. (Class A Stock)		18,400		4,264,200
Diageo PLC (United Kingdom)		1,139		49,856
Heineken Holding NV (Netherlands)		341		26,336
Heineken NV (Netherlands)		755		71,115
PepsiCo, Inc.		165,800		29,953,428
				50,439,182
Biotechnology — 1.3%
AbbVie, Inc.		103,500		16,726,635
Amgen, Inc.		19,300		5,068,952
Gilead Sciences, Inc.		120,550		10,349,218
Regeneron Pharmaceuticals, Inc.*		4,900		3,535,301
Swedish Orphan Biovitrum AB (Sweden)*		494		10,224
United Therapeutics Corp.*		2,800		778,652
Vertex Pharmaceuticals, Inc.*		56,100		16,200,558
				52,669,540
Building Products — 0.2%
Assa Abloy AB (Sweden) (Class B Stock)		2,997		64,463
Carrier Global Corp.		99,500		4,104,375
Cie de Saint-Gobain (France)		2,983		145,931
Johnson Controls International PLC		11,100		710,400
Lixil Corp. (Japan)		1,400		21,107
Nibe Industrier AB (Sweden) (Class B Stock)		4,437		41,414
Trane Technologies PLC		9,300		1,563,237
Xinyi Glass Holdings Ltd. (China)		6,000		11,085
				6,662,012

SEE NOTES TO FINANCIAL STATEMENTS.

A69

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Capital Markets — 1.8%
3i Group PLC (United Kingdom)		15,710	$	253,361
Ameriprise Financial, Inc.		6,800		2,117,316
Bank of New York Mellon Corp. (The)		196,100		8,926,472
Carlyle Group, Inc. (The)		33,600		1,002,624
Charles Schwab Corp. (The)		199,600		16,618,696
CME Group, Inc.		38,500		6,474,160
Deutsche Bank AG (Germany)		29,925		336,404
Deutsche Boerse AG (Germany)		568		97,804
Goldman Sachs Group, Inc. (The)		37,400		12,842,412
Hargreaves Lansdown PLC (United Kingdom)		1,106		11,389
Intercontinental Exchange, Inc.		49,000		5,026,910
Invesco Ltd.		133,000		2,392,670
Julius Baer Group Ltd. (Switzerland)		1,020		59,365
Macquarie Group Ltd. (Australia)		1,812		204,554
MarketAxess Holdings, Inc.		9,200		2,565,788
Morgan Stanley		40,000		3,400,800
MSCI, Inc.		11,800		5,489,006
Nasdaq, Inc.		48,100		2,950,935
Partners Group Holding AG (Switzerland)		68		60,213
Schroders PLC (United Kingdom)		2,394		12,579
Singapore Exchange Ltd. (Singapore)		25,200		168,509
UBS Group AG (Switzerland)		27,197		505,490
				71,517,457
Chemicals — 1.0%
Air Products & Chemicals, Inc.		2,300		708,998
Albemarle Corp.		48,500		10,517,710
BASF SE (Germany)		1,241		61,105
Celanese Corp.		15,700		1,605,168
Clariant AG (Switzerland)*		660		10,482
ICL Group Ltd. (Israel)		2,068		14,942
Linde PLC (United Kingdom)		36,300		11,840,334
LyondellBasell Industries NV (Class A Stock)		105,300		8,743,059
Mitsubishi Chemical Group Corp. (Japan)		3,800		19,673
Mosaic Co. (The)		87,000		3,816,690
Nitto Denko Corp. (Japan)		500		28,797
OCI NV (Netherlands)		1,174		41,973
Sherwin-Williams Co. (The)		4,900		1,162,917
Shin-Etsu Chemical Co. Ltd. (Japan)		1,100		134,324
Solvay SA (Belgium)		2,797		282,794
Tosoh Corp. (Japan)		800		9,513
Yara International ASA (Brazil)		6,343		278,565
				39,277,044
Commercial Services & Supplies — 0.2%
Rollins, Inc.		18,600		679,644
Securitas AB (Sweden) (Class B Stock)		1,439		12,008
Waste Management, Inc.		42,500		6,667,400
				7,359,052
Communications Equipment — 0.6%
Arista Networks, Inc.*		42,200		5,120,970
Cisco Systems, Inc.		433,100		20,632,884

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment (cont’d.)
Nokia OYJ (Finland)		15,940	$	74,053
				25,827,907
Construction & Engineering — 0.0%
Eiffage SA (France)		250		24,591
Kajima Corp. (Japan)		1,300		15,128
Valmont Industries, Inc.		2,500		826,675
Vinci SA (France)		4,289		427,558
				1,293,952
Construction Materials — 0.2%
Eagle Materials, Inc.		60,700		8,063,995
HeidelbergCement AG (Germany)		432		24,479
				8,088,474
Consumer Finance — 0.4%
American Express Co.		44,800		6,619,200
Capital One Financial Corp.		72,600		6,748,896
Synchrony Financial		103,500		3,401,010
				16,769,106
Containers & Packaging — 0.3%
Berry Global Group, Inc.		15,100		912,493
Westrock Co.		284,900		10,017,084
				10,929,577
Distributors — 0.2%
D’ieteren Group (Belgium)		80		15,353
Genuine Parts Co.		15,200		2,637,352
LKQ Corp.		110,500		5,901,805
				8,554,510
Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc. (Class B Stock)*		119,450		36,898,105
Industrivarden AB (Sweden) (Class A Stock)		380		9,243
Investor AB (Sweden) (Class A Stock)		1,443		26,846
ORIX Corp. (Japan)		8,400		134,456
				37,068,650
Diversified Telecommunication Services — 0.6%
AT&T, Inc.		599,000		11,027,590
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)		12,038		20,651
Deutsche Telekom AG (Germany)		13,614		270,872
HKT Trust & HKT Ltd. (Hong Kong)		11,000		13,465
Koninklijke KPN NV (Netherlands)		9,590		29,684
Nippon Telegraph & Telephone Corp. (Japan)		400		11,408
Spark New Zealand Ltd. (New Zealand)		42,247		144,644
Telefonica Deutschland Holding AG (Germany)		68,471		168,166
Telstra Group Ltd. (Australia)		12,628		34,152
Verizon Communications, Inc.		295,988		11,661,927
				23,382,559

SEE NOTES TO FINANCIAL STATEMENTS.

A70

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Electric Utilities — 1.2%
CK Infrastructure Holdings Ltd. (Hong Kong)		2,000	$	10,436
Duke Energy Corp.		10,900		1,122,591
Edison International		126,000		8,016,120
Endesa SA (Spain)		3,866		72,861
Enel SpA (Italy)		74,321		399,709
Entergy Corp.		46,800		5,265,000
Exelon Corp.		354,000		15,303,420
Fortum OYJ (Finland)		1,144		19,052
Iberdrola SA (Spain)		17,219		201,006
NextEra Energy, Inc.		116,500		9,739,400
NRG Energy, Inc.		187,900		5,978,978
Origin Energy Ltd. (Australia)		5,275		27,609
Power Assets Holdings Ltd. (Hong Kong)		4,500		24,595
SSE PLC (United Kingdom)		14,458		297,357
Terna - Rete Elettrica Nazionale (Italy)		4,240		31,313
				46,509,447
Electrical Equipment — 0.4%
ABB Ltd. (Switzerland)		4,604		140,318
Acuity Brands, Inc.		5,800		960,538
AMETEK, Inc.		11,900		1,662,668
Eaton Corp. PLC		6,500		1,020,175
Emerson Electric Co.		25,400		2,439,924
Fuji Electric Co. Ltd. (Japan)		300		11,322
Hubbell, Inc.		39,600		9,293,328
Prysmian SpA (Italy)		775		28,796
				15,557,069
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. (Class A Stock)		13,700		1,043,118
Corning, Inc.		181,200		5,787,528
Halma PLC (United Kingdom)		800		19,052
Hamamatsu Photonics KK (Japan)		500		23,864
Hirose Electric Co. Ltd. (Japan)		700		87,795
Keysight Technologies, Inc.*		21,300		3,643,791
Venture Corp. Ltd. (Singapore)		2,600		33,140
Yokogawa Electric Corp. (Japan)		600		9,522
				10,647,810
Energy Equipment & Services — 0.4%
Halliburton Co.		386,700		15,216,645
Schlumberger Ltd.		20,000		1,069,200
				16,285,845
Entertainment — 0.9%
Electronic Arts, Inc.		61,500		7,514,070
Netflix, Inc.*		39,900		11,765,712
Nintendo Co. Ltd. (Japan)		3,300		138,754
Walt Disney Co. (The)*		184,700		16,046,736
				35,465,272
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp.		21,300		4,512,618
Americold Realty Trust, Inc.(a)		110,400		3,125,424
AvalonBay Communities, Inc.		11,500		1,857,480
Camden Property Trust		6,400		716,032

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Dexus (Australia)		3,128	$	16,422
Equinix, Inc.		12,200		7,991,366
Equity Residential		19,000		1,121,000
GLP J-REIT (Japan)		12		13,820
Goodman Group (Australia)		19,591		230,397
Host Hotels & Resorts, Inc.		235,700		3,782,985
Hudson Pacific Properties, Inc.		98,700		960,351
Japan Real Estate Investment Corp. (Japan)		3		13,177
Klepierre SA (France)*		12,291		283,684
Nomura Real Estate Master Fund, Inc. (Japan)		12		14,867
Park Hotels & Resorts, Inc.		57,000		672,030
Public Storage		39,700		11,123,543
SBA Communications Corp.		18,600		5,213,766
Scentre Group (Australia)		8,151		15,866
Simon Property Group, Inc.		49,500		5,815,260
Stockland (Australia)		7,056		17,378
Unibail-Rodamco-Westfield (France)*		352		18,401
Ventas, Inc.		173,100		7,798,155
Vicinity Ltd. (Australia)		11,837		15,984
Warehouses De Pauw CVA (Belgium)		456		13,063
Weyerhaeuser Co.		67,200		2,083,200
				57,426,269
Food & Staples Retailing — 0.9%
Albertson’s Cos., Inc. (Class A Stock)(a)		180,800		3,749,792
Carrefour SA (France)		1,718		28,735
Coles Group Ltd. (Australia)		3,495		39,618
Costco Wholesale Corp.		46,100		21,044,650
Endeavour Group Ltd. (Australia)		3,910		17,016
J Sainsbury PLC (United Kingdom)		4,128		10,827
Jeronimo Martins SGPS SA (Portugal)		860		18,607
Kesko OYJ (Finland) (Class B Stock)		3,410		75,348
Koninklijke Ahold Delhaize NV (Netherlands)		13,373		384,491
Kroger Co. (The)		70,100		3,125,058
Tesco PLC (United Kingdom)		22,967		61,893
Walmart, Inc.		55,300		7,840,987
Woolworths Group Ltd. (Australia)		3,570		81,522
				36,478,544
Food Products — 0.9%
Archer-Daniels-Midland Co.		88,600		8,226,510
Mondelez International, Inc. (Class A Stock)		133,100		8,871,115
Mowi ASA (Norway)		1,258		21,437
Nestle SA		7,192		830,744
Orkla ASA (Norway)		10,287		74,245
Pilgrim’s Pride Corp.*		166,600		3,953,418
Post Holdings, Inc.*(a)		25,200		2,274,552
Tyson Foods, Inc. (Class A Stock)		156,900		9,767,025
WH Group Ltd. (Hong Kong), 144A		274,000		159,807
Wilmar International Ltd. (China)		99,000		308,422
				34,487,275

SEE NOTES TO FINANCIAL STATEMENTS.

A71

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities — 0.1%
Osaka Gas Co. Ltd. (Japan)		1,100	$	17,724
Tokyo Gas Co. Ltd. (Japan)		1,200		23,496
UGI Corp.		111,900		4,148,133
				4,189,353
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		164,000		18,005,560
Baxter International, Inc.		45,400		2,314,038
Becton, Dickinson & Co.		3,200		813,760
Cochlear Ltd. (Australia)		192		26,517
Dexcom, Inc.*		101,100		11,448,564
Medtronic PLC		201,000		15,621,720
Olympus Corp. (Japan)		12,000		211,651
STERIS PLC		25,100		4,635,719
Straumann Holding AG (Switzerland)		252		28,897
Stryker Corp.		18,900		4,620,861
Zimmer Biomet Holdings, Inc.		37,100		4,730,250
				62,457,537
Health Care Providers & Services — 2.3%
Cardinal Health, Inc.		83,400		6,410,958
Cigna Corp.		20,900		6,925,006
CVS Health Corp.		176,800		16,475,992
Elevance Health, Inc.		5,900		3,026,523
Fresenius SE & Co. KGaA (Germany)		1,240		34,636
Humana, Inc.		2,500		1,280,475
McKesson Corp.		3,300		1,237,896
Molina Healthcare, Inc.*		24,500		8,090,390
Sonic Healthcare Ltd. (Australia)		13,629		277,364
UnitedHealth Group, Inc.		88,600		46,973,948
				90,733,188
Hotels, Restaurants & Leisure — 1.3%
Aristocrat Leisure Ltd. (Australia)		1,774		36,555
Booking Holdings, Inc.*		1,000		2,015,280
Caesars Entertainment, Inc.*		99,000		4,118,400
Chipotle Mexican Grill, Inc.*		2,300		3,191,227
Compass Group PLC (United Kingdom)		12,888		297,610
Evolution AB (Sweden), 144A		1,217		118,541
Genting Singapore Ltd. (Singapore)		18,200		12,988
Hilton Worldwide Holdings, Inc.		27,200		3,436,992
InterContinental Hotels Group PLC (United Kingdom)		528		30,296
La Francaise des Jeux SAEM (France), 144A		6,652		267,667
Marriott International, Inc. (Class A Stock)		86,600		12,893,874
McDonald’s Corp.		16,800		4,427,304
Oriental Land Co. Ltd. (Japan)		1,600		232,839
Sodexo SA (France)		253		24,207
Starbucks Corp.		195,200		19,363,840
Whitbread PLC (United Kingdom)		364		11,254
				50,478,874
Household Durables — 0.1%
Lennar Corp. (Class A Stock)		9,500		859,750
Mohawk Industries, Inc.*		20,500		2,095,510

	Shares		Value
COMMON STOCKS (continued)
Household Durables (cont’d.)
Open House Group Co. Ltd. (Japan)		300	$	10,923
Sekisui Chemical Co. Ltd. (Japan)		1,000		13,938
Sony Group Corp. (Japan)		500		38,111
				3,018,232
Household Products — 1.1%
Colgate-Palmolive Co.		74,600		5,877,734
Henkel AG & Co. KGaA (Germany)		279		17,930
Kimberly-Clark Corp.		75,800		10,289,850
Procter & Gamble Co. (The)		171,005		25,917,518
Reckitt Benckiser Group PLC (United Kingdom)		3,776		261,738
				42,364,770
Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)		140,900		4,052,284
Meridian Energy Ltd. (New Zealand)		4,020		13,371
Vistra Corp.		90,900		2,108,880
				6,174,535
Industrial Conglomerates — 0.7%
3M Co.		39,900		4,784,808
DCC PLC (United Kingdom)		294		14,456
General Electric Co.		9,400		787,626
Hitachi Ltd. (Japan)		6,300		316,993
Honeywell International, Inc.		99,200		21,258,560
Jardine Matheson Holdings Ltd. (Hong Kong)		5,600		284,877
Lifco AB (Sweden) (Class B Stock)		736		12,319
Smiths Group PLC (United Kingdom)		10,385		199,310
				27,658,949
Insurance — 1.5%
Ageas SA/NV (Belgium)		513		22,763
AIA Group Ltd. (Hong Kong)		8,000		88,347
American International Group, Inc.		125,700		7,949,268
Aon PLC (Class A Stock)		4,800		1,440,672
AXA SA (France)		16,191		451,009
Chubb Ltd.		80,200		17,692,120
Dai-ichi Life Holdings, Inc. (Japan)		17,700		399,726
Gjensidige Forsikring ASA (Norway)		624		12,239
Globe Life, Inc.		7,900		952,345
Hartford Financial Services Group, Inc. (The)		12,500		947,875
Japan Post Holdings Co. Ltd. (Japan)		35,000		294,489
Japan Post Insurance Co. Ltd. (Japan)		16,700		293,705
Legal & General Group PLC (United Kingdom)		11,379		34,116
Marsh & McLennan Cos., Inc.		61,200		10,127,376
MetLife, Inc.		62,300		4,508,651
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		63		20,379
NN Group NV (Netherlands)		6,769		276,799
Poste Italiane SpA (Italy), 144A		11,954		116,629
Progressive Corp. (The)		77,700		10,078,467
Reinsurance Group of America, Inc.		7,500		1,065,675
Sampo OYJ (Finland) (Class A Stock)		1,501		78,396

SEE NOTES TO FINANCIAL STATEMENTS.

A72

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Insurance (cont’d.)
Tokio Marine Holdings, Inc. (Japan)		13,100	$	279,847
Unum Group		47,700		1,957,131
Zurich Insurance Group AG (Switzerland)		442		211,310
				59,299,334
Interactive Media & Services — 2.5%
Alphabet, Inc. (Class A Stock)*		413,200		36,456,636
Alphabet, Inc. (Class C Stock)*		396,840		35,211,613
Meta Platforms, Inc. (Class A Stock)*		220,150		26,492,851
Scout24 SE (Germany), 144A		234		11,778
				98,172,878
Internet & Direct Marketing Retail — 1.3%
Amazon.com, Inc.*		546,800		45,931,200
eBay, Inc.(a)		159,900		6,631,053
				52,562,253
IT Services — 2.5%
Accenture PLC (Class A Stock)		32,250		8,605,590
Automatic Data Processing, Inc.		72,200		17,245,692
Bechtle AG (Germany)		242		8,554
Broadridge Financial Solutions, Inc.		5,100		684,063
Capgemini SE (France)		1,780		297,574
Cognizant Technology Solutions Corp. (Class A Stock)		40,100		2,293,319
Computershare Ltd.		4,836		85,191
DXC Technology Co.*		39,600		1,049,400
Edenred (France)		728		39,622
EPAM Systems, Inc.*		5,600		1,835,344
Gartner, Inc.*		9,700		3,260,558
International Business Machines Corp.		42,400		5,973,736
Mastercard, Inc. (Class A Stock)		68,300		23,749,959
NEC Corp. (Japan)		800		28,055
NTT Data Corp. (Japan)		1,800		26,231
Otsuka Corp. (Japan)		6,500		204,882
PayPal Holdings, Inc.*		22,800		1,623,816
SCSK Corp. (Japan)		1,400		21,192
TIS, Inc. (Japan)		700		18,397
VeriSign, Inc.*		6,700		1,376,448
Visa, Inc. (Class A Stock)(a)		155,400		32,285,904
				100,713,527
Leisure Products — 0.0%
Bandai Namco Holdings, Inc. (Japan)		700		43,875
Shimano, Inc. (Japan)		300		47,406
				91,281
Life Sciences Tools & Services — 1.0%
Agilent Technologies, Inc.		58,300		8,724,595
Danaher Corp.		34,500		9,156,990
IQVIA Holdings, Inc.*		39,600		8,113,644
Sotera Health Co.*		492,700		4,104,191
Thermo Fisher Scientific, Inc.		19,100		10,518,179
				40,617,599
Machinery — 1.1%
AGCO Corp.		5,900		818,271

	Shares		Value
COMMON STOCKS (continued)
Machinery (cont’d.)
Alfa Laval AB (Sweden)		870	$	25,167
ANDRITZ AG (Austria)		1,481		84,776
Atlas Copco AB (Sweden) (Class A Stock)		7,616		90,237
Atlas Copco AB (Sweden) (Class B Stock)		4,168		44,471
Caterpillar, Inc.		28,200		6,755,592
CNH Industrial NV (United Kingdom)		3,021		48,463
Daimler Truck Holding AG (Germany)*		1,305		40,118
Deere & Co.		12,900		5,531,004
Epiroc AB (Sweden) (Class A Stock)		1,968		35,835
Epiroc AB (Sweden) (Class B Stock)		1,075		17,294
Esab Corp.		60,300		2,829,276
Gates Industrial Corp. PLC*		103,200		1,177,512
GEA Group AG (Germany)		976		39,692
Hitachi Construction Machinery Co. Ltd. (Japan)		12,400		276,352
Hoshizaki Corp. (Japan)		400		14,065
IDEX Corp.		30,600		6,986,898
Indutrade AB (Sweden)		820		16,629
Komatsu Ltd. (Japan)		13,800		298,275
PACCAR, Inc.		133,800		13,242,186
Parker-Hannifin Corp.		5,500		1,600,500
Rational AG (Germany)		15		8,907
Sandvik AB (Sweden)		3,185		57,558
Schindler Holding AG (Switzerland)		55		9,919
Spirax-Sarco Engineering PLC (United Kingdom)		222		28,356
Timken Co. (The)		38,700		2,734,929
Volvo AB (Sweden) (Class A Stock)		612		11,620
Volvo AB (Sweden) (Class B Stock)		16,950		306,178
				43,130,080
Marine — 0.0%
AP Moller - Maersk A/S (Denmark) (Class A Stock)		9		19,835
AP Moller - Maersk A/S (Denmark) (Class B Stock)		103		230,577
Kuehne + Nagel International AG (Switzerland)		162		37,662
Nippon Yusen KK (Japan)		1,500		35,371
SITC International Holdings Co. Ltd. (China)		87,000		192,830
				516,275
Media — 0.4%
Comcast Corp. (Class A Stock)		379,700		13,278,109
Dentsu Group, Inc. (Japan)		8,000		250,965
Fox Corp. (Class A Stock)		27,800		844,286
Informa PLC (United Kingdom)		4,560		34,016
Publicis Groupe SA (France)		5,468		349,309
WPP PLC (United Kingdom)		27,300		269,724
				15,026,409
Metals & Mining — 0.2%
ArcelorMittal SA (Luxembourg)		1,528		40,312
BHP Group Ltd. (Australia)		15,916		493,029
BlueScope Steel Ltd. (Australia)		23,757		270,764

SEE NOTES TO FINANCIAL STATEMENTS.

A73

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (cont’d.)
Boliden AB (Sweden)		814	$	30,576
Fortescue Metals Group Ltd. (Australia)		25,375		354,670
Glencore PLC (Australia)		29,055		193,757
Nippon Steel Corp. (Japan)		17,700		307,115
Norsk Hydro ASA (Norway)		3,960		29,591
Pilbara Minerals Ltd. (Australia)*		7,479		18,939
Reliance Steel & Aluminum Co.		3,600		728,784
Rio Tinto Ltd. (Australia)		1,099		86,739
Rio Tinto PLC (Australia)		3,301		232,338
South32 Ltd. (Australia)		14,260		39,096
Steel Dynamics, Inc.		35,300		3,448,810
Sumitomo Metal Mining Co. Ltd. (Japan)		800		28,111
voestalpine AG (Austria)		338		8,953
				6,311,584
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Rithm Capital Corp.		218,800		1,787,596
Multiline Retail — 0.3%
Dollar General Corp.		47,100		11,598,375
Macy’s, Inc.		63,800		1,317,470
Wesfarmers Ltd. (Australia)		350		10,916
				12,926,761
Multi-Utilities — 0.4%
Dominion Energy, Inc.		55,200		3,384,864
DTE Energy Co.		9,400		1,104,782
E.ON SE (Germany)		33,405		332,113
Engie SA (France)		22,305		319,097
NiSource, Inc.		79,900		2,190,858
Sempra Energy		59,600		9,210,584
				16,542,298
Oil, Gas & Consumable Fuels — 2.8%
BP PLC (United Kingdom)		56,782		327,629
Cheniere Energy, Inc.		7,300		1,094,708
Chevron Corp.		162,400		29,149,176
ConocoPhillips		177,800		20,980,400
Diamondback Energy, Inc.		21,100		2,886,058
Eni SpA (Italy)		24,129		343,101
Equinor ASA (Norway)		10,546		379,026
Exxon Mobil Corp.		301,200		33,222,360
Inpex Corp. (Japan)		20,700		222,430
Marathon Petroleum Corp.		47,100		5,481,969
New Fortress Energy, Inc.(a)		23,300		988,386
ONEOK, Inc.		25,100		1,649,070
Pioneer Natural Resources Co.		18,800		4,293,732
Shell PLC (Netherlands)		26,154		737,303
TotalEnergies SE (France)		7,214		452,846
Valero Energy Corp.		89,300		11,328,598
				113,536,792
Paper & Forest Products — 0.0%
Oji Holdings Corp. (Japan)		22,100		89,262
Stora Enso OYJ (Finland) (Class R Stock)		1,700		23,969
				113,231

	Shares		Value
COMMON STOCKS (continued)
Personal Products — 0.0%
Haleon PLC*		15,766	$	62,380
L’Oreal SA (France)		695		248,878
Unilever PLC (United Kingdom)		13,246		668,762
				980,020
Pharmaceuticals — 3.1%
Astellas Pharma, Inc. (Japan)		5,500		83,631
AstraZeneca PLC (United Kingdom)		2,439		330,044
Bayer AG (Germany)		5,617		289,108
Bristol-Myers Squibb Co.		251,700		18,109,815
Chugai Pharmaceutical Co. Ltd. (Japan)		2,000		51,014
Eli Lilly & Co.		24,400		8,926,496
GSK PLC		27,322		472,213
Ipsen SA (France)		2,855		307,086
Jazz Pharmaceuticals PLC*		14,200		2,262,202
Johnson & Johnson		199,148		35,179,494
Kyowa Kirin Co. Ltd. (Japan)		800		18,323
Merck & Co., Inc.		273,900		30,389,205
Merck KGaA (Germany)		725		139,882
Novartis AG (Switzerland)		9,664		874,567
Novo Nordisk A/S (Denmark) (Class B Stock)		4,909		666,719
Ono Pharmaceutical Co. Ltd. (Japan)		2,300		53,759
Orion OYJ (Finland) (Class B Stock)		323		17,708
Pfizer, Inc.		473,600		24,267,264
Roche Holding AG		2,631		826,759
Sanofi (France)		6,691		645,190
Shionogi & Co. Ltd. (Japan)		800		39,914
Takeda Pharmaceutical Co. Ltd. (Japan)		200		6,249
				123,956,642
Professional Services — 0.3%
CoStar Group, Inc.*		126,600		9,783,648
Leidos Holdings, Inc.		18,800		1,977,572
Randstad NV (Netherlands)		359		21,936
RELX PLC (United Kingdom)		5,829		161,160
Wolters Kluwer NV (Netherlands)		3,063		320,498
				12,264,814
Real Estate Management & Development — 0.0%
Aroundtown SA (Germany)		3,078		7,170
Capitaland Investment Ltd. (Singapore)		7,800		21,557
CK Asset Holdings Ltd. (Hong Kong)		6,000		36,799
Daito Trust Construction Co. Ltd. (Japan)		200		20,477
New World Development Co. Ltd. (Hong Kong)		5,000		14,026
Nomura Real Estate Holdings, Inc. (Japan)		3,900		83,393
Opendoor Technologies, Inc.*(a)		1,158,400		1,343,744
Sagax AB (Sweden) (Class B Stock)		574		13,041
Sino Land Co. Ltd. (Hong Kong)		12,000		14,967
Swire Pacific Ltd. (Hong Kong) (Class A Stock)		1,500		13,149
				1,568,323

SEE NOTES TO FINANCIAL STATEMENTS.

A74

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Road & Rail — 0.4%
CSX Corp.		65,800	$	2,038,484
Ryder System, Inc.		31,800		2,657,526
Union Pacific Corp.		58,200		12,051,474
				16,747,484
Semiconductors & Semiconductor Equipment — 3.0%
Analog Devices, Inc.		32,800		5,380,184
ASML Holding NV (Netherlands)		659		359,321
Broadcom, Inc.		51,600		28,851,108
Cirrus Logic, Inc.*(a)		14,400		1,072,512
Disco Corp. (Japan)		100		28,502
Enphase Energy, Inc.*		47,600		12,612,096
Infineon Technologies AG (Germany)		11,332		344,401
Intel Corp.		708,550		18,726,977
KLA Corp.		2,000		754,060
Microchip Technology, Inc.		174,600		12,265,650
NVIDIA Corp.		111,700		16,323,838
NXP Semiconductors NV (China)		29,300		4,630,279
ON Semiconductor Corp.*		25,600		1,596,672
QUALCOMM, Inc.		154,100		16,941,754
Renesas Electronics Corp. (Japan)*		11,700		103,408
STMicroelectronics NV (Singapore)		2,000		71,072
SUMCO Corp. (Japan)		18,500		245,099
				120,306,933
Software — 5.0%
Adobe, Inc.*		42,750		14,386,658
Autodesk, Inc.*		3,900		728,793
Check Point Software Technologies Ltd. (Israel)*		2,200		277,552
Dassault Systemes SE (France)		2,743		98,637
Microsoft Corp.		564,100		135,282,462
Nice Ltd. (Israel)*		104		20,007
Oracle Corp.		71,350		5,832,149
Paycom Software, Inc.*		33,600		10,426,416
Roper Technologies, Inc.		32,700		14,129,343
Sage Group PLC (The) (United Kingdom)		3,008		27,086
SAP SE (Germany)		330		34,070
ServiceNow, Inc.*		18,200		7,066,514
Synopsys, Inc.*		38,700		12,356,523
WiseTech Global Ltd. (Australia)		1,020		35,080
				200,701,290
Specialty Retail — 1.4%
Bath & Body Works, Inc.		196,600		8,284,724
Fast Retailing Co. Ltd. (Japan)		500		304,267
Home Depot, Inc. (The)		61,500		19,425,390
Industria de Diseno Textil SA (Spain)		14,035		372,784
JD Sports Fashion PLC (United Kingdom)		209,959		319,060
Lowe’s Cos., Inc.		44,000		8,766,560
O’Reilly Automotive, Inc.*		6,900		5,823,807
Ross Stores, Inc.		11,500		1,334,805
TJX Cos., Inc. (The)		116,200		9,249,520
Ulta Beauty, Inc.*		1,700		797,419
USS Co. Ltd. (Japan)		700		11,107
				54,689,443

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals — 3.7%
Apple, Inc.		1,044,100	$	135,659,913
Hewlett Packard Enterprise Co.		279,800		4,465,608
Pure Storage, Inc. (Class A Stock)*		241,200		6,454,512
Seiko Epson Corp. (Japan)		17,700		257,518
				146,837,551
Textiles, Apparel & Luxury Goods — 0.3%
Burberry Group PLC (United Kingdom)		1,180		28,688
Cie Financiere Richemont SA (Switzerland) (Class A Stock)		3,470		449,920
Deckers Outdoor Corp.*		10,900		4,350,844
Hermes International (France)		109		168,716
LVMH Moet Hennessy Louis Vuitton SE (France)		821		597,436
NIKE, Inc. (Class B Stock)		16,100		1,883,861
PVH Corp.		89,000		6,282,510
Swatch Group AG (The) (Switzerland)		140		7,280
				13,769,255
Tobacco — 0.3%
Altria Group, Inc.		84,000		3,839,640
British American Tobacco PLC (United Kingdom)		13,687		541,432
Imperial Brands PLC (United Kingdom)		3,425		85,321
Japan Tobacco, Inc. (Japan)		16,900		340,708
Philip Morris International, Inc.		86,900		8,795,149
				13,602,250
Trading Companies & Distributors — 0.2%
AerCap Holdings NV (Ireland)*		400		23,328
Ashtead Group PLC (United Kingdom)		2,478		140,762
Brenntag SE (Germany)		3,293		210,011
Bunzl PLC (United Kingdom)		957		31,840
IMCD NV (Netherlands)		165		23,602
ITOCHU Corp. (Japan)		11,400		357,649
Marubeni Corp. (Japan)		13,300		152,364
Mitsubishi Corp. (Japan)		7,700		249,979
MonotaRO Co. Ltd. (Japan)		800		11,269
Sumitomo Corp. (Japan)		3,200		53,194
Toyota Tsusho Corp. (Japan)		7,200		264,847
Univar Solutions, Inc.*(a)		39,600		1,259,280
W.W. Grainger, Inc.(a)		7,700		4,283,125
WESCO International, Inc.*		10,400		1,302,080
				8,363,330
Water Utilities — 0.1%
American Water Works Co., Inc.(a)		39,000		5,944,380
Wireless Telecommunication Services — 0.2%
KDDI Corp. (Japan)		4,600		139,504
T-Mobile US, Inc.*		46,300		6,482,000
				6,621,504
TOTAL COMMON STOCKS (cost $1,883,495,035)				2,388,018,320
EXCHANGE-TRADED FUND — 0.0%
iShares MSCI EAFE ETF(a)		2,688		176,440
(cost $147,366)

SEE NOTES TO FINANCIAL STATEMENTS.

A75

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
PREFERRED STOCKS — 0.0%
Automobiles — 0.0%
Bayerische Motoren Werke AG (Germany) (PRFC)		151	$	12,743
Porsche Automobil Holding SE (Germany) (PRFC)		3,802		207,346
Volkswagen AG (Germany) (PRFC)		85		10,544
				230,633
Banks — 0.0%
Citigroup Capital XIII, 10.785%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40(a)		22,000		624,800
TOTAL PREFERRED STOCKS (cost $817,282)				855,433

Interest     Rate	Maturity       Date	Principal       Amount (000)#
ASSET-BACKED SECURITIES — 6.8%
Automobiles — 1.8%
AmeriCredit Automobile Receivables Trust,
Series 2019-02, Class C
2.740%	04/18/25		1,682	1,665,418
Series 2019-03, Class C
2.320%	07/18/25		3,400	3,339,022
Series 2021-02, Class C
1.010%	01/19/27		1,300	1,181,916
Series 2021-03, Class C
1.410%	08/18/27		1,300	1,170,524
Avis Budget Rental Car Funding AESOP LLC,
Series 2019-02A, Class A, 144A
3.350%	09/22/25		3,000	2,898,535
Series 2019-03A, Class A, 144A
2.360%	03/20/26		4,000	3,722,835
Series 2020-01A, Class A, 144A
2.330%	08/20/26		1,800	1,665,631
Series 2021-01A, Class A, 144A
1.380%	08/20/27		3,500	3,047,295
Series 2021-02A, Class A, 144A
1.660%	02/20/28		3,700	3,201,567
Series 2022-01A, Class A, 144A
3.830%	08/21/28		4,200	3,998,247
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%	02/16/27		1,100	994,268
Series 2021-04, Class C
1.380%	07/15/27		800	703,733
Ford Auto Securitization Trust (Canada),
Series 2020-AA, Class A3, 144A
1.153%	11/15/25	CAD	3,600	2,526,833
Ford Credit Auto Owner Trust,
Series 2018-01, Class A, 144A
3.190%	07/15/31		2,500	2,388,020
Series 2019-01, Class A, 144A
3.520%	07/15/30		5,000	4,902,221
Series 2020-01, Class A, 144A
2.040%	08/15/31		3,600	3,376,925

Interest     Rate	Maturity       Date	Principal         Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Automobiles (cont’d.)
Series 2020-02, Class A, 144A
1.060%	04/15/33		1,300	$	1,164,033
Series 2021-02, Class B, 144A
1.910%	05/15/34		500		429,688
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%	06/12/34		200		170,308
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%	12/27/27		1,900		1,653,675
Hertz Vehicle Financing LLC,
Series 2021-01A, Class A, 144A
1.210%	12/26/25		2,100		1,940,157
Series 2022-02A, Class A, 144A
2.330%	06/26/28		4,700		4,119,677
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%	09/14/27		6,300		6,046,553
Series 2021-01A, Class B, 144A
1.260%	07/14/28		2,600		2,262,796
Santander Drive Auto Receivables Trust,
Series 2020-02, Class C
1.460%	09/15/25		188		187,764
Series 2020-03, Class C
1.120%	01/15/26		1,151		1,140,672
Series 2020-04, Class C
1.010%	01/15/26		1,004		993,295
Series 2021-02, Class C
0.900%	06/15/26		1,100		1,070,065
Series 2021-02, Class D
1.350%	07/15/27		2,300		2,150,365
Series 2021-03, Class C
0.950%	09/15/27		2,000		1,923,688
Series 2021-04, Class C
1.260%	02/16/27		2,700		2,566,391
Series 2022-01, Class C
2.560%	04/17/28		1,600		1,528,550
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%	11/15/27		600		546,203
					70,676,870
Collateralized Loan Obligations — 4.2%
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
5.179%(c)	10/17/32		5,000		4,906,602
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	07/20/34		3,750		3,651,449
Battalion CLO Ltd. (Cayman Islands),
Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)
5.495%(c)	01/25/35		700		681,877

SEE NOTES TO FINANCIAL STATEMENTS.

A76

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)
4.949%(c)	07/15/29		802	$	794,593
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
1.978%(c)	04/15/31	EUR	3,000		3,108,690
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)
5.079%(c)	07/15/30		2,984		2,954,223
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
2.368%(c)	10/15/35	EUR	5,000		5,114,109
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%)
5.323%(c)	01/20/32		9,750		9,569,532
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.279%(c)	10/17/31		9,750		9,629,850
Elevation CLO Ltd. (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)
5.359%(c)	07/15/29		415		410,073
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
5.089%(c)	04/15/31		2,000		1,973,774
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)
5.336%(c)	04/26/31		4,000		3,922,140
HPS Loan Management Ltd. (Cayman Islands),
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
5.532%(c)	02/05/31		248		245,499
ICG US CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)
5.367%(c)	10/19/28		6,762		6,670,854
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)
5.713%(c)	04/20/32		5,750		5,677,118
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/34		4,875		4,731,409
Jefferson Mill CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 0.000%)
5.418%(c)	10/20/31		6,729		6,556,862

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
KKR Static CLO Ltd. (Cayman Islands),
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%)
6.738%(c)	10/20/31		5,500	$	5,498,245
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
5.398%(c)	04/21/31		2,371		2,325,755
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
5.956%(c)	06/20/34		9,500		9,193,408
Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)
5.854%(c)	09/01/31		5,750		5,652,594
Octagon Investment Partners 31 Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)
5.293%(c)	07/20/30		3,500		3,451,607
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
5.665%(c)	10/30/30		1,484		1,461,534
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)
5.209%(c)	01/17/31		1,500		1,484,889
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
5.179%(c)	07/16/31		2,350		2,318,764
Palmer Square European CLO DAC (Ireland),
Series 2022-02A, Class A1, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%)
4.184%(c)	01/15/36	EUR	7,500		8,012,591
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%)
5.243%(c)	10/20/31		8,750		8,524,065
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.896%(c)	06/20/34		5,500		5,380,460
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)
5.533%(c)	07/25/31		1,000		978,927
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)
5.397%(c)	01/26/31		4,250		4,201,215
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.538%(c)	07/25/34		6,750		6,570,858
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)
5.319%(c)	01/17/30		2,126		2,093,549

SEE NOTES TO FINANCIAL STATEMENTS.

A77

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity     Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
TICP CLO Ltd. (Cayman Islands),
Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%)
5.083%(c)	04/20/28		1,239	$	1,233,231
Toro European CLO DAC (Ireland),
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
2.533%(c)	07/25/34	EUR	4,500		4,613,926
Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
5.703%(c)	07/20/32		3,000		2,938,283
TSTAT Ltd. (Bermuda),
Series 2022-02A, Class A1, 144A
0.000%(cc)	01/20/31		8,750		8,736,241
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)
4.959%(c)	07/15/27		53		52,905
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.229%(c)	01/17/31		2,750		2,697,151
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
5.179%(c)	07/17/31		3,500		3,426,792
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/31		5,750		5,592,771
					167,038,415
Consumer Loans — 0.3%
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A
2.780%	04/20/28		2,516		2,441,629
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A
3.840%	05/14/32		540		536,169
Series 2020-02A, Class A, 144A
1.750%	09/14/35		2,900		2,533,354
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
4.567%(c)	06/16/36		2,800		2,675,328
Series 2022-02A, Class A, 144A
4.890%	10/14/34		2,050		2,001,160
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A
1.210%	03/08/28		1,300		1,210,532
					11,398,172
Equipment — 0.2%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A
2.720%	06/15/40		2,619		2,545,323
Series 2018-A, Class A5, 144A
3.610%	03/10/42		800		776,659
Series 2019-A, Class A5, 144A
3.080%	11/12/41		2,500		2,414,217

Interest     Rate	Maturity       Date	Principal       Amount (000)#			Value
ASSET-BACKED SECURITIES (continued)
Equipment (cont’d.)
Series 2019-B, Class A5, 144A
2.290%	11/12/41		2,400		$	2,190,774
						7,926,973
Other — 0.1%
Home Partners of America Trust,
Series 2021-03, Class A, 144A
2.200%	01/17/41		1,289			1,084,934
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)
7.189%(c)	06/25/24		3,250			3,040,823
						4,125,757
Residential Mortgage-Backed Securities — 0.0%
Long Beach Mortgage Loan Trust,
Series 2004-02, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.795%)
5.184%(c)	06/25/34		111			105,649
TFS (Spain),
Series 2018-03, Class A1
0.000%(s)	04/16/40^	EUR	—	(r)		1,595
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
4.686%(c)	04/16/23^	EUR	1,239			1,257,458
						1,364,702
Student Loans — 0.2%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A
2.680%	09/25/42		722			664,650
Series 2018-AGS, Class A1, 144A
3.210%	02/25/44		527			488,251
Series 2018-CGS, Class A1, 144A
3.870%	02/25/46		153			147,070
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A
2.810%	11/25/42		113			110,591
Series 2018-B, Class A2FX, 144A
3.540%	05/26/43		219			214,863
Series 2019-A, Class A2FX, 144A
2.730%	10/25/48		268			260,291
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A
3.190%	02/18/42		245			243,520
Series 2018-CA, Class A2, 144A
3.520%	06/16/42		243			238,074
Series 2019-CA, Class A2, 144A
3.130%	02/15/68		839			792,704
Series 2020-BA, Class A2, 144A
2.120%	01/15/69		862			782,266
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%)
4.919%(c)	05/25/70		1,879			1,828,974
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%	06/15/48		694			670,527

SEE NOTES TO FINANCIAL STATEMENTS.

A78

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Series 2019-B, Class A2FX, 144A
3.090%	08/17/48		843	$	792,445
Series 2019-C, Class A2FX, 144A
2.370%	11/16/48		1,277		1,185,705
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%	08/25/47		769		744,938
Series 2020-A, Class A2FX, 144A
2.540%	05/15/46		1,657		1,499,162
					10,664,031
TOTAL ASSET-BACKED SECURITIES (cost $284,801,040)					273,194,920
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.9%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF03, Class A3, 144A
2.168%	10/15/54		8,000		6,758,173
Series 2021-MF03, Class ASB, 144A
2.378%	10/15/54		3,800		3,221,855
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A
3.172%	05/15/49		4,000		3,811,674
BANK,
Series 2017-BNK04, Class A3
3.362%	05/15/50		6,465		5,997,078
Series 2021-BN35, Class A3
1.717%	06/15/64		4,900		4,093,710
Series 2021-BN35, Class ASB
2.067%	06/15/64		3,200		2,698,236
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%	12/15/51		5,400		5,079,608
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%	04/10/51		5,000		4,675,742
Series 2018-B08, Class A4
3.963%	01/15/52		6,700		6,345,254
Series 2021-B24, Class A3
2.010%	03/15/54		2,900		2,484,167
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%	01/15/44		7,750		5,793,669
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%	11/15/52		8,000		7,440,850
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4
3.575%	05/10/47		831		810,447
Series 2014-GC23, Class A3
3.356%	07/10/47		1,549		1,493,230
Series 2016-C01, Class A3
2.944%	05/10/49		5,000		4,625,487
Series 2016-GC37, Class A3
3.050%	04/10/49		3,560		3,325,912
Series 2017-P07, Class A3
3.442%	04/14/50		5,116		4,763,389

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust,
Series 2014-CR18, Class A4
3.550%	07/15/47		2,325	$	2,250,964
Series 2014-CR20, Class A3
3.326%	11/10/47		4,131		3,937,943
Series 2015-CR27, Class A3
3.349%	10/10/48		5,914		5,592,947
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%	11/15/48		2,979		2,829,344
Series 2017-C08, Class A3
3.127%	06/15/50		5,129		4,605,736
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO
1.346%(cc)	03/25/26		12,902		448,364
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)
5.054%(c)	11/21/35		1,534		1,427,198
GS Mortgage Securities Trust,
Series 2015-GC28, Class A4
3.136%	02/10/48		3,684		3,529,279
Series 2015-GC32, Class A3
3.498%	07/10/48		5,265		5,021,002
Series 2016-GS03, Class A3
2.592%	10/10/49		5,387		4,891,060
Series 2016-GS04, Class A3
3.178%	11/10/49		5,219		4,809,649
Series 2020-GSA02, Class A4
1.721%	12/12/53		6,000		4,706,895
Series 2021-GSA03, Class A4
2.369%	12/15/54		5,800		4,610,678
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A4A1
3.408%	11/15/47		676		648,657
Series 2015-C27, Class A3A1
2.920%	02/15/48		4,774		4,490,625
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month LIBOR + 1.351% (Cap N/A, Floor 1.351%)
5.669%(c)	04/15/38		3,000		2,867,436
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3
2.791%	11/15/49		3,000		2,722,882
Series 2016-UB11, Class A3
2.531%	08/15/49		10,155		9,129,480
Series 2018-H04, Class A3
4.043%	12/15/51		1,900		1,786,266
Series 2019-H07, Class A2
2.492%	07/15/52		13,500		12,834,981
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%	08/15/50		3,246		3,092,202
Series 2017-C05, Class A4
3.212%	11/15/50		6,750		6,218,127
Series 2018-C09, Class A3
3.854%	03/15/51		2,500		2,329,999

SEE NOTES TO FINANCIAL STATEMENTS.

A79

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2018-C14, Class A3
4.180%	12/15/51		3,829	$	3,606,806
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%	11/15/49		8,000		7,353,926
Series 2017-C38, Class A4
3.190%	07/15/50		4,440		4,062,524
Series 2018-C48, Class A4
4.037%	01/15/52		7,000		6,595,366
Series 2020-C58, Class A3
1.810%	07/15/53		7,100		5,644,324
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $218,017,268)					195,463,141
CORPORATE BONDS — 9.5%
Aerospace & Defense — 0.2%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%	02/04/26		2,160		1,963,271
3.300%	03/01/35		2,900		2,150,647
3.900%	05/01/49		2,175		1,533,117
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes
5.050%	06/15/25		906		878,990
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A
5.696%	09/16/23		950		948,575
Lockheed Martin Corp.,
Sr. Unsec’d. Notes
5.700%	11/15/54		805		853,692
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
4.125%	11/16/28		1,270		1,217,078
					9,545,370
Agriculture — 0.3%
Altria Group, Inc.,
Gtd. Notes
3.400%	02/04/41		2,545		1,688,778
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%	03/25/28		5,140		4,277,955
3.557%	08/15/27		395		359,682
BAT International Finance PLC (United Kingdom),
Gtd. Notes
4.448%	03/16/28		1,500		1,386,204
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
5.625%	11/17/29(a)		1,885		1,919,777
5.750%	11/17/32		780		797,810
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%	02/01/29		1,250		1,084,814
					11,515,020

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Airlines — 0.1%
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.375%	11/01/28		2,040	$	1,700,863
Continental Airlines 2012-2 Class A Pass-Through Trust,
Pass-Through Certificates
4.000%	04/29/26		389		371,323
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%	06/15/27		905		894,697
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	04/15/26		840		782,355
4.625%	04/15/29		165		143,998
					3,893,236
Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%	08/15/29		725		548,974
Auto Manufacturers — 0.3%
Daimler Trucks Finance North America LLC (Germany),
Gtd. Notes, 144A
1.625%	12/13/24		5,350		4,975,276
Ford Motor Co.,
Sr. Unsec’d. Notes
5.291%	12/08/46		1,220		938,179
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%	02/16/28		200		165,260
General Motors Co.,
Sr. Unsec’d. Notes
6.250%	10/02/43		980		908,089
6.600%	04/01/36		760		745,324
General Motors Financial Co., Inc.,
Gtd. Notes
3.950%	04/13/24		2,800		2,744,859
					10,476,987
Banks — 2.8%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes
1.849%	03/25/26		1,000		884,245
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
5.039%(c)	04/12/23		800		799,373
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)	06/20/24(a)(oo)		1,665		1,551,888
Sr. Unsec’d. Notes, MTN
1.898%(ff)	07/23/31		2,600		1,998,998
2.496%(ff)	02/13/31		3,085		2,506,273
3.824%(ff)	01/20/28		955		891,541
4.271%(ff)	07/23/29		510		476,371
Sr. Unsec’d. Notes, Series N
1.658%(ff)	03/11/27(a)		2,550		2,253,377
Sub. Notes, MTN
4.000%	01/22/25		2,000		1,957,627
4.450%	03/03/26		8,455		8,283,658

SEE NOTES TO FINANCIAL STATEMENTS.

A80

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Bank of America NA,
Sub. Notes
6.000%	10/15/36		410	$	420,355
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%	03/16/25		850		815,854
3.932%(ff)	05/07/25		585		567,975
Sr. Unsec’d. Notes, MTN
4.972%(ff)	05/16/29		3,825		3,592,760
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
1.323%(ff)	01/13/27		1,800		1,569,596
2.219%(ff)	06/09/26		680		625,169
2.591%(ff)	01/20/28		1,130		994,414
3.132%(ff)	01/20/33		1,505		1,183,057
Citigroup, Inc.,
Jr. Sub. Notes, Series V
4.700%(ff)	01/30/25(oo)		1,400		1,165,767
Sr. Unsec’d. Notes
2.561%(ff)	05/01/32		1,260		994,922
3.200%	10/21/26		1,870		1,733,422
3.700%	01/12/26		6,180		5,946,306
Sub. Notes
4.450%	09/29/27		5,965		5,697,685
4.750%	05/18/46		820		678,354
Credit Agricole SA (France),
Sr. Unsec’d. Notes, 144A
1.247%(ff)	01/26/27		1,495		1,309,082
Sr. Unsec’d. Notes, 144A, MTN
1.907%(ff)	06/16/26		1,160		1,057,622
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes
4.550%	04/17/26		9,000		7,950,766
Sr. Unsec’d. Notes, 144A
2.193%(ff)	06/05/26		1,560		1,326,564
3.091%(ff)	05/14/32		885		609,028
4.282%	01/09/28		1,370		1,130,939
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes
2.129%(ff)	11/24/26		440		387,893
Discover Bank,
Sr. Unsec’d. Notes
4.250%	03/13/26		970		927,790
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
3.500%	01/23/25		4,100		3,967,073
3.750%	02/25/26		1,010		973,369
3.814%(ff)	04/23/29		540		491,287
3.850%	01/26/27		2,910		2,770,734
Sub. Notes
6.750%	10/01/37		104		110,765
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH
4.600%(ff)	02/01/25(oo)		1,645		1,460,640
Jr. Sub. Notes, Series II
4.000%(ff)	04/01/25(a)(oo)		1,045		892,340

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes
3.782%(ff)	02/01/28		695	$	650,072
3.964%(ff)	11/15/48		3,250		2,544,315
4.005%(ff)	04/23/29		2,170		2,010,122
4.452%(ff)	12/05/29		3,350		3,149,335
Sub. Notes
3.875%	09/10/24(a)		3,775		3,692,651
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN
2.239%(ff)	07/21/32		630		482,687
3.772%(ff)	01/24/29		8,775		8,031,274
3.875%	01/27/26		675		653,689
4.431%(ff)	01/23/30		515		480,791
Sr. Unsec’d. Notes, MTN
3.591%(ff)	07/22/28		1,255		1,153,527
Sub. Notes, GMTN
4.350%	09/08/26		3,825		3,717,825
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A
1.488%(ff)	12/14/26		4,400		3,830,401
State Bank of India (India),
Sr. Unsec’d. Notes, 144A
4.375%	01/24/24		1,925		1,897,087
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%
9.254%(c)	09/30/24		2,670		2,587,872
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN
2.572%(ff)	02/11/31		4,175		3,453,082
					111,289,609
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.900%	02/01/46		620		567,361
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.600%	04/15/48		360		316,895
8.000%	11/15/39		1,285		1,568,547
8.200%	01/15/39		250		310,738
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%	08/01/31(a)		1,015		805,655
Keurig Dr. Pepper, Inc.,
Gtd. Notes
4.500%	04/15/52		2,291		1,919,767
					5,488,963
Biotechnology — 0.1%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.800%	08/15/41		4,050		2,811,171
Building Materials — 0.0%
Masonite International Corp.,
Gtd. Notes, 144A
3.500%	02/15/30		550		442,750

SEE NOTES TO FINANCIAL STATEMENTS.

A81

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Building Materials (cont’d.)
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%	07/15/30		760	$	622,558
4.750%	01/15/28		700		629,921
					1,695,229
Chemicals — 0.1%
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%	11/15/42		95		78,547
6.900%	05/15/53		35		38,180
9.400%	05/15/39		155		204,592
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%	06/01/24		1,300		1,256,125
Sasol Financing USA LLC (South Africa),
Gtd. Notes
5.875%	03/27/24		700		682,500
6.500%	09/27/28		670		607,355
					2,867,299
Commercial Services — 0.1%
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%	11/01/46		975		759,960
6.700%	06/01/34		420		442,035
7.000%	10/15/37		380		414,028
Massachusetts Institute of Technology,
Unsec’d. Notes
3.885%	07/01/2116		1,500		1,087,083
United Rentals North America, Inc.,
Gtd. Notes
3.750%	01/15/32		325		265,477
4.875%	01/15/28(a)		1,190		1,127,538
5.250%	01/15/30		385		361,583
University of Miami,
Sr. Unsec’d. Notes, Series 2022
4.063%	04/01/52		1,170		960,638
					5,418,342
Diversified Financial Services — 0.2%
BOC Aviation USA Corp. (Singapore),
Gtd. Notes, 144A, MTN
1.625%	04/29/24		670		636,143
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.500%	04/14/27		4,985		4,628,201
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A
3.150%	07/24/24		480		467,863
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%	07/14/31		2,055		1,584,595
OneMain Finance Corp.,
Gtd. Notes
8.250%	10/01/23		1,600		1,608,447

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%	06/15/25		330	$	317,764
					9,243,013
Electric — 0.9%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%	04/29/28		525		465,216
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%	09/27/51		628		477,055
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%	10/01/36		550		587,572
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%	05/15/37		305		315,574
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%	03/01/31		2,000		1,617,172
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%	03/15/33		590		662,771
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%	05/15/29		1,400		1,231,825
Commonwealth Edison Co.,
First Mortgage, Series 123
3.750%	08/15/47		1,610		1,258,294
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%	07/01/31		3,255		2,624,674
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%	12/01/39		220		215,385
Duke Energy Carolinas LLC,
First Mortgage
6.050%	04/15/38		550		580,514
First Ref. Mortgage
4.000%	09/30/42		570		471,170
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%	05/15/35		670		651,279
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.250%	07/12/31		2,140		1,559,463
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A
3.400%	01/28/30		400		324,825
Florida Power & Light Co.,
First Mortgage
5.950%	10/01/33		295		311,989
Iberdrola International BV (Spain),
Gtd. Notes
6.750%	09/15/33		145		151,209

SEE NOTES TO FINANCIAL STATEMENTS.

A82

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Indiana Michigan Power Co.,
Sr. Unsec’d. Notes
3.850%	05/15/28(a)		2,910	$	2,742,866
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%	08/14/28		470		440,419
Monongahela Power Co.,
First Mortgage, 144A
4.100%	04/15/24		2,170		2,133,351
Northern States Power Co.,
First Mortgage
3.600%	09/15/47		1,580		1,222,481
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%	02/15/31		75		57,385
3.875%	02/15/32		200		150,789
Sr. Sec’d. Notes, 144A
2.000%	12/02/25		320		285,175
2.450%	12/02/27		1,395		1,157,054
PacifiCorp,
First Mortgage
5.350%	12/01/53		3,010		3,011,035
PECO Energy Co.,
First Mortgage
2.800%	06/15/50		1,110		732,771
Public Service Electric & Gas Co.,
First Mortgage, MTN
2.050%	08/01/50		1,005		561,599
3.700%	05/01/28		1,280		1,219,447
4.900%	12/15/32		1,050		1,052,240
Sr. Sec’d. Notes, MTN
5.800%	05/01/37		535		556,609
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%	08/15/30		710		551,588
Puget Energy, Inc.,
Sr. Sec’d. Notes
2.379%	06/15/28		1,115		950,678
San Diego Gas & Electric Co.,
First Mortgage
4.150%	05/15/48		1,400		1,177,295
Southern California Edison Co.,
First Ref. Mortgage
4.000%	04/01/47		580		455,401
First Ref. Mortgage, Series C
3.600%	02/01/45		860		619,052
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%	07/31/27		725		674,691
Sr. Sec’d. Notes, 144A
3.550%	07/15/24		2,135		2,048,843
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%	09/15/41		480		418,273
					35,725,029

Interest       Rate	Maturity       Date	Principal     Amount (000)#		Value
CORPORATE BONDS (continued)
Engineering & Construction — 0.0%
AECOM,
Gtd. Notes
5.125%	03/15/27(a)		700	$	677,589
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
3.875%	04/30/28		500		455,250
5.500%	07/31/47		800		616,000
					1,748,839
Entertainment — 0.0%
Warnermedia Holdings, Inc.,
Gtd. Notes, 144A
5.050%	03/15/42		865		665,186
5.141%	03/15/52		810		594,770
5.391%	03/15/62		405		296,685
					1,556,641
Foods — 0.2%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A
5.125%	02/01/28		2,000		1,897,115
Kraft Heinz Foods Co.,
Gtd. Notes
6.500%	02/09/40		1,420		1,503,662
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%	01/31/30		300		265,443
4.375%	01/31/32		875		764,235
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%	07/16/40		660		447,793
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
5.875%	09/30/27		1,625		1,592,400
					6,470,648
Gas — 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%	02/15/31		915		696,854
3.490%	05/15/27		1,415		1,333,721
3.600%	05/01/30		1,270		1,132,286
					3,162,861
Healthcare-Products — 0.1%
DH Europe Finance II Sarl,
Gtd. Notes
1.350%	09/18/39	EUR	1,635		1,182,911
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29		675		544,022
Medtronic Global Holdings SCA,
Gtd. Notes
1.625%	03/07/31	EUR	100		91,081
2.250%	03/07/39	EUR	400		330,001
					2,148,015

SEE NOTES TO FINANCIAL STATEMENTS.

A83

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services — 0.2%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%	06/15/36		515	$	548,254
Elevance Health, Inc.,
Sr. Unsec’d. Notes
4.625%	05/15/42		390		354,757
HCA, Inc.,
Gtd. Notes
5.375%	02/01/25		305		304,671
Gtd. Notes, MTN
7.750%	07/15/36		450		492,891
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%	05/01/47		940		798,043
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A
2.532%	10/01/29		765		643,616
Tenet Healthcare Corp.,
Sr. Sec’d. Notes, 144A
4.375%	01/15/30		625		541,495
6.125%	06/15/30		325		309,535
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
3.250%	05/15/51		1,000		720,738
5.875%	02/15/53(a)		1,430		1,552,610
6.050%	02/15/63		915		1,007,551
					7,274,161
Home Builders — 0.0%
KB Home,
Gtd. Notes
4.000%	06/15/31(a)		575		464,528
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%	06/15/27		525		505,229
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A
5.625%	03/01/24		800		794,000
					1,763,757
Housewares — 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.450%	04/01/26		275		260,212
4.875%	06/01/25		1,420		1,385,336
					1,645,548
Insurance — 0.1%
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%	10/15/50		1,215		855,744
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%	10/09/37		772		757,679
Markel Corp.,
Sr. Unsec’d. Notes
4.150%	09/17/50		410		313,216

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Insurance (cont’d.)
5.000%	03/30/43		200	$	171,671
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%	11/15/39		660		734,930
Principal Financial Group, Inc.,
Gtd. Notes
4.625%	09/15/42		130		108,694
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%	05/15/47		1,450		1,198,282
6.850%	12/16/39		124		136,319
					4,276,535
Media — 0.3%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.500%	05/01/26		750		726,355
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%	06/01/52		580		365,819
5.375%	04/01/38		1,950		1,638,548
6.384%	10/23/35		875		854,529
6.484%	10/23/45		1,386		1,256,071
Comcast Corp.,
Gtd. Notes
3.950%	10/15/25		225		220,271
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%	06/15/31		5,275		4,196,787
CSC Holdings LLC,
Gtd. Notes, 144A
4.500%	11/15/31		1,400		973,000
Paramount Global,
Sr. Unsec’d. Notes
5.250%	04/01/44		1,450		1,117,268
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%	09/01/41		360		300,669
					11,649,317
Mining — 0.1%
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN
4.763%	04/14/27		215		206,155
Yamana Gold, Inc. (Canada),
Gtd. Notes
2.630%	08/15/31		3,050		2,289,865
					2,496,020
Miscellaneous Manufacturing — 0.0%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%	07/01/27		1,200		1,146,223

SEE NOTES TO FINANCIAL STATEMENTS.

A84

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
2.750%	01/06/23		315	$	314,843
Office/Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%	12/01/26		1,810		1,609,481
5.500%	12/01/24		700		697,477
					2,306,958
Oil & Gas — 0.4%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%	07/15/31		755		614,209
Sr. Unsec’d. Notes, 144A
3.750%	01/15/30		3,250		2,849,976
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%	06/15/47		1,200		1,083,678
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%	07/15/41		300		280,283
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%	04/29/30		637		576,485
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	01/30/28		500		478,759
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
4.500%	03/30/24		570		548,910
4.875%	03/30/26		795		729,562
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
6.000%	04/15/30		400		357,964
6.250%	04/15/32		500		429,556
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%	04/24/25		550		529,478
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.450%	09/15/36		1,155		1,178,327
Petroleos Mexicanos (Mexico),
Gtd. Notes
5.950%	01/28/31		2,146		1,622,376
6.490%	01/23/27		471		430,023
6.500%	03/13/27		330		299,887
Gtd. Notes, MTN
6.750%	09/21/47		313		199,343
6.875%	08/04/26(a)		670		636,835
QatarEnergy Trading LLC (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%	09/12/26		2,159		1,908,421
2.250%	07/12/31		820		676,654
					15,430,726

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Packaging & Containers — 0.1%
Ball Corp.,
Gtd. Notes
3.125%	09/15/31(a)		425	$	341,168
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%	01/15/26		5,135		4,585,078
Graphic Packaging International LLC,
Gtd. Notes
4.125%	08/15/24		625		611,256
					5,537,502
Pharmaceuticals — 0.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes
3.800%	03/15/25		1,175		1,145,417
4.250%	11/21/49		1,750		1,470,993
4.500%	05/14/35		1,910		1,778,118
4.550%	03/15/35		2,190		2,047,276
4.700%	05/14/45		1,460		1,304,196
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%	12/15/25		1,600		1,553,753
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
3.734%	12/15/24		130		126,745
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
4.125%	06/15/39		410		365,526
Cigna Corp.,
Gtd. Notes
4.375%	10/15/28		9,285		8,956,525
CVS Health Corp.,
Sr. Unsec’d. Notes
4.780%	03/25/38		3,810		3,490,992
5.300%	12/05/43		250		234,155
Mylan, Inc.,
Gtd. Notes
5.200%	04/15/48		1,375		1,029,500
5.400%	11/29/43		845		669,376
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%	04/30/28		900		796,877
Viatris, Inc.,
Gtd. Notes
3.850%	06/22/40		470		314,976
Wyeth LLC,
Gtd. Notes
6.450%	02/01/24		60		60,957
Zoetis, Inc.,
Sr. Unsec’d. Notes
5.600%	11/16/32(a)		2,658		2,757,835
					28,103,217
Pipelines — 0.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.750%	01/15/28		750		698,919

SEE NOTES TO FINANCIAL STATEMENTS.

A85

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
Boardwalk Pipelines LP,
Gtd. Notes
3.400%	02/15/31		1,625	$	1,360,441
DCP Midstream Operating LP,
Gtd. Notes
5.125%	05/15/29		5,240		5,051,994
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%	12/15/44		65		53,403
EIG Pearl Holdings Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
3.545%	08/31/36		1,429		1,198,395
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%	06/15/28		1,115		1,076,978
5.000%	05/15/50		965		779,057
6.125%	12/15/45		180		166,916
6.250%	04/15/49		450		420,249
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%	06/01/27		50		48,984
7.500%	06/01/30		50		48,199
Kinder Morgan, Inc.,
Gtd. Notes
3.600%	02/15/51		2,260		1,562,321
MPLX LP,
Sr. Unsec’d. Notes
2.650%	08/15/30		595		482,741
4.000%	02/15/25		1,430		1,385,696
4.000%	03/15/28		1,385		1,290,081
4.875%	06/01/25		3,250		3,212,549
5.200%	03/01/47		40		34,004
5.500%	02/15/49		395		349,403
ONEOK Partners LP,
Gtd. Notes
6.650%	10/01/36		145		145,591
ONEOK, Inc.,
Gtd. Notes
3.100%	03/15/30		5,205		4,367,494
4.500%	03/15/50		295		221,328
4.950%	07/13/47		935		758,923
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		115		100,685
4.125%	08/15/31		90		76,726
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%	03/01/48		125		103,498
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%	01/15/45		1,000		850,493
5.100%	09/15/45		500		437,342
5.300%	08/15/52		290		261,240
					26,543,650

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) — 0.3%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
2.000%	05/18/32		1,815	$	1,396,565
Corporate Office Properties LP,
Gtd. Notes
2.900%	12/01/33		1,345		947,495
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%	04/15/26		1,050		1,035,357
Kimco Realty Corp.,
Sr. Unsec’d. Notes
2.700%	10/01/30		3,480		2,839,853
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31		950		653,570
5.000%	10/15/27(a)		400		336,601
Public Storage,
Sr. Unsec’d. Notes
2.250%	11/09/31		1,288		1,038,640
Realty Income Corp.,
Sr. Unsec’d. Notes
3.250%	01/15/31		3,235		2,805,529
Sun Communities Operating LP,
Gtd. Notes
2.700%	07/15/31		3,000		2,361,943
					13,415,553
Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%	01/15/28(a)		675		608,344
AutoZone, Inc.,
Sr. Unsec’d. Notes
1.650%	01/15/31		770		596,015
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%	05/15/25		4,705		4,594,965
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%	10/01/29		275		195,695
3.875%	10/01/31		275		194,008
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%	12/01/25		1,375		1,324,432
					7,513,459
Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A
3.137%	11/15/35		320		234,770
3.187%	11/15/36		4,445		3,208,131
					3,442,901
Software — 0.1%
Microsoft Corp.,
Sr. Unsec’d. Notes
2.525%	06/01/50		1,425		949,631

SEE NOTES TO FINANCIAL STATEMENTS.

A86

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Software (cont’d.)
ServiceNow, Inc.,
Sr. Unsec’d. Notes
1.400%	09/01/30		2,055	$	1,565,843
					2,515,474
Telecommunications — 0.5%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.550%	12/01/33		576		442,944
3.500%	09/15/53		5,308		3,611,401
3.650%	09/15/59		160		108,315
4.300%	02/15/30		615		578,335
4.500%	05/15/35		545		495,686
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A
3.400%	03/01/27		300		254,156
T-Mobile USA, Inc.,
Gtd. Notes
2.550%	02/15/31		1,385		1,128,673
3.875%	04/15/30		8,000		7,261,805
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
2.550%	03/21/31		1,600		1,316,796
2.650%	11/20/40		1,575		1,063,150
4.016%	12/03/29		1,900		1,778,120
					18,039,381
Transportation — 0.0%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%	08/01/28		670		706,316
CSX Corp.,
Sr. Unsec’d. Notes
6.150%	05/01/37		715		763,055
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%	05/17/25		100		100,820
					1,570,191
TOTAL CORPORATE BONDS (cost $427,200,239)					380,590,662
MUNICIPAL BONDS — 0.3%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%	09/15/32		240		222,315
California — 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%	04/01/49		1,325		1,525,504
Taxable, Revenue Bonds
2.574%	04/01/31		1,210		1,056,538
State of California,
General Obligation Unlimited, BABs
7.300%	10/01/39		1,270		1,541,060

Interest       Rate	Maturity     Date	Principal       Amount (000)#		Value
MUNICIPAL BONDS (continued)
California (cont’d.)
General Obligation Unlimited, Taxable, BABs
7.500%	04/01/34		475	$	576,293
7.625%	03/01/40		215		270,652
7.550%	04/01/39		245		309,513
					5,279,560
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%	11/01/50		680		732,260
Illinois — 0.0%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%	01/01/40		1,030		1,147,609
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%	01/01/40		1,070		1,323,293
New York — 0.0%
New York City Transitional Finance Authority Future Tax Secured Revenue,
Taxable, Revenue Bonds, BABs
5.767%	08/01/36		1,075		1,111,228
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%	06/01/40		455		460,056
Ohio Water Development Authority Water Pollution Control Loan Fund,
Taxable, Revenue Bonds, BABs, Series B2
4.879%	12/01/34		300		300,635
					760,691
Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%	11/15/34		445		476,641
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%	12/01/45		550		553,041
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%	09/01/2117		495		365,257
TOTAL MUNICIPAL BONDS (cost $11,203,847)					11,971,895
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 1.3%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1
5.250%	09/25/35		8		7,360
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
2.543%(cc)	02/25/35		110		104,737

SEE NOTES TO FINANCIAL STATEMENTS.

A87

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Bellemeade Re Ltd.,
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)
5.989%(c)	07/25/29		156	$	156,263
Series 2021-02A, Class M1A, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 1.200%)
5.128%(c)	06/25/31		1,998		1,978,159
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
4.928%(c)	09/25/31		2,100		1,989,929
Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
4.928%(c)	09/25/31		1,373		1,354,813
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)
5.678%(c)	01/26/32		3,260		3,216,240
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5
3.492%(cc)	02/25/37		78		74,711
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A
6.170%	09/25/62		680		664,142
Connecticut Avenue Securities Trust,
Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)
5.828%(c)	12/25/41		1,760		1,671,355
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A
3.850%(cc)	09/25/57		698		651,575
Eagle Re Ltd.,
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)
6.189%(c)	04/25/29		181		176,661
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%)
5.478%(c)	04/25/34		5,177		5,146,483
Fannie Mae REMIC,
Series 2014-73, Class CZ
3.000%	11/25/44		1,549		1,347,557
Series 2020-24, Class SP, IO, 1 Month LIBOR + 6.050% (Cap 6.050%, Floor 0.000%)
1.661%(c)	04/25/50		1,156		130,173
Series 2020-45, Class ZC
2.000%	07/25/50		2,229		1,488,183
Series 2021-03, Class JI, IO
2.500%	02/25/51		3,183		424,437
Series 2022-51, Class PS, IO, 30 Day Average SOFR + 5.950% (Cap 5.950%, Floor 0.000%)
2.022%(c)	08/25/52		2,716		185,136
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%)
6.528%(c)	11/25/50		1,804		1,799,958
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
9.639%(c)	09/25/50		225		229,781

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
5.578%(c)	01/25/34		252	$	247,984
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)
4.778%(c)	09/25/41		6,153		5,874,089
Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)
4.928%(c)	01/25/42		1,428		1,391,172
Freddie Mac REMIC,
Series 4117, Class ZC
3.000%	10/15/42		2,589		2,295,597
Series 4535, Class PA
3.000%	03/15/44		536		502,007
Series 4680, Class GZ
3.500%	03/15/47		3,628		3,146,427
Series 5021, Class SB, IO, 30 Day Average SOFR + 3.550% (Cap 3.550%, Floor 0.000%)
0.000%	10/25/50		3,898		132,340
Series 5023, Class IO, IO
2.000%	10/25/50		911		106,154
Series 5222, Class SA, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	05/25/52		446		7,684
Government National Mortgage Assoc.,
Series 2015-124, Class VZ
3.500%	09/20/45		2,577		2,322,731
Series 2019-69, Class KB
3.000%	06/20/49		3,423		2,717,171
Series 2021-165, Class ST, IO, 1 Month LIBOR + 3.360% (Cap 0.020%, Floor 0.000%)
0.000%(c)	01/20/50		667		219
Series 2021-177, Class SB, IO, 30 Day Average SOFR + 3.200% (Cap 3.200%, Floor 0.000%)
0.000%(c)	10/20/51		3,002		47,517
Series 2021-205, Class DS, IO, 30 Day Average SOFR + 3.200% (Cap 3.200%, Floor 0.000%)
0.000%(c)	11/20/51		4,856		76,961
Series 2022-046, Class S, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	03/20/52		1,249		21,140
Series 2022-051, Class SC, IO, 30 Day Average SOFR + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)	03/20/52		5,467		84,654
Series 2022-066, Class SB, IO, 30 Day Average SOFR + 3.850% (Cap 3.850%, Floor 0.000%)
0.024%(c)	04/20/52		1,854		35,827
Series 2022-068, Class SP, IO, 30 Day Average SOFR + 3.850% (Cap 3.850%, Floor 0.000%)
0.024%(c)	04/20/52		1,441		26,096
Series 2022-078, Class MS, IO, 30 Day Average SOFR + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)	04/20/52		4,752		70,202
Series 2022-078, Class SB, IO, 30 Day Average SOFR + 3.750% (Cap 3.750%, Floor 0.000%)
0.000%(c)	04/20/52		3,182		57,178

SEE NOTES TO FINANCIAL STATEMENTS.

A88

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2022-093, Class GS, IO, 30 Day Average SOFR + 3.650% (Cap 3.650%, Floor 0.000%)
0.000%(c)	05/20/52		1,058	$	15,612
Series 2022-126, Class CS, IO, 30 Day Average SOFR + 3.760% (Cap 3.760%, Floor 0.000%)
0.000%(c)	07/20/52		6,342		68,031
Series 2022-133, Class SA, IO, 30 Day Average SOFR + 3.950% (Cap 3.950%, Floor 0.000%)
0.124%(c)	07/20/52		2,327		37,035
Series 2022-148, Class DS, IO, 30 Day Average SOFR + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)	08/20/52		2,334		29,927
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
6.039%(c)	05/25/29		168		165,705
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%)
5.178%(c)	01/25/34		545		543,319
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1
3.939%(cc)	07/25/35		26		25,319
Legacy Mortgage Asset Trust,
Series 2021-GS01, Class A1, 144A
1.892%	10/25/66		344		314,457
MFA Trust,
Series 2021-RPL01, Class A1, 144A
1.131%(cc)	07/25/60		2,595		2,271,660
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A
2.750%(cc)	01/25/61		401		387,196
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
5.139%(c)	01/25/48		263		252,189
Oaktown Re II Ltd.,
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
5.939%(c)	07/25/28		136		136,213
Oaktown Re VII Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%)
5.528%(c)	04/25/34		1,300		1,272,518
PMT Credit Risk Transfer Trust,
Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%)
7.287%(c)	02/27/24		2,537		2,423,262
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA
3.500%	08/25/58		661		623,473
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
3.780%(cc)	02/25/34		52		48,256
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)
3.773%(c)	02/25/57		647		640,593

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2020-04, Class A1, 144A
1.750%	10/25/60		774	$	683,599
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $56,575,414)					51,899,167
SOVEREIGN BONDS — 0.4%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
3.125%	10/11/27		3,350		3,198,203
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%	08/20/30		710		596,311
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.000%	02/26/24		175		170,712
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A
3.875%	02/01/28		1,040		962,520
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%	06/04/25		400		379,732
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.450%	09/18/26	EUR	2,100		2,043,944
3.375%	07/30/25	EUR	1,500		1,589,919
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN
2.125%	10/25/23		1,400		1,367,586
3.000%	03/12/24		400		391,057
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%	04/16/50		475		358,269
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%	01/23/31		453		374,518
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
5.103%	04/23/48		915		914,886
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A
3.250%	06/01/23		800		793,258
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
5.100%	06/18/50		545		537,370
TOTAL SOVEREIGN BONDS (cost $14,470,114)					13,678,285
U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.7%
Federal Home Loan Bank
5.500%	07/15/36(k)		1,080		1,187,326
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		1,680		1,297,803
2.000%	01/01/32		410		372,980
2.000%	02/01/36		1,404		1,252,153
2.000%	06/01/40		1,116		950,337
2.000%	10/01/40		1,649		1,404,511

SEE NOTES TO FINANCIAL STATEMENTS.

A89

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
2.000%	09/01/50		3,266	$	2,670,857
2.000%	10/01/50		2,685		2,195,500
2.000%	03/01/51		1,275		1,041,696
2.000%	07/01/51		5,403		4,407,667
2.000%	09/01/51		482		395,341
2.500%	03/01/30		198		185,507
2.500%	10/01/32		448		418,492
2.500%	03/01/51		1,088		933,858
2.500%	04/01/51		8,205		6,969,143
2.500%	05/01/51		4,590		3,893,464
2.500%	08/01/51		485		412,059
2.500%	09/01/51		2,802		2,378,374
2.500%	10/01/51		3,974		3,393,540
2.500%	12/01/51		3,375		2,857,145
2.500%	04/01/52		4,000		3,388,610
2.500%	04/01/52		7,984		6,771,144
3.000%	10/01/28		135		129,916
3.000%	06/01/29		374		359,872
3.000%	03/01/32		448		428,584
3.000%	01/01/37		196		182,282
3.000%	01/01/43		427		388,745
3.000%	07/01/43		863		785,874
3.000%	01/01/47		2,138		1,912,992
3.000%	02/01/50		1,782		1,575,515
3.000%	06/01/51		642		564,985
3.000%	07/01/51		1,000		884,733
3.000%	11/01/51		1,000		878,209
3.000%	12/01/51		138		121,568
3.000%	12/01/51		1,000		877,938
3.000%	01/01/52		1,000		877,900
3.000%	02/01/52		505		446,182
3.000%	03/01/52		1,000		877,519
3.000%	03/01/52		2,501		2,195,936
3.000%	04/01/52		1,000		877,429
3.000%	04/01/52		2,506		2,200,427
3.000%	05/01/52		463		406,275
3.000%	05/01/52		1,000		877,955
3.000%	05/01/52		6,733		5,911,351
3.000%	06/01/52		4,412		3,874,424
3.000%	06/01/52		9,081		7,973,783
3.500%	03/01/42		203		190,412
3.500%	06/01/42		146		136,649
3.500%	01/01/47		356		331,856
3.500%	02/01/47		524		487,008
3.500%	04/01/52		2,965		2,702,354
3.500%	05/01/52		1,493		1,357,807
3.500%	05/01/52		2,004		1,822,846
3.500%	06/01/52		63		57,054
3.500%	06/01/52		2,993		2,719,556
3.500%	06/01/52		5,471		4,974,150
3.500%	07/01/52		64		57,771
3.500%	08/01/52		1,994		1,811,907
3.500%	09/01/52		3,494		3,175,704
3.500%	11/01/52		1,022		928,961
3.500%	11/01/52		4,209		3,824,923
4.000%	06/01/26		137		133,944
4.000%	09/01/26		72		70,552
4.000%	11/01/37		7,258		7,083,539

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.000%	10/01/39		357	$	343,473
4.000%	12/01/40		156		149,810
4.000%	10/01/41		132		126,728
4.000%	01/01/42		52		49,816
4.000%	10/01/45		167		159,895
4.000%	04/01/52		1,429		1,352,293
4.500%	09/01/39		112		111,226
4.500%	10/01/39		619		614,069
4.500%	12/01/39		201		199,205
4.500%	07/01/41		67		65,786
4.500%	07/01/41		1,122		1,113,108
4.500%	08/01/41		108		106,653
4.500%	08/01/41		111		108,209
4.500%	08/01/41		178		174,888
4.500%	10/01/41		97		95,171
4.500%	10/01/46		93		91,737
4.500%	12/01/47		435		427,101
5.000%	05/01/34		11		10,862
5.000%	05/01/34		109		111,923
5.000%	08/01/35		11		11,449
5.000%	09/01/35		25		25,225
5.000%	10/01/36		17		17,773
5.000%	05/01/37		10		10,631
5.000%	07/01/37		185		189,624
5.000%	09/01/38		25		25,500
5.000%	09/01/38		26		26,859
5.000%	09/01/38		30		30,723
5.000%	02/01/39		10		10,206
5.000%	06/01/39		30		30,426
5.000%	10/01/52		489		482,679
5.500%	02/01/34		27		27,169
5.500%	04/01/34		261		263,599
5.500%	06/01/34		45		45,913
5.500%	06/01/34		78		78,707
5.500%	05/01/37		24		25,186
5.500%	02/01/38		186		193,431
5.500%	05/01/38		34		35,118
5.500%	07/01/38		166		172,268
6.000%	03/01/32		115		116,926
6.000%	12/01/33		22		21,904
6.000%	07/01/36		2		2,432
6.000%	12/01/36		4		4,277
6.000%	05/01/37		6		6,581
6.000%	12/01/37		10		9,684
6.000%	01/01/38		3		2,988
6.000%	01/01/38		6		5,841
6.000%	01/01/38		112		116,368
6.000%	10/01/38		50		52,109
6.000%	08/01/39		20		20,440
6.750%	03/15/31		500		588,312
7.000%	01/01/31		11		10,971
7.000%	06/01/31		7		7,045
7.000%	09/01/31		2		1,914
7.000%	10/01/31		22		22,924
7.000%	10/01/32		25		25,337
Federal National Mortgage Assoc
1.500%	02/01/42		480		388,088
1.500%	10/01/50		398		307,436

SEE NOTES TO FINANCIAL STATEMENTS.

A90

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
1.500%	11/01/50		4,267	$	3,296,397
1.500%	12/01/50		4,760		3,677,261
2.000%	08/01/31		609		554,201
2.000%	02/01/41		2,264		1,928,148
2.000%	05/01/41(k)		5,048		4,299,196
2.000%	08/01/50		1,160		950,372
2.000%	10/01/50		11,823		9,692,616
2.000%	02/01/51(k)		12,254		10,001,751
2.000%	03/01/51		1,651		1,348,632
2.000%	05/01/51		2,377		1,940,545
2.000%	08/01/51		1,988		1,622,723
2.000%	10/01/51		2,973		2,424,169
2.500%	10/01/43		505		435,493
2.500%	12/01/46		919		792,572
2.500%	03/01/50		692		591,273
2.500%	08/01/50		3,067		2,609,982
2.500%	12/01/50		305		261,968
2.500%	02/01/51		2,404		2,038,356
2.500%	02/01/51		2,915		2,472,181
2.500%	04/01/51		3,622		3,076,526
2.500%	08/01/51		958		813,306
2.500%	08/01/51		979		830,948
2.500%	09/01/51		3,035		2,576,535
2.500%	10/01/51		1,052		891,965
2.500%	11/01/51		4,882		4,144,407
2.500%	12/01/51		9,136		7,787,777
2.500%	02/01/52		482		410,663
2.500%	03/01/52		998		845,608
2.500%	04/01/52		3,981		3,372,463
2.500%	04/01/52		4,000		3,387,973
2.500%	05/01/52		957		816,019
3.000%	02/01/27		504		487,694
3.000%	08/01/30		434		411,872
3.000%	11/01/36		864		801,336
3.000%	12/01/42		476		433,207
3.000%	12/01/42		697		634,266
3.000%	03/01/43		117		106,596
3.000%	11/01/46		116		104,040
3.000%	01/01/47		932		831,826
3.000%	02/01/47		660		590,254
3.000%	03/01/47		520		465,188
3.000%	11/01/49		512		452,208
3.000%	12/01/49		318		281,894
3.000%	12/01/49		439		388,040
3.000%	01/01/50		482		425,972
3.000%	02/01/50		453		402,045
3.000%	02/01/50		492		434,882
3.000%	02/01/50		5,442		4,814,789
3.000%	03/01/50		379		334,887
3.000%	05/01/51		834		735,769
3.000%	02/01/52		3,349		2,941,075
3.000%	03/01/52		67		58,728
3.000%	03/01/52		500		438,758
3.000%	03/01/52		1,903		1,677,825
3.000%	04/01/52		54		47,478
3.000%	04/01/52		971		854,264
3.000%	04/01/52		1,000		877,518
3.000%	04/01/52		1,950		1,722,487

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
3.000%	05/01/52		1,000	$	878,201
3.000%	06/01/52		1,000		878,009
3.000%	06/01/52		1,000		878,130
3.000%	07/01/52		4,948		4,342,864
3.500%	07/01/31		345		335,736
3.500%	11/01/32		203		196,422
3.500%	02/01/33		418		404,218
3.500%	05/01/33		570		547,765
3.500%	06/01/39		322		301,464
3.500%	01/01/42		2,245		2,101,354
3.500%	05/01/42		1,088		1,018,169
3.500%	07/01/42		403		377,021
3.500%	08/01/42		153		143,125
3.500%	08/01/42		391		366,343
3.500%	09/01/42		445		415,738
3.500%	09/01/42		776		725,913
3.500%	11/01/42		220		205,456
3.500%	03/01/43		1,596		1,493,613
3.500%	04/01/43		242		226,805
3.500%	04/01/43		590		551,306
3.500%	07/01/43		111		104,135
3.500%	06/01/45		2,081		1,935,559
3.500%	07/01/46		278		257,766
3.500%	11/01/46		522		484,184
3.500%	09/01/47		494		457,728
3.500%	01/01/48		4,999		4,635,645
3.500%	05/01/48		463		428,146
3.500%	06/01/48		2,306		2,138,485
3.500%	02/01/52		5,891		5,360,546
3.500%	03/01/52		991		908,028
3.500%	04/01/52		26		23,467
3.500%	05/01/52		43		38,616
3.500%	06/01/52		25		23,089
3.500%	06/01/52		1,686		1,536,713
3.500%	06/01/52		3,489		3,170,366
3.500%	06/01/52		3,776		3,434,225
3.500%	07/01/52		498		453,061
3.500%	07/01/52		645		586,986
3.500%	07/01/52		9,914		9,010,534
3.500%	08/01/52		62		56,201
3.500%	08/01/52		1,501		1,364,706
3.500%	09/01/52		702		638,300
3.500%	10/01/52		143		130,058
3.500%	10/01/52		199		180,691
3.500%	10/01/52		226		204,937
3.500%	11/01/52		35		32,106
3.500%	12/01/52		529		480,566
4.000%	TBA		1,500		1,461,969
4.000%	12/01/36		404		389,021
4.000%	10/01/41		1,251		1,201,892
4.000%	07/01/44		472		452,524
4.000%	09/01/44		773		740,857
4.000%	10/01/46		397		378,149
4.000%	06/01/47		341		326,000
4.000%	09/01/47		127		120,845
4.000%	11/01/47		412		394,858
4.000%	11/01/47		529		506,088
4.000%	12/01/47		1,726		1,651,275

SEE NOTES TO FINANCIAL STATEMENTS.

A91

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.000%	03/01/49		3,544	$	3,379,343
4.000%	05/01/52		985		923,996
4.000%	06/01/52		966		906,280
4.500%	TBA		22,500		21,650,767
4.500%	07/01/33		21		20,754
4.500%	08/01/33		7		6,962
4.500%	09/01/33		22		21,381
4.500%	10/01/33		55		54,585
4.500%	03/01/34		16		15,588
4.500%	01/01/35		1		1,032
4.500%	07/01/39		403		398,454
4.500%	08/01/39		279		275,413
4.500%	09/01/39		164		162,053
4.500%	12/01/39		2		2,222
4.500%	03/01/41		643		637,506
4.500%	07/01/42		62		61,083
4.500%	06/01/50		771		747,960
5.000%	TBA(tt)		3,500		3,448,275
5.000%	03/01/34		112		113,949
5.000%	04/01/35		264		269,762
5.000%	06/01/35		63		64,415
5.000%	07/01/35		64		65,020
5.000%	07/01/35		65		66,871
5.000%	09/01/35		48		48,941
5.000%	11/01/35		61		62,290
5.000%	02/01/36		35		35,630
5.000%	08/01/52		484		477,493
5.000%	09/01/52		494		487,310
5.500%	TBA(tt)		4,500		4,511,100
5.500%	02/01/33		48		49,829
5.500%	08/01/33		121		123,825
5.500%	10/01/33		30		30,493
5.500%	12/01/33		27		27,847
5.500%	12/01/34		75		77,084
5.500%	10/01/35		177		178,670
5.500%	03/01/36		44		43,956
5.500%	04/01/36		45		45,662
5.500%	01/01/37		35		35,935
5.500%	04/01/37		17		17,532
5.500%	05/01/37		105		108,607
5.500%	08/01/37		130		134,711
6.000%	TBA(tt)		5,500		5,581,158
6.000%	10/01/33		148		151,508
6.000%	11/01/33		12		12,565
6.000%	11/01/33		13		12,790
6.000%	01/01/34		157		161,693
6.000%	02/01/34		53		54,753
6.000%	03/01/34		1		1,123
6.000%	03/01/34		9		9,067
6.000%	03/01/34		11		11,595
6.000%	11/01/34		15		14,940
6.000%	01/01/35		26		26,724
6.000%	01/01/35		65		65,919
6.000%	02/01/35		2		1,847
6.000%	02/01/35		93		94,881
6.000%	02/01/35		99		101,881
6.000%	04/01/35		9		9,216
6.000%	05/01/36		14		13,797

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
6.000%	06/01/36		12	$	12,417
6.000%	02/01/37		36		38,047
6.000%	06/01/37		11		11,156
6.000%	05/01/38		89		92,736
6.500%	09/01/32		1		871
6.500%	09/01/32		11		11,458
6.500%	09/01/32		22		22,777
6.500%	09/01/32		22		23,061
6.500%	10/01/32		27		27,702
6.500%	04/01/33		27		27,789
6.500%	11/01/33		18		18,731
6.500%	01/01/34		19		19,266
6.500%	09/01/34		34		34,623
6.500%	09/01/36		89		93,913
6.500%	10/01/36		16		16,164
6.500%	01/01/37		35		36,100
6.500%	01/01/37		53		54,009
6.500%	09/01/37		9		9,667
6.625%	11/15/30(k)		1,080		1,259,785
7.000%	02/01/32		9		9,350
7.000%	05/01/32		9		9,232
7.000%	06/01/32		7		6,669
7.000%	07/01/32		29		29,841
7.125%	01/15/30(k)		3,600		4,254,116
Government National Mortgage Assoc.
2.000%	03/20/51		1,562		1,316,664
2.000%	07/20/51		475		398,178
2.000%	10/20/51		972		816,944
2.500%	TBA		11,500		9,963,118
2.500%	03/20/43		362		319,077
2.500%	12/20/46		330		290,746
2.500%	05/20/51		14,076		12,238,063
2.500%	08/20/51		1,049		910,689
2.500%	11/20/51		455		394,600
2.500%	12/20/51		5,064		4,392,762
3.000%	TBA		9,500		8,456,727
3.000%	03/15/45		303		270,620
3.000%	11/20/45		410		373,320
3.000%	03/20/46		2,435		2,211,399
3.000%	07/20/46		1,579		1,430,665
3.000%	10/20/46		527		476,645
3.000%	02/20/47		798		718,111
3.000%	12/20/49		157		141,443
3.000%	01/20/50		1,393		1,252,604
3.000%	06/20/51		370		330,780
3.000%	10/20/51		4,930		4,405,428
3.000%	11/20/51		930		831,870
3.000%	12/20/51		1,650		1,473,952
3.000%	04/20/52		971		865,545
3.000%	06/20/52		3,000		2,671,287
3.500%	12/20/42		811		763,701
3.500%	05/20/43		165		155,533
3.500%	03/20/45		506		472,591
3.500%	04/20/45		678		633,259
3.500%	07/20/46		2,340		2,182,529
3.500%	06/20/49		3,029		2,796,302
4.000%	06/15/40		64		61,481
4.000%	05/20/41		123		119,231

SEE NOTES TO FINANCIAL STATEMENTS.

A92

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
4.000%	12/20/42		307		$	296,485
4.000%	08/20/44		111			106,944
4.000%	11/20/45		530			510,605
4.000%	12/20/45		579			558,549
4.000%	11/20/46		124			118,834
4.000%	09/20/47		1,614			1,553,485
4.000%	02/20/49		919			879,017
4.000%	01/20/50		903			863,331
4.500%	04/15/40		225			223,483
4.500%	01/20/41		569			568,104
4.500%	02/20/41		339			338,321
4.500%	06/20/44		363			366,750
4.500%	09/20/46		198			194,309
4.500%	11/20/46		342			344,490
4.500%	03/20/47		278			275,405
4.500%	05/20/48		280			275,152
4.500%	06/20/48		361			354,990
4.500%	08/20/48		1,207			1,185,483
5.000%	TBA		1,000			990,729
5.000%	10/20/37		77			78,546
5.000%	04/20/45		369			375,561
5.500%	11/15/32		30			30,300
5.500%	02/15/33		24			25,675
5.500%	08/15/33		46			46,606
5.500%	08/15/33		63			63,744
5.500%	09/15/33		34			34,450
5.500%	09/15/33		55			56,961
5.500%	10/15/33		40			41,473
5.500%	12/15/33		4			3,981
5.500%	04/15/34		145			151,457
5.500%	07/15/35		31			31,932
5.500%	02/15/36		83			85,681
5.500%	09/20/52		10,485			10,559,343
6.000%	02/15/33		2			1,566
6.000%	04/15/33		12			12,235
6.000%	09/15/33		9			9,289
6.000%	12/15/33		22			22,996
6.000%	12/15/33		64			65,739
6.000%	01/15/34		11			11,294
6.000%	01/15/34		18			18,689
6.000%	06/20/34		38			39,985
6.000%	07/15/34		85			89,589
6.000%	10/15/34		106			109,851
6.500%	10/15/23		—(r	)		89
6.500%	12/15/23		—(r	)		281
6.500%	01/15/24		—(r	)		225
6.500%	01/15/24		1			624
6.500%	01/15/24		1			1,351
6.500%	01/15/24		2			1,943
6.500%	01/15/24		7			6,876
6.500%	02/15/24		—(r	)		45
6.500%	02/15/24		—(r	)		66
6.500%	02/15/24		—(r	)		246
6.500%	02/15/24		—(r	)		353
6.500%	02/15/24		—(r	)		489
6.500%	02/15/24		1			1,331
6.500%	02/15/24		1			1,491
6.500%	02/15/24		2			2,047

Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)
6.500%	02/15/24		8		$	8,018
6.500%	04/15/24		—(r	)		62
6.500%	04/15/24		—(r	)		272
6.500%	04/15/24		1			540
6.500%	04/15/24		2			2,084
6.500%	05/15/24		1			1,506
6.500%	05/15/24		2			2,496
6.500%	10/15/24		2			2,085
6.500%	12/15/30		4			4,478
6.500%	01/15/32		13			13,629
6.500%	02/15/32		8			8,247
6.500%	07/15/32		19			19,745
6.500%	08/15/32		3			3,379
6.500%	08/15/32		7			6,922
6.500%	08/15/32		22			23,124
6.500%	08/15/32		108			112,334
6.500%	06/15/35		18			18,522
6.500%	07/15/35		6			6,091
8.000%	01/15/24		1			1,217
8.000%	04/15/25		1			657
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%	09/15/31		625			490,634
TOTAL U.S. GOVERNMENT AGENCY OBLI GATIONS (cost $454,396,885)						427,900,103
U.S. TREASURY OBLIGATIONS — 1.5%
U.S. Treasury Bonds
1.750%	08/15/41		9,990			6,847,833
2.000%	11/15/41(h)		21,340			15,264,769
2.250%	05/15/41		5,895			4,432,303
2.375%	02/15/42(h)		11,610			8,870,766
2.500%	05/15/46		8,190			6,136,102
2.875%	05/15/52		4,555			3,668,198
3.000%	08/15/52		2,645			2,192,870
U.S. Treasury Notes
3.125%	11/15/28		100			95,344
4.125%	11/15/32		1,505			1,535,100
U.S. Treasury Strips Coupon
2.000%(s)	08/15/39		3,780			1,877,597
2.228%(s)	05/15/28		718			576,840
2.365%(s)	08/15/44		3,095			1,224,338
2.395%(s)	11/15/43		1,156			471,522
2.955%(s)	11/15/41		10,800			4,807,687
TOTAL U.S. TREASURY OBLIGATIONS (cost $73,193,113)						58,001,269
TOTAL LONG-TERM INVESTMENTS (cost $3,424,317,603)						3,801,749,635
		Shares
SHORT-TERM INVESTMENTS — 7.5%
AFFILIATED MUTUAL FUNDS — 7.5%
PGIM Core Ultra Short Bond Fund(wa)			237,823,701			237,823,701

SEE NOTES TO FINANCIAL STATEMENTS.

A93

	PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
AFFILIATED MUTUAL FUNDS (continued)
PGIM Institutional Money Market Fund (cost $59,857,449; includes $59,594,222 of cash collateral for securities on loan)(b)(wa)		59,978,986	$	59,948,997
TOTAL AFFILIATED MUTUAL FUNDS
(cost $297,681,150)				297,772,698

Interest     Rate	Maturity       Date	Principal       Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.0%
U.S. Treasury Bills
4.226%	03/16/23		140		138,812
(cost $138,798)
TOTAL SHORT-TERM INVESTMENTS (cost $297,819,948)					297,911,510
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—102.6% (cost $3,722,137,551)					4,099,661,145
OPTIONS WRITTEN*~ — (0.0)%
(premiums received $0)					(220	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—102.6% (cost $3,722,137,551)					4,099,660,925
Liabilities in excess of other assets(z) — (2.6)%					(102,434,219	)
NET ASSETS — 100.0%				$	3,997,226,706

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. Excludes centrally cleared swaptions.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,261,403 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 $57,818,391; cash collateral of $59,594,222 (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, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

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

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

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 11,000,000 is 0.3% 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:

Forward Commitment Contracts:

U.S. Government Agency Obligations	Interest Rate		Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc.		2.500%		TBA		01/12/23		(11,500	)	$	(9,734,915	)
Federal National Mortgage Assoc.		3.000%		TBA		01/12/23(tt)		(2,500	)		(2,193,423	)
Government National Mortgage Assoc.		5.500%		TBA		01/23/23		(3,000	)		(3,016,775	)
TOTAL FORWARD COMMITMENT CONTRACTS (proceeds receivable $15,107,188)										$	(14,945,113	)

SEE NOTES TO FINANCIAL STATEMENTS.

A94

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

GS_21-PJA^

Put

GSI

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

13,500

$

(220

)

(premiums received $0)

Options Purchased:

Centrally Cleared Swaptions

Description	Call/ Put		Expiration Date	Strike	Receive	Pay		Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation (Depreciation)
CDX.NA.IG.39.V1, 12/20/27		Put	01/18/23	1.03%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		15,420		$	3,692			$	(71,866	)
CDX.NA.IG.39.V1, 12/20/27		Put	02/15/23	0.90%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		13,230			26,148				(23,279	)
CDX.NA.IG.39.V1, 12/20/27		Put	03/15/23	0.80%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		18,515			86,052				27,914
Total Centrally Cleared Swaptions (cost $183,123)											$	115,892			$	(67,231	)
Options Written: Centrally Cleared Swaptions
Description	Call/ Put		Expiration Date	Strike	Receive	Pay		Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation (Depreciation)
CDX.NA.IG.39.V1, 12/20/27		Call	01/18/23	0.90%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		15,420		$	(59,783	)		$	(27,401	)
CDX.NA.IG.39.V1, 12/20/27		Call	02/15/23	0.80%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		13,230			(23,383	)			5,511
CDX.NA.IG.39.V1, 12/20/27		Call	03/15/23	0.73%	CDX.NA.IG.39.V1(Q)		1.00%(Q)		18,515			(17,275	)			21,606
CDX.NA.IG.39.V1, 12/20/27		Put	01/18/23	1.30%	1.00%(Q)		CDX.NA.IG.39.V1(Q)		15,420			(1,241	)			34,996
CDX.NA.IG.39.V1, 12/20/27		Put	02/15/23	1.15%	1.00%(Q)		CDX.NA.IG.39.V1(Q)		13,230			(7,257	)			12,376
CDX.NA.IG.39.V1, 12/20/27		Put	03/15/23	1.10%	1.00%(Q)		CDX.NA.IG.39.V1(Q)		18,515			(25,373	)			(8,710	)
Total Centrally Cleared Swaptions (premiums received $172,690)											$	(134,312	)		$	38,378

Futures contracts outstanding at December 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
363	2 Year U.S. Treasury Notes		Mar. 2023	$	74,443,360		$	23,325
397	5 Year U.S. Treasury Notes		Mar. 2023		42,848,087			(364,150	)
683	10 Year U.S. Treasury Notes		Mar. 2023		76,698,769			(1,064,499	)
40	10 Year U.S. Ultra Treasury Notes		Mar. 2023		4,731,250			(18,556	)
103	30 Year U.S. Ultra Treasury Bonds		Mar. 2023		13,834,187			(561,451	)
6	Mini MSCI EAFE Index		Mar. 2023		584,820			(10,171	)
6	S&P 500 E-Mini Index		Mar. 2023		1,158,300			(32,386	)
								(2,027,888	)
Short Positions:
13	5 Year Euro-Bobl		Mar. 2023		1,610,759			51,980
16	10 Year Euro-Bund		Mar. 2023		2,276,719			151,854
484	20 Year U.S. Treasury Bonds		Mar. 2023		60,666,375			397,922

SEE NOTES TO FINANCIAL STATEMENTS.

A95

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Futures contracts outstanding at December 31, 2022 (continued):

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Short Positions (cont’d):
14	Euro Schatz Index		Mar. 2023	$	1,579,856		$	19,396
								621,152
							$	(1,406,736	)

Forward foreign currency exchange contracts outstanding at December 31, 2022:

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 01/19/23	HSBC	CAD	4,286	$	3,105,926	$	3,166,090		$	—		$	(60,164	)
Euro,
Expiring 01/12/23	BNP	EUR	19,901		20,628,407		21,322,768			—			(694,361	)
Expiring 01/12/23	SCB	EUR	7,102		7,364,315		7,609,321			—			(245,006	)
				$	31,098,648	$	32,098,179		$	—		$	(999,531	)

Credit default swap agreements outstanding at December 31, 2022:

Reference Entity/ Obligation

Termination Date

Fixed     Rate

Notional Amount (000)#(3)

Implied Credit Spread at December 31, 2022(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

GS_21-PJA

01/14/23

0.250%(M)

7,565

*

$

2,570

$

(53

)

$

2,623

GSI

Reference Entity/ Obligation	Termination Date		Fixed     Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Credit Suisse Group AG		06/20/26		1.000%(Q)		3,000	$	257,255		$	173,524		$	83,731		BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		3,000		257,255			169,259			87,996		BARC
Credit Suisse Group AG		06/20/26		1.000%(Q)		3,000		257,255			190,401			66,854		BARC
							$	771,765		$	533,184		$	238,581

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date			Value at December 31,         2022				Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.39.V1	12/20/27	1.000%(Q)	32,130	$	(139,820	)		$	(266,788	)		$	(126,968	)

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

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery

SEE NOTES TO FINANCIAL STATEMENTS.

A96

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

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

Total return swap agreements outstanding at December 31, 2022:

Reference Entity	Financing   Rate	Counterparty		Termination Date		Long (Short) Notional Amount (000)#(1)			Fair   Value				Upfront Premiums Paid   (Received)			Unrealized Appreciation   (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)	1 Day USOIS-50bps(Q)/ 3.830%		JPM		03/20/23		(7,182	)		$	(483,966	)		$	—		$	(483,966	)
U.S. Treasury Bond(T)	1 Day USOIS +9bps(T)/ 4.420%		JPM		01/18/23		9,385				55,309				—			55,309
U.S. Treasury Bond(T)	1 Day USOIS +6bps(T)/ 4.390%		GSI		01/19/23		17,470				165,639				—			165,639
U.S. Treasury Bond(T)	1 Day USOIS +10bps(T)/ 4.430%		JPM		01/23/23		16,725				470,791				—			470,791
U.S. Treasury Bond(T)	1 Day USOIS +12bps(T)/ 4.450%		JPM		01/26/23		14,990				658,245				—			658,245
U.S. Treasury Bond(T)	1 Day USOIS +6bps(T)/ 4.390%		GSI		01/27/23		24,575				510,513				—			510,513
U.S. Treasury Bond(T)	1 Day USOIS +15bps(T)/ 4.480%		BOA		02/10/23		27,440				857,486				—			857,486
U.S. Treasury Bond(T)	1 Day USOIS +13bps(T)/ 4.460%		JPM		02/23/23		18,765				21,017				—			21,017
										$	2,255,034			$	—		$	2,255,034

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

A97

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

(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	$533,184	$(53)	$2,980,204	$(483,966)

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
CIGM		$	—		$	3,517,585
GS			—			138,812
Total		$	—		$	3,656,397

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks	$	2,346,957,544	$	41,060,776	$	—
Exchange-Traded Fund		176,440		—		—
Preferred Stocks		624,800		230,633		—
Asset-Backed Securities
Automobiles		—		70,676,870		—
Collateralized Loan Obligations		—		167,038,415		—
Consumer Loans		—		11,398,172		—
Equipment		—		7,926,973		—
Other		—		4,125,757		—
Residential Mortgage-Backed Securities		—		105,649		1,259,053
Student Loans		—		10,664,031		—
Commercial Mortgage-Backed Securities		—		195,463,141		—
Corporate Bonds		—		380,590,662		—
Municipal Bonds.		—		11,971,895		—
Residential Mortgage-Backed Securities		—		51,899,167		—
Sovereign Bonds		—		13,678,285		—
U.S. Government Agency Obligations		—		427,900,103		—
U.S. Treasury Obligations		—		58,001,269		—
Short-Term Investments
Affiliated Mutual Funds		297,772,698		—		—
U.S. Treasury Obligation		—		138,812		—
Total	$	2,645,531,482	$	1,452,870,610	$	1,259,053
Liabilities
Option Written	$	—	$	—	$	(220	)
Other Financial Instruments*
Assets
Centrally Cleared Swaptions Purchased	$	—	$	27,914	$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A98

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Swaptions Written	$	—		$	74,489		$	—
Futures Contracts		644,477			—			—
OTC Credit Default Swap Agreements		—			771,765			2,570
OTC Total Return Swap Agreements		—			2,739,000			—
Total	$	644,477		$	3,613,168		$	2,570
Liabilities
Forward Commitment Contracts	$	—		$	(14,945,113	)	$	—
Centrally Cleared Swaptions Purchased		—			(95,145	)		—
Centrally Cleared Swaptions Written		—			(36,111	)		—
Futures Contracts		(2,051,213	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(999,531	)		—
Centrally Cleared Credit Default Swap Agreement		—			(126,968	)		—
OTC Total Return Swap Agreement		—			(483,966	)		—
Total	$	(2,051,213	)	$	(16,686,834	)	$	—

* Other financial instruments are derivative instruments, with the exception of forward commitment contracts and centrally cleared swaptions, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2022 were as follows:

U.S. Government Agency Obligations	10.7	%
Affiliated Mutual Funds (1.5% represents investments purchased with collateral from securities on loan)	7.5
Software	5.1
Banks	5.1
Commercial Mortgage-Backed Securities	4.9
Collateralized Loan Obligations	4.2
Pharmaceuticals	3.8
Technology Hardware, Storage & Peripherals	3.7
Semiconductors & Semiconductor Equipment	3.0
Oil, Gas & Consumable Fuels	2.8
Automobiles	2.6
IT Services	2.5
Interactive Media & Services	2.5
Health Care Providers & Services	2.3
Capital Markets	1.8
Insurance	1.6
Health Care Equipment & Supplies	1.6
U.S. Treasury Obligations	1.5
Aerospace & Defense	1.4
Equity Real Estate Investment Trusts (REITs)	1.4
Beverages	1.4
Biotechnology	1.4
Specialty Retail	1.4
Residential Mortgage-Backed Securities	1.3
Internet & Direct Marketing Retail	1.3
Hotels, Restaurants & Leisure	1.3
Electric Utilities	1.2
Diversified Financial Services	1.1
Machinery	1.1
Household Products	1.1
Chemicals	1.1

Life Sciences Tools & Services	1.0	%
Entertainment	0.9
Food & Staples Retailing	0.9
Electric	0.9
Food Products	0.9
Industrial Conglomerates	0.7
Media	0.7
Pipelines	0.7
Communications Equipment	0.6
Diversified Telecommunication Services	0.6
Telecommunications	0.5
Consumer Finance	0.4
Road & Rail	0.4
Multi-Utilities	0.4
Energy Equipment & Services	0.4
Electrical Equipment	0.4
Oil & Gas	0.4
Sovereign Bonds	0.4
Textiles, Apparel & Luxury Goods	0.3
Tobacco	0.3
Airlines	0.3
Real Estate Investment Trusts (REITs)	0.3
Multiline Retail	0.3
Professional Services	0.3
Municipal Bonds	0.3
Agriculture	0.3
Consumer Loans	0.3
Air Freight & Logistics	0.3
Containers & Packaging	0.3
Electronic Equipment, Instruments & Components	0.3
Auto Manufacturers	0.3
Student Loans	0.2

SEE NOTES TO FINANCIAL STATEMENTS.

A99

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Industry Classification (continued):

Distributors	0.2	%
Trading Companies & Distributors	0.2
Construction Materials	0.2
Equipment	0.2
Retail	0.2
Commercial Services & Supplies	0.2
Auto Components	0.2
Healthcare-Services	0.2
Building Products	0.2
Wireless Telecommunication Services	0.2
Foods	0.2
Metals & Mining	0.2
Independent Power & Renewable Electricity Producers	0.1
Water Utilities	0.1
Packaging & Containers	0.1
Commercial Services	0.1
Gas Utilities	0.1
Other	0.1
Semiconductors	0.1
Gas	0.1
Household Durables	0.1
Mining	0.1
Office/Business Equipment	0.1
Healthcare-Products	0.1

Mortgage Real Estate Investment Trusts (REITs)	0.0	*%
Home Builders	0.0	*
Engineering & Construction	0.0	*
Building Materials	0.0	*
Housewares	0.0	*
Transportation	0.0	*
Real Estate Management & Development	0.0	*
Construction & Engineering	0.0	*
Miscellaneous Manufacturing	0.0	*
Personal Products	0.0	*
Apparel	0.0	*
Marine	0.0	*
Multi-National	0.0	*
Exchange-Traded Fund	0.0	*
Paper & Forest Products	0.0	*
Leisure Products	0.0	*
	102.6
Option Written	(0.0	)*
Liabilities in excess of other assets	(2.6	)
	100.0	%

* Less than +/- 0.05%

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

The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, 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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives					Liability Derivatives
Derivatives not accounted for as  hedging instruments, carried at fair value	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts		Due from/to broker-variation margin swaps and swaptions	$	102,403	*	Due from/to broker-variation margin swaps and swaptions	$	258,224	*
Credit contracts		Premiums paid for OTC swap agreements		533,184		Premiums received for OTC swap agreements		53
Credit contracts		—		—		Options written outstanding, at value		220
Credit contracts		Unrealized appreciation on OTC swap agreements		241,204		—		—
Equity contracts		—		—		Due from/to broker-variation margin futures		42,557	*
Foreign exchange contracts		—		—		Unrealized depreciation on OTC forward foreign currency exchange contracts		999,531
Interest rate contracts		Due from/to broker-variation margin futures		644,477	*	Due from/to broker-variation margin futures		2,008,656	*
Interest rate contracts		Unrealized appreciation on OTC swap agreements		2,739,000		Unrealized depreciation on OTC swap agreements		483,966
			$	4,260,268			$	3,793,207

SEE NOTES TO FINANCIAL STATEMENTS.

A100

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures, centrally cleared swap contracts, and centrally cleared swaptions. 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)		Options     Written			Futures			Forward Currency Exchange Contracts		Swaps
Credit contracts		$(535,941)		$	524,703	$	—		$	—	$	217,400
Equity contracts		—			—		(334,213	)		—		—
Foreign exchange contracts		—			—		—			2,790,282		—
Interest rate contracts		—			—		(38,872,233	)		—		(15,879,775	)
Total		$(535,941)		$	524,703	$	(39,206,446	)	$	2,790,282	$	(15,662,375	)

(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		$	(19,747	)		$	62,425	$	—		$	—		$	107,031
Equity contracts			—				—		(75,385	)		—			—
Foreign exchange contracts			—				—		—			(804,293	)		—
Interest rate contracts			—				—		(3,266,407	)		—			5,236,361
Total		$	(19,747	)		$	62,425	$	(3,341,792	)	$	(804,293	)	$	5,343,392

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

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)	$       134,778
Options Written (2)	100,270,000
Futures Contracts - Long Positions (2)	233,380,460
Futures Contracts - Short Positions (2)	56,337,269
Forward Foreign Currency Exchange Contracts - Purchased (3)	13,358,584
Forward Foreign Currency Exchange Contracts - Sold (3)	41,074,999
Credit Default Swap Agreements - Buy Protection (2)	25,580,000
Credit Default Swap Agreements - Sell Protection (2)	13,098,540
Total Return Swap Agreements (2)	58,782,442
Inflation Swap Agreements (2)	8,243,000

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A101

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022  

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	$57,818,391	$(57,818,391)	$—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized       Assets(1)			Gross Amounts of Recognized       Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)				Net Amount
BARC		$	771,765		$	—			$	771,765			$	(771,765	)		$	—
BNP			—			(694,361	)			(694,361	)			612,829				(81,532	)
BOA			857,486			—				857,486				(857,486	)			—
GSI			678,775			(273	)			678,502				(678,502	)			—
HSBC			—			(60,164	)			(60,164	)			—				(60,164	)
JPM			1,205,362			(483,966	)			721,396				(721,396	)			—
SCB			—			(245,006	)			(245,006	)			—				(245,006	)
		$	3,513,388		$	(1,483,770	)		$	2,029,618			$	(2,416,320	)		$	(386,702	)

(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.

A102

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $57,818,391:
Unaffiliated investments (cost $3,424,456,401)	$	3,801,888,447
Affiliated investments (cost $297,681,150)		297,772,698
Foreign currency, at value (cost $314,997)		317,840
Receivable for investments sold		72,934,912
Dividends and interest receivable		12,965,436
Unrealized appreciation on OTC swap agreements		2,980,204
Tax reclaim receivable		600,347
Premiums paid for OTC swap agreements		533,184
Receivable for Portfolio shares sold		208,759
Receivable from affiliate		1,956
Due from broker-variation margin swaps and swaptions		987
Prepaid expenses and other assets		548,112
Total Assets		4,190,752,882
LIABILITIES
Payable for investments purchased		113,430,825
Payable to broker for collateral for securities on loan		59,594,222
Forward commitment contracts, at value (proceeds receivable $15,107,188)		14,945,113
Management fee payable		2,077,309
Accrued expenses and other liabilities		1,420,568
Unrealized depreciation on OTC forward foreign currency exchange contracts		999,531
Unrealized depreciation on OTC swap agreements		483,966
Payable for Portfolio shares purchased		312,680
Due to broker-variation margin futures		147,806
Payable to affiliate		109,518
Trustees’ fees payable		2,590
Affiliated transfer agent fee payable		980
Distribution fee payable		795
Options written outstanding, at value		220
Premiums received for OTC swap agreements		53
Total Liabilities		193,526,176
NET ASSETS	$	3,997,226,706
Net assets were comprised of:
Partners’ Equity	$	3,997,226,706
Class I:
Net asset value and redemption price per share, $3,993,540,470 / 106,060,061 outstanding shares of beneficial interest	$	37.65
Class III:
Net asset value and redemption price per share, $3,686,236 / 98,314 outstanding shares of beneficial interest	$	37.49

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $198,374 foreign withholding tax, of which $28,259 is reimbursable by an affiliate)	$	47,091,166
Interest income		40,132,107
Affiliated dividend income		6,847,036
Income from securities lending, net (including affiliated income of $87,538)		90,659
Total income		94,160,968
EXPENSES
Management fee		26,029,490
Distribution fee—Class III		7,703
Custodian and accounting fees		349,545
Trustees’ fees		75,550
Legal fees and expenses		54,564
Audit fee		47,000
Shareholders’ reports		45,593
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		106,806
Total expenses		26,726,933
NET INVESTMENT INCOME (LOSS)		67,434,035
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $7,556)		(10,963,545	)
Futures transactions		(39,206,446	)
Forward currency contract transactions		2,790,282
Options written transactions		524,703
Swap agreements transactions		(15,662,375	)
Foreign currency transactions		(692,373	)
		(63,209,754	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $23,713)		(722,293,126	)
Futures		(3,341,792	)
Forward currency contracts		(804,293	)
Options written		62,425
Swap agreements		5,343,392
Foreign currencies		79,337
		(720,954,057	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(784,163,811	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(716,729,776	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	67,434,035			$	56,460,238
Net realized gain (loss) on investment and foreign currency transactions			(63,209,754	)			523,923,693
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(720,954,057	)			177,114,878
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(716,729,776	)			757,498,809
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			7,218,379				10,264,950
Portfolio shares purchased			(263,033,768	)			(277,076,354	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(255,815,389	)			(266,811,404	)
TOTAL INCREASE (DECREASE)			(972,545,165	)			490,687,405
NET ASSETS:
Beginning of year			4,969,771,871				4,479,084,466
End of year		$	3,997,226,706			$	4,969,771,871

SEE NOTES TO FINANCIAL STATEMENTS.

A103

PSF PGIM FLEXIBLE MANAGED PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	44.14		$	37.61		$	34.32		$	28.63		$	29.88
Income (Loss) From Investment Operations:
Net investment income (loss)		0.62			0.49			0.56			0.61			0.53
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(7.11	)		6.04			2.73			5.08			(1.78	)
Total from investment operations		(6.49	)		6.53			3.29			5.69			(1.25	)
Capital Contributions		—			—			—			—	(b)(c)		—	(b)(c)
Net Asset Value, end of year	$	37.65		$	44.14		$	37.61		$	34.32		$	28.63
Total Return(d)		(14.70	)%		17.36	%		9.59	%		19.87	%(e)		(4.18	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	3,994		$	4,968		$	4,479		$	4,328		$	3,834
Average net assets (in millions)	$	4,335		$	4,766		$	4,171		$	4,127		$	4,157
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement.		0.62	%		0.61	%		0.62	%		0.63	%		0.63	%
Expenses before waivers and/or expense reimbursement		0.62	%		0.61	%		0.62	%		0.63	%		0.63	%
Net investment income (loss)		1.55	%		1.18	%		1.64	%		1.92	%		1.75	%
Portfolio turnover rate(g)(h)		139	%		119	%		120	%		125	%		139	%

Class III
	Year Ended December 31,                   2022				April 26, 2021(i) through December 31,                  2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	44.06			$	40.73
Income (Loss) From Investment Operations:
Net investment income (loss)			0.55				0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(7.12	)			3.07
Total from investment operations			(6.57	)			3.33
Net Asset Value, end of period		$	37.49			$	44.06
Total Return(d)			(14.91	)%			8.18	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	4			$	2
Average net assets (in millions)		$	3			$	1
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.87	%			0.86	%(j)
Expenses before waivers and/or expense reimbursement			0.87	%			0.86	%(j)
Net investment income (loss)			1.39	%			0.86	%(j)
Portfolio turnover rate(g)(h)			139	%			119	%

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

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

(c) Amount rounds to zero.

(d) 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.

A104

	PSF PGIM GOVERNMENT INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity     Date	Principal       Amount (000)#		Value
LONG-TERM INVESTMENTS — 98.8%
ASSET-BACKED SECURITIES — 11.2%
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%)
5.633%(c)	04/20/32		1,000	$	984,635
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
5.179%(c)	10/17/32		500		490,660
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	07/20/34		3,000		2,921,159
Battalion CLO Ltd.,
Series 2020-15A, Class A1, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)
5.429%(c)	01/17/33		2,500		2,447,739
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/34		500		485,273
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
5.665%(c)	10/30/30		3,709		3,653,835
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.896%(c)	06/20/34		3,250		3,179,363
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.595%(c)	10/29/34		500		485,527
Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)
5.703%(c)	07/20/32		2,500		2,448,569
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%)
5.319%(c)	04/15/34		2,250		2,175,143
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)
5.303%(c)	10/20/29		914		903,657
Wind River CLO Ltd. (Cayman Islands),
Series 2016-01KRA, Class A1R2, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)
5.289%(c)	10/15/34		500		484,501
TOTAL ASSET-BACKED SECURITIES (cost $21,002,248)					20,660,061
COMMERCIAL MORTGAGE-BACKED SECURITIES — 6.2%
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4
2.661%	08/15/52		3,000		2,615,726

Interest       Rate	Maturity     Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CD Mortgage Trust,
Series 2019-CD08, Class A3
2.657%	08/15/57		4,000	$	3,420,374
Fannie Mae-Aces,
Series 2022-M03, Class A2
1.707%(cc)	11/25/31		4,000		3,147,124
Series 2022-M13, Class A2
2.593%(cc)	06/25/32		2,000		1,688,731
FHLMC Multifamily Structured Pass-Through Certificates,
Series K151, Class A3
3.511%	04/25/30		400		373,237
Series K152, Class A2
3.080%	01/25/31		140		127,022
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $12,992,701)					11,372,214
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		749,081
(cost $883,264)
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%
Government National Mortgage Assoc.,
Series 2015-143, Class WA
4.000%	10/20/45		172		167,307
Merrill Lynch Mortgage Investors Trust,
Series 2003-E, Class A1, 1 Month LIBOR + 0.620% (Cap 11.750%, Floor 0.620%)
5.009%(c)	10/25/28		6		5,564
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
3.780%(cc)	02/25/34		30		27,747
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $215,555)					200,618
U.S. GOVERNMENT AGENCY OBLIGATIONS — 51.7%
Federal Farm Credit Bank
5.480%	06/27/42		500		481,886
Federal Home Loan Bank
4.250%	09/10/32		210		204,998
5.500%	07/15/36		1,000		1,099,376
Federal Home Loan Mortgage Corp.
1.500%	11/01/50		429		331,589
2.000%	01/01/32		120		109,266
2.000%	12/01/50		1,781		1,455,303
2.000%	05/01/51		472		385,644
2.500%	03/01/30		198		185,507
2.500%	11/01/46		257		221,466
2.500%	04/01/51		2,602		2,210,051
3.000%	06/01/29		150		143,949
3.000%	01/01/37		272		252,591
3.000%	06/01/45		146		133,320
3.000%	01/01/48		215		191,227
3.000%	10/01/49		74		65,503

SEE NOTES TO FINANCIAL STATEMENTS.

A105

	PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.000%	04/01/52		494	$	433,700
3.000%	05/01/52		762		668,961
3.000%	06/01/52		486		426,619
3.500%	12/01/32		244		235,850
3.500%	07/01/42		236		221,224
3.500%	10/01/42		406		380,063
3.500%	08/01/43		455		426,112
3.500%	09/01/45		155		143,869
3.500%	10/01/45		137		127,241
3.500%	02/01/47		181		167,790
3.500%	07/01/47		275		256,562
3.500%	03/01/48		370		343,003
3.500%	02/01/52		998		907,610
3.500%	08/01/52		498		452,754
4.000%	06/01/26		12		11,322
4.000%	09/01/26		48		47,035
4.000%	11/01/37		596		581,762
4.000%	09/01/40		122		117,538
4.000%	12/01/40		135		129,650
4.000%	12/01/40		156		149,810
4.000%	11/01/43		297		285,481
4.000%	09/01/48		6		5,788
4.000%	05/01/52		492		461,489
4.500%	09/01/39		504		500,517
4.500%	08/01/48		135		132,445
5.000%	06/01/33		126		128,784
5.000%	05/01/34		76		77,414
5.000%	09/01/52		995		980,891
5.500%	05/01/37		24		25,186
5.500%	02/01/38		80		82,899
5.500%	05/01/38		34		35,118
5.500%	01/01/53		2,500		2,506,660
6.000%	09/01/34		41		41,290
6.000%	01/01/37		31		31,904
6.000%	09/01/38		23		24,146
6.000%	08/01/39		28		29,346
6.250%	07/15/32		2,275		2,652,879
6.500%	09/01/32		11		11,621
6.750%	03/15/31		210		247,091
Federal Home Loan Mortgage Corp., MTN
1.899%(s)	11/15/38		600		284,016
Federal National Mortgage Assoc.
0.875%	08/05/30		500		397,276
1.500%	11/01/50		1,324		1,023,011
1.500%	12/01/50		842		650,851
2.000%	TBA		1,500		1,220,190
2.000%	08/01/31		122		110,840
2.000%	05/01/36		791		705,129
2.000%	06/01/40		327		278,315
2.000%	07/01/40		349		297,061
2.000%	02/01/41		1,589		1,353,038
2.000%	05/01/41		1,901		1,619,141
2.000%	09/01/50		2,407		1,969,609
2.000%	10/01/50		1,556		1,275,556
2.000%	12/01/50		395		322,814
2.000%	02/01/51(k)		3,522		2,874,486
2.000%	05/01/51		466		380,641
2.500%	06/01/28		663		630,093

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
2.500%	05/01/41		1,001	$	880,009
2.500%	02/01/43		96		82,349
2.500%	12/01/46		334		288,208
2.500%	01/01/50		678		579,559
2.500%	03/01/50		212		181,599
2.500%	05/01/50		909		777,339
2.500%	08/01/50		2,101		1,787,578
2.500%	09/01/50		1,583		1,370,300
2.500%	10/01/50		2,361		2,010,411
2.500%	04/01/51		1,073		921,355
2.500%	04/01/51		1,594		1,353,768
2.500%	11/01/51		966		820,040
2.500%	04/01/52		474		401,506
2.500%	05/01/52		957		816,019
3.000%	02/01/31		276		263,825
3.000%	11/01/36		216		200,334
3.000%	03/01/43		361		328,749
3.000%	07/01/43		446		405,682
3.000%	07/01/43		594		540,429
3.000%	09/01/46		304		271,518
3.000%	11/01/46		141		125,813
3.000%	11/01/46		185		165,801
3.000%	11/01/46		784		701,003
3.000%	12/01/47		419		378,603
3.000%	02/01/50		174		154,320
3.000%	06/01/50		302		266,486
3.000%	11/01/51		936		823,365
3.000%	04/01/52		485		425,516
3.000%	04/01/52		485		425,894
3.000%	04/01/52		675		592,305
3.000%	04/01/52		962		845,141
3.000%	04/01/52		965		847,699
3.000%	04/01/52		973		862,852
3.500%	TBA(tt)		1,500		1,362,454
3.500%	07/01/31		345		335,736
3.500%	02/01/33		60		58,418
3.500%	06/01/39		129		120,586
3.500%	04/01/42		214		199,979
3.500%	06/01/42		321		300,496
3.500%	07/01/42		166		155,800
3.500%	07/01/42		403		377,021
3.500%	06/01/45		548		509,263
3.500%	07/01/46		177		164,033
3.500%	12/01/46		161		149,368
3.500%	12/01/46		402		376,220
3.500%	11/01/48		289		267,573
3.500%	09/01/51		499		454,450
4.000%	07/01/37		374		364,844
4.000%	09/01/40		511		491,183
4.000%	06/01/42		309		296,591
4.000%	09/01/44		193		185,214
4.000%	09/01/44		361		345,536
4.000%	04/01/45		180		172,360
4.000%	07/01/45		128		122,463
4.000%	10/01/45		220		210,868
4.000%	10/01/46		68		64,761
4.000%	02/01/47		63		59,995
4.000%	06/01/47		109		104,320

SEE NOTES TO FINANCIAL STATEMENTS.

A106

	PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
4.000%	07/01/47		113		$	108,293
4.000%	10/01/47		354			337,843
4.000%	11/01/47		90			85,611
4.000%	11/01/47		122			116,838
4.000%	05/01/52		980			920,018
4.500%	TBA		250			240,564
4.500%	05/01/40		460			451,810
4.500%	04/01/42		305			302,169
5.000%	12/01/31		21			20,800
5.000%	03/01/34		149			151,932
5.000%	06/01/35		63			64,415
5.000%	07/01/35		32			32,510
5.000%	05/01/36		42			42,644
5.000%	07/01/52		485			478,118
5.500%	02/01/34		98			101,439
5.500%	09/01/34		113			116,418
5.500%	02/01/35		102			103,244
5.500%	06/01/35		31			30,763
5.500%	06/01/35		52			52,563
5.500%	09/01/35		30			30,179
5.500%	09/01/35		64			64,146
5.500%	10/01/35		105			106,441
5.500%	11/01/35		40			40,575
5.500%	11/01/35		54			54,367
5.500%	11/01/35		214			221,814
5.500%	11/01/52		500			501,341
5.500%	11/01/52		502			503,132
5.500%	01/01/53		500			501,342
6.000%	12/01/33		8			8,584
6.000%	02/01/34		53			54,753
6.000%	08/01/34		—(r	)		192
6.000%	11/01/34		—(r	)		258
6.000%	01/01/35		3			3,247
6.000%	01/01/36		52			53,019
6.000%	05/01/38		19			20,261
6.500%	07/01/32		95			98,210
6.500%	08/01/32		46			47,085
6.500%	10/01/32		104			107,665
6.500%	10/01/37		73			76,395
6.625%	11/15/30		3,000			3,499,404
7.000%	12/01/31		24			24,143
7.000%	01/01/36		12			12,899
8.000%	10/01/23		—(r	)		10
8.000%	09/01/24		—(r	)		340
8.000%	11/01/24		—(r	)		445
8.000%	01/01/26		—(r	)		9
9.000%	02/01/25		2			2,034
9.000%	04/01/25		1			743
Government National Mortgage Assoc.
2.000%	09/20/51		317			266,584
2.500%	12/20/46		90			79,294
2.500%	05/20/51		399			346,699
2.500%	08/20/51		1,500			1,302,477
3.000%	TBA		500			445,091
3.000%	03/15/45		363			324,744
3.000%	07/20/46		360			325,980
3.000%	09/20/46		388			350,810
3.000%	10/20/46		97			88,143

Interest     Rate	Maturity       Date	Principal       Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
3.000%	04/20/47		452		$	407,301
3.000%	12/20/48		287			258,468
3.000%	04/20/49		277			249,686
3.000%	07/20/49		72			64,597
3.000%	12/20/49		302			271,516
3.000%	09/20/51		1,051			940,012
3.500%	TBA		500			459,308
3.500%	01/20/43		431			406,319
3.500%	04/20/43		204			192,313
3.500%	03/20/45		253			236,295
3.500%	04/20/45		203			189,724
3.500%	04/20/46		340			317,136
3.500%	07/20/46		495			461,279
3.500%	07/20/48		410			381,894
3.500%	11/20/48		106			98,847
3.500%	01/20/49		188			175,201
3.500%	05/20/49		354			328,863
4.000%	06/15/40		65			62,640
4.000%	08/20/46		205			196,692
4.000%	11/20/46		124			118,834
4.000%	09/20/47		164			158,225
4.000%	06/20/48		252			240,279
4.000%	02/20/49		227			217,444
4.500%	TBA(tt)		500			484,956
4.500%	02/20/41		196			195,570
4.500%	03/20/41		167			166,592
4.500%	06/20/44		126			126,927
4.500%	09/20/46		148			144,634
4.500%	11/20/46		257			258,368
4.500%	01/20/47		33			32,706
4.500%	05/20/52		524			509,426
5.000%	07/15/33		63			64,598
5.000%	09/15/33		110			112,898
5.000%	04/15/34		67			67,447
5.000%	10/20/48		46			46,580
5.000%	08/20/52		997			988,126
5.500%	03/15/34		116			121,360
5.500%	03/15/36		32			32,934
6.500%	07/15/32		8			8,097
6.500%	08/15/32		1			1,394
6.500%	08/15/32		3			2,843
6.500%	08/15/32		9			9,635
6.500%	08/15/32		45			46,207
7.000%	06/15/23		—(r	)		101
7.000%	06/15/23		—(r	)		194
7.000%	06/15/23		—(r	)		332
7.000%	07/15/23		—(r	)		15
7.000%	07/15/23		2			1,713
7.000%	08/15/23		—(r	)		42
7.000%	08/15/23		—(r	)		422
7.000%	09/15/23		—(r	)		228
7.000%	10/15/23		—(r	)		105
7.000%	11/15/23		—(r	)		325
7.000%	11/15/23		1			961
7.000%	01/15/24		2			1,867
7.000%	05/15/24		2			2,387
7.000%	08/15/28		16			16,779
7.500%	12/15/25		13			13,495

SEE NOTES TO FINANCIAL STATEMENTS.

A107

	PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
7.500%	02/15/26		3	$	2,751
8.500%	09/15/24		12		12,457
8.500%	04/15/25		1		896
Israel Government, USAID Bond, U.S. Gov’t. Gtd. Notes
5.500%	09/18/33		300		324,990
Resolution Funding Corp. Interest Strips, Bonds
2.895%(s)	01/15/30		350		252,114
3.555%(s)	04/15/30		675		489,399
Resolution Funding Corp. Principal Strips, Bonds
3.143%(s)	04/15/30		2,305		1,667,521
3.596%(s)	01/15/30		2,290		1,677,775
Tennessee Valley Authority, Sr. Unsec’d. Notes
0.750%	05/15/25		325		297,704
1.500%	09/15/31		500		392,507
2.875%	02/01/27		175		166,422
5.880%	04/01/36		230		253,432
6.750%	11/01/25		510		541,598
7.125%	05/01/30		530		618,508
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $105,914,268)					95,410,132
U.S. TREASURY OBLIGATIONS — 29.2%
U.S. Treasury Bonds
1.375%	11/15/40		6,870		4,470,867
2.000%	11/15/41		830		593,709
2.250%	05/15/41(k)		25,835		19,424,691
2.375%	02/15/42		245		187,195
2.500%	02/15/46		710		532,944
2.500%	05/15/46		1,485		1,112,590
2.875%	05/15/43(k)		1,515		1,239,223
3.000%	05/15/47		10,490		8,618,191
3.625%	08/15/43		125		115,156
3.750%	11/15/43		3,645		3,421,174
U.S. Treasury Notes
3.875%	11/30/27		280		278,491
4.125%	11/15/32		370		377,400
U.S. Treasury Strips Coupon
0.807%(s)	11/15/29		15		11,335
1.225%(s)	02/15/41		130		60,145
1.450%(s)	08/15/42		60		25,718
1.463%(s)	11/15/42		155		65,621
1.488%(s)	11/15/41		730		324,964
1.775%(s)	02/15/40		535		260,269
1.982%(s)	08/15/39		2,120		1,053,044
1.990%(s)	02/15/39		2,825		1,436,336
2.010%(s)	08/15/30		941		690,863
2.056%(s)	11/15/38		220		113,120
2.172%(s)	02/15/28		530		430,107
2.208%(s)	05/15/39		560		281,094
2.353%(s)	02/15/44		780		314,529
2.361%(s)	05/15/41		1,945		887,862
2.365%(s)	05/15/44		2,790		1,111,859
2.415%(s)	11/15/40		525		246,012
2.416%(s)	05/15/42		80		34,612

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (continued)
2.434%(s)	11/15/45		345	$	129,766
2.436%(s)	02/15/46		390		145,473
2.443%(s)	08/15/44		210		83,073
2.452%(s)	08/15/43		1,145		470,389
2.486%(s)	02/15/45		200		77,594
2.506%(s)	11/15/43		4,315		1,760,048
2.513%(s)	08/15/41		2,740		1,233,642
2.857%(s)	05/15/31		33		23,578
3.176%(s)	08/15/40		800		379,812
3.979%(s)	02/15/42		3,945		1,730,869
TOTAL U.S. TREASURY OBLIGATIONS (cost $68,523,810)					53,753,365
TOTAL LONG-TERM INVESTMENTS (cost $209,531,846)					182,145,471
		Shares
SHORT-TERM INVESTMENT — 3.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $6,302,149)(wa)			6,302,149		6,302,149
TOTAL INVESTMENTS—102.2% (cost $215,833,995)					188,447,620
Liabilities in excess of other assets(z) — (2.2)%					(4,121,008	)
NET ASSETS — 100.0%				$	184,326,612

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, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 2,000,000 is 1.1% 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.

A108

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Forward Commitment Contract:

U.S. Government Agency Obligation	Interest Rate		Maturity Date	Settlement Date	Principal Amount (000)#			Value
Federal National Mortgage Assoc. (proceeds receivable $251,211)		5.500%	TBA	01/12/23		(250	)	$	(250,617	)

Futures contracts outstanding at December 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
141	2 Year U.S. Treasury Notes		Mar. 2023	$	28,916,016		$	11,866
256	5 Year U.S. Treasury Notes		Mar. 2023		27,630,001			(74,661	)
421	10 Year U.S. Treasury Notes		Mar. 2023		47,276,986			(179,110	)
9	30 Year U.S. Ultra Treasury Bonds		Mar. 2023		1,208,813			(67,513	)
								(309,418	)
Short Positions:
217	10 Year U.S. Ultra Treasury Notes		Mar. 2023		25,667,031			166,829
448	20 Year U.S. Treasury Bonds		Mar. 2023		56,154,000			201,975
								368,804
							$	59,386

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
CIGM		$	—		$	2,057,424

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	20,660,061		$	—
Commercial Mortgage-Backed Securities		—		11,372,214			—
Corporate Bond		—		749,081			—
Residential Mortgage-Backed Securities		—		200,618			—
U.S. Government Agency Obligations		—		95,410,132			—
U.S. Treasury Obligations		—		53,753,365			—
Short-Term Investment
Affiliated Mutual Fund		6,302,149		—			—
Total	$	6,302,149	$	182,145,471		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A109

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

	Level 1			Level 2			Level 3
Other Financial Instruments*
Assets
Futures Contracts	$	380,670		$	—			$—
Liabilities
Forward Commitment Contract	$	—		$	(250,617	)		$—
Futures Contracts		(321,284	)		—			—
Total	$	(321,284	)	$	(250,617	)		$—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2022 were as follows:

U.S. Government Agency Obligations	51.7	%
U.S. Treasury Obligations	29.2
Collateralized Loan Obligations	11.2
Commercial Mortgage-Backed Securities	6.2
Affiliated Mutual Fund	3.4
Diversified Financial Services	0.4

Residential Mortgage-Backed Securities	0.1	%
	102.2
Liabilities in excess of other assets	(2.2	)
	100.0	%

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

The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instrumentsis 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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	380,670	*	Due from/to broker-variation margin futures	$	321,284	*

* 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts	$	2,889,540	$	(779,452	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts	$	400,503	$	786,295

SEE NOTES TO FINANCIAL STATEMENTS.

A110

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$113,838,513
Futures Contracts - Short Positions (1)		87,943,910
Inflation Swap Agreements (1)		2,134,000

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Notional Amount in USD.

SEE NOTES TO FINANCIAL STATEMENTS.

A111

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value:
Unaffiliated investments (cost $209,531,846)	$	182,145,471
Affiliated investments (cost $6,302,149)		6,302,149
Cash		19,082
Receivable for investments sold		3,692,348
Dividends and interest receivable		780,573
Receivable for Portfolio shares sold		49
Prepaid expenses and other assets		3,367
Total Assets		192,943,039
LIABILITIES
Payable for investments purchased		8,181,259
Forward commitment contracts, at value (proceeds receivable $251,211)		250,617
Accrued expenses and other liabilities		77,858
Management fee payable		63,748
Due to broker-variation margin futures		24,170
Payable for Portfolio shares purchased		16,778
Affiliated transfer agent fee payable		980
Distribution fee payable		606
Trustees’ fees payable		411
Total Liabilities		8,616,427
NET ASSETS	$	184,326,612
Net assets were comprised of:
Partners’ Equity	$	184,326,612
Class I:
Net asset value and redemption price per share, $181,332,883 / 14,916,984 outstanding shares of beneficial interest	$	12.16
Class III:
Net asset value and redemption price per share, $2,993,729 / 247,239 outstanding shares of beneficial interest	$	12.11

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	5,376,629
Affiliated dividend income		127,982
Income from securities lending, net (including affiliated income of $802)		914
Total income		5,505,525
EXPENSES
Management fee		793,826
Distribution fee—Class III		4,122
Custodian and accounting fees		47,239
Audit fee		35,300
Shareholders’ reports		25,645
Legal fees and expenses		20,910
Trustees’ fees		11,601
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		22,372
Total expenses		971,697
NET INVESTMENT INCOME (LOSS)		4,533,828
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(2,904))		(5,064,555	)
Futures transactions		2,889,540
Swap agreements transactions		(779,452	)
		(2,954,467	)
Net change in unrealized appreciation (depreciation) on:
Investments		(32,459,518	)
Futures		400,503
Swap agreements		786,295
		(31,272,720	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(34,227,187	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,693,359	)

STATEMENTS OF CHANGES IN NET ASSETS
	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	4,533,828			$	3,127,986
Net realized gain (loss) on investment transactions			(2,954,467	)			1,187,150
Net change in unrealized appreciation (depreciation) on investments			(31,272,720	)			(11,901,520	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(29,693,359	)			(7,586,384	)
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			11,747,354				3,780,217
Portfolio shares purchased			(21,104,441	)			(19,045,491	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(9,357,087	)			(15,265,274	)
TOTAL INCREASE (DECREASE)			(39,050,446	)			(22,851,658	)
NET ASSETS:
Beginning of year			223,377,058				246,228,716
End of year		$	184,326,612			$	223,377,058

SEE NOTES TO FINANCIAL STATEMENTS.

A112

PSF PGIM GOVERNMENT INCOME PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	14.05		$	14.51		$	13.54		$	12.70		$	12.62
Income (Loss) From Investment Operations:
Net investment income (loss)		0.29			0.19			0.23			0.31			0.28
Net realized and unrealized gain (loss) on investment transactions		(2.18	)		(0.65	)		0.74			0.53			(0.20	)
Total from investment operations		(1.89	)		(0.46	)		0.97			0.84			0.08
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	12.16		$	14.05		$	14.51		$	13.54		$	12.70
Total Return(d)		(13.45	)%		(3.17	)%		7.16	%		6.61	%		0.63	%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	181.3		$	223.1		$	246.2		$	238.6		$	221.1
Average net assets (in millions)	$	196.8		$	231.5		$	246.6		$	234.6		$	230.5
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.49	%		0.48	%		0.51	%		0.52	%		0.51	%
Expenses before waivers and/or expense reimbursement		0.49	%		0.48	%		0.51	%		0.52	%		0.51	%
Net investment income (loss)		2.28	%		1.35	%		1.58	%		2.34	%		2.28	%
Portfolio turnover rate(g)(h)		177	%		222	%		150	%		269	%		284	%

Class III
	Year Ended December 31,               2022				April 26, 2021(i) through December 31,                 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	14.03			$	14.17
Income (Loss) From Investment Operations:
Net investment income (loss)			0.28				0.11
Net realized and unrealized gain (loss) on investment transactions			(2.20	)			(0.25	)
Total from investment operations			(1.92	)			(0.14	)
Net Asset Value, end of period		$	12.11			$	14.03
Total Return(d)			(13.68	)%			(0.99	)%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	3.0			$	0.3
Average net assets (in millions)		$	1.6			$	0.2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.74	%			0.68	%(j)
Expenses before waivers and/or expense reimbursement			0.74	%			0.68	%(j)
Net investment income (loss)			2.26	%			1.09	%(j)
Portfolio turnover rate(g)(h)			177	%			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 conformto 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.

A113

	PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
REPURCHASE AGREEMENTS — 32.1%
BOS
4.3%, dated 12/30/22, due 01/03/23 in the amount of $70,033,444 collateralized by GNMA (coupon rates 3.000%-5.500%, maturity dates 04/20/45-12/20/52) with the aggregate value, including accrued interest, of $71,400,001			70,000	$	70,000,000
CAG
4.3%, dated 12/30/22, due 01/03/23 in the amount of $8,420,021 collateralized by GNMA (coupon rate 2.000%, maturity date 01/20/51) with the aggregate value, including accrued interest, of $8,584,320			8,416		8,416,000
CIBC
4.3%, dated 12/15/22, due 02/02/23 in the amount of $20,117,056 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.435%, maturity dates 02/21/23-08/15/49) with the aggregate value, including accrued interest, of $20,446,301			20,000		20,000,000
GS
4.3%, dated 12/28/22, due 01/04/23 in the amount of $35,029,264 collateralized by FNMA (coupon rate 3.500%, maturity date 07/01/52) with the aggregate value, including accrued interest, of $35,700,000			35,000		35,000,000
ING
4.31%, dated 12/15/22, due 02/02/23 in the amount of $20,117,328 collateralized by FHLMC (coupon rates 2.387%-5.500%, maturity dates 03/01/38-11/01/52), FNMA (coupon rates 2.000%-5.500%, maturity dates 05/01/35-09/01/52) and GNMA (coupon rate 5.500%, maturity date 09/20/52) with the aggregate value, including accrued interest, of $20,400,001			20,000		20,000,000
4.31%, dated 12/15/22, due 02/03/23 in the amount of $20,119,722 collateralized by FHLMC (coupon rates 2.000%-8.000%, maturity dates 07/01/28-11/01/52) and FNMA (coupon rates 2.000%-5.500%, maturity dates 12/01/26-11/01/52) 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)
NWS
4.28%, dated 12/28/22, due 01/04/23 in the amount of $20,016,644 collateralized by U.S. Treasury Securities (coupon rate 3.125%, maturity date 08/15/25) with the aggregate value, including accrued interest, of $20,417,039			20,000	$	20,000,000
SSB
4.3%, dated 12/30/22, due 01/03/23 in the amount of $40,019,111 collateralized by U.S. Treasury Securities (coupon rate 0.125%, maturity date 05/15/23) with the aggregate value, including accrued interest, of $40,806,455			40,000		40,000,000
TDM
4.3%, dated 12/30/22, due 01/03/23 in the amount of $70,033,444 collateralized by U.S. Treasury Securities (coupon rates 0.375%-2.875%, maturity dates 03/31/24-09/30/27) with the aggregate value, including accrued interest, of $71,400,024			70,000		70,000,000
TOTAL REPURCHASE AGREEMENTS (cost $303,416,000)					303,416,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 67.0%
Federal Farm Credit Bank, SOFR + 0.008% (Cap N/A, Floor 0.000%)
4.308%(c)	02/07/23		8,750		8,749,889
Federal Farm Credit Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)
4.315%(c)	05/02/23		10,000		9,999,831
Federal Farm Credit Bank, SOFR + 0.025%
4.325%(c)	10/27/23		11,450		11,449,438
Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)
4.325%(c)	09/27/23		9,350		9,349,651
Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%)
4.335%(c)	05/12/23		10,500		10,500,191
Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)
4.340%(c)	03/10/23		4,500		4,500,105
Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)
4.350%(c)	11/09/23		2,825		2,825,363
Federal Farm Credit Bank, SOFR + 0.110% (Cap N/A, Floor 0.000%)
4.410%(c)	11/15/23		10,000		10,000,000
Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%)
4.420%(c)	09/14/23		6,800		6,800,000
Federal Home Loan Bank
4.011%(n)	01/06/23		12,000		11,993,333
4.111%(n)	01/27/23		22,000		21,935,289
4.210%(n)	02/06/23		13,000		12,945,660
4.229%(n)	02/08/23		17,500		17,422,298
4.260%(n)	02/15/23		13,500		13,428,872
4.289%(n)	02/17/23		34,000		33,811,347
4.400%(n)	02/22/23		17,500		17,389,536
4.417%(n)	03/01/23		16,750		16,630,093
4.480%(n)	03/15/23		17,000		16,847,288
4.495%(n)	03/22/23		17,500		17,327,139

SEE NOTES TO FINANCIAL STATEMENTS.

A114

	PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank, SOFR + 0.010% (Cap N/A, Floor 0.000%)
4.310%(c)	01/17/23		15,000	$	14,999,912
Federal Home Loan Bank, SOFR + 0.015% (Cap N/A, Floor 0.000%)
4.315%(c)	02/08/23		8,750		8,749,931
Federal Home Loan Bank, SOFR + 0.020% (Cap N/A, Floor 0.000%)
4.320%(c)	01/12/23		16,500		16,500,000
4.320%(c)	01/24/23		13,000		13,000,000
Federal Home Loan Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%)
4.325%(c)	01/25/23		10,500		10,500,032
Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%)
4.330%(c)	01/19/23		16,500		16,500,000
4.330%(c)	02/28/23		16,500		16,500,000
4.330%(c)	03/21/23		13,000		13,000,000
Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%)
4.340%(c)	01/30/23		3,000		2,999,999
4.340%(c)	01/30/23		16,500		16,500,000
4.340%(c)	02/10/23		16,000		16,000,000
4.340%(c)	02/17/23		13,000		13,000,000
4.340%(c)	10/06/23		8,250		8,250,000
Federal Home Loan Bank, SOFR + 0.045% (Cap N/A, Floor 0.000%)
4.345%(c)	03/03/23		13,000		13,000,000
Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%)
4.350%(c)	02/08/23		8,000		8,000,000
4.350%(c)	03/03/23		9,000		9,000,000
4.350%(c)	06/27/23		16,500		16,500,000
Federal Home Loan Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%)
4.355%(c)	04/04/23		16,500		16,500,000
Federal Home Loan Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%)
4.360%(c)	04/10/23		10,000		10,000,000
4.360%(c)	04/18/23		3,000		3,000,000

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
4.360%(c)	05/01/23		17,000	$	17,000,000
4.360%(c)	06/06/23		16,000		16,000,000
4.360%(c)	07/03/23		13,000		13,000,000
Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%)
4.365%(c)	05/08/23		16,000		16,000,000
Federal Home Loan Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%)
4.370%(c)	04/03/23		12,000		12,000,000
4.370%(c)	05/17/23		11,500		11,500,000
4.370%(c)	12/14/23		8,400		8,400,000
Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%)
4.390%(c)	05/23/23		10,000		10,000,000
4.390%(c)	08/15/23		12,000		12,000,000
4.390%(c)	08/16/23		5,000		5,000,000
Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%)
4.400%(c)	09/21/23		16,500		16,500,000
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $633,805,197)					633,805,197
TOTAL INVESTMENTS — 99.1% (cost $937,221,197)					937,221,197
Other assets in excess of liabilities — 0.9%					8,089,530
NET ASSETS — 100.0%				$	945,310,727

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, 2022.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of December 31, 2022 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Repurchase Agreements		$	—	$	303,416,000		$	—
U.S. Government Agency Obligations			—		633,805,197			—
Total		$	—	$	937,221,197		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2022 were as follows:

U.S. Government Agency Obligations 67.0 % 

SEE NOTES TO FINANCIAL STATEMENTS.

A115

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Industry Classification (continued):
Repurchase Agreements	32.1	%
	99.1
Other assets in excess of liabilities	0.9
	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	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(1)			Net  Amount
Repurchase Agreements	BOS		$	70,000,000		$(70,000,000	)		$—
Repurchase Agreements	CAG			8,416,000		(8,416,000	)		—
Repurchase Agreements	CIBC			20,000,000		(20,000,000	)		—
Repurchase Agreements	GS			35,000,000		(35,000,000	)		—
Repurchase Agreements	ING			40,000,000		(40,000,000	)		—
Repurchase Agreements	NWS			20,000,000		(20,000,000	)		—
Repurchase Agreements	SSB			40,000,000		(40,000,000	)		—
Repurchase Agreements	TDM			70,000,000		(70,000,000	)		—
			$	303,416,000

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

SEE NOTES TO FINANCIAL STATEMENTS.

A116

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2022
ASSETS
Investments, at value:	$	633,805,197
Repurchase Agreements (cost $303,416,000)		303,416,000
Cash		56
Receivable for investments sold		8,500,000
Interest receivable		2,744,356
Receivable for Portfolio shares sold		29,805
Prepaid expenses		7,655
Total Assets		948,503,069
LIABILITIES
Payable for Portfolio shares purchased		2,840,852
Management fee payable		239,670
Accrued expenses and other liabilities		79,729
Distribution fee payable		30,310
Affiliated transfer agent fee payable		980
Trustees’ fees payable		801
Total Liabilities		3,192,342
NET ASSETS	$	945,310,727
Net assets were comprised of:
Partners’ Equity	$	945,310,727
Class I:
Net asset value and redemption price per share, $802,595,837 / 80,256,778 outstanding shares of beneficial interest	$	10.00
Class III:
Net asset value and redemption price per share, $142,714,890 / 14,271,667 outstanding shares of beneficial interest	$	10.00

STATEMENT OF OPERATIONS
Year Ended December 31, 2022
NET INVESTMENT INCOME (LOSS)
Interest income	$	15,119,909
EXPENSES
Management fee		2,751,606
Distribution fee—Class III		342,353
Custodian and accounting fees		93,688
Shareholders’ reports		39,197
Audit fee		25,100
Legal fees and expenses		25,093
Trustees’ fees		22,582
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		23,628
Total expenses		3,333,929
Less: Fee waivers and/or expense reimbursement		(503,442	)
Less: Distribution fee waiver—Class III		(113,784	)
Net expenses		2,716,703
NET INVESTMENT INCOME (LOSS)		12,403,206
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions		3,259
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	12,406,465

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	12,403,206			$	—
Net realized gain (loss) on investment transactions			3,259				381,775
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			12,406,465				381,775
DISTRIBUTIONS
Class I			(10,727,306	)			(331,630	)
Class III			(1,680,477	)			(50,145	)
			(12,407,783	)			(381,775	)
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			896,553,186				1,118,916,318
Portfolio shares issued in reinvestment of distributions			12,407,783				381,775
Portfolio shares purchased			(832,486,578	)			(1,108,241,533	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			76,474,391				11,056,560
TOTAL INCREASE (DECREASE)			76,473,073				11,056,560
NET ASSETS:
Beginning of year			868,837,654				857,781,094
End of year		$	945,310,727			$	868,837,654

SEE NOTES TO FINANCIAL STATEMENTS.

A117

PSF PGIM GOVERNMENT MONEY MARKET PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
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)		0.14			—	(b)		0.03			0.19			0.15
Less Dividends and Distributions		(0.14	)		(—	)(b)		(0.03	)		(0.19	)		(0.15	)
Net Asset Value, end of year	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total Return(c)		1.39	%		0.04	%		0.30	%		1.92	%		1.53	%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	803		$	725		$	792		$	600		$	536
Average net assets (in millions)	$	780		$	748		$	667		$	563		$	560
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.27	%		0.06	%		0.21	%		0.35	%		0.35	%
Expenses before waivers and/or expense reimbursement		0.32	%		0.32	%		0.34	%		0.35	%		0.35	%
Net investment income (loss)		1.37	%		—	%		0.26	%		1.88	%		1.52	%

Class III
	Year Ended December 31,								May 18, 2020(e) through December 31,                 2020
	2022				2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	10.00			$	10.00			$	10.00
Income (Loss) From Investment Operations:
Net investment income (loss) and realized gains (losses)			0.12				—	(b)			—	(b)
Less Dividends and Distributions:			(0.12	)			(—	)(b)			(—	)(b)
Net Asset Value, end of period		$	10.00			$	10.00			$	10.00
Total Return(c)			1.22	%			0.04	%			—	%(b)
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	143			$	144			$	66
Average net assets (in millions)		$	137			$	118			$	34
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement			0.44	%			0.06	%			0.13	%(f)
Expenses before waivers and/or expense reimbursement			0.58	%			0.58	%			0.58	%(f)
Net investment income (loss)			1.23	%			—	%			—	%(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.

A118

PSF PGIM HIGH YIELD BOND PORTFOLIO   

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
LONG-TERM INVESTMENTS — 94.1%
ASSET-BACKED SECURITIES — 6.1%
Collateralized Loan Obligations
BlueMountain CLO Ltd. (Cayman Islands),
Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)
5.159%(c)	07/15/31		2,500	$	2,460,382
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%)
5.323%(c)	01/20/32		5,000		4,907,452
CIFC Funding Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%)
5.283%(c)	04/20/31		2,500		2,458,578
Guggenheim CLO STAT Ltd. (Cayman Islands),
Series 2022-01A, Class A1A, 144A, 3 Month SOFR + 2.590% (Cap N/A, Floor 2.590%)
6.709%(c)	10/25/31		4,750		4,747,640
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.259%(c)	01/15/31		2,000		1,981,422
KKR Static CLO Ltd. (Cayman Islands),
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.220% (Cap N/A, Floor 2.220%)
6.738%(c)	10/20/31		2,000		1,999,362
Race Point CLO Ltd. (Cayman Islands),
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)
5.715%(c)	02/20/30		4,213		4,150,628
Signal Peak CLO Ltd.,
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)
5.468%(c)	04/25/31		4,800		4,703,220
TSTAT Ltd. (Bermuda),
Series 2022-02A, Class A1, 144A
0.000%(cc)	01/20/31		2,250		2,246,462
TOTAL ASSET-BACKED SECURITIES (cost $29,612,427)					29,655,146
CONVERTIBLE BOND — 0.0%
Telecommunications
Digicel Group Holdings Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A (original cost $78,710; purchased 06/23/20 - 10/01/22)(f)
7.000%	01/17/23(oo)		486		43,741
(cost $78,710)
CORPORATE BONDS — 77.3%
Advertising — 0.4%
CMG Media Corp.,
Gtd. Notes, 144A
8.875%	12/15/27		2,450		1,843,375
Aerospace & Defense — 2.9%
Boeing Co. (The),
Sr. Unsec’d. Notes
5.805%	05/01/50		2,100		1,953,841
5.930%	05/01/60		725		665,747

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%	02/15/28		1,025	$	948,514
7.125%	06/15/26(a)		1,150		1,112,625
7.500%	12/01/24		1,720		1,717,907
7.500%	03/15/25		1,074		1,062,957
7.875%	04/15/27(a)		3,825		3,717,441
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A
7.500%	04/15/25		725		716,445
TransDigm UK Holdings PLC,
Gtd. Notes
6.875%	05/15/26		600		587,250
TransDigm, Inc.,
Gtd. Notes
4.625%	01/15/29(a)		400		351,471
5.500%	11/15/27		775		727,768
Sr. Sec’d. Notes, 144A
6.250%	03/15/26(a)		600		592,994
					14,154,960
Agriculture — 0.3%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A
5.750%	02/01/29		1,425		1,236,688
Airlines — 0.7%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A
11.750%	07/15/25		800		860,670
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%	04/20/26		125		120,207
5.750%	04/20/29		1,200		1,093,320
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A
5.750%	01/20/26(a)		425		384,625
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	04/15/26		640		596,080
4.625%	04/15/29		440		383,994
					3,438,896
Apparel — 0.3%
Kontoor Brands, Inc.,
Gtd. Notes, 144A
4.125%	11/15/29		250		201,202
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%	08/15/29		1,650		1,249,389
					1,450,591
Auto Manufacturers — 1.4%
Allison Transmission, Inc.,
Gtd. Notes, 144A
3.750%	01/30/31(a)		275		226,258

SEE NOTES TO FINANCIAL STATEMENTS.

A119

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Auto Manufacturers (cont’d.)
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%	01/15/43		2,150	$	1,555,500
5.291%	12/08/46		3,575		2,749,173
7.400%	11/01/46		550		540,231
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
4.000%	11/13/30		375		307,995
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A
7.750%	10/15/25		750		693,852
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A
9.500%	10/01/28		1,150		874,396
					6,947,405
Auto Parts & Equipment — 1.0%
Adient Global Holdings Ltd.,
Gtd. Notes, 144A
4.875%	08/15/26		2,175		2,019,901
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.250%	03/15/26(a)		865		811,934
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%	04/15/25		475		466,094
Dana, Inc.,
Sr. Unsec’d. Notes
4.250%	09/01/30(a)		475		382,768
4.500%	02/15/32(a)		475		383,491
5.375%	11/15/27		175		162,287
5.625%	06/15/28(a)		50		45,486
Titan International, Inc.,
Sr. Sec’d. Notes
7.000%	04/30/28		625		594,434
					4,866,395
Banks — 0.3%
Citigroup, Inc.,
Jr. Sub. Notes
3.875%(ff)	02/18/26(oo)		600		512,872
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A
7.625%	05/01/26		350		294,268
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A
4.198%(ff)	06/01/32		725		537,088
					1,344,228
Building Materials — 1.6%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.750%	08/01/28		550		504,503
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A
6.125%	01/15/29		975		687,271

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Building Materials (cont’d.)
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A
7.875%	01/31/27		525	$	501,802
Griffon Corp.,
Gtd. Notes
5.750%	03/01/28		750		685,861
JELD-WEN, Inc.,
Gtd. Notes, 144A
4.625%	12/15/25(a)		350		292,390
Masonite International Corp.,
Gtd. Notes, 144A
3.500%	02/15/30		275		221,375
5.375%	02/01/28(a)		325		299,991
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A
5.500%	02/01/30		750		602,649
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A
6.000%	11/01/28		1,450		1,296,646
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
3.375%	01/15/31		525		396,944
4.375%	07/15/30		1,050		860,114
4.750%	01/15/28		625		562,430
5.000%	02/15/27(a)		690		638,202
					7,550,178
Chemicals — 2.4%
Ashland LLC,
Gtd. Notes
6.875%	05/15/43		1,705		1,661,578
ASP Unifrax Holdings, Inc.,
Sr. Sec’d. Notes, 144A
5.250%	09/30/28		275		221,455
Sr. Unsec’d. Notes, 144A
7.500%	09/30/29(a)		225		142,952
Chemours Co. (The),
Gtd. Notes
5.375%	05/15/27		305		281,063
Gtd. Notes, 144A
4.625%	11/15/29(a)		620		508,404
5.750%	11/15/28(a)		315		282,844
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A (original cost $1,097,619; purchased 08/09/17 - 01/05/18)(f)
6.750%	08/15/24(a)		1,110		889,885
Diamond BC BV,
Gtd. Notes, 144A
4.625%	10/01/29(a)		580		465,450
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A
10.000%	12/15/28(a)		950		787,964
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
5.250%	06/01/27(a)		506		452,666

SEE NOTES TO FINANCIAL STATEMENTS.

A120

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Chemicals (cont’d.)
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A
4.250%	10/01/28		500	$	409,679
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A
7.250%	04/01/25		1,370		1,260,150
SK Invictus Intermediate II Sarl (Luxembourg),
Sr. Sec’d. Notes, 144A
5.000%	10/30/29		740		606,608
SPCM SA (France),
Sr. Unsec’d. Notes, 144A
3.375%	03/15/30		425		345,844
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A
13.000%	12/16/27		651		651,207
Tronox, Inc.,
Gtd. Notes, 144A
4.625%	03/15/29(a)		1,395		1,159,041
Valvoline, Inc.,
Gtd. Notes, 144A
4.250%	02/15/30(a)		450		439,065
Sr. Unsec’d. Notes, 144A
3.625%	06/15/31(a)		325		266,577
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A
5.750%	07/15/25		1,770		589,853
Sr. Sec’d. Notes, 144A
9.500%	07/01/25		500		341,250
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A
5.625%	10/01/24		100		98,820
					11,862,355
Coal — 0.1%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
10.750%	05/15/26		323		331,479
Commercial Services — 4.0%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A
5.500%	03/01/28		365		334,549
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%	07/15/26		985		903,274
Sr. Unsec’d. Notes, 144A
6.000%	06/01/29(a)		1,625		1,188,831
9.750%	07/15/27		1,425		1,250,833
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%	06/01/28(a)		1,260		1,037,106
4.625%	06/01/28(a)		1,065		862,650
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A
5.625%	04/15/26		375		339,712

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Commercial Services (cont’d.)
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%	04/15/29		525	$	452,314
4.625%	10/01/27		225		207,420
APi Group DE, Inc.,
Gtd. Notes, 144A
4.750%	10/15/29		250		218,978
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A
4.750%	04/01/28(a)		550		466,148
5.750%	07/15/27(a)		575		523,494
Brink’s Co. (The),
Gtd. Notes, 144A
5.500%	07/15/25		205		201,279
Gartner, Inc.,
Gtd. Notes, 144A
3.625%	06/15/29		325		284,891
3.750%	10/01/30		225		195,089
Hertz Corp. (The),
Gtd. Notes, 144A
4.625%	12/01/26		225		188,517
5.000%	12/01/29		425		322,341
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A
6.500%	05/15/29		2,000		1,691,205
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.500%	09/01/28		1,300		1,014,556
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A
5.500%	04/15/29		500		440,874
Service Corp. International,
Sr. Unsec’d. Notes
4.000%	05/15/31(a)		750		636,601
United Rentals North America, Inc.,
Gtd. Notes
3.750%	01/15/32		450		367,584
3.875%	02/15/31		175		147,280
4.000%	07/15/30		100		85,594
4.875%	01/15/28(a)		3,500		3,316,288
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A
9.750%	08/15/26		2,860		2,801,544
					19,478,952
Computers — 0.5%
CA Magnum Holdings (India),
Sr. Sec’d. Notes, 144A
5.375%	10/31/26		200		181,026
Condor Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A
7.375%	02/15/30(a)		610		492,626
NCR Corp.,
Gtd. Notes, 144A
5.000%	10/01/28		325		278,865
5.125%	04/15/29(a)		935		781,935
5.250%	10/01/30(a)		680		560,580

SEE NOTES TO FINANCIAL STATEMENTS.

A121

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Computers (cont’d.)
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A
5.750%	06/01/25		300	$	300,965
					2,595,997
Distribution/Wholesale — 0.4%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A
3.875%	12/15/28		2,100		1,787,814
Diversified Financial Services — 2.9%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A
4.750%	12/15/24(a)		800		707,892
goeasy Ltd. (Canada),
Gtd. Notes, 144A
4.375%	05/01/26(a)		400		352,000
Home Point Capital, Inc.,
Gtd. Notes, 144A
5.000%	02/01/26		375		256,338
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A
5.000%	08/15/28		1,675		1,367,857
LD Holdings Group LLC,
Gtd. Notes, 144A
6.125%	04/01/28		825		492,514
LFS Topco LLC,
Gtd. Notes, 144A
5.875%	10/15/26		850		684,635
LPL Holdings, Inc.,
Gtd. Notes, 144A
4.000%	03/15/29		150		130,529
4.375%	05/15/31(a)		500		428,727
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.125%	12/15/30(a)		1,700		1,307,232
5.500%	08/15/28		200		163,630
6.000%	01/15/27(a)		310		278,057
Navient Corp.,
Sr. Unsec’d. Notes
5.500%	03/15/29(a)		700		574,066
OneMain Finance Corp.,
Gtd. Notes
3.875%	09/15/28(a)		325		258,571
4.000%	09/15/30(a)		550		411,115
6.625%	01/15/28(a)		950		875,942
6.875%	03/15/25		1,025		985,383
7.125%	03/15/26		2,550		2,424,589
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%	02/15/29(a)		425		332,208
5.375%	10/15/25		575		520,971
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A
4.000%	10/15/33		750		561,002
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A
6.375%	02/01/30(a)		650		519,594

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
7.875%	05/01/27(a)		675	$	609,187
					14,242,039
Electric — 4.5%
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%	02/01/29(a)		2,732		2,354,200
5.000%	02/01/31(a)		1,925		1,621,629
5.125%	03/15/28(a)		4,900		4,386,125
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A
13.000%	06/01/24		438		261,430
NRG Energy, Inc.,
Gtd. Notes
5.750%	01/15/28(a)		750		704,610
6.625%	01/15/27		442		439,038
Gtd. Notes, 144A
3.375%	02/15/29		275		222,032
3.625%	02/15/31(a)		1,000		765,129
3.875%	02/15/32		1,075		810,494
5.250%	06/15/29(a)		775		684,708
PG&E Corp.,
Sr. Sec’d. Notes
5.000%	07/01/28(a)		935		855,594
5.250%	07/01/30(a)		2,355		2,142,982
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)	12/15/26(oo)		800		729,290
8.000%(ff)	10/15/26(oo)		1,150		1,099,748
Vistra Operations Co. LLC,
Gtd. Notes, 144A
4.375%	05/01/29(a)		925		798,101
5.000%	07/31/27		1,515		1,409,872
5.500%	09/01/26		1,350		1,302,209
5.625%	02/15/27(a)		1,458		1,392,432
					21,979,623
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc.,
Gtd. Notes, 144A
4.375%	03/31/29		800		680,024
4.750%	06/15/28		225		195,817
WESCO Distribution, Inc.,
Gtd. Notes, 144A
7.125%	06/15/25		500		506,840
7.250%	06/15/28		835		846,568
					2,229,249
Electronics — 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A
9.750%	10/15/25		1,060		977,218
Engineering & Construction — 0.3%
AECOM,
Gtd. Notes
5.125%	03/15/27		375		362,994

SEE NOTES TO FINANCIAL STATEMENTS.

A122

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Engineering & Construction (cont’d.)
Artera Services LLC,
Sr. Sec’d. Notes, 144A
9.033%	12/04/25		550	$	458,991
TopBuild Corp.,
Gtd. Notes, 144A
3.625%	03/15/29		500		413,966
4.125%	02/15/32(a)		325		264,051
					1,500,002
Entertainment — 2.4%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%
10.000%	06/15/26		492		204,368
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
6.250%	07/01/25		1,130		1,099,401
Sr. Unsec’d. Notes, 144A
4.625%	10/15/29(a)		575		467,589
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.375%	05/01/26		450		423,594
Everi Holdings, Inc.,
Gtd. Notes, 144A
5.000%	07/15/29		100		86,180
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
7.625%	04/15/26(a)		1,550		1,528,452
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
4.125%	04/15/26		975		909,773
6.250%	01/15/27		450		444,942
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%	02/15/29		425		386,507
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
4.875%	05/01/29		850		726,299
Motion Bondco DAC (United Kingdom),
Gtd. Notes, 144A
6.625%	11/15/27(a)		850		733,125
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
4.125%	07/01/29		750		593,323
5.625%	01/15/27(a)		1,625		1,472,107
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A
5.875%	09/01/31		1,200		846,562
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A
6.625%	03/01/30(a)		800		675,526
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
5.125%	10/01/29		770		660,344
Sr. Unsec’d. Notes, 144A
7.750%	04/15/25(a)		375		373,365
					11,631,457

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Environmental Control — 0.2%
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A
4.000%	08/01/28(a)		200	$	171,000
4.375%	08/15/29(a)		825		697,125
					868,125
Foods — 2.7%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
3.500%	03/15/29		800		670,831
5.875%	02/15/28		125		118,919
B&G Foods, Inc.,
Gtd. Notes
5.250%	04/01/25(a)		625		550,617
5.250%	09/15/27		1,510		1,158,652
C&S Group Enterprises LLC,
Gtd. Notes, 144A
5.000%	12/15/28		625		470,967
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A
7.500%	04/15/25(a)		375		365,182
Sr. Sec’d. Notes, 144A
4.625%	11/15/28		125		110,329
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.500%	01/15/30(a)		950		903,900
Kraft Heinz Foods Co.,
Gtd. Notes
4.375%	06/01/46		1,875		1,531,577
4.875%	10/01/49(a)		750		654,502
5.000%	07/15/35		163		156,314
5.200%	07/15/45		250		230,366
5.500%	06/01/50(a)		750		719,669
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%	01/31/30		400		353,924
4.375%	01/31/32(a)		575		502,212
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A
3.500%	03/01/32		300		234,497
4.250%	04/15/31		650		553,265
5.875%	09/30/27(a)		2,150		2,106,868
Post Holdings, Inc.,
Gtd. Notes, 144A
4.625%	04/15/30(a)		1,160		1,000,776
5.500%	12/15/29(a)		425		385,042
Sr. Unsec’d. Notes, 144A
4.500%	09/15/31		425		358,982
					13,137,391
Gas — 0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.500%	05/20/25		1,075		1,032,872
5.750%	05/20/27		1,050		981,595
5.875%	08/20/26(a)		975		927,783
					2,942,250

SEE NOTES TO FINANCIAL STATEMENTS.

A123

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Products — 0.7%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29		1,625	$	1,309,683
Sr. Unsec’d. Notes, 144A
5.250%	10/01/29(a)		2,525		2,006,818
					3,316,501
Healthcare-Services — 3.6%
DaVita, Inc.,
Gtd. Notes, 144A
3.750%	02/15/31		2,375		1,771,328
4.625%	06/01/30		1,800		1,450,644
HCA, Inc.,
Gtd. Notes
7.050%	12/01/27		1,750		1,820,946
7.500%	11/06/33		650		684,092
Gtd. Notes, MTN
7.750%	07/15/36		400		438,126
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A
4.375%	02/15/27		500		423,210
LifePoint Health, Inc.,
Gtd. Notes, 144A
5.375%	01/15/29		2,850		1,613,459
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A
7.250%	11/01/25(a)		1,750		1,481,098
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A
9.750%	12/01/26(a)		2,025		1,630,237
Tenet Healthcare Corp.,
Gtd. Notes, 144A
6.125%	10/01/28(a)		1,250		1,121,707
Sr. Sec’d. Notes, 144A
4.250%	06/01/29(a)		1,725		1,493,523
4.375%	01/15/30		1,425		1,234,609
6.125%	06/15/30		250		238,103
Sr. Unsec’d. Notes
6.875%	11/15/31		2,350		2,123,218
					17,524,300
Home Builders — 4.5%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A
4.625%	08/01/29		725		590,681
4.625%	04/01/30		700		566,633
Beazer Homes USA, Inc.,
Gtd. Notes
5.875%	10/15/27		1,300		1,146,462
6.750%	03/15/25		850		823,979
7.250%	10/15/29(a)		1,775		1,588,384
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
4.875%	02/15/30		1,175		907,688
6.250%	09/15/27		625		555,063

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Home Builders (cont’d.)
Sr. Unsec’d. Notes, 144A
5.000%	06/15/29(a)		625	$	493,750
Century Communities, Inc.,
Gtd. Notes
6.750%	06/01/27(a)		325		310,764
Gtd. Notes, 144A
3.875%	08/15/29(a)		625		491,258
Forestar Group, Inc.,
Gtd. Notes, 144A
3.850%	05/15/26		350		311,198
5.000%	03/01/28(a)		1,300		1,121,736
KB Home,
Gtd. Notes
4.000%	06/15/31(a)		625		504,921
4.800%	11/15/29		1,500		1,305,806
7.250%	07/15/30		225		218,507
M/I Homes, Inc.,
Gtd. Notes
3.950%	02/15/30		325		264,524
4.950%	02/01/28		625		555,186
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%	03/01/30(a)		1,150		934,375
5.250%	12/15/27(a)		1,000		886,250
Meritage Homes Corp.,
Gtd. Notes
5.125%	06/06/27		525		497,104
6.000%	06/01/25		975		968,089
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes
4.750%	02/15/28(a)		1,175		1,026,758
4.750%	04/01/29		700		590,047
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
7.500%	02/15/26		1,075		932,925
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%	06/15/27(a)		1,625		1,563,805
Sr. Unsec’d. Notes, 144A
5.125%	08/01/30		1,792		1,559,247
Tri Pointe Homes, Inc.,
Gtd. Notes
5.700%	06/15/28(a)		1,190		1,083,730
					21,798,870
Home Furnishings — 0.0%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A
4.000%	04/15/29		175		146,937
Household Products/Wares — 0.4%
ACCO Brands Corp.,
Gtd. Notes, 144A
4.250%	03/15/29(a)		1,250		1,031,746
Central Garden & Pet Co.,
Gtd. Notes, 144A
4.125%	04/30/31		50		41,429

SEE NOTES TO FINANCIAL STATEMENTS.

A124

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Household Products/Wares (cont’d.)
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A
7.000%	12/31/27(a)		825	$	676,500
Sr. Sec’d. Notes, 144A
5.000%	12/31/26		150		129,000
					1,878,675
Housewares — 0.5%
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.000%	04/01/31		1,275		979,076
4.375%	02/01/32		275		210,262
4.500%	10/15/29		150		121,509
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A
6.500%	10/01/29		1,900		1,101,809
					2,412,656
Insurance — 0.1%
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A
5.875%	04/15/29(a)		675		580,247
Internet — 0.5%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A
3.875%	09/15/27		475		394,397
Sr. Unsec’d. Notes, 144A
5.625%	09/15/28		820		613,654
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%	04/15/25		875		853,165
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A
3.500%	03/01/29		400		337,439
					2,198,655
Iron/Steel — 0.2%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%	01/31/29(a)		863		826,029
Commercial Metals Co.,
Sr. Unsec’d. Notes
4.125%	01/15/30		200		176,238
4.375%	03/15/32		225		194,686
					1,196,953
Leisure Time — 0.3%
Royal Caribbean Cruises Ltd.,
Sr. Sec’d. Notes, 144A
8.250%	01/15/29(a)		425		426,062
Sr. Unsec’d. Notes, 144A
5.500%	04/01/28		25		19,882
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%	09/15/27(a)		250		205,000

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Leisure Time (cont’d.)
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A
5.625%	02/15/29		450	$	362,250
Vista Outdoor, Inc.,
Gtd. Notes, 144A
4.500%	03/15/29		375		276,232
					1,289,426
Lodging — 1.4%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A
3.625%	02/15/32		925		740,379
4.000%	05/01/31		150		126,336
MGM Resorts International,
Gtd. Notes
4.625%	09/01/26(a)		750		686,940
4.750%	10/15/28(a)		1,575		1,375,083
5.500%	04/15/27(a)		525		487,977
5.750%	06/15/25		25		24,296
6.750%	05/01/25(a)		955		962,561
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
5.875%	05/15/25		350		327,287
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.125%	12/15/29(a)		675		539,386
5.625%	08/26/28		2,025		1,710,902
					6,981,147
Machinery-Construction & Mining — 0.1%
Terex Corp.,
Gtd. Notes, 144A
5.000%	05/15/29		550		494,209
Machinery-Diversified — 0.6%
Chart Industries, Inc.,
Gtd. Notes, 144A
9.500%	01/01/31		200		205,117
Sr. Sec’d. Notes, 144A
7.500%	01/01/30(a)		500		502,075
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.625%	12/15/28		575		474,724
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
10.125%	08/01/24		1,504		1,455,580
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A
5.250%	07/15/27		224		197,680
					2,835,176
Media — 6.3%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%	05/01/32(a)		3,040		2,419,844
Sr. Unsec’d. Notes, 144A
4.000%	03/01/23		140		139,548

SEE NOTES TO FINANCIAL STATEMENTS.

A125

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
4.250%	02/01/31		3,775	$	3,030,854
4.500%	06/01/33		315		242,575
4.750%	03/01/30(a)		2,375		2,051,259
5.000%	02/01/28(a)		930		845,132
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%	02/15/31		1,190		776,296
4.125%	12/01/30		575		405,853
5.375%	02/01/28(a)		890		717,415
5.500%	04/15/27		225		189,351
6.500%	02/01/29		400		328,190
Sr. Unsec’d. Notes, 144A
4.625%	12/01/30		3,275		1,802,198
5.000%	11/15/31		310		173,251
5.750%	01/15/30		2,725		1,540,780
7.500%	04/01/28		200		135,538
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $5,052,669; purchased 07/18/19 - 06/03/22)(f)
6.625%	08/15/27		6,605		73,876
Sec’d. Notes, 144A (original cost $2,812,977; purchased 07/18/19 - 08/30/22)(f)
5.375%	08/15/26		6,440		766,739
DISH DBS Corp.,
Gtd. Notes
5.000%	03/15/23		285		283,702
5.125%	06/01/29		1,965		1,267,644
7.375%	07/01/28		950		671,460
7.750%	07/01/26(a)		4,150		3,349,075
Gray Television, Inc.,
Gtd. Notes, 144A
5.875%	07/15/26		1,335		1,189,405
iHeartCommunications, Inc.,
Sr. Sec’d. Notes
6.375%	05/01/26(a)		325		298,950
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A
5.375%	08/15/27		300		273,321
News Corp.,
Sr. Unsec’d. Notes, 144A
3.875%	05/15/29		250		216,626
Nexstar Media, Inc.,
Gtd. Notes, 144A
4.750%	11/01/28		135		116,955
5.625%	07/15/27(a)		455		417,893
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.500%	09/15/26		505		371,146
Sr. Unsec’d. Notes, 144A
6.500%	09/15/28		3,515		1,473,185
Sinclair Television Group, Inc.,
Gtd. Notes, 144A (original cost $277,163; purchased 09/15/21)(f)
5.125%	02/15/27(a)		285		232,851
TPC Holdings, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon N/A or PIK 17.000%
17.000%	06/18/28		400		400,097

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
4.500%	05/01/29		520	$	434,608
5.125%	02/15/25		1,760		1,676,683
6.625%	06/01/27		1,275		1,231,380
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A
5.000%	01/15/32		1,475		1,185,531
					30,729,211
Metal Fabricate/Hardware — 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%	10/15/29(a)		475		410,644
Mining — 1.8%
Constellium SE,
Gtd. Notes, 144A
5.875%	02/15/26(a)		925		889,406
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A
6.250%	09/01/29(a)		1,100		965,594
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.500%	03/01/24		710		696,063
6.875%	10/15/27		425		396,392
7.500%	04/01/25(a)		2,075		2,018,975
FMG Resources August 2006 Pty Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
6.125%	04/15/32		50		46,515
Hecla Mining Co.,
Gtd. Notes
7.250%	02/15/28		575		567,387
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A
4.500%	04/01/26		300		271,875
6.125%	04/01/29(a)		995		902,963
New Gold, Inc. (Canada),
Gtd. Notes, 144A
7.500%	07/15/27(a)		1,350		1,182,937
Novelis Corp.,
Gtd. Notes, 144A
3.875%	08/15/31		650		531,880
4.750%	01/30/30		50		44,206
					8,514,193
Miscellaneous Manufacturing — 0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A
5.625%	07/01/27		425		405,954
Sr. Unsec’d. Notes, 144A
4.625%	05/15/30		570		487,127
					893,081
Oil & Gas — 6.6%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A
8.250%	02/15/26		725		719,945

SEE NOTES TO FINANCIAL STATEMENTS.

A126

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes
7.875%	12/15/24^(d)		5,200	$	35,360
Antero Resources Corp.,
Gtd. Notes, 144A
5.375%	03/01/30(a)		1,500		1,390,349
7.625%	02/01/29		328		332,259
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%	11/01/26		850		827,548
9.000%	11/01/27		676		825,330
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A
9.750%	11/01/26		1,514		1,610,668
Chesapeake Energy Corp.,
Gtd. Notes, 144A
5.500%	02/01/26		300		289,576
5.875%	02/01/29		1,050		1,000,287
6.750%	04/15/29(a)		675		657,297
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%	06/15/25		1,525		1,490,695
CNX Resources Corp.,
Gtd. Notes, 144A
7.250%	03/14/27		1,375		1,370,790
Comstock Resources, Inc.,
Gtd. Notes, 144A
5.875%	01/15/30(a)		450		389,153
6.750%	03/01/29		825		744,847
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%	05/01/29		200		179,280
5.625%	10/15/25		350		337,750
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	01/30/28		1,500		1,436,278
EQT Corp.,
Sr. Unsec’d. Notes
5.000%	01/15/29		175		164,445
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%	02/01/29		275		245,731
6.000%	04/15/30(a)		1,100		984,400
6.000%	02/01/31		900		763,986
6.250%	11/01/28		1,050		952,600
6.250%	04/15/32		625		536,945
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
5.875%	02/01/29(a)		450		423,247
7.125%	02/01/27(a)		1,352		1,377,350
Nabors Industries Ltd.,
Gtd. Notes, 144A
7.250%	01/15/26		900		848,646
7.500%	01/15/28(a)		1,250		1,131,250
Nabors Industries, Inc.,
Gtd. Notes
5.750%	02/01/25(a)		1,300		1,238,539

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Gtd. Notes, 144A
7.375%	05/15/27		50	$	48,992
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.125%	01/01/31(a)		400		404,797
6.625%	09/01/30		100		103,329
7.150%	05/15/28		275		285,815
7.875%	09/15/31		100		110,376
Parkland Corp. (Canada),
Gtd. Notes, 144A
4.500%	10/01/29(a)		500		416,250
4.625%	05/01/30(a)		1,275		1,061,437
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A
6.875%	01/15/29		200		185,000
7.125%	01/15/26(a)		1,225		1,197,437
Range Resources Corp.,
Gtd. Notes
4.875%	05/15/25		1,075		1,024,647
Gtd. Notes, 144A
4.750%	02/15/30		225		199,058
Southwestern Energy Co.,
Gtd. Notes
4.750%	02/01/32(a)		1,075		917,870
5.375%	02/01/29		125		115,778
5.375%	03/15/30(a)		1,525		1,386,886
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes
4.500%	05/15/29		450		393,603
4.500%	04/30/30		1,175		1,020,381
5.875%	03/15/28		100		94,805
Transocean, Inc.,
Gtd. Notes, 144A
7.250%	11/01/25		250		221,250
7.500%	01/15/26(a)		650		546,000
8.000%	02/01/27		225		182,644
					32,220,906
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		1,107		763,446
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A
4.125%	08/15/26		375		323,663
Sr. Unsec’d. Notes, 144A
5.250%	08/15/27(a)		425		318,895
Graham Packaging Co., Inc.,
Gtd. Notes, 144A
7.125%	08/15/28(a)		820		685,419
Graphic Packaging International LLC,
Gtd. Notes
4.125%	08/15/24		300		293,403
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		293,250

SEE NOTES TO FINANCIAL STATEMENTS.

A127

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Packaging & Containers (cont’d.)
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A
6.000%	09/15/28(a)		960	$	766,800
LABL, Inc.,
Sr. Sec’d. Notes, 144A
5.875%	11/01/28		525		449,013
6.750%	07/15/26		50		47,462
Sr. Unsec’d. Notes, 144A
8.250%	11/01/29		1,175		937,451
10.500%	07/15/27		150		139,199
OI European Group BV,
Gtd. Notes, 144A
4.750%	02/15/30(a)		325		284,781
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A
6.375%	08/15/25		200		196,105
6.625%	05/13/27		170		165,460
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	10/15/28(a)		500		446,862
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A
6.625%	11/01/25		350		308,066
9.250%	08/01/24		225		214,028
TriMas Corp.,
Gtd. Notes, 144A
4.125%	04/15/29(a)		325		285,105
					6,918,408
Pharmaceuticals — 2.4%
AdaptHealth LLC,
Gtd. Notes, 144A
4.625%	08/01/29		500		419,100
5.125%	03/01/30		750		638,339
6.125%	08/01/28		820		758,172
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%	01/30/28		1,550		751,936
5.000%	02/15/29		1,600		768,000
5.250%	01/30/30		1,300		621,309
5.250%	02/15/31		1,250		602,825
6.250%	02/15/29		6,510		3,141,075
7.000%	01/15/28		250		121,250
9.000%	12/15/25(a)		500		394,575
Embecta Corp.,
Sr. Sec’d. Notes, 144A
5.000%	02/15/30(a)		1,175		984,919
6.750%	02/15/30		175		157,913
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A
4.375%	01/15/29		350		312,340
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%	04/30/28		450		398,439
Sr. Unsec’d. Notes, 144A
5.125%	04/30/31		700		606,357

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A
7.750%	11/15/25		900	$	724,701
					11,401,250
Pipelines — 3.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.375%	06/15/29		750		686,045
5.750%	01/15/28(a)		1,825		1,700,703
7.875%	05/15/26		200		203,093
Cheniere Energy Partners LP,
Gtd. Notes
4.000%	03/01/31(a)		900		770,879
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes
4.625%	10/15/28(a)		2,250		2,040,381
CNX Midstream Partners LP,
Gtd. Notes, 144A
4.750%	04/15/30		150		123,821
DCP Midstream Operating LP,
Gtd. Notes
5.625%	07/15/27		395		392,440
Gtd. Notes, 144A
6.450%	11/03/36		200		197,137
Energy Transfer LP,
Jr. Sub. Notes, Series G
7.125%(ff)	05/15/30(oo)		625		522,117
EQM Midstream Partners LP,
Sr. Unsec’d. Notes
5.500%	07/15/28		50		44,665
Sr. Unsec’d. Notes, 144A
6.000%	07/01/25		101		98,114
6.500%	07/01/27		810		774,398
7.500%	06/01/27		175		171,445
7.500%	06/01/30		175		168,698
Global Partners LP/GLP Finance Corp.,
Gtd. Notes
6.875%	01/15/29		400		362,289
7.000%	08/01/27(a)		260		248,128
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
6.875%	04/15/40(a)		2,069		1,737,730
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
5.500%	01/15/28		1,625		1,444,131
6.000%	12/31/30		975		848,030
6.000%	09/01/31		325		279,907
7.500%	10/01/25		175		176,538
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		440		385,231
4.125%	08/15/31		240		204,602
Western Midstream Operating LP,
Sr. Unsec’d. Notes
3.950%	06/01/25		275		260,703
4.300%	02/01/30		575		503,657

SEE NOTES TO FINANCIAL STATEMENTS.

A128

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
5.500%	08/15/48		300	$	249,161
					14,594,043
Real Estate — 1.5%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
7.875%	11/15/25(a)		1,925		1,615,736
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
5.750%	12/01/25		1,825		1,783,411
Howard Hughes Corp. (The),
Gtd. Notes, 144A
4.125%	02/01/29(a)		625		522,825
4.375%	02/01/31		700		563,547
5.375%	08/01/28		720		648,267
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A
5.250%	04/15/29		1,525		1,288,401
Realogy Group LLC/Realogy Co-Issuer Corp.,
Gtd. Notes, 144A
5.250%	04/15/30		1,050		765,642
5.750%	01/15/29		200		150,942
					7,338,771
Real Estate Investment Trusts (REITs) — 2.5%
Diversified Healthcare Trust,
Gtd. Notes
4.375%	03/01/31		550		350,491
9.750%	06/15/25		1,112		1,066,315
Sr. Unsec’d. Notes
4.750%	05/01/24		50		43,156
4.750%	02/15/28		2,350		1,335,655
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%	03/15/31		600		412,781
5.000%	10/15/27(a)		825		694,240
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A
7.500%	06/01/25		1,435		1,435,455
Sabra Health Care LP,
Gtd. Notes
5.125%	08/15/26		300		285,739
SBA Communications Corp.,
Sr. Unsec’d. Notes
3.125%	02/01/29(a)		330		274,811
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
7.875%	02/15/25		3,755		3,644,423
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
4.750%	04/15/28(a)		445		355,382
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.500%	01/15/28		1,175		1,074,551
4.625%	12/01/29		1,175		1,069,143
					12,042,142

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Retail — 3.8%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%	10/15/30(a)		2,050	$	1,661,422
Sr. Sec’d. Notes, 144A
3.875%	01/15/28		400		360,500
At Home Group, Inc.,
Gtd. Notes, 144A
7.125%	07/15/29		1,600		928,808
Sr. Sec’d. Notes, 144A
4.875%	07/15/28		100		70,657
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%
7.750%	04/01/27		150		92,821
Brinker International, Inc.,
Gtd. Notes, 144A
5.000%	10/01/24		200		192,878
Sr. Unsec’d. Notes
3.875%	05/15/23		250		247,695
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A
5.875%	07/01/29		500		350,412
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
6.750%	02/07/25		250		217,812
8.500%	10/30/25		1,075		1,000,825
Ferrellgas LP/Ferrellgas Finance Corp.,
Sr. Unsec’d. Notes, 144A (original cost $139,125; purchased 08/02/22 - 08/04/22)(f)
5.375%	04/01/26		150		136,669
Sr. Unsec’d. Notes, 144A (original cost $292,975; purchased 08/02/22 - 08/15/22)(f)
5.875%	04/01/29		330		270,607
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A
6.750%	01/15/30(a)		1,025		827,419
Sr. Sec’d. Notes, 144A
4.625%	01/15/29		425		359,752
Foundation Building Materials, Inc.,
Gtd. Notes, 144A
6.000%	03/01/29		1,400		1,051,322
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%	10/01/29		800		569,294
3.875%	10/01/31(a)		1,000		705,483
LBM Acquisition LLC,
Gtd. Notes, 144A
6.250%	01/15/29		1,050		680,986
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A
4.875%	05/01/29		500		403,858
Park River Holdings, Inc.,
Gtd. Notes, 144A
5.625%	02/01/29(a)		1,620		1,100,399
Sr. Unsec’d. Notes, 144A
6.750%	08/01/29		225		157,003

SEE NOTES TO FINANCIAL STATEMENTS.

A129

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
Patrick Industries, Inc.,
Gtd. Notes, 144A
4.750%	05/01/29(a)		375	$	314,491
7.500%	10/15/27		575		559,324
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%	12/01/25		2,600		2,504,381
SRS Distribution, Inc.,
Gtd. Notes, 144A
6.000%	12/01/29(a)		1,000		799,783
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.875%	03/01/27		275		263,099
Sr. Unsec’d. Notes, 144A
5.000%	06/01/31		1,100		941,620
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A
4.500%	03/15/29(a)		1,125		960,469
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A
6.875%	10/15/28(a)		625		544,598
					18,274,387
Software — 0.3%
Black Knight InfoServ LLC,
Gtd. Notes, 144A
3.625%	09/01/28		1,660		1,447,515
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A
5.000%	12/15/29		175		150,799
					1,598,314
Telecommunications — 3.7%
Altice France SA (France),
Sr. Sec’d. Notes, 144A
8.125%	02/01/27		950		864,500
Digicel Group Holdings Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% (original cost $221,783; purchased 06/23/20 - 10/03/22)(f)
8.000%	04/01/25		682		174,331
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A (original cost $1,162,720; purchased 05/22/20 - 08/30/22)(f)
8.000%	12/31/26		1,618		709,994
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% (original cost $624,050; purchased 10/28/22 - 12/15/22)(f)
13.000%	12/31/25		931		484,380
Sr. Sec’d. Notes, 144A (original cost $1,040,000; purchased 03/07/19 - 07/20/20)(f)
8.750%	05/25/24		1,050		899,588
Sr. Sec’d. Notes, 144A (original cost $1,014,594; purchased 05/22/20 - 07/30/20)(f)
8.750%	05/25/24		1,058		907,871

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A (original cost $4,459,150; purchased 09/26/17 - 11/21/22)(f)
6.750%	03/01/23		5,725	$	2,175,500
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A
6.500%	10/15/26		675		625,219
7.000%	10/15/28		900		815,715
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes
5.500%	08/01/23^(d)		1,595		2
Gtd. Notes, 144A
8.500%	10/15/24^(d)		25		—
9.750%	07/15/25^(d)		3,955		4
Sr. Sec’d. Notes, 144A
6.500%	03/15/30		2,355		2,105,346
Level 3 Financing, Inc.,
Gtd. Notes, 144A
3.750%	07/15/29		145		104,426
4.250%	07/01/28(a)		460		362,378
4.625%	09/15/27		210		175,253
Sr. Sec’d. Notes, 144A
3.400%	03/01/27(a)		400		338,875
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes, Series P
7.600%	09/15/39		935		637,168
Northwestern Bell Telephone,
Sr. Unsec’d. Notes
7.750%	05/01/30		100		96,395
Sprint Capital Corp.,
Gtd. Notes
6.875%	11/15/28		430		447,176
8.750%	03/15/32		731		869,574
Sprint LLC,
Gtd. Notes
7.625%	02/15/25(a)		885		916,356
7.625%	03/01/26		500		526,154
7.875%	09/15/23		1,175		1,192,545
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%	09/15/25(a)		1,700		1,586,720
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A
4.000%	03/01/27(a)		510		377,968
Sr. Unsec’d. Notes, 144A
6.125%	03/01/28		960		547,450
					17,940,888
Transportation — 0.1%
XPO Escrow Sub LLC,
Gtd. Notes, 144A
7.500%	11/15/27(a)		225		227,032

SEE NOTES TO FINANCIAL STATEMENTS.

A130

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Trucking & Leasing — 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A
5.500%	05/01/28(a)		775	$	660,564
TOTAL CORPORATE BONDS (cost $448,837,169)					374,814,253
FLOATING RATE AND OTHER LOANS — 2.8%
Airlines — 0.3%
United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750%
8.108%(c)	04/21/28		1,224		1,205,096
Chemicals — 0.0%
Venator Materials LLC,
Initial Term Loan, 1 Month LIBOR + 3.000%
7.592%(c)	08/08/24		249		178,903
Electric — 0.1%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 6.000%
10.415%(c)	07/30/26		1,864		615,069
Housewares — 0.1%
SWF Holdings I Corp.,
Initial Term Loan, 3 Month LIBOR + 4.000%
8.753%(c)	10/06/28		784		639,805
Insurance — 0.2%
Asurion LLC,
New B-4 Term Loan, 1 Month LIBOR + 5.250%
9.634%(c)	01/20/29		1,290		995,450
Media — 0.2%
Diamond Sports Group LLC,
First Lien Term Loan, 1 Month SOFR + 8.100%
12.317%(c)	05/25/26^		957		890,162
Second Lien Term loan, 1 Month SOFR + 3.350%
7.567%(c)	08/24/26		2,226		268,943
					1,159,105
Oil & Gas — 0.3%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%
12.941%(c)	11/01/25		1,385		1,457,713
Retail — 0.2%
EG America LLC (United Kingdom),
Project Becker Additional Facility, 3 Month LIBOR + 4.250%
8.980%(c)	03/31/26		316		294,350
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month LIBOR + 3.750%
8.134%(c)	03/06/28		564		541,129
					835,479
Software — 0.6%
Boxer Parent Co., Inc.,
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750%
8.134%(c)	10/02/25		704		672,293
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500%
9.884%(c)	02/27/26		250		228,125

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
FLOATING RATE AND OTHER LOANS (continued)
Software (cont’d.)
Finastra USA, Inc.,
Dollar Term Loan (Second Lien), 3 Month LIBOR + 7.250%
10.621%(c)	06/13/25		975	$	723,666
First Lien Dollar Term Loan, 6 Month LIBOR + 3.500%
6.871%(c)	06/13/24		178		157,139
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364%
9.582%(c)	07/14/28		1,168		969,320
					2,750,543
Telecommunications — 0.8%
West Corp.,
Incremental B1 Term Loan, 3 Month LIBOR + 3.500%
7.915%(c)	10/10/24		738		675,349
Initial Term B Loan, 3 Month LIBOR + 4.000%
8.415%(c)	10/10/24		2,219		2,027,897
Xplornet Communications, Inc. (Canada),
First Lien Refinancing Term Loan, 1 Month LIBOR + 4.000%
8.384%(c)	10/02/28		1,135		869,603
Initial Term Loan- Second Lien, 1 Month LIBOR + 7.000%
11.384%(c)	10/01/29^		565		381,375
					3,954,224
TOTAL FLOATING RATE AND OTHER LOANS (cost $16,570,823)					13,791,387
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%
Adjustable Rate Mortgage Trust,
Series 2005-07, Class 1A1
3.828%(cc)	10/25/35		4		2,835
Alternative Loan Trust,
Series 2005-43, Class 4A3
3.173%(cc)	10/25/35		2		1,291
Series 2006-HY13, Class 4A1
3.435%(cc)	02/25/37		2		1,349
Series 2006-OA09, Class 2A1A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
4.563%(c)	07/20/46		2		1,673
American Home Mortgage Assets Trust,
Series 2006-04, Class 1A12, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
4.599%(c)	10/25/46		15		8,028
Banc of America Funding Trust,
Series 2006-B, Class 2A1
3.221%(cc)	03/20/36		3		2,667
Citigroup Mortgage Loan Trust,
Series 2007-10, Class 22AA
3.871%(cc)	09/25/37		6		5,549
HarborView Mortgage Loan Trust,
Series 2006-05, Class 2A1A, 1 Month LIBOR + 0.360% (Cap N/A, Floor 0.360%)
4.699%(c)	07/19/46		4		2,122
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR12, Class A1, 1 Month LIBOR + 0.380% (Cap N/A, Floor 0.380%)
4.769%(c)	09/25/46		3		2,673

SEE NOTES TO FINANCIAL STATEMENTS.

A131

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust,
Series 2007-S03, Class 1A96
6.000%	08/25/37		10	$	5,381
MASTR Adjustable Rate Mortgages Trust,
Series 2006-OA01, Class 1A1, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)
4.599%(c)	04/25/46		2		1,382
Residential Accredit Loans Trust,
Series 2006-QA02, Class 3A1
5.751%(cc)	02/25/36		9		7,291
Residential Asset Securitization Trust,
Series 2007-A05, Class 2A3
6.000%	05/25/37		3		1,473
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2007-HY01, Class 2A3
3.093%(cc)	02/25/37		2		1,391
Series 2007-HY01, Class 4A1
3.266%(cc)	02/25/37		2		2,022
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $53,748)					47,127
U.S. TREASURY OBLIGATIONS — 5.0%
U.S. Treasury Notes
2.750%	04/30/27(k)		10,329		9,789,955
3.000%	07/31/24		9,849		9,604,314
3.875%	11/30/27		5,000		4,973,047
TOTAL U.S. TREASURY OBLIGATIONS (cost $25,049,891)					24,367,316
		Shares
COMMON STOCKS — 2.2%
Chemicals — 0.2%
TPC Group, Inc.*^			49,934		998,680
Electric Utilities — 0.3%
GenOn Energy Holdings, Inc. (Class A Stock) (original cost $1,273,580; purchased 02/28/19)*^(f)			11,836		1,183,600
Keycon Power Holdings LLC*^			2,150		272,835
					1,456,435
Gas Utilities — 0.6%
Ferrellgas Partners LP (Class B Stock)(original cost $3,601,855; purchased 01/30/17 - 04/08/20)^(f)			13,116		2,620,183
Independent Power & Renewable Electricity Producers — 0.2%
Vistra Corp.			44,042		1,021,774
Oil, Gas & Consumable Fuels — 0.6%
Chesapeake Energy Corp.			32,875		3,102,414
Wireless Telecommunication Services — 0.3%
Intelsat Emergence SA (Luxembourg)* . 52,734					1,276,163
TOTAL COMMON STOCKS (cost $6,438,115)					10,475,649

	Shares		Value
PREFERRED STOCKS — 0.7%
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	$	293,524
Construction Materials — 0.0%
New Millennium Homes LLC, Maturing 01/01/49^		409		2,045
Gas Utilities — 0.6%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31(original cost $2,850,000; purchased 03/29/21)^(f)		2,850		2,850,000
Media — 0.0%
Adelphia Communications Corp.^		700		1
TOTAL PREFERRED STOCKS (cost $3,061,417)				3,145,570
	Units
RIGHTS* — 0.0%
Wireless Telecommunication Services
Intelsat Jackson Holdings SA, Series A, CVR (Luxembourg), expiring 12/05/25^		5,521		52,619
Intelsat Jackson Holdings SA, Series B, CVR (Luxembourg), expiring 12/05/25^		5,521		10,929
TOTAL RIGHTS (cost $0)				63,548
TOTAL LONG-TERM INVESTMENTS (cost $529,702,300)				456,403,737
	Shares
SHORT-TERM INVESTMENTS — 21.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		19,618,137		19,618,137
PGIM Institutional Money Market Fund (cost $86,296,209; includes $85,881,636 of cash collateral for securities on loan)(b)(wa)		86,398,318		86,355,118
TOTAL SHORT-TERM INVESTMENTS (cost $105,914,346)				105,973,255
TOTAL INVESTMENTS—116.0% (cost $635,616,646)				562,376,992
Liabilities in excess of other assets(z) — (16.0)%				(77,405,059	)
NET ASSETS — 100.0%			$	484,971,933

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 $9,297,795 and 1.9% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

A132

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $84,433,963; cash collateral of $85,881,636 (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, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(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 $25,998,970. The aggregate value of $14,419,815 is 3.0% 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.

(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.

(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, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
67	2 Year U.S. Treasury Notes		Mar. 2023	$	13,740,234		$	12,616
205	5 Year U.S. Treasury Notes		Mar. 2023		22,125,586			(40,392	)
309	10 Year U.S. Treasury Notes		Mar. 2023		34,699,736			(128,202	)
								(155,978	)
Short Positions:
6	20 Year U.S. Treasury Bonds		Mar. 2023		752,063			977
21	30 Year U.S. Ultra Treasury Bonds		Mar. 2023		2,820,563			29,665
								30,642
							$	(125,336	)

Credit default swap agreements outstanding at December 31, 2022:

Reference Entity/ Obligation	Termination Date		Fixed  Rate	Notional Amount (000)#(3)		Value at Trade Date			Value at December 31, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.39.V1		12/20/32	1.000%(Q)		13,140		$	303,548		$	175,831		$	(127,717	)

Reference Entity/ Obligation	Termination Date		Fixed  Rate		Notional Amount (000)#(3)		Implied Credit Spread at December 31, 2022(4)		Value at Trade Date				Value at December 31, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.38.V2		06/20/27		5.000%(Q)		10,529		4.426%		$	(293,582	)		$	235,138		$	528,720
CDX.NA.HY.39.V1		12/20/27		5.000%(Q)		925		4.849%			1,835				6,929			5,094
										$	(291,747	)		$	242,067		$	533,814

SEE NOTES TO FINANCIAL STATEMENTS.

A133

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Credit default swap agreements outstanding at December 31, 2022: (continued)

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

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

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

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

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

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
CIGM		$	1,255,000		$	956,343

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	29,655,146	$	—
Convertible Bond		—		43,741		—
Corporate Bonds		—		374,778,887		35,366
Floating Rate and other Loans		—		12,519,850		1,271,537
Residential Mortgage-Backed Securities		—		47,127		—
U.S. Treasury Obligations		—		24,367,316		—
Common Stocks		4,124,188		1,276,163		5,075,298
Preferred Stocks		293,524		—		2,852,046
Rights		—		—		63,548

SEE NOTES TO FINANCIAL STATEMENTS.

A134

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Funds	$	105,973,255		$	—		$	—
Total	$	110,390,967		$	442,688,230		$	9,297,795
Other Financial Instruments*
Assets
Futures Contracts	$	43,258		$	—		$	—
Centrally Cleared Credit Default Swap Agreements		—			533,814			—
Total	$	43,258		$	533,814		$	—
Liabilities
Futures Contracts	$	(168,594	)	$	—		$	—
Centrally Cleared Credit Default Swap Agreement		—			(127,717	)		—
Total	$	(168,594	)	$	(127,717	)	$	—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments. 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.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

	Corporate Bonds				Floating Rate and other Loans				Common Stocks				Preferred Stocks				Rights		Warrants
Balance as of 12/31/21		$	35,610			$	324,666			$	1,960,190			$	3,152,864		$	—	$	4,972
Realized gain (loss)			(1	)			1,230				259,903				10,500			—		—
Change in unrealized appreciation (depreciation)			(436,055	)			(155,038	)			(88,530	)			(9,818	)		63,548		(4,972	)
Purchases/Exchanges/Issuances			—				1,160,045				541,017				—			—		—
Sales/Paydowns			—				(63,189	)			(1,945,122	)			(301,500	)		—		—
Accrued discount/premium			435,812				3,823				—				—			—		—
Transfers into Level 3*			—				—				4,347,840				—			—		—
Transfers out of Level 3*			—				—				—				—			—		—
Balance as of 12/31/22		$	35,366			$	1,271,537			$	5,075,298			$	2,852,046		$	63,548	$	—
Change in unrealized appreciation (depreciation)relating to securities still held at reporting periodend		$	(435,806	)		$	(149,890	)		$	(88,530	)		$	(9,818	)	$	63,548	$	—

* It is the Portfolio’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Portfolio.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

Level 3 Securities**	Fair Value as of December 31, 2022			Valuation   Approach	Valuation Methodology	Unobservable Inputs
Corporate Bonds		$	6	Market	Contingent Value	Contingent Value
Corporate Bonds			35,360	Market	Transaction Based	Unadjusted Last Traded Price
Common Stocks			998,680	Market	Enterprise Value	Implied Equity Value
Common Stocks			272,835	Market	Enterprise Value	Discount Rate
Common Stocks			2,620,183	Market	Transaction Based/Broker Quote	Allocation Rate
Preferred Stocks			2,045	Market	Discounted Cash Flow	Discount Rate
Preferred Stocks			1	Market	Discounting	Discount Rate
Preferred Stocks			2,850,000	Market	Transaction Based	Unadjusted Purchase Price

SEE NOTES TO FINANCIAL STATEMENTS.

A135

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

Level 3 Securities**	Fair Value as of December 31, 2022		Valuation Approach		Valuation Methodology		Unobservable Inputs
Rights		$     63,548		Market		Contingent Value		Contingent Value
		$6,842,658

** The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of December 31, 2022, the aggregate value of these securities and/or derivatives was $2,455,137. The unobservable inputs for these investments were not developed by the Portfolio and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2022 were as follows:

Affiliated Mutual Funds (17.7% represents investments purchased with collateral from securities on loan)	21.9	%
Oil & Gas	6.9
Media	6.5
Collateralized Loan Obligations	6.1
U.S. Treasury Obligations	5.0
Electric	4.6
Telecommunications	4.5
Home Builders	4.5
Commercial Services	4.0
Retail	4.0
Healthcare-Services	3.6
Pipelines	3.0
Diversified Financial Services	2.9
Aerospace & Defense	2.9
Foods	2.7
Chemicals	2.6
Real Estate Investment Trusts (REITs)	2.5
Entertainment	2.4
Pharmaceuticals	2.4
Mining	1.8
Building Materials	1.6
Real Estate	1.5
Lodging	1.4
Auto Manufacturers	1.4
Packaging & Containers	1.4
Gas Utilities	1.2
Auto Parts & Equipment	1.0
Airlines	1.0
Software	0.9
Healthcare-Products	0.7
Oil, Gas & Consumable Fuels	0.6
Housewares	0.6
Gas	0.6
Machinery-Diversified	0.6
Computers	0.5
Electrical Components & Equipment	0.5
Internet	0.5
Household Products/Wares	0.4
Advertising	0.4
Distribution/Wholesale	0.4
Insurance	0.3
Engineering & Construction	0.3
Electric Utilities	0.3
Apparel	0.3
Banks	0.3

Wireless Telecommunication Services	0.3	%
Leisure Time	0.3
Agriculture	0.3
Iron/Steel	0.2
Independent Power & Renewable Electricity Producers	0.2
Electronics	0.2
Miscellaneous Manufacturing	0.2
Environmental Control	0.2
Trucking & Leasing	0.1
Machinery-Construction & Mining	0.1
Metal Fabricate/Hardware	0.1
Coal	0.1
Capital Markets	0.1
Transportation	0.1
Home Furnishings	0.0	*
Residential Mortgage-Backed Securities	0.0	*
Construction Materials	0.0	*
	116.0
Liabilities in excess of other assets	(16.0	)
	100.0	%

* Less than +/- 0.05%

SEE NOTES TO FINANCIAL STATEMENTS.

A136

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and         Liabilities Location		Fair Value		Statement of Assets and Liabilities Location	Fair Value
Credit contracts		Due from/to broker-variation margin swaps		$533,814*	Due from/to broker-variation margin swaps	$	127,717	*
Interest rate contracts		Due from/to broker-variation margin futures		43,258*	Due from/to broker-variation margin futures		168,594	*
				$577,072		$	296,311

* 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	1,797,526
Interest rate contracts		(6,823,977	)		100,769
Total	$	(6,823,977	)	$	1,898,295

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	$	—		$	414,591
Interest rate contracts		(325,086	)		—
Total	$	(325,086	)	$	414,591

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$74,018,436
Futures Contracts - Short Positions (1)	3,371,457
Credit Default Swap Agreements - Buy Protection (1)	14,873,000
Credit Default Swap Agreements - Sell Protection (1)	8,376,890
Total Return Swap Agreements (1)	500,000

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Notional Amount in USD.

SEE NOTES TO FINANCIAL STATEMENTS.

A137

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

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	$84,433,963	$(84,433,963)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A138

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $84,433,963:
Unaffiliated investments (cost $529,702,300)	$	456,403,737
Affiliated investments (cost $105,914,346)		105,973,255
Cash		18,658
Dividends and interest receivable		8,270,205
Deposit with broker for centrally cleared/exchange-traded derivatives		1,255,000
Receivable for Portfolio shares sold		61,114
Receivable for investments sold		3,983
Tax reclaim receivable		305
Prepaid expenses and other assets		37,060
Total Assets		572,023,317
LIABILITIES
Payable to broker for collateral for securities on loan		85,881,636
Accrued expenses and other liabilities		632,073
Payable for investments purchased		223,815
Management fee payable		213,242
Due to broker-variation margin futures		60,101
Payable for Portfolio shares purchased		34,299
Due to broker-variation margin swaps		2,424
Distribution fee payable		1,929
Affiliated transfer agent fee payable		980
Trustees’ fees payable		580
Payable to affiliate		305
Total Liabilities		87,051,384
NET ASSETS	$	484,971,933
Net assets were comprised of:
Partners’ Equity	$	484,971,933
Class I:
Net asset value and redemption price per share, $475,712,007 / 80,299,934 outstanding shares of beneficial interest	$	5.92
Class III:
Net asset value and redemption price per share, $9,259,926 / 1,569,365 outstanding shares of beneficial interest	$	5.90

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income (net of $7,233 foreign withholding tax)	$	31,431,770
Unaffiliated dividend income (net of $948 foreign withholding tax, all of which is reimbursable by an affiliate)		980,061
Affiliated dividend income.		429,970
Income from securities lending, net (including affiliated income of $227,644)		277,548
Total income		33,119,349
EXPENSES
Management fee		2,802,282
Distribution fee—Class III		19,804
Custodian and accounting fees		70,743
Shareholders’ reports		64,618
Audit fee		46,800
Legal fees and expenses		23,784
Trustees’ fees		16,430
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		31,124
Total expenses		3,086,267
Less: Fee waivers and/or expense reimbursement		(166,260	)
Net expenses		2,920,007
NET INVESTMENT INCOME (LOSS)		30,199,342
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10,212))		3,646,517
Futures transactions		(6,823,977	)
Swap agreements transactions		1,898,295
		(1,279,165	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $42,781)		(92,282,377	)
Futures		(325,086	)
Swap agreements		414,591
Unfunded loan commitments		(724	)
		(92,193,596	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(93,472,761	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(63,273,419	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	30,199,342			$	28,155,051
Net realized gain (loss) on investment transactions.			(1,279,165	)			6,025,005
Net change in unrealized appreciation (depreciation) on investments			(92,193,596	)			7,730,935
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(63,273,419	)			41,910,991
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			21,791,340				34,073,944
Portfolio shares purchased			(41,725,529	)			(37,040,105	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(19,934,189	)			(2,966,161	)
TOTAL INCREASE (DECREASE)			(83,207,608	)			38,944,830
NET ASSETS:
Beginning of year			568,179,541				529,234,711
End of year.		$	484,971,933			$	568,179,541

SEE NOTES TO FINANCIAL STATEMENTS.

A139

PSF PGIM HIGH YIELD BOND PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	6.67		$	6.18		$	5.77		$	4.96		$	5.17
Income (Loss) From Investment Operations:
Net investment income (loss)		0.36			0.33			0.35			0.34			0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.11	)		0.16			0.06			0.47			(0.39	)
Total from investment operations		(0.75	)		0.49			0.41			0.81			(0.06	)
Less Dividends and Distributions		—			—			—			—			(0.15	)
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	5.92		$	6.67		$	6.18		$	5.77		$	4.96
Total Return(d)		(11.24	)%		7.93	%		7.11	%		16.33	%		(1.26	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	476		$	562		$	529		$	522		$	474
Average net assets (in millions)	$	502		$	550		$	497		$	507		$	499
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		0.60	%		0.59	%		0.61	%		0.62	%		0.62	%
Net investment income (loss)		5.93	%		5.11	%		6.16	%		6.28	%		6.50	%
Portfolio turnover rate(g)		33	%		48	%		61	%		58	%		47	%

Class III
	Year Ended December 31,                    2022				April 26, 2021(h) through December 31,                  2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	6.66			$	6.41
Income (Loss) From Investment Operations:
Net investment income (loss)			0.35				0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(1.11	)			0.03
Total from investment operations			(0.76	)			0.25
Net Asset Value, end of period		$	5.90			$	6.66
Total Return(d)			(11.41	)%			3.90	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	9			$	6
Average net assets (in millions)		$	8			$	2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.82	%			0.80	%(i)
Expenses before waivers and/or expense reimbursement			0.85	%			0.82	%(i)
Net investment income (loss)			5.76	%			4.72	%(i)
Portfolio turnover rate(g)			33	%			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.

A140

PSF PGIM JENNISON BLEND PORTFOLIO

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 98.1%
COMMON STOCKS — 97.8%
Aerospace & Defense — 2.7%
Airbus SE (France)		367,843	$	43,737,453
Northrop Grumman Corp.		37,973		20,718,449
Raytheon Technologies Corp.		541,886		54,687,135
				119,143,037
Automobiles — 1.8%
General Motors Co.		747,666		25,151,484
Tesla, Inc.*		470,520		57,958,654
				83,110,138
Banks — 5.3%
Bank of America Corp.		1,868,960		61,899,955
JPMorgan Chase & Co.		601,776		80,698,162
PNC Financial Services Group, Inc. (The)		319,158		50,407,814
Truist Financial Corp.		1,065,321		45,840,763
				238,846,694
Beverages — 1.0%
PepsiCo, Inc.		240,557		43,459,028
Biotechnology — 3.0%
AbbVie, Inc.		396,041		64,004,186
Amgen, Inc.		142,078		37,315,366
Vertex Pharmaceuticals, Inc.*		117,252		33,860,032
				135,179,584
Building Products — 1.3%
Johnson Controls International PLC		879,805		56,307,520
Capital Markets — 2.2%
Blackstone, Inc.		242,604		17,998,791
Goldman Sachs Group, Inc. (The)		237,129		81,425,356
				99,424,147
Chemicals — 1.6%
Linde PLC (United Kingdom)		223,452		72,885,573
Communications Equipment — 0.7%
Cisco Systems, Inc.		675,104		32,161,955
Consumer Finance — 0.6%
SLM Corp.		1,764,399		29,289,023
Containers & Packaging — 0.8%
Crown Holdings, Inc.(a)		462,409		38,014,644
Electric Utilities — 0.9%
NextEra Energy, Inc.		500,838		41,870,057
Energy Equipment & Services — 0.8%
Schlumberger Ltd.		674,923		36,081,384
Entertainment — 1.3%
Netflix, Inc.*		146,730		43,267,743
ROBLOX Corp. (Class A Stock)*(a)		168,626		4,799,096
Spotify Technology SA*		141,933		11,205,610
				59,272,449
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.		131,552		27,870,607

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing — 2.5%
Costco Wholesale Corp.		120,690	$	55,094,985
Walmart, Inc.		413,684		58,656,254
				113,751,239
Food Products — 0.9%
Mondelez International, Inc. (Class A Stock)		627,346		41,812,611
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		240,408		26,394,394
Intuitive Surgical, Inc.*		146,276		38,814,337
				65,208,731
Health Care Providers & Services — 2.8%
Centene Corp.*		426,974		35,016,138
Cigna Corp.		100,662		33,353,347
UnitedHealth Group, Inc.		106,363		56,391,535
				124,761,020
Hotels, Restaurants & Leisure — 2.5%
Airbnb, Inc. (Class A Stock)*		215,192		18,398,916
Chipotle Mexican Grill, Inc.*		11,361		15,763,274
Marriott International, Inc. (Class A Stock)		140,480		20,916,067
McDonald’s Corp.		210,078		55,361,855
				110,440,112
Household Products — 1.4%
Procter & Gamble Co. (The)		411,176		62,317,835
Insurance — 3.8%
Chubb Ltd.		353,154		77,905,773
Marsh & McLennan Cos., Inc.		287,534		47,581,126
MetLife, Inc.		652,632		47,230,978
				172,717,877
Interactive Media & Services — 4.3%
Alphabet, Inc. (Class A Stock)*		1,230,494		108,566,486
Alphabet, Inc. (Class C Stock)*		622,780		55,259,269
Meta Platforms, Inc. (Class A Stock)*		232,884		28,025,261
				191,851,016
Internet & Direct Marketing Retail — 3.7%
Amazon.com, Inc.*		1,290,800		108,427,200
MercadoLibre, Inc. (Brazil)*		67,721		57,308,219
				165,735,419
IT Services — 4.1%
Adyen NV (Netherlands), 144A*		17,681		24,545,646
Mastercard, Inc. (Class A Stock)		166,657		57,951,639
Snowflake, Inc. (Class A Stock)*		198,111		28,436,853
Visa, Inc. (Class A Stock)(a)		354,557		73,662,762
				184,596,900
Life Sciences Tools & Services — 2.2%
Danaher Corp.		327,664		86,968,579
Thermo Fisher Scientific, Inc.		17,468		9,619,453
				96,588,032

SEE NOTES TO FINANCIAL STATEMENTS.

A141

	PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Machinery — 2.6%
Deere & Co.		96,034	$	41,175,538
Fortive Corp.		571,242		36,702,299
Otis Worldwide Corp.		488,427		38,248,718
				116,126,555
Media — 0.4%
Trade Desk, Inc. (The) (Class A Stock)*(a)		451,428		20,237,517
Multi-Utilities — 1.2%
Ameren Corp.		597,916		53,166,691
Oil, Gas & Consumable Fuels — 6.1%
ConocoPhillips		2,307,824		272,323,232
Personal Products — 0.8%
Estee Lauder Cos., Inc. (The) (Class A Stock)		146,138		36,258,299
Pharmaceuticals — 8.5%
AstraZeneca PLC (United Kingdom), ADR		1,366,079		92,620,156
Bristol-Myers Squibb Co.		1,144,933		82,377,929
Eli Lilly & Co.		455,893		166,783,895
Novo Nordisk A/S (Denmark), ADR		276,263		37,389,435
				379,171,415
Road & Rail — 1.6%
Uber Technologies, Inc.*		1,378,732		34,096,042
Union Pacific Corp.		177,227		36,698,395
				70,794,437
Semiconductors & Semiconductor Equipment — 4.9%
Broadcom, Inc.		87,264		48,791,920
Lam Research Corp.		81,220		34,136,766
NVIDIA Corp.		446,888		65,308,212
NXP Semiconductors NV (China)		226,651		35,817,658
QUALCOMM, Inc.		315,499		34,685,960
				218,740,516
Software — 7.9%
Adobe, Inc.*		173,626		58,430,358
Atlassian Corp. (Class A Stock)*(a)		155,792		20,047,314
Crowdstrike Holdings, Inc. (Class A Stock)*		119,063		12,536,143
Microsoft Corp.		840,312		201,523,624
Salesforce, Inc.*		481,400		63,828,826
				356,366,265
Specialty Retail — 1.3%
Home Depot, Inc. (The)		100,952		31,886,698
Lowe’s Cos., Inc.		122,553		24,417,460
				56,304,158
Technology Hardware, Storage & Peripherals — 4.7%
Apple, Inc.		1,617,509		210,162,944

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods — 2.6%
Lululemon Athletica, Inc.*		95,147	$	30,483,196
LVMH Moet Hennessy Louis Vuitton SE (France)		95,634		69,592,219
NIKE, Inc. (Class B Stock)		142,756		16,703,879
				116,779,294
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc.*		284,813		39,873,820
TOTAL COMMON STOCKS (cost $2,881,817,899)				4,389,001,775
PREFERRED STOCK — 0.3%
Automobiles
Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)*		128,245		12,941,658
(cost $10,333,164)
TOTAL LONG-TERM INVESTMENTS (cost $2,892,151,063)				4,401,943,433
SHORT-TERM INVESTMENTS — 3.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		80,562,662		80,562,662
PGIM Institutional Money Market Fund (cost $83,587,364; includes $83,241,217 of cash collateral for securities on loan)(b)(wa)		83,812,616		83,770,710
TOTAL SHORT-TERM INVESTMENTS (cost $164,150,026)				164,333,372
TOTAL INVESTMENTS—101.8% (cost $3,056,301,089)				4,566,276,805
Liabilities in excess of other assets — (1.8)%				(80,895,193	)
NET ASSETS — 100.0%			$	4,485,381,612

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 $81,142,604; cash collateral of $83,241,217 (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.

A142

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	75,405,584	$	43,737,453		$	—
Automobiles		83,110,138		—			—
Banks		238,846,694		—			—
Beverages		43,459,028		—			—
Biotechnology		135,179,584		—			—
Building Products		56,307,520		—			—
Capital Markets		99,424,147		—			—
Chemicals		72,885,573		—			—
Communications Equipment		32,161,955		—			—
Consumer Finance		29,289,023		—			—
Containers & Packaging		38,014,644		—			—
Electric Utilities		41,870,057		—			—
Energy Equipment & Services		36,081,384		—			—
Entertainment		59,272,449		—			—
Equity Real Estate Investment Trusts (REITs)		27,870,607		—			—
Food & Staples Retailing		113,751,239		—			—
Food Products		41,812,611		—			—
Health Care Equipment & Supplies		65,208,731		—			—
Health Care Providers & Services		124,761,020		—			—
Hotels, Restaurants & Leisure		110,440,112		—			—
Household Products		62,317,835		—			—
Insurance		172,717,877		—			—
Interactive Media & Services		191,851,016		—			—
Internet & Direct Marketing Retail		165,735,419		—			—
IT Services		160,051,254		24,545,646			—
Life Sciences Tools & Services		96,588,032		—			—
Machinery		116,126,555		—			—
Media		20,237,517		—			—
Multi-Utilities		53,166,691		—			—
Oil, Gas & Consumable Fuels		272,323,232		—			—
Personal Products		36,258,299		—			—
Pharmaceuticals		379,171,415		—			—
Road & Rail		70,794,437		—			—
Semiconductors & Semiconductor Equipment		218,740,516		—			—
Software		356,366,265		—			—
Specialty Retail		56,304,158		—			—
Technology Hardware, Storage & Peripherals		210,162,944		—			—
Textiles, Apparel & Luxury Goods		47,187,075		69,592,219			—
Wireless Telecommunication Services		39,873,820		—			—
Preferred Stock
Automobiles		—		12,941,658			—
Short-Term Investments
Affiliated Mutual Funds		164,333,372		—			—
Total	$	4,415,459,829	$	150,816,976		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

A143

PSF PGIM JENNISON BLEND PORTFOLIO  (CONTINUED)  

  SCHEDULE OF INVESTMENTS   as of December 31, 2022

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, 2022 were as follows:

Pharmaceuticals	8.5	%
Software	7.9
Oil, Gas & Consumable Fuels	6.1
Banks	5.3
Semiconductors & Semiconductor Equipment	4.9
Technology Hardware, Storage & Peripherals	4.7
Interactive Media & Services	4.3
IT Services	4.1
Insurance	3.8
Internet & Direct Marketing Retail	3.7
Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)	3.7
Biotechnology	3.0
Health Care Providers & Services	2.8
Aerospace & Defense	2.7
Textiles, Apparel & Luxury Goods	2.6
Machinery	2.6
Food & Staples Retailing	2.5
Hotels, Restaurants & Leisure	2.5
Capital Markets	2.2
Life Sciences Tools & Services	2.2
Automobiles	2.1
Chemicals	1.6

Road & Rail	1.6	%
Health Care Equipment & Supplies	1.5
Household Products	1.4
Entertainment	1.3
Building Products	1.3
Specialty Retail	1.3
Multi-Utilities	1.2
Beverages	1.0
Electric Utilities	0.9
Food Products	0.9
Wireless Telecommunication Services	0.9
Containers & Packaging	0.8
Personal Products	0.8
Energy Equipment & Services	0.8
Communications Equipment	0.7
Consumer Finance	0.6
Equity Real Estate Investment Trusts (REITs)	0.6
Media	0.4
	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	$81,142,604	$(81,142,604)	$—

(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 BLEND PORTFOLIO  (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $81,142,604:
Unaffiliated investments (cost $2,892,151,063)	$	4,401,943,433
Affiliated investments (cost $164,150,026)		164,333,372
Cash		44
Dividends receivable		3,787,363
Tax reclaim receivable		1,228,280
Receivable for Portfolio shares sold		1,914
Prepaid expenses and other assets		502,012
Total Assets		4,571,796,418
LIABILITIES
Payable to broker for collateral for securities on loan		83,241,217
Management fee payable		1,756,969
Payable for Portfolio shares purchased		565,374
Accrued expenses and other liabilities		478,005
Payable to affiliate		368,468
Trustees’ fees payable		2,941
Affiliated transfer agent fee payable		980
Distribution fee payable		549
Administration fee payable		303
Total Liabilities		86,414,806
NET ASSETS	$	4,485,381,612
Net assets were comprised of:
Partners’ Equity	$	4,485,381,612
Class I:
Net asset value and redemption price per share, $4,482,850,104 / 61,013,653 outstanding shares of beneficial interest	$	73.47
Class II:
Net asset value and redemption price per share, $1,627,558 / 22,812 outstanding shares of beneficial interest	$	71.35
Class III:
Net asset value and redemption price per share, $903,950 / 12,355 outstanding shares of beneficial interest	$	73.16

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $449,871 foreign withholding tax, of which $17,374 is reimbursable by an affiliate)	$	69,684,519
Affiliated dividend income		1,267,466
Income from securities lending, net (including affiliated income of $151,316)		151,573
Total income		71,103,558
EXPENSES
Management fee		22,712,835
Distribution fee—Class II		4,559
Distribution fee—Class III		2,030
Administration fee—Class II		2,735
Custodian and accounting fees		271,110
Trustees’ fees		86,290
Legal fees and expenses		48,408
Shareholders’ reports		40,836
Audit fee		25,000
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		121,818
Total expenses		23,326,303
NET INVESTMENT INCOME (LOSS)		47,777,255
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $74,496)		(13,197,016	)
Foreign currency transactions		27,906
		(13,169,110	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(35,063))		(1,609,381,738	)
Foreign currencies		(7,751	)
		(1,609,389,489	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(1,622,558,599	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,574,781,344	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	47,777,255			$	27,094,027
Net realized gain (loss) on investment and foreign currency transactions			(13,169,110	)			458,080,561
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(1,609,389,489	)			633,394,382
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(1,574,781,344	)			1,118,568,970
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			3,644,403				8,893,934
Portfolio shares purchased			(325,685,209	)			(419,616,091	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(322,040,806	)			(410,722,157	)
TOTAL INCREASE (DECREASE)			(1,896,822,150	)			707,846,813
NET ASSETS:
Beginning of year			6,382,203,762				5,674,356,949
End of year		$	4,485,381,612			$	6,382,203,762

SEE NOTES TO FINANCIAL STATEMENTS.

A145

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	98.09		$	81.50		$	63.18		$	49.02		$	51.52
Income (Loss) From Investment Operations:
Net investment income (loss)		0.76			0.40			0.53			0.66			0.53
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(25.38	)		16.19			17.79			13.50			(3.07	)
Total from investment operations		(24.62	)		16.59			18.32			14.16			(2.54	)
Capital Contributions		—			—			—			—	(b)(c)		0.04	(b)
Net Asset Value, end of year	$	73.47		$	98.09		$	81.50		$	63.18		$	49.02
Total Return(d)		(25.10	)%		20.36	%		29.00	%		28.89	%(e)		(4.85	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	4,482.9		$	6,379.2		$	5,672.4		$	4,711.0		$	3,919.6
Average net assets (in millions)	$	5,044.7		$	6,084.1		$	4,776.8		$	4,406.8		$	4,497.1
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.46	%		0.46	%		0.47	%		0.47	%		0.47	%
Expenses before waivers and/or expense reimbursement		0.46	%		0.46	%		0.47	%		0.47	%		0.47	%
Net investment income (loss)		0.95	%		0.45	%		0.80	%		1.16	%		0.98	%
Portfolio turnover rate(h)		22	%		29	%		62	%		43	%		37	%

Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	95.64		$	79.78		$	62.09		$	48.37		$	51.04
Income (Loss) From Investment Operations:
Net investment income (loss)		0.43			0.04			0.26			0.43			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(24.72	)		15.82			17.43			13.29			(3.03	)
Total from investment operations		(24.29	)		15.86			17.69			13.72			(2.71	)
Capital Contributions		—			—			—			—	(b)(c)		0.04	(b)
Net Asset Value, end of year	$	71.35		$	95.64		$	79.78		$	62.09		$	48.37
Total Return(d)		(25.40	)%		19.88	%		28.49	%		28.36	%(e)		(5.23	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1.6		$	2.3		$	2.0		$	1.7		$	1.5
Average net assets (in millions)	$	1.8		$	2.2		$	1.7		$	1.6		$	1.8
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.86	%		0.86	%		0.87	%		0.87	%		0.87	%
Expenses before waivers and/or expense reimbursement		0.86	%		0.86	%		0.87	%		0.87	%		0.87	%
Net investment income (loss)		0.55	%		0.04	%		0.40	%		0.76	%		0.59	%
Portfolio turnover rate(h)		22	%		29	%		62	%		43	%		37	%

SEE NOTES TO FINANCIAL STATEMENTS.

A146

PSF PGIM JENNISON BLEND PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31,                    2022				April 26, 2021(i) through December 31,                  2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	97.92			$	87.74
Income (Loss) From Investment Operations:
Net investment income (loss)			0.58				0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions.			(25.34	)			10.06
Total from investment operations			(24.76	)			10.18
Net Asset Value, end of period		$	73.16			$	97.92
Total Return(d)			(25.29	)%			11.60	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.9			$	0.6
Average net assets (in millions)		$	0.8			$	0.2
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.71	%			0.70	%(j)
Expenses before waivers and/or expense reimbursement			0.71	%			0.70	%(j)
Net investment income (loss)			0.74	%			0.18	%(j)
Portfolio turnover rate(h)			22	%			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.

A147

	PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 95.7%
COMMON STOCKS — 95.4%
Aerospace & Defense — 2.8%
Airbus SE (France)		25,852	$	3,073,868
Raytheon Technologies Corp.		13,196		1,331,740
				4,405,608
Automobiles — 2.1%
General Motors Co.		36,410		1,224,833
Tesla, Inc.*		16,945		2,087,285
				3,312,118
Banks — 5.7%
Bank of America Corp.		70,676		2,340,789
JPMorgan Chase & Co.		21,758		2,917,748
PNC Financial Services Group, Inc. (The)		12,471		1,969,669
Truist Financial Corp.		42,958		1,848,483
				9,076,689
Biotechnology — 3.0%
AbbVie, Inc.		18,714		3,024,369
Vertex Pharmaceuticals, Inc.*		6,010		1,735,568
				4,759,937
Building Products — 1.8%
Johnson Controls International PLC		46,042		2,946,688
Capital Markets — 2.0%
Blackstone, Inc.		8,603		638,257
Goldman Sachs Group, Inc. (The)		7,471		2,565,392
				3,203,649
Chemicals — 1.7%
Linde PLC (United Kingdom)		8,387		2,735,672
Containers & Packaging — 1.0%
Crown Holdings, Inc.		19,724		1,621,510
Electric Utilities — 1.3%
NextEra Energy, Inc.		24,335		2,034,406
Entertainment — 1.1%
Netflix, Inc.*		5,719		1,686,419
Equity Real Estate Investment Trusts (REITs) — 0.9%
SBA Communications Corp.		4,920		1,379,125
Food & Staples Retailing — 4.0%
Costco Wholesale Corp.		5,340		2,437,710
Walmart, Inc.		27,385		3,882,919
				6,320,629
Health Care Equipment & Supplies — 0.9%
Dexcom, Inc.*		12,144		1,375,187
Health Care Providers & Services — 2.6%
Centene Corp.*		15,230		1,249,012
UnitedHealth Group, Inc.		5,623		2,981,202
				4,230,214
Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc. (Class A Stock)*		7,540		644,670

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (cont’d.)
McDonald’s Corp.		9,748	$	2,568,890
				3,213,560
Insurance — 4.5%
Chubb Ltd.		18,685		4,121,911
MetLife, Inc.		43,009		3,112,561
				7,234,472
Interactive Media & Services — 4.0%
Alphabet, Inc. (Class A Stock)*		49,345		4,353,710
Alphabet, Inc. (Class C Stock)*		19,758		1,753,127
ZoomInfo Technologies, Inc.*		9,193		276,801
				6,383,638
Internet & Direct Marketing Retail — 3.7%
Amazon.com, Inc.*		45,075		3,786,300
MercadoLibre, Inc. (Brazil)*		2,564		2,169,759
				5,956,059
IT Services — 2.9%
Adyen NV (Netherlands), 144A*		525		728,831
Mastercard, Inc. (Class A Stock)		9,702		3,373,676
Snowflake, Inc. (Class A Stock)*		4,077		585,213
				4,687,720
Life Sciences Tools & Services — 2.4%
Danaher Corp.		12,335		3,273,956
Lonza Group AG (Switzerland)		1,130		554,689
				3,828,645
Machinery — 1.0%
Deere & Co.		3,714		1,592,415
Multi-Utilities — 1.6%
Ameren Corp.		27,986		2,488,515
Oil, Gas & Consumable Fuels — 6.0%
ConocoPhillips		80,863		9,541,834
Personal Products — 1.0%
Estee Lauder Cos., Inc. (The) (Class A Stock)		3,574		886,745
L’Oreal SA (France)		2,159		773,133
				1,659,878
Pharmaceuticals — 11.7%
AstraZeneca PLC (United Kingdom), ADR		57,732		3,914,229
Bristol-Myers Squibb Co.		40,728		2,930,380
Eli Lilly & Co.		23,706		8,672,603
Novo Nordisk A/S (Denmark), ADR		23,662		3,202,415
				18,719,627
Road & Rail — 1.9%
Union Pacific Corp.		14,498		3,002,101
Semiconductors & Semiconductor Equipment — 7.2%
ASML Holding NV (Netherlands)		3,808		2,080,691
Broadcom, Inc.		3,148		1,760,141
Lam Research Corp.		3,851		1,618,575
NVIDIA Corp.		20,864		3,049,065

SEE NOTES TO FINANCIAL STATEMENTS.

A148

	PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
NXP Semiconductors NV (China)		9,603	$	1,517,562
QUALCOMM, Inc.		13,307		1,462,972
				11,489,006
Software — 6.5%
Cadence Design Systems, Inc.*		4,284		688,182
Crowdstrike Holdings, Inc. (Class A Stock)*		3,824		402,629
Microsoft Corp.		32,796		7,865,137
Palo Alto Networks, Inc.*		2,298		320,663
Salesforce, Inc.*		8,051		1,067,482
				10,344,093
Technology Hardware, Storage & Peripherals — 2.8%
Apple, Inc.		34,161		4,438,539
Textiles, Apparel & Luxury Goods — 4.1%
Lululemon Athletica, Inc.*		6,025		1,930,290
LVMH Moet Hennessy Louis Vuitton SE (France)		5,046		3,671,940
NIKE, Inc. (Class B Stock)		8,403		983,235
				6,585,465
Wireless Telecommunication Services — 1.2%
T-Mobile US, Inc.*		13,577		1,900,780
TOTAL COMMON STOCKS (cost $124,203,268)				152,154,198

	Shares		Value
PREFERRED STOCK — 0.3%
Automobiles
Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)*		4,517	$	455,827
(cost $363,951)
TOTAL LONG-TERM INVESTMENTS (cost $124,567,219)				152,610,025
SHORT-TERM INVESTMENT — 4.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $6,980,217)(wa)		6,980,217		6,980,217
TOTAL INVESTMENTS—100.1% (cost $131,547,436)				159,590,242
Liabilities in excess of other assets — (0.1)%				(198,627	)
NET ASSETS — 100.0%			$	159,391,615

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

* Non-income producing security.

(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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	1,331,740	$	3,073,868		$	—
Automobiles		3,312,118		—			—
Banks		9,076,689		—			—
Biotechnology		4,759,937		—			—
Building Products		2,946,688		—			—
Capital Markets		3,203,649		—			—
Chemicals		2,735,672		—			—
Containers & Packaging.		1,621,510		—			—
Electric Utilities		2,034,406		—			—
Entertainment		1,686,419		—			—
Equity Real Estate Investment Trusts (REITs)		1,379,125		—			—
Food & Staples Retailing		6,320,629		—			—
Health Care Equipment & Supplies		1,375,187		—			—
Health Care Providers & Services		4,230,214		—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A149

	PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Hotels, Restaurants & Leisure	$	3,213,560	$	—	$—
Insurance		7,234,472		—	—
Interactive Media & Services		6,383,638		—	—
Internet & Direct Marketing Retail		5,956,059		—	—
IT Services		3,958,889		728,831	—
Life Sciences Tools & Services		3,273,956		554,689	—
Machinery		1,592,415		—	—
Multi-Utilities		2,488,515		—	—
Oil, Gas & Consumable Fuels		9,541,834		—	—
Personal Products		886,745		773,133	—
Pharmaceuticals		18,719,627		—	—
Road & Rail		3,002,101		—	—
Semiconductors & Semiconductor Equipment		11,489,006		—	—
Software		10,344,093		—	—
Technology Hardware, Storage & Peripherals		4,438,539		—	—
Textiles, Apparel & Luxury Goods		2,913,525		3,671,940	—
Wireless Telecommunication Services		1,900,780		—	—
Preferred Stock
Automobiles		—		455,827	—
Short-Term Investment
Affiliated Mutual Fund		6,980,217		—	—
Total	$	150,331,954	$	9,258,288	$—

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, 2022 were as follows:

Pharmaceuticals	11.7	%
Semiconductors & Semiconductor Equipment	7.2
Software	6.5
Oil, Gas & Consumable Fuels	6.0
Banks	5.7
Insurance	4.5
Affiliated Mutual Funds	4.4
Textiles, Apparel & Luxury Goods	4.1
Interactive Media & Services	4.0
Food & Staples Retailing	4.0
Internet & Direct Marketing Retail	3.7
Biotechnology	3.0
IT Services	2.9
Technology Hardware, Storage & Peripherals	2.8
Aerospace & Defense	2.8
Health Care Providers & Services	2.6
Life Sciences Tools & Services	2.4
Automobiles	2.4
Hotels, Restaurants & Leisure	2.0

Capital Markets	2.0	%
Road & Rail	1.9
Building Products	1.8
Chemicals	1.7
Multi-Utilities	1.6
Electric Utilities	1.3
Wireless Telecommunication Services	1.2
Entertainment	1.1
Personal Products	1.0
Containers & Packaging	1.0
Machinery	1.0
Equity Real Estate Investment Trusts (REITs)	0.9
Health Care Equipment & Supplies	0.9
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A150

PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2022
ASSETS
Investments at value:
Unaffiliated investments (cost $124,567,219)	$	152,610,025
Affiliated investments (cost $6,980,217)		6,980,217
Dividends receivable		124,823
Tax reclaim receivable		55,713
Receivable for Portfolio shares sold		7,004
Prepaid expenses		1,810
Total Assets		159,779,592
LIABILITIES
Payable for Portfolio shares purchased		164,873
Management fee payable		104,301
Audit fee payable		24,599
Accrued expenses and other liabilities		23,077
Custodian and accounting fees payable		22,644
Distribution fee payable		19,587
Payable to affiliate		15,818
Administration fee payable		11,698
Affiliated transfer agent fee payable		980
Trustees’ fees payable		400
Total Liabilities		387,977
NET ASSETS	$	159,391,615
Net assets were comprised of:
Partners’ Equity	$	159,391,615
Class I:
Net asset value and redemption price per share, $70,062,720 / 1,620,993 outstanding shares of beneficial interest	$	43.22
Class II:
Net asset value and redemption price per share, $88,896,007 / 2,190,331 outstanding shares of beneficial interest	$	40.59
Class III:
Net asset value and redemption price per share, $432,888 / 10,057 outstanding shares of beneficial interest	$	43.04

STATEMENT OF OPERATIONS
Year Ended December 31, 2022
NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $35,281 foreign withholding tax, of which $1,021 is reimbursable by an affiliate)	$	2,423,615
Affiliated dividend income.		121,731
Income from securities lending, net (including affiliated income of $2,990)		3,551
Total income		2,548,897
EXPENSES
Management fee		1,342,293
Distribution fee—Class II		253,238
Distribution fee—Class III		989
Administration fee—Class II		151,943
Custodian and accounting fees		68,325
Shareholders’ reports		45,259
Audit fee		24,600
Legal fees and expenses		22,091
Trustees’ fees		11,360
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		20,949
Total expenses		1,951,729
NET INVESTMENT INCOME (LOSS)		597,168
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(175))		(10,138,823	)
Foreign currency transactions		(2,218	)
		(10,141,041	)
Net change in unrealized appreciation (depreciation)on:
Investments (including affiliated of $(8))		(48,670,891	)
Foreign currencies		(216	)
		(48,671,107	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(58,812,148	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(58,214,980	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	597,168			$	(445,264	)
Net realized gain (loss) on investment and foreign currency transactions			(10,141,041	)			41,312,210
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(48,671,107	)			(6,561,836	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(58,214,980	)			34,305,110
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			10,266,806				11,647,926
Portfolio shares purchased			(20,364,529	)			(35,699,218	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(10,097,723	)			(24,051,292	)
TOTAL INCREASE (DECREASE)			(68,312,703	)			10,253,818
NET ASSETS:
Beginning of year			227,704,318				217,450,500
End of year.		$	159,391,615			$	227,704,318

SEE NOTES TO FINANCIAL STATEMENTS.

A151

	PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	58.22		$	49.83		$	38.06		$	29.52		$	31.19
Income (Loss) From Investment Operations:
Net investment income (loss)		0.26			0.02	(b)		0.16			0.23			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions.		(15.26	)		8.37			11.61			8.31			(1.95	)
Total from investment operations		(15.00	)		8.39			11.77			8.54			(1.69	)
Capital Contributions		—			—			—			—			0.02	(d)
Net Asset Value, end of year	$	43.22		$	58.22		$	49.83		$	38.06		$	29.52
Total Return(e)		(25.76	)%		16.84	%		30.92	%		28.93	%		(5.35	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	70.1		$	97.2		$	86.7		$	71.7		$	59.0
Average net assets (in millions)	$	77.3		$	93.3		$	73.4		$	66.3		$	68.9
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.86	%		0.84	%		0.86	%		0.87	%		0.82	%
Expenses before waivers and/or expense reimbursement		0.86	%		0.84	%		0.86	%		0.87	%		0.84	%
Net investment income (loss)		0.56	%		0.04	%		0.39	%		0.66	%		0.80	%
Portfolio turnover rate(h)		44	%		66	%		82	%		61	%		42	%

Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	54.88		$	47.17		$	36.17		$	28.17		$	29.88
Income (Loss) From Investment Operations:
Net investment income (loss)		0.07			(0.19	)		—	(c)		0.09			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(14.36	)		7.90			11.00			7.91			(1.86	)
Total from investment operations		(14.29	)		7.71			11.00			8.00			(1.73	)
Capital Contributions		—			—			—			—			0.02	(d)
Net Asset Value, end of year	$	40.59		$	54.88		$	47.17		$	36.17		$	28.17
Total Return(e)		(26.04	)%		16.35	%		30.41	%		28.40	%		(5.72	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	88.9		$	130.1		$	130.8		$	121.4		$	118.6
Average net assets (in millions)	$	101.3		$	131.9		$	117.4		$	118.1		$	147.4
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		1.26	%		1.24	%		1.26	%		1.27	%		1.22	%
Expenses before waivers and/or expense reimbursement		1.26	%		1.24	%		1.26	%		1.27	%		1.24	%
Net investment income (loss)		0.16	%		(0.36	)%		—	%(c)		0.26	%		0.40	%
Portfolio turnover rate(h)		44	%		66	%		82	%		61	%		42	%

SEE NOTES TO FINANCIAL STATEMENTS.

A152

	PSF PGIM JENNISON FOCUSED BLEND PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31,                    2022				April 26, 2021(i) through December 31,                  2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	58.12			$	54.19
Income (Loss) From Investment Operations:
Net investment income (loss)			0.16				(0.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(15.24	)			4.04
Total from investment operations			(15.08	)			3.93
Net Asset Value, end of period		$	43.04			$	58.12
Total Return(e)			(25.95	)%			7.25	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	0.4			$	0.4
Average net assets (in millions)		$	0.4			$	0.2
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			1.12	%			1.09	%(j)
Expenses before waivers and/or expense reimbursement			1.12	%			1.09	%(j)
Net investment income (loss)			0.34	%			(0.27	)%(j)
Portfolio turnover rate(h)			44	%			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 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.

A153

	PSF PGIM JENNISON GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 99.3%
COMMON STOCKS — 98.7%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		32,042	$	17,482,436
Automobiles — 3.0%
Tesla, Inc.*		522,251		64,330,878
Biotechnology — 1.5%
Vertex Pharmaceuticals, Inc.*		112,744		32,558,212
Capital Markets — 3.6%
Goldman Sachs Group, Inc. (The)		92,608		31,799,735
KKR & Co., Inc.		249,419		11,578,030
S&P Global, Inc.		99,784		33,421,653
				76,799,418
Energy Equipment & Services — 2.2%
Schlumberger Ltd.		907,410		48,510,139
Entertainment — 2.1%
Netflix, Inc.*		124,974		36,852,333
ROBLOX Corp. (Class A Stock)*(a)		293,104		8,341,740
				45,194,073
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Tower Corp.		170,178		36,053,911
Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		109,783		50,115,939
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		115,169		12,644,405
Dexcom, Inc.*(a)		212,357		24,047,307
Intuitive Surgical, Inc.*		113,607		30,145,617
				66,837,329
Health Care Providers & Services — 2.7%
UnitedHealth Group, Inc.		109,597		58,106,137
Hotels, Restaurants & Leisure — 3.8%
Airbnb, Inc. (Class A Stock)*		207,187		17,714,488
Chipotle Mexican Grill, Inc.*		11,675		16,198,946
Marriott International, Inc. (Class A Stock)		183,886		27,378,787
McDonald’s Corp.		74,806		19,713,625
				81,005,846
Interactive Media & Services — 6.7%
Alphabet, Inc. (Class A Stock)*		705,890		62,280,675
Alphabet, Inc. (Class C Stock)*		703,013		62,378,343
Meta Platforms, Inc. (Class A Stock)*		88,005		10,590,522
ZoomInfo Technologies, Inc.*		297,536		8,958,809
				144,208,349
Internet & Direct Marketing Retail — 6.3%
Amazon.com, Inc.*		1,248,888		104,906,592
MercadoLibre, Inc. (Brazil)*		37,468		31,706,920
				136,613,512
IT Services — 9.4%
Adyen NV (Netherlands), 144A*		19,640		27,265,228
Mastercard, Inc. (Class A Stock)		196,852		68,451,346
Snowflake, Inc. (Class A Stock)*		182,469		26,191,600

	Shares		Value
COMMON STOCKS (continued)
IT Services (cont’d.)
Visa, Inc. (Class A Stock)(a)		386,316	$	80,261,012
				202,169,186
Life Sciences Tools & Services — 2.1%
Danaher Corp.		133,755		35,501,252
Thermo Fisher Scientific, Inc.		19,576		10,780,308
				46,281,560
Media — 0.7%
Trade Desk, Inc. (The) (Class A Stock)*		347,144		15,562,465
Personal Products — 1.4%
Estee Lauder Cos., Inc. (The) (Class A Stock)		122,916		30,496,689
Pharmaceuticals — 5.8%
Eli Lilly & Co.		232,203		84,949,146
Novo Nordisk A/S (Denmark), ADR		299,186		40,491,833
				125,440,979
Road & Rail — 1.6%
Uber Technologies, Inc.*		1,404,907		34,743,350
Semiconductors & Semiconductor Equipment — 8.3%
ASML Holding NV (Netherlands)		54,230		29,631,272
Broadcom, Inc.		90,791		50,763,972
NVIDIA Corp.		680,405		99,434,387
				179,829,631
Software — 10.8%
Adobe, Inc.*		101,450		34,140,968
Atlassian Corp. (Class A Stock)*(a)		147,197		18,941,310
Crowdstrike Holdings, Inc. (Class A Stock)*		148,392		15,624,194
HubSpot, Inc.*		24,278		7,019,498
Microsoft Corp.		560,805		134,492,255
Salesforce, Inc.*		172,246		22,838,097
				233,056,322
Specialty Retail — 5.2%
Home Depot, Inc. (The)		125,444		39,622,742
O’Reilly Automotive, Inc.*		32,466		27,402,278
TJX Cos., Inc. (The)		447,988		35,659,845
Ulta Beauty, Inc.*		19,501		9,147,334
				111,832,199
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc.		1,052,203		136,712,736
Textiles, Apparel & Luxury Goods — 5.9%
Lululemon Athletica, Inc.*		120,886		38,729,457
LVMH Moet Hennessy Louis Vuitton SE (France)		89,705		65,277,725
NIKE, Inc. (Class B Stock)		207,520		24,281,915
				128,289,097
Wireless Telecommunication Services — 1.4%
T-Mobile US, Inc.*		209,597		29,343,580
TOTAL COMMON STOCKS (cost $1,282,101,628)				2,131,573,973

SEE NOTES TO FINANCIAL STATEMENTS.

A154

	PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
PREFERRED STOCK — 0.6%
Automobiles
Dr. Ing. h.c. F. Porsche AG (Germany) (PRFC)*		139,591	$	14,086,623
(cost $11,247,353)
TOTAL LONG-TERM INVESTMENTS (cost $1,293,348,981)				2,145,660,596
SHORT-TERM INVESTMENTS — 5.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		14,461,468		14,461,468
PGIM Institutional Money Market Fund (cost $92,451,626; includes $92,046,669 of cash collateral for securities on loan)(b)(wa)		92,645,270		92,598,947
TOTAL SHORT-TERM INVESTMENTS (cost $106,913,094)				107,060,415
TOTAL INVESTMENTS—104.3% (cost $1,400,262,075)				2,252,721,011
Liabilities in excess of other assets — (4.3)%				(92,731,604	)
NET ASSETS — 100.0%			$	2,159,989,407

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 $90,271,082; cash collateral of $92,046,669 (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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	17,482,436	$	—	$	—
Automobiles		64,330,878		—		—
Biotechnology		32,558,212		—		—
Capital Markets		76,799,418		—		—
Energy Equipment & Services		48,510,139		—		—
Entertainment		45,194,073		—		—
Equity Real Estate Investment Trusts (REITs)		36,053,911		—		—
Food & Staples Retailing		50,115,939		—		—
Health Care Equipment & Supplies		66,837,329		—		—
Health Care Providers & Services		58,106,137		—		—
Hotels, Restaurants & Leisure		81,005,846		—		—
Interactive Media & Services		144,208,349		—		—
Internet & Direct Marketing Retail		136,613,512		—		—
IT Services		174,903,958		27,265,228		—
Life Sciences Tools & Services		46,281,560		—		—
Media		15,562,465		—		—
Personal Products		30,496,689		—		—
Pharmaceuticals		125,440,979		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A155

	PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Road & Rail	$	34,743,350	$	—		$	—
Semiconductors & Semiconductor Equipment		179,829,631		—			—
Software		233,056,322		—			—
Specialty Retail		111,832,199		—			—
Technology Hardware, Storage & Peripherals		136,712,736		—			—
Textiles, Apparel & Luxury Goods		63,011,372		65,277,725			—
Wireless Telecommunication Services		29,343,580		—			—
Preferred Stock
Automobiles		—		14,086,623			—
Short-Term Investments
Affiliated Mutual Funds		107,060,415		—			—
Total	$	2,146,091,435	$	106,629,576		$	—

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, 2022 were as follows:

Software	10.8	%
IT Services	9.4
Semiconductors & Semiconductor Equipment	8.3
Interactive Media & Services	6.7
Technology Hardware, Storage & Peripherals	6.3
Internet & Direct Marketing Retail	6.3
Textiles, Apparel & Luxury Goods	5.9
Pharmaceuticals	5.8
Specialty Retail	5.2
Affiliated Mutual Funds (4.3% represents investments purchased with collateral from securities on loan)	5.0
Hotels, Restaurants & Leisure	3.8
Automobiles	3.6
Capital Markets	3.6
Health Care Equipment & Supplies	3.1
Health Care Providers & Services	2.7

Food & Staples Retailing	2.3	%
Energy Equipment & Services	2.2
Life Sciences Tools & Services	2.1
Entertainment	2.1
Equity Real Estate Investment Trusts (REITs)	1.7
Road & Rail	1.6
Biotechnology	1.5
Personal Products	1.4
Wireless Telecommunication Services	1.4
Aerospace & Defense	0.8
Media	0.7
	104.3
Liabilities in excess of other assets	(4.3	)
	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$90,271,082	$(90,271,082)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A156

PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $90,271,082:
Unaffiliated investments (cost $1,293,348,981)	$	2,145,660,596
Affiliated investments (cost $106,913,094)		107,060,415
Dividends receivable		461,601
Receivable for investments sold		422,336
Tax reclaim receivable		295,790
Receivable for Portfolio shares sold		90,119
Prepaid expenses and other assets		84,058
Total Assets		2,254,074,915
LIABILITIES
Payable to broker for collateral for securities on loan		92,046,669
Management fee payable		1,141,875
Accrued expenses and other liabilities		497,691
Payable to affiliate		268,202
Payable for Portfolio shares purchased		97,151
Payable to custodian		14,745
Distribution fee payable		10,829
Administration fee payable		5,767
Trustees’ fees payable		1,599
Affiliated transfer agent fee payable		980
Total Liabilities		94,085,508
NET ASSETS	$	2,159,989,407
Net assets were comprised of:
Partners’ Equity	$	2,159,989,407
Class I:
Net asset value and redemption price per share, $2,110,944,768 / 22,873,226 outstanding shares of beneficial interest	$	92.29
Class II:
Net asset value and redemption price per share, $42,667,045 / 490,004 outstanding shares of beneficial interest	$	87.07
Class III:
Net asset value and redemption price per share, $6,377,594 / 69,400 outstanding shares of beneficial interest	$	91.90

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $479,046 foreign withholding tax, of which $123,435 is reimbursable by an affiliate)	$	14,982,659
Affiliated dividend income		511,768
Income from securities lending, net (including affiliated income of $157,970)		158,154
Total income		15,652,581
EXPENSES
Management fee		15,589,309
Distribution fee—Class II		137,590
Distribution fee—Class III		14,437
Administration fee—Class II		82,554
Custodian and accounting fees		160,607
Shareholders’ reports		48,954
Trustees’ fees		48,010
Legal fees and expenses		34,818
Audit fee		24,000
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		68,212
Total expenses		16,219,173
NET INVESTMENT INCOME (LOSS)		(566,592	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $52,299)		8,051,679
Foreign currency transactions		(24,151	)
		8,027,528
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $26,651)		(1,356,765,436	)
Foreign currencies		(965	)
		(1,356,766,401	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(1,348,738,873	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,349,305,465	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(566,592	)		$	(11,677,744	)
Net realized gain (loss) on investment and foreign currency transactions			8,027,528				364,529,600
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(1,356,766,401	)			165,052,749
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(1,349,305,465	)			517,904,605
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			43,664,186				67,317,387
Portfolio shares purchased			(187,156,630	)			(280,555,896	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(143,492,444	)			(213,238,509	)
TOTAL INCREASE (DECREASE)			(1,492,797,909	)			304,666,096
NET ASSETS:
Beginning of year			3,652,787,316				3,348,121,220
End of year		$	2,159,989,407			$	3,652,787,316

SEE NOTES TO FINANCIAL STATEMENTS.

A157

	PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	147.90		$	127.49		$	81.62		$	61.21		$	61.69
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.01	)		(0.45	)		(0.13	)		0.09			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(55.60	)		20.86			46.00			20.32			(0.61	)
Total from investment operations		(55.61	)		20.41			45.87			20.41			(0.48	)
Capital Contributions		—			—			—			—	(b)(c)		—	(b)(c)
Net Asset Value, end of year	$	92.29		$	147.90		$	127.49		$	81.62		$	61.21
Total Return(d)		(37.60	)%		16.01	%		56.20	%		33.34	%(e)		(0.78	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	2,111		$	3,566		$	3,260		$	2,242		$	1,803
Average net assets (in millions)	$	2,537		$	3,435		$	2,606		$	2,073		$	2,052
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.62	%		0.61	%		0.62	%		0.62	%		0.62	%
Expenses before waivers and/or expense reimbursement		0.62	%		0.61	%		0.62	%		0.62	%		0.62	%
Net investment income (loss)		(0.01	)%		(0.32	)%		(0.13	)%		0.13	%		0.19	%
Portfolio turnover rate(g)		32	%		40	%		56	%		41	%		38	%
Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	140.11		$	121.26		$	77.94		$	58.68		$	59.38
Income (Loss) From Investment Operations:
Net investment income (loss)		(0.43	)		(0.95	)		(0.49	)		(0.19	)		(0.14	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(52.61	)		19.80			43.81			19.45			(0.56	)
Total from investment operations		(53.04	)		18.85			43.32			19.26			(0.70	)
Capital Contributions		—			—			—			—	(b)(c)		—	(b)(c)
Net Asset Value, end of year	$	87.07		$	140.11		$	121.26		$	77.94		$	58.68
Total Return(d)		(37.85	)%		15.55	%		55.57	%		32.82	%(e)		(1.18	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	43		$	82		$	88		$	66		$	61
Average net assets (in millions)	$	55		$	85		$	72		$	64		$	70
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		1.02	%		1.01	%		1.02	%		1.02	%		1.02	%
Expenses before waivers and/or expense reimbursement		1.02	%		1.01	%		1.02	%		1.02	%		1.02	%
Net investment income (loss)		(0.42	)%		(0.72	)%		(0.53	)%		(0.27	)%		(0.22	)%
Portfolio turnover rate(g)		32	%		40	%		56	%		41	%		38	%

SEE NOTES TO FINANCIAL STATEMENTS.

A158

	PSF PGIM JENNISON GROWTH PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31, 2022				April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	147.64			$	132.99
Income (Loss) From Investment Operations:
Net investment income (loss)			(0.24	)			(0.59	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(55.50	)			15.24
Total from investment operations			(55.74	)			14.65
Net Asset Value, end of period		$	91.90			$	147.64
Total Return(d)			(37.75	)%			11.02	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	6			$	5
Average net assets (in millions)		$	6			$	2
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.86	%			0.86	%(i)
Expenses before waivers and/or expense reimbursement			0.86	%			0.86	%(i)
Net investment income (loss)			(0.23	)%			(0.58	)%(i)
Portfolio turnover rate(g)			32	%			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.

A159

	PSF PGIM JENNISON VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 97.6%
COMMON STOCKS
Aerospace & Defense — 3.4%
Airbus SE (France)		147,946	$	17,591,150
Raytheon Technologies Corp.		309,453		31,229,997
				48,821,147
Airlines — 1.2%
Delta Air Lines, Inc.*		525,025		17,252,322
Automobiles — 1.0%
General Motors Co.		423,421		14,243,883
Banks — 9.1%
Bank of America Corp.		977,073		32,360,658
JPMorgan Chase & Co.		329,579		44,196,544
PNC Financial Services Group, Inc. (The)		179,071		28,282,473
Truist Financial Corp.		597,725		25,720,107
				130,559,782
Beverages — 1.8%
PepsiCo, Inc.		146,142		26,402,014
Biotechnology — 4.0%
AbbVie, Inc.		226,238		36,562,323
Amgen, Inc.		81,264		21,343,177
				57,905,500
Building Products — 1.7%
Johnson Controls International PLC		373,025		23,873,600
Capital Markets — 2.9%
Blackstone, Inc.		136,055		10,093,920
Goldman Sachs Group, Inc. (The)		93,792		32,206,297
				42,300,217
Chemicals — 3.4%
DuPont de Nemours, Inc.(a)		240,008		16,471,749
Linde PLC (United Kingdom)(a)		101,057		32,962,772
				49,434,521
Communications Equipment — 1.3%
Cisco Systems, Inc.		391,360		18,644,390
Consumer Finance — 1.2%
SLM Corp.		997,302		16,555,213
Containers & Packaging — 1.2%
Crown Holdings, Inc.(a)		208,354		17,128,782
Electric Utilities — 1.6%
NextEra Energy, Inc.		282,433		23,611,399
Equity Real Estate Investment Trusts (REITs) — 1.4%
Alexandria Real Estate Equities, Inc.		140,231		20,427,450
Food & Staples Retailing — 2.1%
Walmart, Inc.		209,550		29,712,095
Food Products — 1.3%
Mondelez International, Inc. (Class A Stock)		283,323		18,883,478
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		212,100		23,286,459
Health Care Providers & Services — 2.7%
Centene Corp.*		241,559		19,810,253

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Cigna Corp.		57,005	$	18,888,037
				38,698,290
Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		116,945		30,818,516
Household Products — 2.2%
Procter & Gamble Co. (The)		210,840		31,954,910
Insurance — 7.1%
Chubb Ltd.		196,379		43,321,207
Marsh & McLennan Cos., Inc.		107,969		17,866,710
MetLife, Inc.		344,118		24,903,820
RenaissanceRe Holdings Ltd. (Bermuda)		87,642		16,146,286
				102,238,023
Interactive Media & Services — 2.6%
Alphabet, Inc. (Class A Stock)*		301,853		26,632,490
Meta Platforms, Inc. (Class A Stock)*		86,405		10,397,978
				37,030,468
Life Sciences Tools & Services — 1.5%
Danaher Corp.		83,863		22,258,918
Machinery — 4.4%
Deere & Co.		54,290		23,277,380
Fortive Corp.		291,081		18,701,954
Otis Worldwide Corp.		276,238		21,632,198
				63,611,532
Multi-Utilities — 3.2%
Ameren Corp.(a)		318,868		28,353,743
CenterPoint Energy, Inc.		613,603		18,401,954
				46,755,697
Oil, Gas & Consumable Fuels — 10.7%
Chevron Corp.		302,400		54,277,775
ConocoPhillips		333,395		39,340,610
Hess Corp.		214,303		30,392,451
Williams Cos., Inc. (The)		940,282		30,935,278
				154,946,114
Pharmaceuticals — 8.7%
AstraZeneca PLC (United Kingdom), ADR		440,034		29,834,305
Bristol-Myers Squibb Co.		639,318		45,998,930
Eli Lilly & Co.		133,855		48,969,514
				124,802,749
Road & Rail — 1.2%
Union Pacific Corp.		83,491		17,288,481
Semiconductors & Semiconductor Equipment — 4.8%
Broadcom, Inc.		39,055		21,836,822
Lam Research Corp.		35,157		14,776,487
NXP Semiconductors NV (China)		97,752		15,447,749
QUALCOMM, Inc.		153,609		16,887,773
				68,948,831

SEE NOTES TO FINANCIAL STATEMENTS.

A160

	PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Software — 2.9%
Microsoft Corp.		103,199	$	24,749,184
Salesforce, Inc.*		127,644		16,924,318
				41,673,502
Specialty Retail — 1.0%
Lowe’s Cos., Inc.		68,922		13,732,019
Technology Hardware, Storage & Peripherals — 1.5%
Apple, Inc.		168,169		21,850,198
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.*		86,762		12,146,680
TOTAL LONG-TERM INVESTMENTS (cost $924,976,428)				1,407,797,180
SHORT-TERM INVESTMENTS — 5.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		34,188,675		34,188,675
PGIM Institutional Money Market Fund (cost $42,875,832; includes $42,719,027 of cash collateral for securities on loan)(b)(wa)		42,910,858		42,889,403
TOTAL SHORT-TERM INVESTMENTS (cost $77,064,507)				77,078,078
TOTAL INVESTMENTS—102.9% (cost $1,002,040,935)				1,484,875,258
Liabilities in excess of other assets — (2.9)%				(41,673,521	)
NET ASSETS — 100.0%			$	1,443,201,737

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 $41,463,559; cash collateral of $42,719,027 (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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	31,229,997	$	17,591,150		$—
Airlines		17,252,322		—		—
Automobiles		14,243,883		—		—
Banks		130,559,782		—		—
Beverages		26,402,014		—		—
Biotechnology		57,905,500		—		—
Building Products		23,873,600		—		—
Capital Markets		42,300,217		—		—
Chemicals		49,434,521		—		—
Communications Equipment		18,644,390		—		—
Consumer Finance		16,555,213		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A161

	PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Containers & Packaging	$	17,128,782	$	—		$—
Electric Utilities		23,611,399		—		—
Equity Real Estate Investment Trusts (REITs)		20,427,450		—		—
Food & Staples Retailing		29,712,095		—		—
Food Products		18,883,478		—		—
Health Care Equipment & Supplies		23,286,459		—		—
Health Care Providers & Services		38,698,290		—		—
Hotels, Restaurants & Leisure		30,818,516		—		—
Household Products		31,954,910		—		—
Insurance		102,238,023		—		—
Interactive Media & Services		37,030,468		—		—
Life Sciences Tools & Services		22,258,918		—		—
Machinery		63,611,532		—		—
Multi-Utilities		46,755,697		—		—
Oil, Gas & Consumable Fuels		154,946,114		—		—
Pharmaceuticals		124,802,749		—		—
Road & Rail		17,288,481		—		—
Semiconductors & Semiconductor Equipment		68,948,831		—		—
Software		41,673,502		—		—
Specialty Retail		13,732,019		—		—
Technology Hardware, Storage & Peripherals		21,850,198		—		—
Wireless Telecommunication Services		12,146,680		—		—
Short-Term Investments
Affiliated Mutual Funds		77,078,078		—		—
Total	$	1,467,284,108	$	17,591,150		$—

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, 2022 were as follows:

Oil, Gas & Consumable Fuels	10.7	%
Banks	9.1
Pharmaceuticals	8.7
Insurance	7.1
Affiliated Mutual Funds (3.0% represents investments purchased with collateral from securities on loan)	5.3
Semiconductors & Semiconductor Equipment	4.8
Machinery	4.4
Biotechnology	4.0
Chemicals	3.4
Aerospace & Defense	3.4
Multi-Utilities	3.2
Capital Markets	2.9
Software	2.9
Health Care Providers & Services	2.7
Interactive Media & Services	2.6
Household Products	2.2
Hotels, Restaurants & Leisure	2.1
Food & Staples Retailing	2.1
Beverages	1.8

Building Products	1.7	%
Electric Utilities	1.6
Health Care Equipment & Supplies	1.6
Life Sciences Tools & Services	1.5
Technology Hardware, Storage & Peripherals	1.5
Equity Real Estate Investment Trusts (REITs)	1.4
Food Products	1.3
Communications Equipment	1.3
Road & Rail	1.2
Airlines	1.2
Containers & Packaging	1.2
Consumer Finance	1.2
Automobiles	1.0
Specialty Retail	1.0
Wireless Telecommunication Services	0.8
	102.9
Liabilities in excess of other assets	(2.9	)
	100.0	%

SEE NOTES TO FINANCIAL STATEMENTS.

A162

	PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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	$41,463,559	$(41,463,559)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A163

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $41,463,559:
Unaffiliated investments (cost $924,976,428)	$	1,407,797,180
Affiliated investments (cost $77,064,507)		77,078,078
Cash		49
Dividends receivable		1,306,941
Tax reclaim receivable		742,700
Receivable for Portfolio shares sold		41,631
Prepaid expenses and other assets		194,537
Total Assets		1,487,161,116
LIABILITIES
Payable to broker for collateral for securities on loan		42,719,027
Management fee payable		496,787
Payable to affiliate		335,164
Accrued expenses and other liabilities		231,150
Payable for Portfolio shares purchased		171,433
Distribution fee payable		2,513
Administration fee payable		1,186
Trustees’ fees payable		1,139
Affiliated transfer agent fee payable		980
Total Liabilities		43,959,379
NET ASSETS	$	1,443,201,737
Net assets were comprised of:
Partners’ Equity	$	1,443,201,737
Class I:
Net asset value and redemption price per share, $1,431,454,265 / 32,622,912 outstanding shares of beneficial interest	$	43.88
Class II:
Net asset value and redemption price per share, $9,160,836 / 215,761 outstanding shares of beneficial interest.	$	42.46
Class III:
Net asset value and redemption price per share, $2,586,636 / 59,196 outstanding shares of beneficial interest	$	43.70

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $96,287 foreign withholding tax, of which $11,457 is reimbursable by an affiliate)	$	30,468,432
Affiliated dividend income		746,371
Affiliated income from securities lending, net		48,671
Total income		31,263,474
EXPENSES
Management fee		5,962,257
Distribution fee—Class II		23,813
Distribution fee—Class III		4,224
Administration fee—Class II		14,287
Custodian and accounting fees		100,221
Shareholders’ reports		45,097
Trustees’ fees		31,879
Legal fees and expenses		29,029
Audit fee		24,000
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		41,056
Total expenses		6,286,545
NET INVESTMENT INCOME (LOSS)		24,976,929
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $12,609)		77,622,600
Foreign currency transactions		(402	)
		77,622,198
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $5,545)		(232,639,190	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(155,016,992	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(130,040,063	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended				Year Ended
	December 31, 2022				December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	24,976,929			$	21,706,648
Net realized gain (loss) on investment and foreign currency transactions			77,622,198				113,558,071
Net change in unrealized appreciation (depreciation) on investments			(232,639,190	)			238,270,819
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(130,040,063	)			373,535,538
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			20,960,956				16,872,668
Portfolio shares purchased			(105,411,031	)			(112,907,503	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(84,450,075	)			(96,034,835	)
TOTAL INCREASE (DECREASE)			(214,490,138	)			277,500,703
NET ASSETS:
Beginning of year			1,657,691,875				1,380,191,172
End of year		$	1,443,201,737			$	1,657,691,875

SEE NOTES TO FINANCIAL STATEMENTS.

A164

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	47.64		$	37.28		$	35.99		$	28.55		$	31.68
Income (Loss) From Investment Operations:
Net investment income (loss)		0.74			0.61			0.66			0.67			0.56
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.50	)		9.75			0.63			6.77			(3.71	)
Total from investment operations		(3.76	)		10.36			1.29			7.44			(3.15	)
Capital Contributions		—			—			—			—	(b)(c)		0.02	(b)
Net Asset Value, end of year	$	43.88		$	47.64		$	37.28		$	35.99		$	28.55
Total Return(d)		(7.89	)%		27.79	%		3.58	%		26.06	%(e)		(9.88	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,431.5		$	1,646.0		$	1,371.2		$	1,429.9		$	1,226.4
Average net assets (in millions)	$	1,479.3		$	1,543.8		$	1,236.8		$	1,354.1		$	1,416.6
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.42	%		0.42	%		0.43	%		0.43	%		0.43	%
Expenses before waivers and/or expense reimbursement		0.42	%		0.42	%		0.43	%		0.43	%		0.43	%
Net investment income (loss)		1.68	%		1.40	%		2.03	%		2.04	%		1.76	%
Portfolio turnover rate(h)		23	%		17	%		32	%		25	%		23	%
Class II
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	46.28		$	36.36		$	35.25		$	28.07		$	31.27
Income (Loss) From Investment Operations:
Net investment income (loss)		0.55			0.42			0.51			0.53			0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.37	)		9.50			0.60			6.65			(3.64	)
Total from investment operations		(3.82	)		9.92			1.11			7.18			(3.22	)
Capital Contributions		—			—			—			—	(b)(c)		0.02	(b)
Net Asset Value, end of year	$	42.46		$	46.28		$	36.36		$	35.25		$	28.07
Total Return(d)		(8.25	)%		27.28	%		3.15	%		25.58	%(e)		(10.23	)%(f)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	9.2		$	10.7		$	9.0		$	8.7		$	6.1
Average net assets (in millions)	$	9.5		$	10.1		$	7.9		$	7.4		$	7.2
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%
Expenses before waivers and/or expense reimbursement		0.82	%		0.82	%		0.83	%		0.83	%		0.83	%
Net investment income (loss)		1.28	%		1.00	%		1.62	%		1.63	%		1.36	%
Portfolio turnover rate(h)		23	%		17	%		32	%		25	%		23	%

SEE NOTES TO FINANCIAL STATEMENTS.

A165

PSF PGIM JENNISON VALUE PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class III
	Year Ended December 31, 2022				April 26, 2021(i) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	47.56			$	42.77
Income (Loss) From Investment Operations:
Net investment income (loss)			0.62				0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(4.48	)			4.50
Total from investment operations			(3.86	)			4.79
Net Asset Value, end of period		$	43.70			$	47.56
Total Return(d)			(8.12	)%			11.20	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	2.6			$	1.0
Average net assets (in millions)		$	1.7			$	0.4
Ratios to average net assets(g):
Expenses after waivers and/or expense reimbursement			0.67	%			0.66	%(j)
Expenses before waivers and/or expense reimbursement			0.67	%			0.66	%(j)
Net investment income (loss)			1.41	%			0.92	%(j)
Portfolio turnover rate(h)			23	%			17	%

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

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

(c) Amount rounds to zero.

(d) 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.

A166

	PSF PGIM TOTAL RETURN BOND PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
LONG-TERM INVESTMENTS — 107.3%
ASSET-BACKED SECURITIES — 23.0%
Automobiles — 1.2%
AmeriCredit Automobile Receivables Trust,
Series 2020-02, Class D
2.130%	03/18/26		300	$	280,814
Avis Budget Rental Car Funding AESOP LLC,
Series 2020-02A, Class A, 144A
2.020%	02/20/27		600		543,738
Exeter Automobile Receivables Trust,
Series 2020-03A, Class C
1.320%	07/15/25		154		152,670
Series 2020-03A, Class D
1.730%	07/15/26		200		192,683
Series 2021-02A, Class C
0.980%	06/15/26		10		9,610
Series 2021-02A, Class D
1.400%	04/15/27		20		18,273
Series 2022-01A, Class E, 144A
5.020%	10/15/29		1,300		1,084,347
GM Financial Automobile Leasing Trust,
Series 2020-02, Class C
2.560%	07/22/24		1		998
Hertz Vehicle Financing III LLC,
Series 2022-01A, Class C, 144A
2.630%	06/25/26		200		177,479
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%	12/27/27		2,300		2,001,817
Series 2021-02A, Class B, 144A
2.120%	12/27/27		200		171,388
Hertz Vehicle Financing LLC,
Series 2021-01A, Class C, 144A
2.050%	12/26/25		100		90,080
Series 2022-02A, Class B, 144A
2.650%	06/26/28		400		342,792
JPMorgan Chase Bank, NA,
Series 2020-01, Class R, 144A
33.784%	01/25/28		732		840,815
Series 2020-02, Class D, 144A
1.487%	02/25/28		282		275,326
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%	09/14/27		3,500		3,359,196
Series 2019-01A, Class B, 144A
3.950%	11/14/28		800		740,960
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A
7.375%	05/15/32		567		553,924
Series 2022-C, Class E, 144A
11.366%	12/15/32		300		300,041
Santander Drive Auto Receivables Trust,
Series 2020-02, Class D
2.220%	09/15/26		400		389,589
Series 2020-03, Class D
1.640%	11/16/26		1,400		1,342,200
					12,868,740

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Debt Obligations — 0.4%
Arbor Realty Commercial Real Estate Notes Ltd. (Cayman Islands),
Series 2022-FL01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 1.450%)
5.257%(c)	01/15/37		3,000	$	2,917,884
MF1 Ltd. (Cayman Islands),
Series 2022-FL08, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%)
5.176%(c)	02/19/37		1,550		1,490,304
					4,408,188
Collateralized Loan Obligations — 19.5%
AlbaCore Euro CLO DAC (Ireland),
Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)
2.600%(c)	07/15/35	EUR	5,500		5,681,969
Ares European CLO DAC (Ireland),
Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%)
2.148%(c)	04/15/32	EUR	10,000		10,398,316
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class A, 144A, 3 Month SOFR + 2.600% (Cap N/A, Floor 2.600%)
5.100%(c)	07/15/30		4,750		4,731,998
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)
5.179%(c)	10/17/32		3,500		3,434,622
Battalion CLO Ltd.,
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)
5.720%(c)	05/17/31		3,000		2,937,953
Carlyle Euro CLO DAC (Ireland),
Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
2.368%(c)	10/15/35	EUR	6,500		6,648,341
Series 2021-02A, Class A2B, 144A
2.100%	10/15/35	EUR	6,250		5,270,316
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%)
2.548%(c)	11/15/31	EUR	10,000		10,343,674
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.259%(c)	01/15/30		4,000		3,942,141
CIFC Funding Ltd. (Cayman Islands),
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)
5.305%(c)	04/24/31		1,500		1,474,852
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)
5.435%(c)	01/22/31		3,750		3,701,222
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%)
5.355%(c)	10/15/29		6,302		6,258,440

SEE NOTES TO FINANCIAL STATEMENTS.

A167

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)
5.359%(c)	07/15/29		207	$	205,037
Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.475%(c)	01/22/31		2,000		1,975,359
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)
5.089%(c)	04/15/31		6,000		5,921,321
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)
5.336%(c)	04/26/31		3,500		3,431,873
Hayfin Emerald CLO DAC (Ireland),
Series 05A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%)
2.895%(c)	11/17/32	EUR	10,500		11,016,308
HPS Loan Management Ltd. (Cayman Islands),
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)
5.532%(c)	02/05/31		3,973		3,927,977
ICG US CLO Ltd. (Cayman Islands),
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
5.388%(c)	04/25/31		2,494		2,463,738
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-14A, Class A1AR, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/34		6,625		6,429,863
Series 2019-14A, Class A2R, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 1.750%)
5.993%(c)	10/20/34		6,750		6,442,134
Madison Park Funding Ltd. (Cayman Islands),
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)
5.155%(c)	04/22/27		6,901		6,812,817
Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
5.478%(c)	04/25/32		2,000		1,967,092
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)
5.398%(c)	04/21/31		9,635		9,448,379
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)
5.199%(c)	07/15/31		6,000		5,880,209
OCP CLO Ltd. (Cayman Islands),
Series 2020-18A, Class AR, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%)
5.333%(c)	07/20/32		5,000		4,892,743
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)
5.665%(c)	10/30/30		1,236		1,217,945

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Collateralized Loan Obligations (cont’d.)
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.259%(c)	10/15/34		7,000	$	6,769,609
Romark WM-R Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)
5.273%(c)	04/20/31		3,958		3,885,240
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)
5.632%(c)	05/07/31		4,955		4,838,558
Signal Peak CLO Ltd.,
Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)
5.468%(c)	04/25/31		5,750		5,634,066
Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)
5.563%(c)	10/20/32		12,500		12,398,315
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)
5.397%(c)	01/26/31		3,500		3,459,824
TCW CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1RR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)
5.595%(c)	10/29/34		3,000		2,913,163
Series 2017-01A, Class BRR, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)
6.115%(c)	10/29/34		4,000		3,810,356
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)
5.319%(c)	01/17/30		2,977		2,930,968
TICP CLO Ltd. (Cayman Islands),
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)
5.383%(c)	01/20/31		3,000		2,967,305
Toro European CLO DAC (Ireland),
Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
2.368%(c)	07/15/34	EUR	8,000		8,218,638
Trinitas Euro CLO DAC (Ireland),
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)
5.128%(c)	04/15/35	EUR	4,500		4,664,080
Voya CLO Ltd. (Cayman Islands),
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)
5.292%(c)	04/25/31		3,000		2,952,942
Wellfleet CLO Ltd.,
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)
5.229%(c)	01/17/31		6,500		6,375,085
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.443%(c)	10/20/31		2,750		2,674,804

SEE NOTES TO FINANCIAL STATEMENTS.

A168

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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%)
5.289%(c)	10/15/34		1,750	$	1,695,754
					213,045,346
Consumer Loans — 0.7%
Fairstone Financial Issuance Trust (Canada),
Series 2020-01A, Class A, 144A
2.509%	10/20/39	CAD	400		277,805
Lending Funding Trust,
Series 2020-02A, Class A, 144A
2.320%	04/21/31		300		261,016
Lendmark Funding Trust,
Series 2019-02A, Class A, 144A
2.780%	04/20/28		762		739,888
Series 2021-01A, Class B, 144A
2.470%	11/20/31		100		81,001
Mariner Finance Issuance Trust,
Series 2019-AA, Class A, 144A
2.960%	07/20/32		380		374,946
Series 2020-AA, Class A, 144A
2.190%	08/21/34		500		475,846
OneMain Financial Issuance Trust,
Series 2020-01A, Class A, 144A
3.840%	05/14/32		450		446,807
Series 2020-02A, Class A, 144A
1.750%	09/14/35		1,500		1,310,356
Oportun Funding XIII LLC,
Series 2019-A, Class A, 144A
3.080%	08/08/25		1,011		998,455
Series 2019-A, Class D, 144A
6.220%	08/08/25		1,300		1,168,587
Oportun Funding XIV LLC,
Series 2021-A, Class B, 144A
1.760%	03/08/28		300		277,851
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A
3.070%	03/15/32		1,200		1,094,671
					7,507,229
Credit Cards — 0.2%
Newday Funding Master Issuer PLC (United Kingdom),
Series 2021-01A, Class A1, 144A, SONIA + 0.970% (Cap N/A, Floor 0.000%)
4.293%(c)	03/15/29	GBP	300		358,791
Series 2021-02A, Class A1, 144A, SONIA + 0.800% (Cap N/A, Floor 0.000%)
4.123%(c)	07/15/29	GBP	300		356,702
Newday Partnership Funding PLC (United Kingdom),
Series 2020-01A, Class A3, 144A, 1 Month SONIA + 1.400% (Cap N/A, Floor 0.000%)
4.331%(c)	11/15/28	GBP	1,625		1,949,111
					2,664,604

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
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%)
7.314%(c)	10/25/31		169	$	155,656
Merrill Lynch Mortgage Investors Trust,
Series 2004-HE02, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)
5.589%(c)	08/25/35		62		60,080
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)
5.409%(c)	10/25/33		89		87,316
					303,052
Other — 0.2%
PNMAC FMSR Issuer Trust,
Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)
6.739%(c)	04/25/23		220		206,618
TH MSR Issuer Trust,
Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)
7.189%(c)	06/25/24		2,250		2,105,185
					2,311,803
Residential Mortgage-Backed Securities — 0.4%
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-W010, Class A2, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.780%)
3.766%(c)	10/25/34		506		484,570
LSF11 Boson Investments Sarl Compartment 2 (Spain),
Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%)
3.898%(c)	11/25/60	EUR	828		843,447
Merrill Lynch Mortgage Investors Trust,
Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520% (Cap N/A, Floor 0.520%)
4.909%(c)	06/25/35		54		54,036
Rathlin Residential DAC (Ireland),
Series 2021-01A, Class A, 144A, 1 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%)
3.895%(c)	09/27/75	EUR	1,278		1,309,086
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.000%
4.686%(c)	04/16/23^	EUR	1,830		1,856,650
					4,547,789
Student Loans — 0.4%
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A
0.000%	02/25/43		2,980		696,192
Series 2018-C, Class A, 144A
0.000%(cc)	08/25/43		779		722,594
Series 2018-D, Class A, 144A
0.000%(cc)	11/25/43		794		744,547
Series 2 019-A, Class R, 144A
0.000%	10/25/48		1,393		297,466

SEE NOTES TO FINANCIAL STATEMENTS.

A169

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
ASSET-BACKED SECURITIES (continued)
Student Loans (cont’d.)
Navient Private Education Refi Loan Trust,
Series 2020-DA, Class A, 144A
1.690%	05/15/69		33	$	29,315
SoFi RR Funding II Trust,
Series 2019-01, Class A, 144A, 1 Month LIBOR + 2.250% (Cap N/A, Floor 1.250%)
6.639%(c)	11/29/24		219		218,550
SoFi RR Funding III Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR + 2.250% (Cap N/A, Floor 1.250%)
6.639%(c)	11/29/24		1,116		1,115,833
					3,824,497
TOTAL ASSET-BACKED SECURITIES (cost $266,169,181)					251,481,248
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.0%
BANK,
Series 2017-BNK05, Class A4
3.131%	06/15/60		4,400		4,022,890
Series 2017-BNK06, Class A4
3.254%	07/15/60		920		850,942
Series 2017-BNK08, Class A3
3.229%	11/15/50		1,333		1,216,259
Series 2019-BN18, Class A3
3.325%	05/15/62		1,500		1,346,169
Series 2020-BN29, Class A3
1.742%	11/15/53		1,000		783,468
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2016-UB10, Class A3
2.903%	07/15/49		989		914,416
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A
2.937%	08/14/36		1,170		1,018,489
Series 2016-ETC, Class B, 144A
3.189%	08/14/36		510		433,550
Series 2016-ETC, Class C, 144A
3.391%	08/14/36		430		353,812
Series 2016-ETC, Class D, 144A
3.609%(cc)	08/14/36		1,560		1,239,131
Benchmark Mortgage Trust,
Series 2019-B09, Class A4
3.751%	03/15/52		3,400		3,146,348
Series 2020-B18, Class A4
1.672%	07/15/53		2,900		2,315,228
Series 2020-B21, Class A4
1.704%	12/17/53		1,000		795,283
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month SOFR + 2.114% (Cap N/A, Floor 2.114%)
6.450%(c)	10/15/36		2,125		2,044,744
Series 2019-XL, Class G, 144A, 1 Month SOFR + 2.414% (Cap N/A, Floor 2.414%)
6.750%(c)	10/15/36		1,360		1,301,790

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.764%)
7.100%(c)	10/15/36		2,975	$	2,834,206
Series 2021-ACNT, Class E, 144A, 1 Month LIBOR + 2.197% (Cap N/A, Floor 2.197%)
6.515%(c)	11/15/38		3,350		3,156,785
BX Trust,
Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%)
7.036%(c)	01/15/39		5,000		4,549,004
Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A3
2.647%	11/15/52		7,700		7,161,818
CD Mortgage Trust,
Series 2017-CD05, Class A3
3.171%	08/15/50		3,500		3,182,931
CFK Trust,
Series 2020-MF02, Class A, 144A
2.387%	03/15/39		6,550		5,639,672
CityLine Commercial Mortgage Trust,
Series 2016-CLNE, Class B, 144A
2.778%(cc)	11/10/31		2,400		2,293,750
Series 2016-CLNE, Class C, 144A
2.778%(cc)	11/10/31		900		853,509
Cold Storage Trust,
Series 2020-ICE05, Class E, 144A, 1 Month LIBOR + 2.766% (Cap N/A, Floor 2.833%)
7.083%(c)	11/15/37		1,327		1,272,065
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4
3.420%	08/10/47		3,200		3,094,483
Series 2015-DC01, Class A4
3.078%	02/10/48		5,000		4,807,148
Series 2016-COR01, Class A3
2.826%	10/10/49		2,474		2,284,196
Series 2017-COR02, Class A2
3.239%	09/10/50		3,829		3,502,419
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)
6.468%(c)	05/15/36		2,600		2,514,700
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class A2
3.067%	06/15/52		1,200		1,048,836
DBGS Mortgage Trust,
Series 2018-BIOD, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)
6.736%(c)	05/15/35		2,990		2,799,563
DBWF Mortgage Trust,
Series 2016-85T, Class D, 144A
3.808%(cc)	12/10/36		1,400		1,142,536
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A4
3.071%	06/10/50		2,800		2,572,701
Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A
3.555%(cc)	09/10/35		3,000		2,669,155

SEE NOTES TO FINANCIAL STATEMENTS.

A170

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates,
Series K044, Class X1, IO
0.739%(cc)	01/25/25		62,168	$	764,110
Series K053, Class X1, IO
0.877%(cc)	12/25/25		85,055		1,767,963
Series K055, Class X1, IO
1.346%(cc)	03/25/26		12,905		448,444
Series KG03, Class X1, IO
1.379%(cc)	06/25/30		29,271		2,253,870
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3
3.119%	05/10/50		2,849		2,699,587
Series 2017-GS06, Class A2
3.164%	05/10/50		3,249		2,971,278
Series 2019-GC38, Class A3
3.703%	02/10/52		5,800		5,301,482
IMT Trust,
Series 2017-APTS, Class AFX, 144A
3.478%	06/15/34		310		295,529
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%	06/15/49		1,070		995,575
Series 2017-C05, Class A4
3.414%	03/15/50		1,423		1,326,807
Series 2017-C07, Class A4
3.147%	10/15/50		3,600		3,283,695
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3
2.559%	08/15/49		1,639		1,498,159
Series 2018-AON, Class E, 144A
4.613%(cc)	07/05/31		5,875		4,903,496
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C10, Class A3
3.955%(cc)	07/15/46		1,212		1,203,786
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4
3.259%	06/15/50		2,750		2,536,818
Series 2017-HR02, Class A3
3.330%	12/15/50		5,453		4,980,582
Series 2019-L03, Class A3
2.874%	11/15/52		1,200		1,028,980
Series 2019-MEAD, Class E, 144A
3.177%(cc)	11/10/36		575		477,901
Shops at Crystals Trust,
Series 2016-CSTL, Class A, 144A
3.126%	07/05/36		140		121,450
UBS Commercial Mortgage Trust,
Series 2017-C02, Class A3
3.225%	08/15/50		1,887		1,721,442
Series 2017-C07, Class A3
3.418%	12/15/50		5,200		4,823,051
Series 2018-C10, Class A3
4.048%	05/15/51		2,200		2,056,199
Series 2019-C17, Class A3
2.669%	10/15/52		2,000		1,702,877

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class A4
3.548%	08/15/50		2,777	$	2,703,450
Series 2016-C32, Class A3
3.294%	01/15/59		1,998		1,878,042
Series 2016-C34, Class A3
2.834%	06/15/49		2,500		2,355,257
Series 2016-C35, Class A3
2.674%	07/15/48		4,451		4,070,514
Series 2017-C40, Class A3
3.317%	10/15/50		1,370		1,258,552
Series 2019-C54, Class A3
2.892%	12/15/52		1,200		1,034,727
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $155,821,646)					141,625,619
CORPORATE BONDS — 34.2%
Aerospace & Defense — 0.9%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
1.900%	02/15/31		2,770		2,145,190
3.400%	04/15/30		385		337,960
Boeing Co. (The),
Sr. Unsec’d. Notes
1.875%	06/15/23		10		9,832
1.950%	02/01/24		20		19,253
2.196%	02/04/26		180		163,606
2.750%	02/01/26		90		83,575
2.850%	10/30/24		30		28,713
2.950%	02/01/30		5		4,232
3.900%	05/01/49		50		35,244
3.950%	08/01/59		1,450		973,318
4.508%	05/01/23		20		19,934
5.150%	05/01/30		25		24,382
5.930%	05/01/60		48		44,077
6.875%	03/15/39		20		21,088
7.950%	08/15/24		50		51,022
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
7.500%	12/01/24		1,280		1,278,442
7.500%	03/15/25		1,321		1,307,418
7.875%	04/15/27(a)		2,575		2,502,591
General Dynamics Corp.,
Gtd. Notes
1.150%	06/01/26		20		17,784
3.250%	04/01/25		10		9,696
3.500%	04/01/27		30		28,712
4.250%	04/01/40		5		4,565
L3 Technologies, Inc.,
Gtd. Notes
3.850%	06/15/23		25		24,771
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes
2.900%	12/15/29		40		34,202
4.400%	06/15/28		37		35,596
4.400%	06/15/28		15		14,487

SEE NOTES TO FINANCIAL STATEMENTS.

A171

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Aerospace & Defense (cont’d.)
Lockheed Martin Corp.,
Sr. Unsec’d. Notes
2.800%	06/15/50		10	$	6,778
4.500%	05/15/36		30		28,580
Northrop Grumman Corp.,
Sr. Unsec’d. Notes
2.930%	01/15/25		30		28,791
3.250%	01/15/28		40		36,994
5.250%	05/01/50		10		9,891
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes
3.500%	03/15/27		5		4,764
4.875%	10/15/40		15		13,999
					9,349,487
Agriculture — 0.3%
Altria Group, Inc.,
Gtd. Notes
2.450%	02/04/32		60		45,250
2.625%	09/16/26		35		32,054
3.400%	02/04/41		50		33,178
3.700%	02/04/51		100		63,167
3.875%	09/16/46		10		6,674
4.000%	02/04/61		5		3,259
4.400%	02/14/26		43		42,150
4.800%	02/14/29		11		10,547
5.950%	02/14/49		30		26,734
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%	03/25/28(a)		1,570		1,306,691
2.726%	03/25/31		10		7,799
3.462%	09/06/29		10		8,553
3.557%	08/15/27		1,500		1,365,880
4.540%	08/15/47		20		14,216
BAT International Finance PLC (United Kingdom),
Gtd. Notes
1.668%	03/25/26		145		128,448
Gtd. Notes, 144A
3.950%	06/15/25		150		144,032
Cargill, Inc.,
Sr. Unsec’d. Notes, 144A
0.750%	02/02/26		40		35,268
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
0.875%	05/01/26		30		26,365
1.500%	05/01/25		15		13,876
5.000%	11/17/25		10		10,051
Reynolds American, Inc. (United Kingdom),
Gtd. Notes
4.450%	06/12/25		20		19,572
					3,343,764
Airlines — 0.5%
Air Canada (Canada),
Sr. Sec’d. Notes, 144A
3.875%	08/15/26		50		44,235

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Airlines (cont’d.)
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates
3.575%	07/15/29		1,382	$	1,233,904
American Airlines 2017-2 Class AA Pass-Through Trust,
Pass-Through Certificates
3.350%	04/15/31		38		32,652
Delta Air Lines, Inc.,
Sr. Unsec’d. Notes
3.750%	10/28/29		10		8,412
3.800%	04/19/23		11		10,908
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A
4.500%	10/20/25		15		14,629
4.750%	10/20/28		75		70,591
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
Sr. Sec’d. Notes, 144A
6.500%	06/20/27		27		26,903
Southwest Airlines Co.,
Sr. Unsec’d. Notes
5.125%	06/15/27		3,355		3,316,805
United Airlines 2019-1 Class AA Pass-Through Trust,
Pass-Through Certificates
4.150%	02/25/33		43		37,615
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates
2.700%	11/01/33		53		42,711
United Airlines 2020-1 Class A Pass-Through Trust,
Pass-Through Certificates
5.875%	04/15/29		103		101,212
United Airlines 2020-1 Class B Pass-Through Trust,
Pass-Through Certificates
4.875%	07/15/27		19		18,124
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%	04/15/26		825		768,384
4.625%	04/15/29		195		170,179
					5,897,264
Auto Manufacturers — 0.8%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A
0.800%	04/01/24		40		37,934
Ford Motor Co.,
Sr. Unsec’d. Notes
3.250%	02/12/32		10		7,524
4.346%	12/08/26		20		18,953
4.750%	01/15/43		1,125		813,925
5.291%	12/08/46		290		223,010
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%	02/16/28		275		227,232
General Motors Co.,
Sr. Unsec’d. Notes
4.000%	04/01/25		17		16,604
4.875%	10/02/23		1,350		1,348,728
5.000%	04/01/35		1,365		1,174,728
5.150%	04/01/38		1,000		866,016

SEE NOTES TO FINANCIAL STATEMENTS.

A172

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Auto Manufacturers (cont’d.)
5.200%	04/01/45		10	$	8,177
6.125%	10/01/25		40		40,778
6.250%	10/02/43		1,455		1,348,234
6.600%	04/01/36		285		279,497
General Motors Financial Co., Inc.,
Gtd. Notes
3.250%	01/05/23		85		85,000
3.700%	05/09/23		20		19,886
4.250%	05/15/23		50		49,827
4.300%	07/13/25		70		67,910
Jr. Sub. Notes, Series C
5.700%(ff)	09/30/30(oo)		5		4,240
Sr. Unsec’d. Notes
2.350%	01/08/31		20		15,106
2.400%	04/10/28		1,065		898,771
2.700%	08/20/27		38		33,184
3.100%	01/12/32(a)		45		35,347
5.100%	01/17/24		45		44,870
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A
1.000%	09/17/24		30		27,732
1.800%	10/15/25		40		36,022
2.375%	10/15/27		15		12,828
2.650%	02/10/25		15		14,097
3.400%	06/20/24		40		38,695
Sr. Unsec’d. Notes, 144A, MTN
0.800%	01/08/24		60		57,131
1.800%	01/10/28		15		12,288
Mercedes-Benz Finance North America LLC (Germany),
Gtd. Notes, 144A
1.450%	03/02/26		150		134,226
Nissan Motor Acceptance Co. LLC,
Sr. Unsec’d. Notes, 144A
1.050%	03/08/24		90		84,326
Sr. Unsec’d. Notes, 144A, MTN
1.850%	09/16/26		54		45,160
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN
1.150%	08/13/27		25		21,314
1.900%	04/06/28		50		43,533
2.150%	02/13/30		10		8,420
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.330%
4.055%(c)	01/11/24		100		99,549
					8,300,802
Auto Parts & Equipment — 0.2%
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.500%	04/01/27(a)		645		584,779
Aptiv PLC/Aptiv Corp.,
Gtd. Notes
4.150%	05/01/52		20		14,483
BorgWarner, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%	10/01/25		60		58,951

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Auto Parts & Equipment (cont’d.)
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%	04/15/25		875	$	858,594
Dana, Inc.,
Sr. Unsec’d. Notes
5.375%	11/15/27		350		324,574
					1,841,381
Banks — 9.8%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes
1.849%	03/25/26		600		530,547
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%
5.039%(c)	04/12/23		400		399,687
Sub. Notes
2.749%	12/03/30		1,000		757,994
Bank of America Corp.,
Jr. Sub. Notes, Series JJ
5.125%(ff)	06/20/24(a)(oo)		1,655		1,542,568
Sr. Unsec’d. Notes
1.734%(ff)	07/22/27		45		39,444
2.299%(ff)	07/21/32		20		15,397
2.572%(ff)	10/20/32		10		7,845
2.687%(ff)	04/22/32		2,565		2,052,185
3.419%(ff)	12/20/28		10		9,070
Sr. Unsec’d. Notes, GMTN
3.593%(ff)	07/21/28(a)		740		681,516
Sr. Unsec’d. Notes, MTN
1.898%(ff)	07/23/31		50		38,442
1.922%(ff)	10/24/31		20		15,266
2.496%(ff)	02/13/31		92		74,741
2.676%(ff)	06/19/41		20		13,512
3.093%(ff)	10/01/25		50		47,903
3.824%(ff)	01/20/28		3,410		3,183,407
3.974%(ff)	02/07/30		685		622,238
4.078%(ff)	04/23/40		2,340		1,945,680
4.271%(ff)	07/23/29		945		882,687
4.330%(ff)	03/15/50		20		16,450
Sr. Unsec’d. Notes, Series N
2.651%(ff)	03/11/32		5,020		4,019,215
Sub. Notes
2.482%(ff)	09/21/36		10		7,372
Sub. Notes, MTN
4.000%	01/22/25		1,122		1,098,229
4.450%	03/03/26		1,735		1,699,840
Sub. Notes, Series L, MTN
3.950%	04/21/25		90		87,676
4.183%	11/25/27		50		47,489
Bank of New York Mellon Corp. (The),
Jr. Sub. Notes, Series H
3.700%(ff)	03/20/26(oo)		15		13,433
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
3.650%	03/16/25		700		671,880
3.932%(ff)	05/07/25		480		466,031
Sr. Unsec’d. Notes, MTN
4.972%(ff)	05/16/29		475		446,160

SEE NOTES TO FINANCIAL STATEMENTS.

A173

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Sub. Notes
4.836%	05/09/28		720	$	662,854
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A
1.323%(ff)	01/13/27		710		619,118
1.904%(ff)	09/30/28		2,200		1,836,088
2.871%(ff)	04/19/32		1,815		1,421,374
BPCE SA (France),
Sr. Unsec’d. Notes, 144A, MTN
3.500%	10/23/27		300		269,272
Sub. Notes, 144A, MTN
4.500%	03/15/25		1,120		1,076,835
4.875%	04/01/26(a)		380		360,750
Citigroup, Inc.,
Jr. Sub. Notes
3.875%(ff)	02/18/26(oo)		1,880		1,606,999
Jr. Sub. Notes, Series V
4.700%(ff)	01/30/25(oo)		1,445		1,203,238
Jr. Sub. Notes, Series W
4.000%(ff)	12/10/25(oo)		890		776,322
Jr. Sub. Notes, Series Y
4.150%(ff)	11/15/26(oo)		25		20,578
Sr. Unsec’d. Notes
2.520%(ff)	11/03/32		10		7,764
2.561%(ff)	05/01/32		875		690,918
2.572%(ff)	06/03/31		70		56,620
2.666%(ff)	01/29/31(a)		1,225		1,005,025
2.976%(ff)	11/05/30		20		16,811
3.200%	10/21/26		3,255		3,017,267
3.668%(ff)	07/24/28		30		27,553
3.785%(ff)	03/17/33		1,160		994,879
3.887%(ff)	01/10/28		1,725		1,612,225
4.075%(ff)	04/23/29		40		36,888
Sub. Notes
4.300%	11/20/26		110		106,167
4.450%	09/29/27		2,735		2,612,434
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
3.091%(ff)	05/14/32		1,695		1,166,443
6.537%(ff)	08/12/33(a)		1,310		1,148,380
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes, EMTN
1.750%(ff)	11/19/30	EUR	100		83,795
Sr. Unsec’d. Notes, MTN
3.700%	05/30/24		159		156,206
Sub. Notes
3.742%(ff)	01/07/33		2,415		1,717,990
Discover Bank,
Sr. Unsec’d. Notes
3.450%	07/27/26		280		257,904
4.250%	03/13/26		1,150		1,099,957
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U
3.650%(ff)	08/10/26(oo)		950		769,236
Sr. Unsec’d. Notes
1.948%(ff)	10/21/27		50		43,636
1.992%(ff)	01/27/32		20		15,225

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
2.383%(ff)	07/21/32		1,480	$	1,147,288
2.600%	02/07/30		35		29,216
2.615%(ff)	04/22/32		4,715		3,757,463
2.650%(ff)	10/21/32		10		7,893
2.908%(ff)	07/21/42		25		17,044
3.272%(ff)	09/29/25(a)		4,063		3,907,198
3.436%(ff)	02/24/43		35		25,791
3.500%	01/23/25		20		19,352
3.691%(ff)	06/05/28		50		46,448
3.750%	02/25/26		125		120,466
3.814%(ff)	04/23/29		1,080		982,574
3.850%	01/26/27		1,765		1,680,531
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 1.750%
6.124%(c)	10/28/27		21		21,321
Sr. Unsec’d. Notes, Series VAR
1.093%(ff)	12/09/26		85		75,042
Sub. Notes
5.150%	05/22/45		20		18,089
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF
5.000%(ff)	08/01/24(oo)		1,025		942,011
Jr. Sub. Notes, Series HH
4.600%(ff)	02/01/25(oo)		1,940		1,722,578
Jr. Sub. Notes, Series II
4.000%(ff)	04/01/25(a)(oo)		1,350		1,152,783
Jr. Sub. Notes, Series KK
3.650%(ff)	06/01/26(a)(oo)		1,860		1,583,682
Sr. Unsec’d. Notes
0.563%(ff)	02/16/25		20		18,865
1.045%(ff)	11/19/26		20		17,659
1.578%(ff)	04/22/27		785		690,916
1.953%(ff)	02/04/32		130		99,511
2.301%(ff)	10/15/25		5		4,707
2.525%(ff)	11/19/41		2,330		1,529,064
2.545%(ff)	11/08/32		1,135		896,903
2.580%(ff)	04/22/32		1,775		1,420,071
2.947%(ff)	02/24/28		905		819,217
2.950%	10/01/26(a)		1,285		1,198,751
3.782%(ff)	02/01/28		1,235		1,155,164
3.897%(ff)	01/23/49		10		7,707
3.960%(ff)	01/29/27(a)		930		887,801
3.964%(ff)	11/15/48		985		771,123
4.005%(ff)	04/23/29		1,200		1,111,588
4.203%(ff)	07/23/29		50		46,572
4.323%(ff)	04/26/28		695		662,551
4.452%(ff)	12/05/29		17		15,982
Sub. Notes
2.956%(ff)	05/13/31		155		127,618
4.125%	12/15/26		40		38,681
4.250%	10/01/27(a)		420		404,024
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
3.407%	03/07/24		45		44,041
Morgan Stanley,
Sr. Unsec’d. Notes
3.217%(ff)	04/22/42		10		7,388

SEE NOTES TO FINANCIAL STATEMENTS.

A174

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, GMTN
1.512%(ff)	07/20/27		15	$	13,027
2.239%(ff)	07/21/32		4,303		3,296,833
2.699%(ff)	01/22/31		35		28,965
3.772%(ff)	01/24/29		2,010		1,839,642
4.431%(ff)	01/23/30		1,340		1,250,990
Sr. Unsec’d. Notes, MTN
0.529%(ff)	01/25/24		20		19,877
1.794%(ff)	02/13/32		1,015		760,793
1.928%(ff)	04/28/32		193		145,819
2.511%(ff)	10/20/32		1,590		1,242,722
2.943%(ff)	01/21/33		1,470		1,192,227
3.125%	07/27/26		2,725		2,542,102
Sub. Notes
2.484%(ff)	09/16/36		20		14,589
Sub. Notes, GMTN
4.350%	09/08/26		756		734,817
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes
2.359%(ff)	05/22/24		200		197,200
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes
2.200%	11/01/24		21		20,068
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A
2.797%(ff)	01/19/28		2,210		1,929,291
2.889%(ff)	06/09/32		250		190,939
3.337%(ff)	01/21/33		1,330		1,047,553
Standard Chartered PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
2.819%(ff)	01/30/26		25		23,281
State Street Corp.,
Sub. Notes
2.200%	03/03/31		4,130		3,301,573
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
3.364%	07/12/27		50		45,991
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.740%
4.819%(c)	01/17/23		22		21,998
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.860%
5.087%(c)	07/19/23		20		20,015
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%
9.254%(c)	09/30/24		3,340		3,237,263
U.S. Bancorp,
Jr. Sub. Notes
3.700%(ff)	01/15/27(oo)		30		24,685
Jr. Sub. Notes, Series J
5.300%(ff)	04/15/27(oo)		25		21,788
UniCredit SpA (Italy),
Sr. Unsec’d. Notes, 144A
2.569%(ff)	09/22/26		685		607,255
3.127%(ff)	06/03/32		1,225		925,483
Wells Fargo & Co.,
Sr. Unsec’d. Notes
3.068%(ff)	04/30/41		2,690		1,923,047

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Banks (cont’d.)
Sr. Unsec’d. Notes, MTN
2.393%(ff)	06/02/28		60	$	52,915
2.572%(ff)	02/11/31		3,525		2,915,476
5.013%(ff)	04/04/51		20		17,790
Sub. Notes, MTN
4.100%	06/03/26		20		19,324
					106,788,667
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.700%	02/01/36		31		29,226
4.900%	02/01/46		1,947		1,781,698
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
3.500%	06/01/30		30		27,285
4.600%	04/15/48		8		7,042
4.750%	01/23/29		118		116,563
5.550%	01/23/49		1,465		1,460,076
Coca-Cola Co. (The),
Sr. Unsec’d. Notes
1.375%	03/15/31		10		7,825
1.650%	06/01/30		10		8,165
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.875%	05/01/30		70		59,496
PepsiCo, Inc.,
Sr. Unsec’d. Notes
2.875%	10/15/49		15		10,797
					3,508,173
Biotechnology — 0.0%
Amgen, Inc.,
Sr. Unsec’d. Notes
2.000%	01/15/32		10		7,796
2.250%	08/19/23		30		29,453
2.770%	09/01/53		19		11,478
3.150%	02/21/40		20		14,769
5.150%	11/15/41		16		14,897
Baxalta, Inc.,
Gtd. Notes
4.000%	06/23/25		75		73,055
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes
2.800%	10/01/50		10		6,472
2.950%	03/01/27		7		6,520
4.750%	03/01/46		10		9,041
					173,481
Building Materials — 0.2%
Carrier Global Corp.,
Sr. Unsec’d. Notes
2.242%	02/15/25		5		4,715
2.493%	02/15/27		5		4,510
2.722%	02/15/30		45		37,923

SEE NOTES TO FINANCIAL STATEMENTS.

A175

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Building Materials (cont’d.)
Johnson Controls International PLC/Tyco Fire & Security Finance SCA,
Sr. Unsec’d. Notes
1.750%	09/15/30		20	$	15,961
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes
2.400%	07/15/31		15		11,988
Masonite International Corp.,
Gtd. Notes, 144A
5.375%	02/01/28(a)		475		438,449
Owens Corning,
Sr. Unsec’d. Notes
3.950%	08/15/29		40		36,252
4.300%	07/15/47		20		15,562
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A
6.000%	11/01/28		1,275		1,140,154
Vulcan Materials Co.,
Sr. Unsec’d. Notes
3.500%	06/01/30		15		13,223
					1,718,737
Chemicals — 0.7%
Ashland LLC,
Gtd. Notes
6.875%	05/15/43		1,400		1,364,346
Ashland Services BV,
Gtd. Notes
2.000%	01/30/28	EUR	1,600		1,453,551
CF Industries, Inc.,
Gtd. Notes
4.950%	06/01/43		675		576,103
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
3.600%	11/15/50		5		3,604
6.900%	05/15/53		25		27,272
LYB International Finance III LLC,
Gtd. Notes
1.250%	10/01/25		35		31,288
3.375%	10/01/40		60		42,613
4.200%	10/15/49		5		3,740
Mosaic Co. (The),
Sr. Unsec’d. Notes
5.625%	11/15/43		155		144,862
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.875%	06/01/24		1,150		1,111,187
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes
4.900%	06/01/43		870		771,847
5.250%	01/15/45		305		280,232
Sasol Financing USA LLC (South Africa),
Gtd. Notes
4.375%	09/18/26(a)		460		407,582
5.875%	03/27/24		375		365,625
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes
2.300%	05/15/30		20		16,433

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Chemicals (cont’d.)
3.125%	06/01/24		14	$	13,604
3.450%	08/01/25		449		431,923
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A
13.000%	12/16/27		194		194,056
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A
4.750%	06/01/28		40		36,868
					7,276,736
Commercial Services — 0.7%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%	06/01/28		1,300		1,053,000
ERAC USA Finance LLC,
Gtd. Notes, 144A
4.200%	11/01/46		50		38,972
6.700%	06/01/34		920		968,268
7.000%	10/15/37		770		838,951
Gartner, Inc.,
Gtd. Notes, 144A
4.500%	07/01/28		230		214,626
Global Payments, Inc.,
Sr. Unsec’d. Notes
1.200%	03/01/26		145		126,405
2.650%	02/15/25		40		37,664
3.200%	08/15/29		30		25,608
Nexi SpA (Italy),
Sr. Unsec’d. Notes
2.125%	04/30/29	EUR	2,640		2,284,248
S&P Global, Inc.,
Gtd. Notes, 144A
4.250%	05/01/29		60		57,260
United Rentals North America, Inc.,
Gtd. Notes
3.750%	01/15/32		50		40,843
3.875%	02/15/31(a)		392		329,907
4.875%	01/15/28(a)		1,325		1,255,452
5.250%	01/15/30		525		493,068
					7,764,272
Computers — 0.1%
Apple, Inc.,
Sr. Unsec’d. Notes
0.700%	02/08/26		40		35,545
1.200%	02/08/28		100		84,902
1.400%	08/05/28		29		24,573
1.650%	02/08/31		55		44,272
2.375%	02/08/41		40		28,303
2.650%	05/11/50		15		9,975
2.650%	02/08/51		15		10,010
2.700%	08/05/51		5		3,339
2.800%	02/08/61		100		64,165
2.950%	09/11/49		25		17,852
3.350%	02/09/27		70		67,010
3.850%	08/04/46		15		12,773

SEE NOTES TO FINANCIAL STATEMENTS.

A176

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Computers (cont’d.)
Genpact Luxembourg Sarl,
Gtd. Notes
3.375%	12/01/24		90	$	86,020
HP, Inc.,
Sr. Unsec’d. Notes
1.450%	06/17/26		100		87,684
NetApp, Inc.,
Sr. Unsec’d. Notes
3.300%	09/29/24		40		38,724
Seagate HDD Cayman,
Gtd. Notes
4.875%	06/01/27		40		37,388
					652,535
Diversified Financial Services — 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland),
Gtd. Notes
3.000%	10/29/28		150		125,628
3.400%	10/29/33		150		113,912
Air Lease Corp.,
Sr. Unsec’d. Notes
1.875%	08/15/26		56		48,747
3.375%	07/01/25		15		14,146
Sr. Unsec’d. Notes, MTN
2.300%	02/01/25		20		18,646
2.875%	01/15/26		15		13,889
4.250%	02/01/24		10		9,827
Ally Financial, Inc.,
Sub. Notes
5.750%	11/20/25		25		24,255
American Express Co.,
Jr. Sub. Notes
3.550%(ff)	09/15/26(oo)		10		8,225
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A
2.528%	11/18/27		23		18,505
2.875%	02/15/25		10		9,190
3.950%	07/01/24		10		9,571
Sr. Unsec’d. Notes, 144A
2.750%	02/21/28		30		24,061
Blackstone Private Credit Fund,
Sr. Sec’d. Notes
5.610%	05/03/27^		1,100		1,012,436
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.875%	05/01/24		50		49,050
Capital One Financial Corp.,
Sr. Unsec’d. Notes
3.800%	01/31/28		5		4,684
Sub. Notes
2.359%(ff)	07/29/32		45		32,409
Charles Schwab Corp. (The),
Jr. Sub. Notes, Series H
4.000%(ff)	12/01/30(oo)		20		15,902
Jr. Sub. Notes, Series I
4.000%(ff)	06/01/26(oo)		35		30,350

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Diversified Financial Services (cont’d.)
Credit Acceptance Corp.,
Gtd. Notes, 144A
5.125%	12/31/24		15	$	14,147
GTP Acquisition Partners I LLC,
Sr. Sec’d. Notes, 144A
3.482%	06/15/50		100		93,153
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes
2.100%	06/15/30		50		40,804
3.000%	06/15/50		35		23,423
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes
6.500%	01/20/43		555		541,948
Mastercard, Inc.,
Sr. Unsec’d. Notes
1.900%	03/15/31		15		12,182
3.300%	03/26/27		10		9,530
3.850%	03/26/50		20		16,772
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.500%	08/15/28		880		719,970
6.000%	01/15/27		275		246,663
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%	07/14/31		515		397,113
OneMain Finance Corp.,
Gtd. Notes
3.875%	09/15/28		575		457,471
5.375%	11/15/29(a)		550		450,582
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
6.150%	12/06/28		400		405,976
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A
2.875%	10/15/26		10		8,609
Synchrony Financial,
Sr. Unsec’d. Notes
3.950%	12/01/27		40		35,707
Visa, Inc.,
Sr. Unsec’d. Notes
1.100%	02/15/31		10		7,691
2.050%	04/15/30		10		8,474
4.300%	12/14/45		20		18,282
					5,091,930
Electric — 2.9%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
3.625%	01/12/23		200		199,400
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes
3.750%	12/01/47		100		77,664
AES Corp. (The),
Sr. Unsec’d. Notes
1.375%	01/15/26		35		31,186
2.450%	01/15/31		15		11,890

SEE NOTES TO FINANCIAL STATEMENTS.

A177

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Sr. Unsec’d. Notes, 144A
3.300%	07/15/25		45	$	42,572
3.950%	07/15/30		5		4,408
Alliant Energy Finance LLC,
Gtd. Notes, 144A
3.750%	06/15/23		10		9,921
Ameren Illinois Co.,
First Mortgage
4.500%	03/15/49		40		36,870
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes, Series J
4.300%	12/01/28		45		42,982
American Transmission Systems, Inc.,
Sr. Unsec’d. Notes, 144A
2.650%	01/15/32		10		8,224
Arizona Public Service Co.,
Sr. Unsec’d. Notes
2.200%	12/15/31		25		19,073
Atlantic City Electric Co.,
First Mortgage
2.300%	03/15/31		25		20,299
Avangrid, Inc.,
Sr. Unsec’d. Notes
3.800%	06/01/29		10		9,085
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
2.250%	06/15/31		5		4,056
3.350%	07/01/23		550		545,023
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
4.050%	04/15/25		35		34,497
4.250%	10/15/50		20		16,673
Calpine Corp.,
Sr. Unsec’d. Notes, 144A
4.625%	02/01/29		600		517,028
5.000%	02/01/31		750		631,803
5.125%	03/15/28		1,700		1,521,717
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes
2.950%	03/01/30		36		30,946
CMS Energy Corp.,
Sr. Unsec’d. Notes
3.000%	05/15/26		20		18,635
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%	05/15/29		1,325		1,165,834
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes
4.500%	12/01/45		10		8,559
Sr. Unsec’d. Notes, Series C
3.000%	12/01/60		20		12,521
4.300%	12/01/56		235		190,170
Constellation Energy Generation LLC,
Sr. Unsec’d. Notes
3.250%	06/01/25		20		19,153

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Consumers Energy Co.,
First Mortgage
2.500%	05/01/60		5	$	2,841
Dominion Energy South Carolina, Inc.,
First Mortgage
4.600%	06/15/43		2,025		1,804,831
Dominion Energy, Inc.,
Jr. Sub. Notes
3.071%	08/15/24		5		4,818
Sr. Unsec’d. Notes
3.900%	10/01/25		15		14,621
Sr. Unsec’d. Notes, Series C
3.375%	04/01/30		10		8,810
DPL, Inc.,
Sr. Unsec’d. Notes
4.125%	07/01/25		10		9,435
DTE Electric Co.,
First Mortgage, Series C
2.625%	03/01/31		10		8,484
Duke Energy Carolinas LLC,
First Mortgage
3.950%	11/15/28		40		38,419
Duke Energy Corp.,
Sr. Unsec’d. Notes
2.450%	06/01/30		5		4,116
Duke Energy Florida LLC,
First Mortgage
1.750%	06/15/30		50		39,840
2.500%	12/01/29		75		64,207
3.850%	11/15/42		25		20,103
Duke Energy Indiana LLC,
First Mortgage
2.750%	04/01/50		10		6,306
Duke Energy Ohio, Inc.,
First Mortgage
2.125%	06/01/30		30		24,540
Duke Energy Progress LLC,
First Mortgage
3.450%	03/15/29		45		41,442
Edison International,
Jr. Sub. Notes, Series A
5.375%(ff)	03/15/26(oo)		10		8,202
Jr. Sub. Notes, Series B
5.000%(ff)	12/15/26(oo)		20		16,730
Sr. Unsec’d. Notes
3.550%	11/15/24		85		82,086
4.950%	04/15/25		5		4,937
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%	05/15/35		2,325		2,260,034
Emera US Finance LP (Canada),
Gtd. Notes
0.833%	06/15/24		20		18,714
3.550%	06/15/26		20		18,782
Entergy Corp.,
Sr. Unsec’d. Notes
0.900%	09/15/25		10		8,911

SEE NOTES TO FINANCIAL STATEMENTS.

A178

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
2.400%	06/15/31		48	$	38,048
2.800%	06/15/30		10		8,417
Entergy Louisiana LLC,
First Mortgage
2.350%	06/15/32		120		95,489
Entergy Texas, Inc.,
First Mortgage
3.550%	09/30/49		25		18,075
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, 144A
7.125%	02/11/25		390		353,876
Eversource Energy,
Sr. Unsec’d. Notes, Series M
3.300%	01/15/28		40		36,897
Sr. Unsec’d. Notes, Series U
1.400%	08/15/26		20		17,574
Exelon Corp.,
Sr. Unsec’d. Notes
3.400%	04/15/26		5		4,752
3.950%	06/15/25		35		34,185
4.050%	04/15/30		25		23,284
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series C
5.350%	07/15/47(cc)		4		3,575
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A
4.350%	01/15/25(a)		3,771		3,666,549
5.450%	07/15/44		280		260,279
Florida Power & Light Co.,
First Mortgage
2.875%	12/04/51		5		3,405
3.150%	10/01/49		36		26,151
Georgia Power Co.,
Sr. Unsec’d. Notes, Series B
2.650%	09/15/29		95		81,000
Iberdrola International BV (Spain),
Gtd. Notes
6.750%	09/15/33		1,150		1,199,242
Interstate Power & Light Co.,
Sr. Unsec’d. Notes
3.250%	12/01/24		20		19,321
3.600%	04/01/29		50		45,541
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%	08/14/28		680		637,202
Jersey Central Power & Light Co.,
Sr. Unsec’d. Notes, 144A
4.700%	04/01/24		50		49,315
Kentucky Utilities Co.,
First Mortgage
4.375%	10/01/45		3,050		2,581,062
MidAmerican Energy Co.,
First Mortgage
3.150%	04/15/50		5		3,552
3.650%	04/15/29		20		18,754
3.650%	08/01/48		20		15,731

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A
3.395%	04/09/30(a)		1,050	$	937,139
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
1.900%	06/15/28		15		12,837
2.250%	06/01/30		20		16,462
2.440%	01/15/32		11		8,865
3.000%	01/15/52		58		38,400
Northern States Power Co.,
First Mortgage
2.250%	04/01/31		10		8,292
2.600%	06/01/51		5		3,203
3.600%	09/15/47		10		7,737
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%	02/15/31		100		76,513
3.875%	02/15/32		325		245,033
5.250%	06/15/29		375		331,310
Sr. Sec’d. Notes, 144A
2.000%	12/02/25		285		253,984
2.450%	12/02/27		1,245		1,032,640
3.750%	06/15/24		50		48,152
Ohio Power Co.,
Sr. Unsec’d. Notes, Series P
2.600%	04/01/30		25		21,217
Sr. Unsec’d. Notes, Series Q
1.625%	01/15/31		5		3,874
Sr. Unsec’d. Notes, Series R
2.900%	10/01/51		5		3,270
Oncor Electric Delivery Co. LLC,
Sr. Sec’d. Notes
3.700%	11/15/28		40		37,743
3.800%	06/01/49		6		4,857
Pacific Gas & Electric Co.,
First Mortgage
2.100%	08/01/27		10		8,562
3.250%	06/15/23		25		24,708
3.450%	07/01/25		13		12,332
3.750%	08/15/42		50		33,355
3.850%	11/15/23		40		39,476
4.000%	12/01/46		15		10,170
4.450%	04/15/42		5		3,734
4.550%	07/01/30		1,748		1,584,573
4.950%	07/01/50		69		54,058
PacifiCorp,
First Mortgage
3.300%	03/15/51		390		281,140
PECO Energy Co.,
First Mortgage
2.800%	06/15/50		25		16,504
Perusahaan Listrik Negara PT (Indonesia),
Sr. Unsec’d. Notes, 144A
1.875%	11/05/31	EUR	324		247,178
PG&E Energy Recovery Funding LLC,
Sr. Sec’d. Notes, Series A-3
2.822%	07/15/48		20		14,141

SEE NOTES TO FINANCIAL STATEMENTS.

A179

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Progress Energy, Inc.,
Sr. Unsec’d. Notes
7.000%	10/30/31		90	$	98,103
Public Service Co. of Colorado,
First Mortgage, Series 34
3.200%	03/01/50		5		3,584
Public Service Electric & Gas Co.,
First Mortgage, MTN
2.050%	08/01/50		45		25,146
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%	08/15/30		35		27,191
Rochester Gas & Electric Corp.,
First Mortgage, 144A
3.100%	06/01/27		45		41,325
San Diego Gas & Electric Co.,
First Mortgage
4.150%	05/15/48		20		16,818
5.350%	05/15/35		40		38,885
First Mortgage, Series WWW
2.950%	08/15/51		5		3,399
Sr. Sec’d. Notes, Series VVV
1.700%	10/01/30		10		7,925
Sempra Energy,
Sr. Unsec’d. Notes
3.400%	02/01/28		35		32,522
4.000%	02/01/48		5		3,931
Sierra Pacific Power Co.,
General Ref. Mortgage
2.600%	05/01/26		20		18,548
Southern California Edison Co.,
First Mortgage
1.100%	04/01/24		135		128,350
2.250%	06/01/30		35		28,877
2.850%	08/01/29		40		34,768
3.650%	02/01/50		25		18,376
First Mortgage, SOFR Index + 0.640%
4.963%(c)	04/03/23		40		39,962
First Mortgage, Series 20A
2.950%	02/01/51		5		3,205
First Mortgage, Series A
4.200%	03/01/29		20		19,026
First Mortgage, Series G
2.500%	06/01/31		10		8,241
First Mortgage, Series H
3.650%	06/01/51		5		3,671
First Ref. Mortgage
5.500%	03/15/40		10		9,676
First Ref. Mortgage, Series C
4.125%	03/01/48		50		39,945
Southwestern Public Service Co.,
First Mortgage
3.750%	06/15/49		30		22,967
Tampa Electric Co.,
Sr. Unsec’d. Notes
3.450%	03/15/51		40		28,122

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Electric (cont’d.)
Toledo Edison Co. (The),
First Mortgage, 144A
2.650%	05/01/28		10	$	8,683
Trans-Allegheny Interstate Line Co.,
Sr. Unsec’d. Notes, 144A
3.850%	06/01/25		100		96,691
Tucson Electric Power Co.,
Sr. Unsec’d. Notes
4.000%	06/15/50		1,500		1,140,260
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes
4.450%	02/15/44		15		12,860
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)	12/15/26(oo)		625		569,758
8.000%(ff)	10/15/26(oo)		2,075		1,984,329
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%	07/31/27		450		418,774
5.625%	02/15/27(a)		600		573,017
Sr. Sec’d. Notes, 144A
3.550%	07/15/24		130		124,754
3.700%	01/30/27		2,000		1,820,512
					31,856,334
Electrical Components & Equipment — 0.1%
WESCO Distribution, Inc.,
Gtd. Notes, 144A
7.125%	06/15/25		575		582,866
7.250%	06/15/28		550		557,620
					1,140,486
Electronics — 0.1%
Agilent Technologies, Inc.,
Sr. Unsec’d. Notes
2.300%	03/12/31		45		36,413
Honeywell International, Inc.,
Sr. Unsec’d. Notes
1.100%	03/01/27		20		17,432
1.950%	06/01/30		30		24,816
Sensata Technologies BV,
Gtd. Notes, 144A
5.000%	10/01/25		1,000		977,500
TD SYNNEX Corp.,
Sr. Unsec’d. Notes
1.250%	08/09/24		30		27,847
Sr. Unsec’d. Notes, Sr. Unsec’d. Notes
2.650%	08/09/31		25		18,906
					1,102,914
Engineering & Construction — 0.4%
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN
1.750%	10/23/30	EUR	2,800		2,317,829
GMR Hyderabad International Airport Ltd. (India),
Sr. Sec’d. Notes, 144A
4.250%	10/27/27(a)		345		296,873

SEE NOTES TO FINANCIAL STATEMENTS.

A180

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Engineering & Construction (cont’d.)
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A
4.250%	10/31/26		605	$	574,485
5.500%	07/31/47		1,690		1,301,300
					4,490,487
Entertainment — 0.4%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%
10.000%	06/15/26		366		151,971
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
6.250%	07/01/25		860		836,712
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
7.625%	04/15/26		875		862,836
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%	01/15/27		800		724,729
Warnermedia Holdings, Inc.,
Gtd. Notes, 144A
3.528%	03/15/24		20		19,380
5.050%	03/15/42		1,065		818,986
5.141%	03/15/52		1,015		745,299
5.391%	03/15/62		485		355,290
					4,515,203
Environmental Control — 0.0%
Republic Services, Inc.,
Sr. Unsec’d. Notes
0.875%	11/15/25		10		8,919
2.500%	08/15/24		30		28,756
3.950%	05/15/28		20		19,041
Waste Connections, Inc.,
Sr. Unsec’d. Notes
3.500%	05/01/29		35		32,030
Waste Management, Inc.,
Gtd. Notes
2.400%	05/15/23		30		29,709
					118,455
Foods — 0.9%
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
3.250%	02/16/26	GBP	3,100		3,038,475
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A
4.000%	02/16/27	GBP	1,600		1,407,373
Campbell Soup Co.,
Sr. Unsec’d. Notes
3.950%	03/15/25		45		43,960
4.800%	03/15/48		55		48,899
General Mills, Inc.,
Sr. Unsec’d. Notes
2.250%	10/14/31		5		4,010

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Foods (cont’d.)
Hershey Co. (The),
Sr. Unsec’d. Notes
1.700%	06/01/30		10	$	8,018
Kraft Heinz Foods Co.,
Gtd. Notes
4.625%	10/01/39		645		566,240
5.000%	06/04/42(a)		1,475		1,332,471
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
5.500%	11/04/27	GBP	2,500		2,295,796
Mars, Inc.,
Gtd. Notes, 144A
3.875%	04/01/39		440		372,365
3.950%	04/01/49		25		20,585
4.125%	04/01/54		415		334,424
Sr. Unsec’d. Notes, 144A
2.375%	07/16/40		10		6,785
Mondelez International, Inc.,
Sr. Unsec’d. Notes
1.500%	02/04/31		30		23,072
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes, 144A
3.000%	10/15/30		10		7,611
Tyson Foods, Inc.,
Sr. Unsec’d. Notes
5.100%	09/28/48		15		13,916
					9,524,000
Forest Products & Paper — 0.0%
Georgia-Pacific LLC,
Sr. Unsec’d. Notes, 144A
0.950%	05/15/26		40		35,112
Suzano Austria GmbH (Brazil),
Gtd. Notes, Series DM3N
3.125%	01/15/32		10		7,787
					42,899
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.875%	08/20/26		1,100		1,046,729
Atmos Energy Corp.,
Sr. Unsec’d. Notes
1.500%	01/15/31		55		42,841
2.625%	09/15/29		15		13,028
2.850%	02/15/52		5		3,260
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
0.700%	03/02/23		105		104,250
1.750%	10/01/30		10		7,925
NiSource, Inc.,
Sr. Unsec’d. Notes
0.950%	08/15/25		75		67,649
1.700%	02/15/31		120		91,391
3.600%	05/01/30		36		32,096
4.800%	02/15/44		300		264,878

SEE NOTES TO FINANCIAL STATEMENTS.

A181

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Gas (cont’d.)
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
4.100%	09/18/34		20	$	17,092
Southern California Gas Co.,
First Mortgage, Series WW
3.950%	02/15/50		45		35,028
Southern Co. Gas Capital Corp.,
Gtd. Notes
4.400%	06/01/43		1,050		862,119
					2,588,286
Healthcare-Products — 0.3%
Abbott Laboratories,
Sr. Unsec’d. Notes
4.750%	11/30/36		10		9,904
DH Europe Finance II Sarl,
Gtd. Notes
1.350%	09/18/39	EUR	1,275		922,453
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%	04/01/29		325		261,937
Sr. Unsec’d. Notes, 144A
5.250%	10/01/29(a)		225		178,825
Medtronic Global Holdings SCA,
Gtd. Notes
1.375%	10/15/40	EUR	540		372,496
1.625%	10/15/50	EUR	495		312,490
2.250%	03/07/39	EUR	300		247,501
Stryker Corp.,
Sr. Unsec’d. Notes
2.125%	11/30/27	EUR	510		507,915
3.650%	03/07/28		30		28,497
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, EMTN
1.500%	10/01/39	EUR	600		433,025
1.875%	10/01/49	EUR	425		287,053
					3,562,096
Healthcare-Services — 0.7%
Adventist Health System/West,
Bonds
2.952%	03/01/29		10		8,507
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes
3.387%	10/15/49		20		14,339
Aetna, Inc.,
Sr. Unsec’d. Notes
2.800%	06/15/23		20		19,794
3.875%	08/15/47		3		2,318
6.750%	12/15/37		1,900		2,029,640
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021
2.780%	07/01/51		10		6,167
Ascension Health,
Sr. Unsec’d. Notes, Series B
3.106%	11/15/39		20		15,277

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021
2.839%	11/15/50		10	$	6,598
Bon Secours Mercy Health, Inc.,
Sec’d. Notes, Series 20-2
2.095%	06/01/31		10		7,762
City of Hope,
Sr. Sec’d. Notes, Series 2013
5.623%	11/15/43		20		19,709
CommonSpirit Health,
Sr. Sec’d. Notes
1.547%	10/01/25		35		31,498
2.782%	10/01/30		5		4,112
3.910%	10/01/50		5		3,698
4.187%	10/01/49		30		23,300
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017
3.920%	06/01/47		25		20,179
Elevance Health, Inc.,
Sr. Unsec’d. Notes
2.375%	01/15/25		15		14,240
4.650%	01/15/43		385		348,610
HCA, Inc.,
Gtd. Notes
5.375%	02/01/25		940		938,987
7.500%	11/06/33		500		526,224
Gtd. Notes, MTN
7.750%	07/15/36		500		547,657
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021
3.002%	06/01/51		10		6,800
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes
2.950%	12/01/29		25		21,497
3.600%	02/01/25(a)		675		653,505
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2017
3.981%	07/01/48		2		1,614
Sec’d. Notes, Series 2019
3.737%	07/01/49		29		21,574
Unsec’d. Notes, Series 2020
3.391%	07/01/50		10		6,750
Northwell Healthcare, Inc.,
Sec’d. Notes
3.809%	11/01/49		10		7,147
Orlando Health Obligated Group,
Unsec’d. Notes
4.089%	10/01/48		25		19,736
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020
1.375%	11/15/25		10		8,958
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2032
2.044%	01/01/32		10		7,686
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A
2.532%	10/01/29		50		42,066

SEE NOTES TO FINANCIAL STATEMENTS.

A182

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Healthcare-Services (cont’d.)
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes
2.950%	06/30/30		50	$	43,229
Sutter Health,
Unsec’d. Notes, Series 20A
2.294%	08/15/30		6		4,845
3.361%	08/15/50		4		2,784
Tenet Healthcare Corp.,
Gtd. Notes, 144A
6.125%	10/01/28(a)		200		179,473
Sr. Sec’d. Notes, 144A
4.625%	06/15/28		285		255,445
4.875%	01/01/26		450		428,727
5.125%	11/01/27(a)		550		513,224
Trinity Health Corp.,
Sr. Unsec’d. Notes, Series 2019
3.434%	12/01/48		30		22,837
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
2.900%	05/15/50		20		13,631
3.050%	05/15/41		895		674,314
3.250%	05/15/51		5		3,604
3.500%	08/15/39		25		20,502
3.950%	10/15/42		220		186,265
4.450%	12/15/48		10		8,917
Universal Health Services, Inc.,
Sr. Sec’d. Notes, 144A
2.650%	10/15/30		25		19,876
					7,763,622
Home Builders — 0.1%
D.R. Horton, Inc.,
Gtd. Notes
2.500%	10/15/24		45		42,820
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%	06/15/27		875		842,049
Sr. Unsec’d. Notes, 144A
5.125%	08/01/30		45		39,155
					924,024
Housewares — 0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
4.875%	06/01/25		670		653,645
Insurance — 0.6%
Allianz SE (Germany),
Jr. Sub. Notes, 144A
3.500%(ff)	11/17/25(oo)		200		168,500
American International Group, Inc.,
Sr. Unsec’d. Notes
4.800%	07/10/45		3		2,683
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes
3.500%	10/15/50		20		13,430

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Insurance (cont’d.)
Great-West Lifeco US Finance 2020 LP (Canada),
Gtd. Notes, 144A
0.904%	08/12/25		25	$	22,257
Liberty Mutual Finance Europe DAC,
Gtd. Notes, 144A
1.750%	03/27/24	EUR	800		833,147
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%	10/15/50		1,030		725,446
Lincoln National Corp.,
Sr. Unsec’d. Notes
7.000%	06/15/40		405		419,298
Markel Corp.,
Sr. Unsec’d. Notes
5.000%	03/30/43		350		300,424
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes
2.250%	11/15/30		5		4,090
2.375%	12/15/31		15		12,139
New York Life Insurance Co.,
Sub. Notes, 144A
3.750%	05/15/50		25		19,131
Principal Financial Group, Inc.,
Gtd. Notes
4.625%	09/15/42		150		125,416
Protective Life Corp.,
Sr. Unsec’d. Notes, 144A
3.400%	01/15/30		15		13,032
Sompo International Holdings Ltd. (Bermuda),
Sr. Unsec’d. Notes
7.000%	07/15/34		1,350		1,452,419
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
3.300%	05/15/50		10		7,017
4.270%	05/15/47		2,310		1,908,987
6.850%	12/16/39		196		215,472
W.R. Berkley Corp.,
Sr. Unsec’d. Notes
4.000%	05/12/50		15		11,427
					6,254,315
Internet — 0.0%
Alibaba Group Holding Ltd. (China),
Sr. Unsec’d. Notes
2.125%	02/09/31		200		157,752
Alphabet, Inc.,
Sr. Unsec’d. Notes
1.100%	08/15/30		20		15,703
1.900%	08/15/40		15		9,943
2.050%	08/15/50		5		2,967
Amazon.com, Inc.,
Sr. Unsec’d. Notes
1.000%	05/12/26		100		88,641
1.200%	06/03/27		20		17,334
2.100%	05/12/31		30		24,553
2.500%	06/03/50		25		15,863
2.700%	06/03/60		5		3,043

SEE NOTES TO FINANCIAL STATEMENTS.

A183

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Internet (cont’d.)
3.100%	05/12/51		25	$	17,914
3.150%	08/22/27		45		42,368
3.250%	05/12/61		10		6,954
3.875%	08/22/37		50		44,348
Arches Buyer, Inc.,
Sr. Sec’d. Notes, 144A
4.250%	06/01/28		25		19,608
Expedia Group, Inc.,
Gtd. Notes
2.950%	03/15/31		2		1,610
3.250%	02/15/30		35		29,704
Gtd. Notes, 144A
6.250%	05/01/25		3		3,022
Netflix, Inc.,
Sr. Unsec’d. Notes
4.375%	11/15/26		18		17,567
5.750%	03/01/24		5		5,043
					523,937
Investment Companies — 0.0%
Blackstone Private Credit Fund,
Sr. Unsec’d. Notes
3.250%	03/15/27		20		16,855
Iron/Steel — 0.0%
ArcelorMittal SA (Luxembourg),
Sr. Unsec’d. Notes
3.600%	07/16/24		50		48,566
Nucor Corp.,
Sr. Unsec’d. Notes
2.000%	06/01/25		5		4,657
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes
2.400%	06/15/25		5		4,684
3.250%	01/15/31		20		17,123
3.250%	10/15/50		5		3,252
3.450%	04/15/30		5		4,401
Vale Overseas Ltd. (Brazil),
Gtd. Notes
6.250%	08/10/26		50		51,603
					134,286
Lodging — 0.3%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes
2.900%	06/25/25		40		36,950
3.200%	08/08/24		105		99,242
3.500%	08/18/26		30		27,118
Marriott International, Inc.,
Sr. Unsec’d. Notes
3.125%	02/15/23		5		4,986
3.600%	04/15/24		30		29,363
3.750%	10/01/25		5		4,795
Sr. Unsec’d. Notes, Series EE
5.750%	05/01/25		59		59,624
Sr. Unsec’d. Notes, Series GG
3.500%	10/15/32(a)		1,825		1,516,975

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Lodging (cont’d.)
MGM Resorts International,
Gtd. Notes
4.750%	10/15/28		950	$	829,415
Sands China Ltd. (Macau),
Sr. Unsec’d. Notes
5.625%	08/08/25		400		384,000
					2,992,468
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes, MTN
0.800%	11/13/25		10		8,986
1.100%	09/14/27		10		8,549
Caterpillar, Inc.,
Sr. Unsec’d. Notes
2.600%	04/09/30		10		8,725
3.250%	04/09/50		10		7,643
					33,903
Machinery-Diversified — 0.0%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A
7.500%	01/01/30		175		175,726
Deere & Co.,
Sr. Unsec’d. Notes
3.100%	04/15/30		10		8,965
3.750%	04/15/50		10		8,477
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes
4.400%	03/15/24		35		34,427
4.950%	09/15/28		30		28,835
					256,430
Media — 1.7%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%	05/01/32		450		358,201
Sr. Unsec’d. Notes, 144A
4.500%	08/15/30		5		4,140
4.750%	03/01/30		8		6,909
5.375%	06/01/29(a)		800		723,140
5.500%	05/01/26(a)		1,650		1,597,981
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
2.250%	01/15/29		10		8,038
2.800%	04/01/31		100		77,750
3.500%	06/01/41		45		29,593
3.500%	03/01/42		50		32,305
3.950%	06/30/62		10		5,908
4.200%	03/15/28		30		27,560
4.500%	02/01/24		30		29,638
4.908%	07/23/25		65		63,746
5.050%	03/30/29		85		79,924
5.375%	05/01/47		20		15,759
5.750%	04/01/48		20		16,448
6.384%	10/23/35		2,487		2,428,815

SEE NOTES TO FINANCIAL STATEMENTS.

A184

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
6.484%	10/23/45		1,140	$	1,033,132
Comcast Corp.,
Gtd. Notes
2.350%	01/15/27		30		27,301
2.650%	02/01/30		10		8,634
2.650%	08/15/62		17		9,698
2.937%	11/01/56		26		16,308
3.150%	02/15/28		80		73,932
3.250%	11/01/39		35		27,321
3.900%	03/01/38		25		21,674
3.999%	11/01/49		85		67,707
4.000%	03/01/48		40		32,207
4.150%	10/15/28		50		48,057
Cox Communications, Inc.,
Gtd. Notes, 144A
2.950%	10/01/50		60		35,988
Sr. Unsec’d. Notes, 144A
3.150%	08/15/24		965		929,039
3.500%	08/15/27		65		60,280
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%	02/15/31		1,000		652,349
5.500%	04/15/27(a)		650		547,013
Sr. Unsec’d. Notes, 144A
4.625%	12/01/30		1,000		550,289
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $401,250; purchased 07/18/19 - 09/21/20)(f)
6.625%	08/15/27		520		5,816
Sec’d. Notes, 144A (original cost $1,322,435; purchased 07/18/19 - 08/30/22)(f)
5.375%	08/15/26		3,180		378,607
Discovery Communications LLC,
Gtd. Notes
5.300%	05/15/49		275		208,438
DISH DBS Corp.,
Gtd. Notes
5.000%	03/15/23		1,100		1,094,990
7.375%	07/01/28		400		282,720
Fox Corp.,
Sr. Unsec’d. Notes
3.050%	04/07/25		5		4,785
4.030%	01/25/24		30		29,641
NBCUniversal Media LLC,
Gtd. Notes
4.450%	01/15/43		10		8,772
Sirius XM Radio, Inc.,
Gtd. Notes, 144A
3.125%	09/01/26		15		13,318
4.000%	07/15/28		15		13,022
TCI Communications, Inc.,
Sr. Unsec’d. Notes
7.875%	02/15/26		750		812,264
Time Warner Cable LLC,
Sr. Sec’d. Notes
6.550%	05/01/37		40		37,932

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Media (cont’d.)
TPC Holdings, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon N/A or PIK 17.000%
17.000%	06/18/28		119	$	119,235
TWDC Enterprises 18 Corp.,
Gtd. Notes, MTN
1.850%	07/30/26		30		27,136
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
5.125%	02/15/25		1,175		1,119,376
6.625%	06/01/27		975		941,644
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes
4.125%	08/15/30	GBP	900		828,258
4.250%	01/15/30	GBP	800		749,631
Walt Disney Co. (The),
Gtd. Notes
3.800%	03/22/30		85		79,108
6.400%	12/15/35		31		33,914
7.625%	11/30/28		500		563,288
Ziggo BV (Netherlands),
Sr. Sec’d. Notes
2.875%	01/15/30	EUR	1,910		1,634,818
					18,633,497
Mining — 0.2%
Barrick North America Finance LLC (Canada),
Gtd. Notes
5.700%	05/30/41		10		10,058
5.750%	05/01/43		420		424,797
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
6.420%	03/01/26		120		125,325
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.500%	03/01/24		525		514,694
FMG Resources August 2006 Pty Ltd. (Australia),
Gtd. Notes, 144A
4.375%	04/01/31		25		20,781
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN
5.315%	04/14/32		450		412,924
Freeport-McMoRan, Inc.,
Gtd. Notes
3.875%	03/15/23		20		19,959
5.450%	03/15/43		20		18,025
Glencore Canada Corp. (Switzerland),
Gtd. Notes
6.200%	06/15/35		50		48,052
Glencore Funding LLC (Australia),
Gtd. Notes, 144A
2.625%	09/23/31		25		19,930
3.875%	04/27/51		25		18,076
4.125%	03/12/24		15		14,742
Kinross Gold Corp. (Canada),
Gtd. Notes
4.500%	07/15/27		25		23,660
5.950%	03/15/24		50		50,061

SEE NOTES TO FINANCIAL STATEMENTS.

A185

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Mining (cont’d.)
Newmont Corp.,
Gtd. Notes
2.250%	10/01/30		5	$	4,019
2.800%	10/01/29		30		25,566
Southern Copper Corp. (Mexico),
Sr. Unsec’d. Notes
3.875%	04/23/25		50		48,551
Teck Resources Ltd. (Canada),
Sr. Unsec’d. Notes
3.900%	07/15/30		30		26,978
Yamana Gold, Inc. (Canada),
Gtd. Notes
4.625%	12/15/27		45		41,793
					1,867,991
Miscellaneous Manufacturing — 0.0%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes
2.200%	03/01/32		15		11,404
General Electric Co.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.380%
4.912%(c)	05/05/26		95		91,290
Hillenbrand, Inc.,
Gtd. Notes
5.000%	09/15/26		100		96,453
Pentair Finance Sarl,
Gtd. Notes
4.500%	07/01/29		50		46,272
Teledyne Technologies, Inc.,
Gtd. Notes
2.750%	04/01/31		60		49,151
Textron, Inc.,
Sr. Unsec’d. Notes
2.450%	03/15/31		64		51,263
					345,833
Multi-National — 0.1%
Inter-American Development Bank (Supranational Bank),
Unsec’d. Notes
6.950%	08/01/26		1,500		1,620,352
Office/Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%	12/01/26		20		17,784
3.276%	12/01/28		25		21,453
5.500%	12/01/24		14		13,950
					53,187
Oil & Gas — 2.2%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%	07/15/31		705		573,533
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
7.000%	11/01/26		350		340,755
9.000%	11/01/27		179		218,542

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Sr. Unsec’d. Notes, 144A
8.250%	12/31/28		450	$	441,623
BP Capital Markets America, Inc.,
Gtd. Notes
1.749%	08/10/30		10		7,978
2.772%	11/10/50		145		92,644
2.939%	06/04/51		1,845		1,218,119
3.000%	02/24/50		60		40,704
3.060%	06/17/41		7		5,220
3.379%	02/08/61		5		3,457
4.234%	11/06/28		50		48,414
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes
2.950%	07/15/30		10		8,420
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
3.750%	02/15/52		340		238,772
5.250%	06/15/37		30		27,398
5.400%	06/15/47		1,030		930,157
Chevron Corp.,
Sr. Unsec’d. Notes
2.954%	05/16/26		20		18,979
3.078%	05/11/50		10		7,273
Chevron USA, Inc.,
Gtd. Notes
1.018%	08/12/27		10		8,579
2.343%	08/12/50		10		6,262
3.850%	01/15/28		10		9,656
3.900%	11/15/24		50		49,157
Cimarex Energy Co.,
Sr. Unsec’d. Notes
4.375%	03/15/29		10		7,748
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A
7.000%	06/15/25		800		782,004
Continental Resources, Inc.,
Gtd. Notes
3.800%	06/01/24		10		9,723
4.500%	04/15/23		5		4,982
Gtd. Notes, 144A
2.268%	11/15/26		10		8,672
Devon Energy Corp.,
Sr. Unsec’d. Notes
4.500%	01/15/30		6		5,598
4.750%	05/15/42		6		5,093
5.250%	09/15/24		2		2,000
5.250%	10/15/27		15		14,900
5.600%	07/15/41		870		812,820
5.850%	12/15/25		30		30,574
Devon OEI Operating LLC,
Sr. Unsec’d. Notes
7.500%	09/15/27		20		21,635
Diamondback Energy, Inc.,
Gtd. Notes
3.125%	03/24/31		25		20,722
3.250%	12/01/26		20		18,632

SEE NOTES TO FINANCIAL STATEMENTS.

A186

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
5.875%	09/18/23		1,195	$	1,185,440
6.875%	04/29/30		497		449,785
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%	01/30/28		1,300		1,244,774
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A
4.500%	03/30/24		500		481,500
4.875%	03/30/26		547		501,975
5.375%	03/30/28		890		793,101
EOG Resources, Inc.,
Sr. Unsec’d. Notes
4.375%	04/15/30		15		14,520
EQT Corp.,
Sr. Unsec’d. Notes, 144A
3.125%	05/15/26		10		9,207
Equinor ASA (Norway),
Gtd. Notes
1.750%	01/22/26		10		9,140
Exxon Mobil Corp.,
Sr. Unsec’d. Notes
2.992%	03/19/25		15		14,459
3.452%	04/15/51		25		18,950
3.482%	03/19/30		10		9,316
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes
2.900%	09/29/31		25		20,241
Hess Corp.,
Sr. Unsec’d. Notes
4.300%	04/01/27		45		43,067
5.600%	02/15/41		15		14,203
7.300%	08/15/31		5		5,435
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A
4.750%	04/24/25		1,160		1,116,717
4.750%	04/19/27		200		182,725
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes
5.125%	12/15/26		50		49,804
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
7.125%	02/01/27(a)		425		432,969
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes
6.450%	09/15/36		945		964,085
Petrobras Global Finance BV (Brazil),
Gtd. Notes
6.250%	03/17/24		30		30,090
6.625%	01/16/34	GBP	680		711,515
Petroleos Mexicanos (Mexico),
Gtd. Notes
4.750%	02/26/29	EUR	394		329,709
5.350%	02/12/28		157		132,037
5.950%	01/28/31		20		15,120
6.490%	01/23/27		1,550		1,415,150

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Oil & Gas (cont’d.)
6.500%	03/13/27		1,753	$	1,593,039
6.500%	01/23/29(a)		700		597,702
6.700%	02/16/32		16		12,540
6.840%	01/23/30		306		253,062
Gtd. Notes, EMTN
3.750%	02/21/24	EUR	400		418,760
4.875%	02/21/28	EUR	1,530		1,337,152
Phillips 66,
Gtd. Notes
1.300%	02/15/26		22		19,669
2.150%	12/15/30		53		42,386
Phillips 66 Co.,
Gtd. Notes, 144A
2.450%	12/15/24		50		47,038
4.680%	02/15/45		1,900		1,652,273
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes
0.550%	05/15/23		55		54,089
1.125%	01/15/26		25		22,278
1.900%	08/15/30		795		623,824
2.150%	01/15/31		5		3,966
QatarEnergy Trading LLC (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%	09/12/26		200		176,788
3.125%	07/12/41		640		489,320
Shell International Finance BV (Netherlands),
Gtd. Notes
3.250%	04/06/50		10		7,276
4.000%	05/10/46		20		16,509
TotalEnergies Capital International SA (France),
Gtd. Notes
3.127%	05/29/50		4		2,837
Transocean, Inc.,
Gtd. Notes, 144A
8.000%	02/01/27		125		101,469
Valero Energy Corp.,
Sr. Unsec’d. Notes
2.150%	09/15/27(a)		845		741,278
					24,449,034
Oil & Gas Services — 0.0%
Cameron International Corp.,
Gtd. Notes
7.000%	07/15/38		450		442,831
Halliburton Co.,
Sr. Unsec’d. Notes
2.920%	03/01/30		6		5,153
3.800%	11/15/25		8		7,780
					455,764
Packaging & Containers — 0.1%
Amcor Flexibles North America, Inc.,
Gtd. Notes
2.630%	06/19/30		55		44,651
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%	01/15/26		90		80,362

SEE NOTES TO FINANCIAL STATEMENTS.

A187

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Packaging & Containers (cont’d.)
Sr. Sec’d. Notes, 144A
4.875%	07/15/26		20	$	19,315
Graphic Packaging International LLC,
Gtd. Notes
4.125%	08/15/24		575		562,355
Sr. Sec’d. Notes, 144A
1.512%	04/15/26		30		26,200
WRKCo, Inc.,
Gtd. Notes
3.000%	06/15/33		5		3,990
3.900%	06/01/28		16		14,755
4.650%	03/15/26		25		24,606
4.900%	03/15/29		15		14,437
					790,671
Pharmaceuticals — 2.2%
AbbVie, Inc.,
Sr. Unsec’d. Notes
2.950%	11/21/26		300		279,555
3.200%	11/21/29		59		53,196
3.800%	03/15/25		1,040		1,013,816
4.050%	11/21/39		5,170		4,427,689
4.250%	11/14/28		50		48,346
4.300%	05/14/36		10		9,040
4.500%	05/14/35		1,715		1,596,582
4.550%	03/15/35		2,040		1,907,052
4.875%	11/14/48		35		32,229
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes
2.250%	05/28/31		8		6,640
AstraZeneca PLC (United Kingdom),
Sr. Unsec’d. Notes
0.700%	04/08/26		45		39,648
Bausch Health Americas, Inc.,
Gtd. Notes, 144A
8.500%	01/31/27		320		168,019
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%	01/30/28		430		208,602
5.000%	02/15/29		250		120,000
5.250%	01/30/30		325		155,327
5.250%	02/15/31		225		108,508
6.250%	02/15/29		1,150		554,875
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes
1.957%	02/11/31		20		15,802
3.700%	06/06/27		136		128,650
3.794%	05/20/50		27		20,761
4.685%	12/15/44		9		8,009
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes
2.350%	11/13/40		10		6,864
4.125%	06/15/39		470		419,017
Cigna Corp.,
Gtd. Notes
3.250%	04/15/25		20		19,264
3.875%	10/15/47		20		15,437

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pharmaceuticals (cont’d.)
4.125%	11/15/25		45	$	44,003
4.375%	10/15/28		1,390		1,340,826
4.500%	02/25/26		3,690		3,636,503
Sr. Unsec’d. Notes
2.400%	03/15/30		140		117,313
3.200%	03/15/40		460		347,969
CVS Health Corp.,
Sr. Unsec’d. Notes
1.750%	08/21/30		60		47,165
2.125%	09/15/31		40		31,700
2.625%	08/15/24		100		96,010
2.700%	08/21/40		480		328,813
3.000%	08/15/26		12		11,207
3.625%	04/01/27		50		47,456
3.750%	04/01/30		110		99,831
4.300%	03/25/28		98		94,791
4.780%	03/25/38		290		265,718
Johnson & Johnson,
Sr. Unsec’d. Notes
2.100%	09/01/40		10		6,868
Merck & Co., Inc.,
Sr. Unsec’d. Notes
1.450%	06/24/30		25		19,949
2.350%	06/24/40		10		6,977
2.750%	12/10/51		15		10,096
Mylan, Inc.,
Gtd. Notes
5.200%	04/15/48		890		666,367
Novartis Capital Corp. (Switzerland),
Gtd. Notes
2.750%	08/14/50		10		6,958
Pfizer, Inc.,
Sr. Unsec’d. Notes
3.000%	12/15/26		20		18,958
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes
2.875%	09/23/23		16		15,724
3.200%	09/23/26		3,785		3,549,562
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes
3.025%	07/09/40		525		385,505
Utah Acquisition Sub, Inc.,
Gtd. Notes
3.950%	06/15/26		30		28,038
5.250%	06/15/46		185		140,178
Viatris, Inc.,
Gtd. Notes
3.850%	06/22/40		5		3,351
4.000%	06/22/50		1,292		800,329
Zoetis, Inc.,
Sr. Unsec’d. Notes
3.900%	08/20/28		30		28,521
					23,559,614

SEE NOTES TO FINANCIAL STATEMENTS.

A188

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines — 1.8%
Boardwalk Pipelines LP,
Gtd. Notes
3.400%	02/15/31		1,805	$	1,511,136
4.450%	07/15/27		60		57,026
Cameron LNG LLC,
Sr. Sec’d. Notes, 144A
2.902%	07/15/31		10		8,436
3.302%	01/15/35		45		36,578
3.701%	01/15/39		10		7,916
Cheniere Energy Partners LP,
Gtd. Notes
3.250%	01/31/32		15		11,948
DCP Midstream Operating LP,
Gtd. Notes
3.250%	02/15/32		18		14,822
Energy Transfer LP,
Jr. Sub. Notes, Series B
6.625%(ff)	02/15/28(oo)		10		7,318
Jr. Sub. Notes, Series G
7.125%(ff)	05/15/30(oo)		895		747,671
Jr. Sub. Notes, Series H
6.500%(ff)	11/15/26(a)(oo)		1,365		1,185,602
Sr. Unsec’d. Notes
2.900%	05/15/25		5		4,711
3.600%	02/01/23		13		12,972
3.750%	05/15/30		60		52,894
4.050%	03/15/25		50		48,449
4.200%	04/15/27		120		113,258
4.250%	04/01/24		5		4,909
4.900%	02/01/24		10		9,877
4.950%	06/15/28		20		19,318
5.000%	05/15/50		293		236,543
5.150%	03/15/45		55		45,660
5.250%	04/15/29		25		24,238
5.300%	04/15/47		120		100,395
5.400%	10/01/47		60		51,068
5.500%	06/01/27		50		49,694
6.125%	12/15/45		90		83,458
6.250%	04/15/49		1,470		1,372,814
6.500%	02/01/42		5		4,940
Sr. Unsec’d. Notes, Series 05Y
4.200%	09/15/23		17		16,855
Sr. Unsec’d. Notes, Series 20Y
5.800%	06/15/38		20		18,375
Enterprise Products Operating LLC,
Gtd. Notes
2.800%	01/31/30		5		4,260
3.125%	07/31/29		30		26,411
3.300%	02/15/53		15		10,017
3.700%	01/31/51		130		94,547
3.950%	01/31/60		800		581,745
4.150%	10/16/28		30		28,406
4.250%	02/15/48		45		36,287
4.800%	02/01/49		30		25,920
4.850%	03/15/44		25		21,956
4.900%	05/15/46		2,115		1,853,170

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
Gtd. Notes, Series D
6.875%	03/01/33		10	$	10,928
Fermaca Enterprises S de RL de CV (Mexico),
Sr. Sec’d. Notes, 144A
6.375%	03/30/38		341		319,955
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A
2.300%	10/01/31		30		23,007
Kinder Morgan Energy Partners LP,
Gtd. Notes
4.300%	05/01/24		30		29,618
4.700%	11/01/42		5		4,142
5.400%	09/01/44		13		11,685
7.300%	08/15/33		10		10,818
Kinder Morgan, Inc.,
Gtd. Notes
1.750%	11/15/26		30		26,471
3.250%	08/01/50		782		507,115
3.600%	02/15/51		1,178		814,343
4.300%	06/01/25		30		29,450
5.300%	12/01/34		23		21,529
Gtd. Notes, 144A
5.625%	11/15/23		37		37,004
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes
4.200%	03/15/45		1,000		715,408
MPLX LP,
Sr. Unsec’d. Notes
1.750%	03/01/26		85		75,878
2.650%	08/15/30		30		24,340
4.000%	02/15/25		55		53,296
4.125%	03/01/27		50		47,333
4.500%	04/15/38		970		815,269
4.800%	02/15/29		40		38,259
4.875%	06/01/25		10		9,885
4.950%	03/14/52		15		12,317
5.200%	03/01/47		115		97,761
5.500%	02/15/49		40		35,383
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A
4.875%	08/15/27		255		242,921
Northern Natural Gas Co.,
Sr. Unsec’d. Notes, 144A
3.400%	10/16/51		5		3,393
Northwest Pipeline LLC,
Sr. Unsec’d. Notes
7.125%	12/01/25		40		41,414
ONEOK Partners LP,
Gtd. Notes
5.000%	09/15/23		30		29,901
6.850%	10/15/37		1,250		1,266,142
ONEOK, Inc.,
Gtd. Notes
2.200%	09/15/25		50		45,918
3.100%	03/15/30		75		62,932
4.350%	03/15/29		100		92,730
4.500%	03/15/50		2,685		2,014,459

SEE NOTES TO FINANCIAL STATEMENTS.

A189

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Pipelines (cont’d.)
4.950%	07/13/47		450	$	365,257
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes
3.550%	12/15/29		20		17,382
3.850%	10/15/23		40		39,438
4.650%	10/15/25		10		9,792
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
3.600%	05/15/25		75		70,789
Southern Natural Gas Co. LLC,
Sr. Unsec’d. Notes
8.000%	03/01/32		10		10,978
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
7.500%	10/01/25		1,150		1,160,109
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes
5.500%	03/01/30		15		14,135
Tennessee Gas Pipeline Co. LLC,
Gtd. Notes
7.000%	03/15/27		10		10,588
7.000%	10/15/28		10		10,675
Gtd. Notes, 144A
2.900%	03/01/30		10		8,383
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes
3.250%	05/15/30		80		69,494
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%	08/15/29		115		100,685
4.125%	08/15/31		80		68,201
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.450%	04/01/44		575		480,252
5.500%	02/01/50		5		4,134
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
2.600%	03/15/31		30		24,342
3.750%	06/15/27		25		23,564
4.000%	09/15/25		60		58,301
4.900%	01/15/45		1,200		1,020,592
5.300%	08/15/52		30		27,025
8.750%	03/15/32		10		11,875
					19,718,595
Real Estate — 0.1%
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
5.750%	12/01/25		1,200		1,172,654
Real Estate Investment Trusts (REITs) — 0.7%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
1.875%	02/01/33		5		3,725
2.000%	05/18/32		5		3,847
3.800%	04/15/26		25		24,200

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
American Tower Corp.,
Sr. Unsec’d. Notes
1.300%	09/15/25		25	$	22,567
1.600%	04/15/26		50		44,466
2.700%	04/15/31		90		73,200
3.600%	01/15/28		17		15,640
4.000%	06/01/25		75		73,022
4.400%	02/15/26		25		24,380
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes
3.900%	03/15/27		35		32,275
4.050%	07/01/30		1,145		1,006,397
Camden Property Trust,
Sr. Unsec’d. Notes
2.800%	05/15/30		5		4,306
Crown Castle, Inc.,
Sr. Unsec’d. Notes
1.350%	07/15/25		25		22,730
2.250%	01/15/31		75		59,976
2.500%	07/15/31		35		28,189
3.300%	07/01/30		30		26,209
4.000%	03/01/27		10		9,523
5.200%	02/15/49		10		8,987
Diversified Healthcare Trust,
Gtd. Notes
9.750%	06/15/25		500		479,458
Essex Portfolio LP,
Gtd. Notes
1.650%	01/15/31		25		18,620
Global Net Lease, Inc./Global Net Lease Operating Partnership LP,
Gtd. Notes, 144A
3.750%	12/15/27		20		16,841
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
3.350%	09/01/24		70		67,028
4.000%	01/15/30		50		43,746
4.000%	01/15/31		10		8,505
5.375%	11/01/23		50		49,836
5.750%	06/01/28		50		49,236
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes
1.350%	02/01/27		15		13,017
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series E
4.000%	06/15/25		40		38,448
Kimco Realty Corp.,
Sr. Unsec’d. Notes
2.250%	12/01/31		20		15,328
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
0.993%	10/15/26	EUR	675		546,657
3.500%	03/15/31		925		636,371
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP,
Gtd. Notes, 144A
4.500%	09/30/28		10		7,350

SEE NOTES TO FINANCIAL STATEMENTS.

A190

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Prologis LP,
Sr. Unsec’d. Notes
1.250%	10/15/30		10	$	7,591
1.750%	02/01/31		25		19,686
Realty Income Corp.,
Sr. Unsec’d. Notes
1.800%	03/15/33		15		10,791
2.200%	06/15/28		5		4,287
2.850%	12/15/32		530		430,504
3.950%	08/15/27		91		86,962
4.875%	06/01/26		50		49,766
Simon Property Group LP,
Sr. Unsec’d. Notes
2.450%	09/13/29		40		33,437
3.250%	11/30/26		20		18,716
Spirit Realty LP,
Gtd. Notes
2.100%	03/15/28		15		12,224
2.700%	02/15/32		2,190		1,623,846
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A
7.875%	02/15/25		550		533,804
Ventas Realty LP,
Gtd. Notes
3.000%	01/15/30		5		4,214
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
3.500%	02/15/25		25		23,647
4.625%	06/15/25		405		388,323
Welltower, Inc.,
Sr. Unsec’d. Notes
2.050%	01/15/29		15		12,186
2.700%	02/15/27		25		22,520
2.800%	06/01/31		35		27,883
Weyerhaeuser Co.,
Sr. Unsec’d. Notes
7.375%	03/15/32		6		6,646
WP Carey, Inc.,
Sr. Unsec’d. Notes
2.250%	04/01/33		1,930		1,431,336
					8,222,449
Retail — 0.6%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%	10/15/30(a)		1,500		1,215,675
7-Eleven, Inc.,
Sr. Unsec’d. Notes, 144A
0.950%	02/10/26		79		69,120
Alimentation Couche-Tard, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
3.800%	01/25/50		20		14,183
At Home Group, Inc.,
Sr. Sec’d. Notes, 144A
4.875%	07/15/28		275		194,307

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Retail (cont’d.)
AutoNation, Inc.,
Sr. Unsec’d. Notes
4.750%	06/01/30		25	$	22,371
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
2.650%	12/01/31(a)		1,340		1,081,026
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes
6.250%	10/30/25	EUR	1,600		1,496,819
Home Depot, Inc. (The),
Sr. Unsec’d. Notes
2.950%	06/15/29		49		44,340
3.350%	04/15/50		5		3,726
3.900%	12/06/28		10		9,635
4.875%	02/15/44		10		9,592
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes
1.300%	04/15/28		65		53,981
1.700%	09/15/28		20		16,799
1.700%	10/15/30		10		7,811
2.800%	09/15/41		25		17,018
3.650%	04/05/29		30		27,674
3.700%	04/15/46		15		11,148
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN
3.800%	04/01/28		30		28,701
Nordstrom, Inc.,
Sr. Unsec’d. Notes
2.300%	04/08/24		20		18,737
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes
1.750%	03/15/31		2,155		1,666,870
QVC, Inc.,
Sr. Sec’d. Notes
4.450%	02/15/25		40		32,702
Ross Stores, Inc.,
Sr. Unsec’d. Notes
4.600%	04/15/25		50		49,623
4.700%	04/15/27		2		1,968
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
5.625%	12/01/25		454		437,303
Tractor Supply Co.,
Sr. Unsec’d. Notes
1.750%	11/01/30		55		42,250
Walmart, Inc.,
Sr. Unsec’d. Notes
1.800%	09/22/31		10		8,154
2.375%	09/24/29		2		1,753
2.500%	09/22/41		15		10,954
4.500%	09/09/52		10		9,542
					6,603,782
Semiconductors — 0.4%
Analog Devices, Inc.,
Sr. Unsec’d. Notes
2.800%	10/01/41		5		3,679

SEE NOTES TO FINANCIAL STATEMENTS.

A191

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Semiconductors (cont’d.)
2.950%	04/01/25		5	$	4,802
2.950%	10/01/51		30		20,290
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes
3.875%	01/15/27		80		75,621
Broadcom, Inc.,
Gtd. Notes
4.150%	11/15/30		9		8,063
Gtd. Notes, 144A
2.450%	02/15/31		30		23,619
Sr. Unsec’d. Notes, 144A
3.137%	11/15/35		3,006		2,205,371
3.419%	04/15/33		1,442		1,157,467
3.469%	04/15/34		50		39,642
4.926%	05/15/37		100		87,403
Intel Corp.,
Sr. Unsec’d. Notes
2.800%	08/12/41		5		3,485
3.050%	08/12/51		15		9,749
3.100%	02/15/60		10		6,237
3.900%	03/25/30		20		18,765
KLA Corp.,
Sr. Unsec’d. Notes
4.100%	03/15/29		50		48,380
5.000%	03/15/49		50		46,767
Lam Research Corp.,
Sr. Unsec’d. Notes
1.900%	06/15/30		25		20,336
Microchip Technology, Inc.,
Sr. Unsec’d. Notes
0.972%	02/15/24		65		61,796
NVIDIA Corp.,
Sr. Unsec’d. Notes
1.550%	06/15/28		30		25,647
3.500%	04/01/40		10		8,102
NXP BV/NXP Funding LLC (China),
Gtd. Notes
4.875%	03/01/24		75		74,334
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes
2.500%	05/11/31		65		51,179
2.650%	02/15/32		35		27,230
3.400%	05/01/30		40		34,383
4.300%	06/18/29		110		101,922
Texas Instruments, Inc.,
Sr. Unsec’d. Notes
2.700%	09/15/51		5		3,469
2.900%	11/03/27		10		9,314
					4,177,052
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.,
Gtd. Notes
4.200%	05/01/30		20		18,114

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Software — 0.2%
Adobe, Inc.,
Sr. Unsec’d. Notes
2.150%	02/01/27		20	$	18,224
Autodesk, Inc.,
Sr. Unsec’d. Notes
2.400%	12/15/31		30		24,060
Boxer Parent Co., Inc.,
Sec’d. Notes, 144A
9.125%	03/01/26		850		803,364
Electronic Arts, Inc.,
Sr. Unsec’d. Notes
1.850%	02/15/31		65		51,146
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes
3.100%	03/01/41		10		6,925
Fiserv, Inc.,
Sr. Unsec’d. Notes
2.250%	06/01/27		21		18,751
2.750%	07/01/24		50		48,226
3.500%	07/01/29		40		36,045
3.800%	10/01/23		15		14,845
4.200%	10/01/28		40		37,860
Microsoft Corp.,
Sr. Unsec’d. Notes
2.400%	08/08/26		10		9,329
2.525%	06/01/50		1,842		1,227,523
2.921%	03/17/52		89		63,411
Oracle Corp.,
Sr. Unsec’d. Notes
1.650%	03/25/26		80		71,694
2.650%	07/15/26		50		45,976
2.950%	04/01/30		100		85,360
3.600%	04/01/50		31		21,149
3.650%	03/25/41		10		7,393
3.850%	04/01/60		5		3,345
3.950%	03/25/51		5		3,602
4.000%	11/15/47		25		18,353
Salesforce, Inc.,
Sr. Unsec’d. Notes
1.500%	07/15/28		10		8,544
VMware, Inc.,
Sr. Unsec’d. Notes
1.800%	08/15/28		10		8,164
2.200%	08/15/31		30		22,745
3.900%	08/21/27		35		32,663
4.700%	05/15/30		43		40,004
					2,728,701
Telecommunications — 1.7%
AT&T, Inc.,
Sr. Unsec’d. Notes
1.700%	03/25/26		200		180,514
2.250%	02/01/32		45		35,284
2.300%	06/01/27		75		66,835
2.550%	12/01/33		347		266,843
2.750%	06/01/31		110		91,339
3.500%	09/15/53		2,881		1,960,144

SEE NOTES TO FINANCIAL STATEMENTS.

A192

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
3.550%	09/15/55		972	$	656,507
3.650%	09/15/59		180		121,854
3.800%	12/01/57		13		9,010
4.250%	03/01/27		10		9,734
4.300%	02/15/30		545		512,508
4.350%	03/01/29		45		42,826
4.500%	05/15/35		900		818,565
4.500%	03/09/48		10		8,139
6.950%	01/15/28		10		10,519
Deutsche Telekom International Finance BV (Germany),
Gtd. Notes
8.750%	06/15/30		10		11,786
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% (original cost $556,233; purchased 06/29/21 - 12/15/22)(f)
13.000%	12/31/25(a)		554		288,266
Sr. Sec’d. Notes, 144A (original cost $202,500; purchased 07/28/20)(f)
8.750%	05/25/24		200		171,350
Sr. Sec’d. Notes, 144A (original cost $1,009,327; purchased 07/27/20)(f)
8.750%	05/25/24		997		855,311
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A (original cost $301,250; purchased 09/11/20 )(f)
6.750%	03/01/23		500		190,000
Level 3 Financing, Inc.,
Gtd. Notes, 144A
3.625%	01/15/29		40		29,264
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes, Series P
7.600%	09/15/39		550		374,805
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes
2.300%	11/15/30		49		38,446
4.600%	05/23/29		60		56,990
Sprint LLC,
Gtd. Notes
7.625%	02/15/25		2,502		2,590,648
7.625%	03/01/26		100		105,231
7.875%	09/15/23		2,000		2,029,863
T-Mobile USA, Inc.,
Gtd. Notes
2.250%	02/15/26		45		40,983
2.250%	11/15/31		100		78,640
2.550%	02/15/31		10		8,149
2.625%	02/15/29		10		8,488
3.300%	02/15/51		5		3,333
3.750%	04/15/27		125		117,856
3.875%	04/15/30		137		124,358
4.375%	04/15/40		435		373,216
4.500%	04/15/50		3,140		2,592,695
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
1.500%	09/18/30		75		58,345
1.680%	10/30/30		32		24,870
1.750%	01/20/31		55		42,602
2.100%	03/22/28		230		199,523
2.355%	03/15/32		110		87,235

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Telecommunications (cont’d.)
2.550%	03/21/31		80	$	65,840
2.650%	11/20/40		3,440		2,322,054
2.850%	09/03/41		10		6,920
2.875%	11/20/50		10		6,307
3.150%	03/22/30		35		30,835
3.400%	03/22/41		1,185		892,372
3.550%	03/22/51		90		64,427
4.016%	12/03/29		140		131,019
4.329%	09/21/28		115		110,697
Vodafone Group PLC (United Kingdom),
Sr. Unsec’d. Notes
3.750%	01/16/24		20		19,748
					18,943,093
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
3.050%	02/15/51		5		3,474
3.550%	02/15/50		5		3,849
4.900%	04/01/44		10		9,465
CSX Corp.,
Sr. Unsec’d. Notes
3.250%	06/01/27		10		9,368
3.800%	03/01/28		16		15,258
FedEx Corp.,
Gtd. Notes
3.100%	08/05/29		10		8,789
4.250%	05/15/30		20		18,855
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN
3.570%	01/21/32		480		410,923
Kansas City Southern,
Gtd. Notes
3.500%	05/01/50		25		17,844
Lima Metro Line 2 Finance Ltd. (Peru),
Sr. Sec’d. Notes
5.875%	07/05/34		95		91,652
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
2.900%	06/15/26		14		13,114
3.800%	08/01/28		54		51,449
Union Pacific Corp.,
Sr. Unsec’d. Notes
3.750%	03/15/24		20		19,665
3.799%	10/01/51		9		7,208
3.950%	08/15/59		35		27,506
					708,419
Trucking & Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
1.200%	11/15/25		20		17,601
1.700%	06/15/26		30		26,201
2.700%	11/01/24		20		18,877
4.000%	07/15/25		25		23,918

SEE NOTES TO FINANCIAL STATEMENTS.

A193

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity     Date	Principal       Amount (000)#		Value
CORPORATE BONDS (continued)
Trucking & Leasing (cont’d.)
4.125%	08/01/23		5	$	4,956
					91,553
TOTAL CORPORATE BONDS (cost $441,730,664)					374,362,229
FLOATING RATE AND OTHER LOANS — 1.1%
Airlines — 0.1%
United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750%
8.108%(c)	04/21/28		679		667,815
Commercial Services — 0.0%
Adtalem Global Education, Inc.,
Term B Loan, 1 Month LIBOR + 4.000%
8.389%(c)	08/12/28		225		222,762
Computers — 0.2%
McAfee Corp.,
Tranche B-1 Term Loan, 1 Month SOFR + 3.750%
7.974%(c)	03/01/29		1,343		1,247,544
Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%
8.134%(c)	02/01/28		748		729,019
					1,976,563
Insurance — 0.1%
Asurion LLC,
New B-7 Term Loan, 1 Month LIBOR + 3.000%
7.384%(c)	11/03/24		460		446,165
New B-9 Term Loan, 1 Month LIBOR + 3.250%
7.634%(c)	07/31/27		344		299,687
					745,852
Media — 0.1%
CSC Holdings LLC,
2017 Refinancing Term Loan, 1 Month LIBOR + 2.250%
6.575%(c)	07/17/25		186		175,303
September 2019 Term Loan, 1 Month LIBOR + 2.500%
6.818%(c)	04/15/27		766		681,929
Diamond Sports Group LLC,
First Lien Term Loan, 1 Month SOFR + 8.100%
12.317%(c)	05/25/26^		145		134,975
Second Lien Term loan, 1 Month SOFR + 3.350%
7.567%(c)	08/24/26		1,959		236,690
iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%
7.384%(c)	05/01/26		313		286,038
					1,514,935
Metal Fabricate/Hardware — 0.1%
Tank Holding Corp.,
Term Loan, 1 Month SOFR + 5.850%
10.173%(c)	03/31/28		1,418		1,339,892
Oil & Gas — 0.0%
Ascent Resources Utica Holdings LLC,
Second Lien Term Loan, 3 Month LIBOR + 9.000%
12.941%(c)	11/01/25		388		408,370

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
FLOATING RATE AND OTHER LOANS (continued)
Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc.,
Term Loan, 1 Month LIBOR + 2.250%
6.634%(c)	04/23/26		490	$	477,014
Retail — 0.3%
EG Group Ltd. (United Kingdom),
Additional Second Lien Loan Facility, 6 Month EURIBOR + 7.000%
9.752%(c)	04/30/27	EUR	3,500		3,193,955
Telecommunications — 0.1%
CenturyLink, Inc.,
Term B Loan, 1 Month LIBOR + 2.250%
6.634%(c)	03/15/27		396		375,001
Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%
7.634%(c)	05/27/24		1,375		1,148,256
					1,523,257
TOTAL FLOATING RATE AND OTHER LOANS (cost $13,956,280)					12,070,415
MUNICIPAL BONDS — 1.3%
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs
4.839%	01/01/41		30		29,260
California — 0.4%
Bay Area Toll Authority,
Taxable, Revenue Bonds, BABs, Series S3
6.907%	10/01/50		1,125		1,377,504
State of California,
General Obligation Unlimited, BABs
7.300%	10/01/39		1,550		1,880,821
General Obligation Unlimited, Taxable, BABs
7.625%	03/01/40		725		912,665
					4,170,990
Colorado — 0.1%
Colorado Health Facilities Authority,
Taxable, Revenue Bonds, Series B
2.800%	12/01/26		5		4,588
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%	11/01/50		770		829,177
					833,765
Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%	01/01/40		1,380		1,537,573
State of Illinois,
General Obligation Unlimited, Taxable, Series A
3.140%	10/01/24		35		33,580
					1,571,153
Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri,
Taxable, Revenue Bonds, Series A
3.652%	08/15/57		20		15,108

SEE NOTES TO FINANCIAL STATEMENTS.

A194

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
MUNICIPAL BONDS (continued)
New Jersey — 0.4%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A
7.102%	01/01/41		1,175	$	1,412,097
Taxable, Revenue Bonds, BABs, Series F
7.414%	01/01/40		2,050		2,535,281
					3,947,378
New York — 0.0%
New York State Urban Development Corp.,
Taxable, Revenue Bonds, Series B
2.590%	03/15/35		20		15,103
Port Authority of New York & New Jersey,
Revenue Bonds
6.040%	12/01/29		25		26,252
					41,355
Ohio — 0.1%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%	06/01/40		695		702,724
Oregon — 0.0%
State of Oregon Department of Transportation,
Taxable, Revenue Bonds, BABs, Series A
5.834%	11/15/34		615		658,728
Pennsylvania — 0.1%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%	12/01/45		825		829,562
Puerto Rico — 0.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
Revenue Bonds, Series A-1
5.000%	07/01/58		1,710		1,546,925
Texas — 0.0%
Grand Parkway Transportation Corp.,
Taxable, Revenue Bonds, Series B
3.236%	10/01/52		20		14,298
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B
3.922%	12/31/49		450		336,111
					350,409
TOTAL MUNICIPAL BONDS (cost $13,269,333)					14,697,357
RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.0%
Alternative Loan Trust,
Series 2004-18CB, Class 3A1
5.250%	09/25/35		12		11,531
Bellemeade Re Ltd.,
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)
6.239%(c)	10/25/28		87		86,718
Series 2020-02A, Class M1C, 144A, 1 Month LIBOR + 4.000% (Cap N/A, Floor 4.000%)
8.387%(c)	08/26/30		5		4,783

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2020-03A, Class M1C, 144A, 1 Month LIBOR + 3.700% (Cap N/A, Floor 3.700%)
8.089%(c)	10/25/30		263	$	264,843
Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%)
5.328%(c)	09/25/31		200		189,403
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)
6.078%(c)	01/26/32		490		466,574
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)
7.628%(c)	01/26/32		1,240		1,035,521
BVRT Financing Trust,
Series 2021-04, Class F, 144A, 1 Month SOFR + 2.000%
5.807%(c)	09/12/26^		1,511		1,503,486
Citigroup Mortgage Loan Trust,
Series 2011-12, Class 3A2, 144A
3.632%(cc)	09/25/47		258		226,100
Connecticut Avenue Securities Trust,
Series 2018-R07, Class 1B1, 144A, 1 Month LIBOR + 4.350% (Cap N/A, Floor 0.000%)
8.739%(c)	04/25/31		370		375,964
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)
6.489%(c)	10/25/39		56		55,425
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)
9.178%(c)	03/25/42		260		260,001
Credit Suisse Mortgage Trust,
Series 2020-RPL05, Class A1, 144A
3.023%(cc)	08/25/60		337		322,095
Eagle Re Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)
6.089%(c)	11/25/28		585		583,101
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)
6.189%(c)	04/25/29		180		176,662
Series 2021-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%)
6.078%(c)	10/25/33		334		333,481
Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)
6.628%(c)	10/25/33		940		931,016
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%)
7.378%(c)	04/25/34		910		893,935
Fannie Mae REMIC,
Series 2011-116, Class ZA
3.500%	11/25/41		1,775		1,625,949
Series 2012-34, Class EB
4.000%	04/25/42		1,575		1,464,071
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%)
7.928%(c)	11/25/50		900		859,501

SEE NOTES TO FINANCIAL STATEMENTS.

A195

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2020-HQA05, Class M2, 144A, 30 Day Average SOFR + 2.600% (Cap N/A, Floor 0.000%)
6.528%(c)	11/25/50		2,607	$	2,601,595
Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)
7.328%(c)	08/25/33		3,335		3,080,139
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 0.000%)
6.239%(c)	02/25/50		524		522,527
Series 2020-DNA03, Class B1, 144A, 1 Month LIBOR + 5.100% (Cap N/A, Floor 0.000%)
9.489%(c)	06/25/50		163		170,270
Series 2020-DNA04, Class B1, 144A, 1 Month LIBOR + 6.000% (Cap N/A, Floor 0.000%)
10.389%(c)	08/25/50		1,529		1,625,215
Series 2020-DNA05, Class B1, 144A, 30 Day Average SOFR + 4.800% (Cap N/A, Floor 0.000%)
8.728%(c)	10/25/50		670		686,006
Series 2020-DNA05, Class M2, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)
6.728%(c)	10/25/50		197		198,570
Series 2020-HQA02, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 0.000%)
7.489%(c)	03/25/50		37		37,941
Series 2020-HQA04, Class B1, 144A, 1 Month LIBOR + 5.250% (Cap N/A, Floor 0.000%)
9.639%(c)	09/25/50		320		326,799
Series 2020-HQA04, Class M2, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 0.000%)
7.539%(c)	09/25/50		2		1,881
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)
6.578%(c)	01/25/51		200		179,832
Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)
6.978%(c)	01/25/34		590		538,829
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
5.578%(c)	01/25/34		316		311,980
Series 2021-DNA07, Class B1, 144A, 30 Day Average SOFR + 3.650% (Cap N/A, Floor 0.000%)
7.578%(c)	11/25/41		155		143,962
Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%)
5.728%(c)	11/25/41		100		93,918
Series 2021-HQA01, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)
6.928%(c)	08/25/33		160		135,193
Series 2021-HQA01, Class M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%)
6.178%(c)	08/25/33		4,200		3,955,696
Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)
7.278%(c)	09/25/41		540		461,224

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)
6.028%(c)	09/25/41		1,020	$	897,830
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%)
6.278%(c)	12/25/41		800		706,003
Freddie Mac REMIC,
Series 4289, Class WZ
3.000%	01/15/44		743		672,971
Series 4768, Class GA
3.500%	09/15/45		515		493,431
Series 4939, Class KT
3.000%	07/15/48		459		409,758
GCAT Asset-Backed Notes,
Series 2021-01, Class A1, 144A
2.487%	11/25/49		2,865		2,648,941
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)
6.039%(c)	05/25/29		179		176,571
Series 2020-01, Class M1C, 144A, 1 Month LIBOR + 4.150% (Cap N/A, Floor 4.150%)
8.539%(c)	10/25/30		75		74,679
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%)
5.528%(c)	01/25/34		530		517,189
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%)
6.728%(c)	01/25/34		815		754,781
Legacy Mortgage Asset Trust,
Series 2020-GS01, Class A1, 144A
2.882%	10/25/59		944		936,725
Series 2020-SL01, Class A, 144A
2.734%	01/25/60		303		295,449
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)
5.139%(c)	01/25/48		430		412,673
Oaktown Re II Ltd.,
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)
5.939%(c)	07/25/28		103		103,192
Oaktown Re V Ltd.,
Series 2020-02A, Class M1B, 144A, 1 Month LIBOR + 3.600% (Cap N/A, Floor 3.600%)
7.989%(c)	10/25/30		20		20,130
Oaktown Re VII Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)
6.828%(c)	04/25/34		900		799,885
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)
7.239%(c)	02/25/23		1,280		1,250,995
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)
7.039%(c)	08/25/25		1,200		1,177,820

SEE NOTES TO FINANCIAL STATEMENTS.

A196

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)
Radnor Re Ltd.,
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)
7.089%(c)	03/25/28		918		$	918,386
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)
5.339%(c)	01/25/30		90			89,385
Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)
5.839%(c)	01/25/30		1,500			1,487,013
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 1.850%)
5.778%(c)	11/25/31		612			597,591
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)
7.628%(c)	11/25/31		900			850,151
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
3.780%(cc)	02/25/34		180			168,898
Series 2004-18, Class 3A1
4.361%(cc)	12/25/34		1,135			1,042,441
TFS (Spain),
Series 2018-03
0.000%(s)	04/16/40^	EUR	—	(r)		2,355
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $46,564,941)						44,246,980
SOVEREIGN BONDS — 2.6%
1MDB Global Investments Ltd. (Malaysia),
Sr. Unsec’d. Notes
4.400%	03/09/23		2,000			1,954,125
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%	08/20/30		570			478,729
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes
5.333%	02/15/28		963			931,883
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%	01/28/26		250			234,656
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A
5.500%	02/22/29		1,180			1,080,659
6.000%	07/19/28		575			551,209
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A, MTN
4.750%	04/16/26	EUR	300			264,936
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes
5.200%	07/17/34	EUR	1,500			1,606,093
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes
5.375%	03/25/24		290			289,329
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes
1.100%	03/12/33	EUR	410			318,690

Interest     Rate	Maturity       Date	Principal       Amount (000)#		Value
SOVEREIGN BONDS (continued)
1.450%	09/18/26	EUR	375	$	364,990
3.375%	07/30/25	EUR	3,125		3,312,332
Sr. Unsec’d. Notes, EMTN
3.750%	06/14/28	EUR	1,250		1,294,826
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes, Series DTC
2.500%	05/23/24		1,000		968,282
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A
3.375%	09/27/23		600		591,477
Sr. Unsec’d. Notes, 144A, MTN
1.750%	09/05/24		600		569,617
3.000%	03/12/24		600		586,585
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%	01/23/31		10		8,268
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A
5.103%	04/23/48		780		779,902
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes
2.875%	10/17/29		200		166,110
Sr. Unsec’d. Notes, EMTN
6.000%	08/04/28	GBP	1,995		2,415,352
Sr. Unsec’d. Notes, MTN
5.375%	06/15/33		4,730		4,511,617
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN
3.875%	10/29/35	EUR	278		218,874
Sr. Unsec’d. Notes, EMTN
3.875%	10/29/35	EUR	398		313,352
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes
1.500%	06/26/29	EUR	1,443		1,101,825
3.125%	05/15/27	EUR	2,264		2,078,605
Sr. Unsec’d. Notes, 144A
1.650%	03/03/33	EUR	353		228,563
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes
7.750%	09/01/24(d)		920		223,560
8.994%	02/01/26(d)		200		43,913
Sr. Unsec’d. Notes, 144A
4.375%	01/27/32(d)	EUR	1,090		205,647
7.750%	09/01/24(d)		930		225,990
8.994%	02/01/26(d)		200		43,913
9.750%	11/01/30(d)		400		85,950
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes
4.975%	04/20/55(a)		500		481,250
TOTAL SOVEREIGN BONDS (cost $35,528,961)					28,531,109
U.S. GOVERNMENT AGENCY OBLIGATIONS — 19.7%
Federal Home Loan Mortgage Corp.
3.500%	02/01/47		761		711,264
5.500%	10/01/33		359		369,925
5.500%	06/01/34		3		2,791
6.000%	11/01/33		30		30,486

SEE NOTES TO FINANCIAL STATEMENTS.

A197

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
6.000%	05/01/34		42	$	42,304
6.000%	06/01/34		66		67,046
6.250%	07/15/32(k)(kk)		720		839,592
6.500%	07/01/32		4		4,559
6.500%	07/01/32		9		9,357
6.500%	08/01/32		20		20,468
6.500%	08/01/32		20		21,124
6.500%	08/01/32		22		22,144
6.500%	09/01/32		24		24,178
6.500%	09/01/32		69		70,854
6.750%	03/15/31(k)		600		705,975
Federal National Mortgage Assoc.
2.000%	TBA(tt)		6,500		5,287,492
2.500%	TBA		7,000		5,930,796
2.500%	TBA(tt)		28,500		24,125,658
3.000%	TBA(tt)		32,000		28,075,816
3.500%	TBA(tt)		51,000		46,323,439
4.500%	08/01/40		877		869,854
5.000%	TBA(tt)		17,500		17,241,375
5.500%	TBA(tt)		43,000		43,106,064
5.500%	02/01/33		5		5,296
5.500%	02/01/33		8		7,925
5.500%	03/01/33		11		11,406
5.500%	03/01/33		21		21,552
5.500%	03/01/33		22		22,634
5.500%	04/01/33		3		2,818
5.500%	04/01/33		13		13,457
5.500%	04/01/33		17		17,593
5.500%	04/01/33		17		17,637
5.500%	07/01/33		14		13,675
5.500%	07/01/33		16		16,792
5.500%	08/01/33		13		13,456
5.500%	02/01/34		15		15,227
5.500%	04/01/34		13		13,286
5.500%	06/01/34		17		16,691
6.000%	10/01/33		1		1,512
6.000%	10/01/33		161		164,553
6.000%	03/01/34		23		23,190
6.000%	02/01/35		94		96,849
6.000%	11/01/36		27		28,376
6.500%	08/01/32		67		69,268
6.500%	09/01/32		56		57,653
6.500%	09/01/32		91		95,059
6.500%	10/01/32		38		38,496
6.500%	04/01/33		69		71,467
6.500%	11/01/33		3		2,732
6.625%	11/15/30(k)		830		968,168
7.000%	05/01/32		47		47,037
7.000%	06/01/32		4		3,757
7.125%	01/15/30(k)		785		927,634
Government National Mortgage Assoc.
3.000%	TBA		13,000		11,572,363
3.500%	TBA		15,500		14,238,536
3.500%	01/20/48		110		102,970
4.000%	02/20/49		227		217,444
4.500%	TBA(tt)		11,000		10,669,038
5.500%	TBA		1,000		1,004,654
5.500%	01/15/33		31		32,966

Interest       Rate	Maturity       Date	Principal       Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
5.500%	02/15/33		16	$	16,938
5.500%	05/15/33		49		49,416
5.500%	05/15/33		134		135,843
5.500%	06/15/33		148		151,494
5.500%	09/15/33		21		21,746
5.500%	07/15/35		31		31,932
6.000%	12/15/32		64		67,151
6.000%	11/15/33		25		25,973
6.000%	01/15/34		6		6,371
6.000%	06/20/34		170		179,933
6.000%	11/15/34		230		240,162
6.500%	09/15/32		29		30,243
6.500%	09/15/32		81		83,787
6.500%	09/15/32		119		122,419
6.500%	11/15/33		67		68,872
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $217,601,623)					215,778,008
U.S. TREASURY OBLIGATIONS — 7.9%
U.S. Treasury Bonds
1.125%	05/15/40		30		18,806
1.750%	08/15/41		5,286		3,623,388
1.875%	02/15/41		138		97,281
2.000%	11/15/41		2,719		1,944,935
2.250%	05/15/41(h)(kk)		65,845		49,507,209
2.375%	02/15/42		1,255		958,898
2.500%	02/15/46(k)		1,580		1,185,988
2.500%	05/15/46		965		722,996
2.875%	05/15/52		2,565		2,065,627
3.000%	05/15/45(k)		4,065		3,358,071
3.000%	02/15/48(a)		4,410		3,632,738
3.000%	08/15/52		2,190		1,815,647
3.125%	02/15/43(k)		2,460		2,100,994
3.375%	08/15/42		5,210		4,658,880
U.S. Treasury Notes
2.375%	03/31/29(k)		615		559,794
4.125%	11/15/32		375		382,500
U.S. Treasury Strips Coupon
1.467%(s)	11/15/41		500		222,578
2.056%(s)	11/15/38		130		66,843
2.208%(s)	05/15/39		1,575		790,576
2.335%(s)	08/15/44		2,500		988,965
2.364%(s)	05/15/45		3,420		1,313,227
2.377%(s)	08/15/45		1,250		475,391
2.387%(s)	05/15/43		4,015		1,664,500
2.395%(s)	11/15/43		619		252,484
2.423%(s)	11/15/40		430		201,495
2.423%(s)	05/15/44(k)		7,225		2,879,275
3.143%(s)	08/15/41		1,350		607,816
3.176%(s)	08/15/40		120		56,972
TOTAL U.S. TREASURY OBLIGATIONS (cost $115,304,755)					86,153,874
		Shares
COMMON STOCKS — 0.3%
Chemicals — 0.0%
TPC Group, Inc.*^			14,880		297,600

SEE NOTES TO FINANCIAL STATEMENTS.

A198

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities — 0.1%
Ferrellgas Partners LP (Class B Stock)(original cost $1,543,888; purchased 10/25/19)^(f)		5,622	$	1,123,107
Oil, Gas & Consumable Fuels — 0.2%
Chesapeake Energy Corp.		16,284		1,536,721
TOTAL COMMON STOCKS (cost $1,356,824)				2,957,428
PREFERRED STOCKS — 0.2%
Banks — 0.1%
Citigroup Capital XIII, 10.785%(c), 3 Month LIBOR + 6.370%, Maturing 10/30/40		45,000		1,278,000
Capital Markets — 0.1%
State Street Corp., 5.350%(c), 3 Month LIBOR + 3.709%, Series G, Maturing 03/15/26(oo)		35,000		822,850
TOTAL PREFERRED STOCKS (cost $2,000,000)				2,100,850
TOTAL LONG-TERM INVESTMENTS (cost $1,309,304,208)				1,174,005,117
SHORT-TERM INVESTMENTS — 13.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		126,191,991		126,191,991
PGIM Institutional Money Market Fund (cost $19,589,896; includes $19,505,025 of cash collateral for securities on loan)(b)(wa)		19,618,570		19,608,761
TOTAL SHORT-TERM INVESTMENTS (cost $145,781,887)				145,800,752
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—120.7% (cost $1,455,086,095)				1,319,805,869
OPTIONS WRITTEN*~ — (0.0)%
(premiums received $6,696)				(283	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—120.7% (cost $1,455,079,399)				1,319,805,586
Liabilities in excess of other assets(z) — (20.7)%				(225,952,353	)
NET ASSETS — 100.0%			$	1,093,853,233

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. Excludes centrally cleared swaptions.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5,933,236 and 0.5% 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 $19,155,254; cash collateral of $19,505,025 (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, 2022.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(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 $5,336,883. The aggregate value of $3,012,457 is 0.3% 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.

(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.

(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 189,500,000 is 17.3% 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.

A199

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

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

Put

GSI

01/18/23

3.00%

1.00%(Q)

CDX.NA.IG.38.V1(Q)

11,160

$

(37

)

GS_21-PJA†† ^

Put

GSI

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

15,090

(246

)

Total Options Written (premiums received $6,696)

$

(283

)

†† The value of the contract, GS_21-PJA is derived from the aggregate credit performance of a pool of senior prime jumbo mortgages. The pool of prime jumbo mortgages is reset monthly.

Options Purchased:

Centrally Cleared Swaptions

Description	Call/ Put	Expiration Date	Strike		Receive	Pay	Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation  (Depreciation)
CDX.NA.HY.39.V1, 12/20/27	Put	02/15/23	$	99.50	CDX.NA.HY.39.V1(Q)	5.00%(Q)		2,770		$	33,755			$	(17,490	)
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.00%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		14,010			4,064				(64,024	)
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.03%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,250			3,173				(61,752	)
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.08%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,130			2,292				(74,729	)
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.10%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,130			2,016				(71,512	)
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		0.88%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,850			31,772				(9,640	)
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		0.90%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		25,440			50,281				(38,863	)
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		0.93%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,640			23,291				(27,177	)
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		0.80%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		15,450			71,806				23,293
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		0.83%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,560			68,788				15,548
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		0.88%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,560			55,206				1,949
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		0.90%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,980			50,850				(14,523	)
Total Centrally Cleared Swaptions (cost $736,214)										$	397,294			$	(338,920	)
Options Written: Centrally Cleared Swaptions
Description	Call/ Put	Expiration Date	Strike		Receive	Pay	Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation  (Depreciation)
CDX.NA.HY.39.V1, 12/20/27	Call	02/15/23	$	101.50	CDX.NA.HY.39.V1(Q)	5.00%(Q)		2,770		$	(17,428	)		$	8,887
CDX.NA.IG.39.V1, 12/20/27	Call	01/18/23		0.90%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,250			(51,370	)			(23,545	)
CDX.NA.IG.39.V1, 12/20/27	Call	01/18/23		0.93%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		14,010			(66,959	)			(27,731	)
CDX.NA.IG.39.V1, 12/20/27	Call	01/18/23		0.95%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		26,260			(150,433	)			(82,367	)
CDX.NA.IG.39.V1, 12/20/27	Call	02/15/23		0.78%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,850			(17,900	)			5,299

SEE NOTES TO FINANCIAL STATEMENTS.

A200

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Options Written (continued):

Centrally Cleared Swaptions

Description	Call/ Put	Expiration Date	Strike		Receive	Pay	Notional Amount (000)#		Value at December 31, 2022				Unrealized Appreciation  (Depreciation)
CDX.NA.IG.39.V1, 12/20/27	Call	02/15/23		0.80%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		25,440		$	(44,964	)		$	10,818
CDX.NA.IG.39.V1, 12/20/27	Call	02/15/23		0.83%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		13,640			(31,682	)			99
CDX.NA.IG.39.V1, 12/20/27	Call	03/15/23		0.73%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		15,450			(14,415	)			18,030
CDX.NA.IG.39.V1, 12/20/27	Call	03/15/23		0.75%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,560			(21,216	)			14,603
CDX.NA.IG.39.V1, 12/20/27	Call	03/15/23		0.78%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,560			(28,196	)			8,765
CDX.NA.IG.39.V1, 12/20/27	Call	03/15/23		0.83%	CDX.NA.IG.39.V1(Q)	1.00%(Q)		16,980			(46,615	)			(1,788	)
CDX.NA.HY.39.V1, 12/20/27	Put	01/18/23	$	90.00	5.00%(Q)	CDX.NA.HY.39.V1(Q)		3,700			(1,898	)			64,950
CDX.NA.HY.39.V1, 12/20/27	Put	02/15/23	$	95.00	5.00%(Q)	CDX.NA.HY.39.V1(Q)		2,770			(10,201	)			10,990
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.30%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		13,250			(1,066	)			30,071
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.33%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		14,010			(1,063	)			26,257
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.35%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		13,130			(940	)			38,896
CDX.NA.IG.39.V1, 12/20/27	Put	01/18/23		1.40%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		13,130			(842	)			32,640
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		1.10%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		13,850			(9,480	)			5,616
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		1.15%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		25,440			(13,955	)			20,903
CDX.NA.IG.39.V1, 12/20/27	Put	02/15/23		1.18%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		13,640			(6,742	)			13,581
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		1.10%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		15,450			(21,173	)			(7,268	)
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		1.13%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		16,560			(20,784	)			(5,217	)
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		1.18%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		16,560			(17,533	)			832
CDX.NA.IG.39.V1, 12/20/27	Put	03/15/23		1.20%	1.00%(Q)	CDX.NA.IG.39.V1(Q)		16,980			(16,564	)			6,359
Total Centrally Cleared Swaptions (premiums received $783,099)										$	(613,419	)		$	169,680

Futures contracts outstanding at December 31, 2022:

Number      of Contracts	Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation  (Depreciation)
Long Positions:
677	2 Year U.S. Treasury Notes	Mar. 2023	$	138,837,891		$	(17,430	)
705	5 Year U.S. Treasury Notes	Mar. 2023		76,090,431			(161,652	)
845	10 Year U.S. Treasury Notes	Mar. 2023		94,890,864			(663,116	)
235	10 Year U.S. Ultra Treasury Notes	Mar. 2023		27,796,094			(113,427	)
12	30 Year U.S. Ultra Treasury Bonds	Mar. 2023		1,611,750			(45,786	)
							(1,001,411	)
Short Positions:
86	5 Year Euro-Bobl	Mar. 2023		10,655,795			342,240
100	10 Year Euro-Bund	Mar. 2023		14,229,492			949,089

SEE NOTES TO FINANCIAL STATEMENTS.

A201

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Futures contracts outstanding at December 31, 2022 (continued):

Number      of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation  (Depreciation)
Short Positions (cont’d):
438	20 Year U.S. Treasury Bonds		Mar. 2023	$	54,900,563		$	343,035
43	Euro Schatz Index		Mar. 2023		4,852,414			59,574
								1,693,938
							$	692,527

Forward foreign currency exchange contracts outstanding at December 31, 2022:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Mexican Peso,
Expiring 03/15/23	CITI	MXN	15,980		$	818,904	$	808,827		$	—		$	(10,077	)

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 01/12/23	MSI	GBP	12,897	$	15,434,038	$	15,596,781		$	—		$	(162,743	)
Euro,
Expiring 01/12/23	BNP	EUR	94,198		97,640,420		100,927,037			—			(3,286,617	)
Expiring 01/12/23	TD	EUR	655		689,748		701,562			—			(11,814	)
South African Rand,
Expiring 03/15/23	MSI	ZAR	11,532		653,620		674,353			—			(20,733	)
				$	114,417,826	$	117,899,733			—			(3,481,907	)
									$	—		$	(3,491,984	)

Credit default swap agreements outstanding at December 31, 2022:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at December 31, 2022(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

GS_21-PJA

01/14/23

0.250%(M)

8,456

*

$

2,873

$

(59

)

$

2,932

GSI

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
United Mexican States		06/20/23		1.000%(Q)		665	$	(2,292	)		$	455		$	(2,747	)	CITI
United Mexican States		06/20/23		1.000%(Q)		655		(2,258	)			1,136			(3,394	)	CITI
United Mexican States		06/20/23		1.000%(Q)		220		(759	)			427			(1,186	)	CITI
United Mexican States		06/20/23		1.000%(Q)		220		(759	)			392			(1,151	)	CITI
United Mexican States		06/20/23		1.000%(Q)		215		(741	)			138			(879	)	CITI
United Mexican States		06/20/23		1.000%(Q)		115		(396	)			79			(475	)	CITI
United Mexican States		12/20/24		1.000%(Q)		160		(1,140	)			444			(1,584	)	CITI

SEE NOTES TO FINANCIAL STATEMENTS.

A202

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Credit default swap agreements outstanding at December 31, 2022: (continued)

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)(cont’d.):
United Mexican States		12/20/24		1.000%(Q)		130	$	(926	)		$	432		$	(1,358	)		CITI
							$	(9,271	)		$	3,503		$	(12,774	)

							Implied
							Credit					Upfront
					Notional		Spread at					Premiums				Unrealized
Reference Entity/	Termination		Fixed		Amount		December 31,		Fair			Paid				Appreciation
Obligation	Date		Rate		(000)#(3)		2022(4)		Value			(Received)				(Depreciation)				Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
International Bank for Reconstruction & Development		06/20/23		0.250%(Q)		10,710		0.149%	$	5,952			$	4,976			$	976			BOA
Petroleos Mexicanos		06/20/23		1.000%(Q)		2,205		2.539%		(15,073	)			(6,928	)			(8,145	)		CSI
Petroleos Mexicanos		06/20/23		1.000%(Q)		550		2.539%		(3,760	)			(3,346	)			(414	)		CITI
Petroleos Mexicanos		06/20/23		1.000%(Q)		545		2.539%		(3,726	)			(3,980	)			254			CITI
Petroleos Mexicanos		06/20/23		1.000%(Q)		185		2.539%		(1,264	)			(1,384	)			120			CITI
Petroleos Mexicanos		06/20/23		1.000%(Q)		185		2.539%		(1,264	)			(1,359	)			95			CITI
Petroleos Mexicanos		06/20/23		1.000%(Q)		180		2.539%		(1,230	)			(1,100	)			(130	)		CITI
Petroleos Mexicanos		06/20/23		1.000%(Q)		90		2.539%		(615	)			(547	)			(68	)		CITI
Petroleos Mexicanos		12/20/24		1.000%(Q)		160		4.065%		(8,860	)			(5,947	)			(2,913	)		CITI
Petroleos Mexicanos		12/20/24		1.000%(Q)		130		4.065%		(7,199	)			(4,889	)			(2,310	)		CITI
									$	(37,039	)		$	(24,504	)		$	(12,535	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date				Value at December 31, 2022				Unrealized Appreciation  (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):
CDX.NA.IG.38.V1		06/20/27		1.000%(Q)		13,510		$	(94,926	)		$	(146,238	)		$	(51,312	)
CDX.NA.IG.39.V1		12/20/27		1.000%(Q)		64,800			(340,378	)			(538,061	)			(197,683	)
								$	(435,304	)		$	(684,299	)		$	(248,995	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

A203

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Interest rate swap agreements outstanding at December 31, 2022:

Notional  Amount (000)#	Termination Date	Fixed     Rate	Floating Rate	Value at Trade Date			Value at  December 31,  2022				Unrealized Appreciation  (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP    635	05/08/23	0.950%(A)	1 Day SONIA(1)(A)/ 3.428%	$	(14,468	)		$	20,400			$	34,868
GBP 3,946	05/08/26	1.000%(A)	1 Day SONIA(1)(A)/ 3.428%		(184,608	)			507,332				691,940
GBP 2,920	05/08/27	1.050%(A)	1 Day SONIA(1)(A)/ 3.428%		150,731				448,520				297,789
GBP    977	10/22/28	0.680%(A)	1 Day SONIA(1)(A)/ 3.428%		—				204,287				204,287
GBP 2,100	05/08/30	1.100%(A)	1 Day SONIA(1)(A)/ 3.428%		(145,549	)			452,624				598,173
GBP    767	05/08/31	1.150%(A)	1 Day SONIA(2)(A)/ 3.428%		41,383				(176,837	)			(218,220	)
GBP    740	05/08/32	1.150%(A)	1 Day SONIA(1)(A)/ 3.428%		52,659				193,674				141,015
GBP    230	05/08/34	1.200%(A)	1 Day SONIA(1)(A)/ 3.428%		(9,088	)			64,637				73,725
				$	(108,940	)		$	1,714,637			$	1,823,577

(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, 2022:

Reference Entity	Financing Rate	Counterparty	Termination Date	Long (Short)  Notional Amount (000)#(1)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)††	1 Day USOIS -50 bps(T)/ 3.830%	GSI	01/27/23		(18,548	)	$	(1,358,015	)		$	—		$	(1,358,015	)
U.S. Treasury Bond(T)	1 Day USOIS +9 bps(T)/ 4.420%	JPM	01/18/23		8,530			50,270				—			50,270
U.S. Treasury Bond(T)	1 Day USOIS +6 bps(T)/ 4.390%	GSI	01/19/23		15,820			149,995				—			149,995
U.S. Treasury Bond(T)	1 Day USOIS +10 bps(T)/ 4.430%	JPM	01/23/23		15,190			427,583				—			427,583
U.S. Treasury Bond(T)	1 Day USOIS +12 bps(T)/ 4.450%	JPM	01/26/23		12,265			538,584				—			538,584
U.S. Treasury Bond(T)	1 Day USOIS +7 bps(T)/ 4.400%	GSI	01/31/23		17,905			292,415				—			292,415
							$	100,832			$	—		$	100,832

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

†† See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Portfolio is only required to disclose the top 50.

The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of December 31, 2022, termination date 01/27/2023:

SEE NOTES TO FINANCIAL STATEMENTS.

A204

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Corporate Bond

Reference Entity	Shares		Market Value		% of Total Index Value
Bank of America Corp.		40,319,400	$	30,039,305		7.02%
Wells Fargo & Co.		34,230,900		24,737,948		5.78%
Morgan Stanley		27,871,800		20,830,849		4.87%
Goldman Sachs Group, Inc.		28,954,200		20,211,399		4.72%
Citigroup. Inc.		26,654,100		18,734,458		4.38%
AT&T, Inc.		24,354,000		16,861,807		3.94%
Verizon Communications, Inc.		20,024,400		14,632,586		3.42%
Anheuser-Busch InBev Worldwide, Inc.		15,694,800		13,907,869		3.25%
Comcast Corp.		19,889,100		12,969,811		3.03%
Oracle Corp.		15,559,500		11,413,164		2.67%
Apple, Inc.		16,236,000		10,993,891		2.57%
AbbVie, Inc.		10,282,800		8,737,251		2.04%
Microsoft Corp.		10,553,400		7,608,503		1.78%
CVS Health Corp.		9,200,400		7,502,724		1.75%
Amazon.com, Inc.		10,147,500		7,355,557		1.72%
UnitedHealth Group, Inc.		8,523,900		6,209,008		1.45%
Visa, Inc.		9,335,700		5,611,271		1.31%
The Walt Disney Co.		6,494,400		5,140,287		1.20%
Shell International Finance BV		6,900,300		5,077,313		1.19%
Intel Corp.		7,441,500		4,949,124		1.16%
Home Depot, Inc.		7,982,700		4,902,022		1.15%
T-Mobile USA, Inc.		7,035,600		4,848,033		1.13%
ExxonMobil Corp.		6,223,800		4,755,295		1.11%
Broadcom, Inc.		6,629,700		4,739,932		1.11%
Pfizer, Inc.		6,494,400		4,455,592		1.04%
Amgen, Inc.		6,765,000		4,454,127		1.04%
Telefonica Emisiones, S.A.U.		5,412,000		4,272,560		1.00%
Bristol-Myers Squibb Co.		6,494,400		4,134,475		0.97%
General Motors Co.		4,870,800		4,080,940		0.95%
Cigna Corp.		5,547,300		4,039,965		0.94%
Raytheon Tech Corp.		5,682,600		3,772,825		0.88%
Intercontinental Exchange, Inc.		5,547,300		3,742,322		0.87%
Pacific Gas & Electric Co.		4,600,200		3,728,814		0.87%
PepsiCo, Inc.		4,464,900		3,727,487		0.87%
B.A.T. Capital Corp.		5,547,300		3,720,528		0.87%
Enterprise Products Operating LLC		5,412,000		3,692,945		0.86%
Altria Group, Inc.		5,412,000		3,519,945		0.82%
Gilead Sciences, Inc.		5,276,700		3,467,765		0.81%
Johnson & Johnson		5,276,700		3,349,801		0.78%
Vodafone Group PLC		4,194,300		3,304,539		0.77%
McDonald’s Corp.		3,788,400		3,220,802		0.75%
Coca-Cola Co.		4,194,300		3,125,321		0.73%
BP Capital Markets America, Inc.		4,194,300		2,963,999		0.69%
Anthem, Inc.		3,788,400		2,904,481		0.68%
FedEx Corp.		3,111,900		2,888,303		0.67%
American International Group, Inc.		3,111,900		2,662,823		0.62%
Simon Property Group, Inc.		3,382,500		2,553,885		0.60%
Berkshire Hathaway Finance Corp.		3,923,700		2,541,822		0.59%
Union Pacific Corp.		3,653,100		2,523,998		0.59%
International Business Machines Corp.		3,788,400		2,493,811		0.58%
			$	362,113,282

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized  Depreciation
OTC Swap Agreements	$8,479	$(29,539)	$1,463,224	$(1,384,769)

SEE NOTES TO FINANCIAL STATEMENTS.

A205

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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
CIGM		$	—		$	8,589,838

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—	$	12,868,740		$	—
Collateralized Debt Obligations		—		4,408,188			—
Collateralized Loan Obligations		—		213,045,346			—
Consumer Loans		—		7,507,229			—
Credit Cards		—		2,664,604			—
Home Equity Loans		—		303,052			—
Other		—		2,311,803			—
Residential Mortgage-Backed Securities		—		2,691,139			1,856,650
Student Loans		—		3,824,497			—
Commercial Mortgage-Backed Securities		—		141,625,619			—
Corporate Bonds		—		373,349,793			1,012,436
Floating Rate and other Loans		—		11,935,440			134,975
Municipal Bonds		—		14,697,357			—
Residential Mortgage-Backed Securities		—		42,741,139			1,505,841
Sovereign Bonds		—		28,531,109			—
U.S. Government Agency Obligations		—		215,778,008			—
U.S. Treasury Obligations		—		86,153,874			—
Common Stocks		1,536,721		—			1,420,707
Preferred Stocks		2,100,850		—			—
Short-Term Investments
Affiliated Mutual Funds		145,800,752		—			—
Total	$	149,438,323	$	1,164,436,937		$	5,930,609
Liabilities
Options Written	$	—	$	(37	)	$	(246	)
Other Financial Instruments*
Assets
Centrally Cleared Swaptions Purchased	$	—	$	40,790		$	—
Centrally Cleared Swaptions Written		—		317,596			—
Futures Contracts		1,693,938		—			—
OTC Credit Default Swap Agreements		—		5,952			2,873
Centrally Cleared Interest Rate Swap Agreements		—		2,041,797			—
OTC Total Return Swap Agreements		—		1,458,847			—
Total	$	1,693,938	$	3,864,982		$	2,873
Liabilities
Centrally Cleared Swaptions Purchased	$	—	$	(379,710	)	$	—
Centrally Cleared Swaptions Written		—		(147,916	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

A206

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Futures Contracts	$	(1,001,411	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(3,491,984	)		—
Centrally Cleared Credit Default Swap Agreements		—			(248,995	)		—
OTC Credit Default Swap Agreements		—			(52,262	)		—
Centrally Cleared Interest Rate Swap Agreement		—			(218,220	)		—
OTC Total Return Swap Agreement		—			(1,358,015	)		—
Total	$	(1,001,411	)	$	(5,897,102	)	$	—

* Other financial instruments are derivative instruments, with the exception of centrally cleared swaptions, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, 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, 2022 were as follows:

U.S. Government Agency Obligations	19.7	%
Collateralized Loan Obligations	19.5
Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan)	13.4
Commercial Mortgage-Backed Securities	13.0
Banks	9.9
U.S. Treasury Obligations	7.9
Residential Mortgage-Backed Securities	4.4
Electric	2.9
Sovereign Bonds	2.6
Oil & Gas	2.2
Pharmaceuticals	2.2
Telecommunications	1.8
Media	1.8
Pipelines	1.8
Municipal Bonds	1.3
Automobiles	1.2
Retail	0.9
Foods	0.9
Aerospace & Defense	0.9
Real Estate Investment Trusts (REITs)	0.8
Auto Manufacturers	0.8
Commercial Services	0.7
Healthcare-Services	0.7
Chemicals	0.7
Consumer Loans	0.7
Insurance	0.7
Airlines	0.6
Diversified Financial Services	0.5
Entertainment	0.4
Engineering & Construction	0.4
Collateralized Debt Obligations	0.4
Semiconductors	0.4
Student Loans	0.4
Healthcare-Products	0.3
Beverages	0.3
Agriculture	0.3
Lodging	0.3
Computers	0.3
Software	0.2

Credit Cards	0.2	%
Gas	0.2
Other	0.2
Mining	0.2
Auto Parts & Equipment	0.2
Building Materials	0.2
Oil, Gas & Consumable Fuels	0.2
Multi-National	0.1
Metal Fabricate/Hardware	0.1
Real Estate	0.1
Electrical Components & Equipment	0.1
Gas Utilities	0.1
Electronics	0.1
Home Builders	0.1
Capital Markets	0.1
Packaging & Containers	0.1
Transportation	0.1
Housewares	0.1
Internet	0.0	*
Oil & Gas Services	0.0	*
Miscellaneous Manufacturing	0.0	*
Home Equity Loans	0.0	*
Machinery-Diversified	0.0	*
Biotechnology	0.0	*
Iron/Steel	0.0	*
Environmental Control	0.0	*
Trucking & Leasing	0.0	*
Office/Business Equipment	0.0	*
Forest Products & Paper	0.0	*
Machinery-Construction & Mining	0.0	*
Shipbuilding	0.0	*
Investment Companies	0.0	*
	120.7
Options Written	(0.0	)*
Liabilities in excess of other assets	(20.7	)
	100.0	%

* Less than +/- 0.05%

SEE NOTES TO FINANCIAL STATEMENTS.

A207

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps and swaptions	$	358,386*		Due from/to broker-variation margin swaps and swaptions	$	776,621*
Credit contracts	Premiums paid for OTC swap agreements		8,479		Premiums received for OTC swap agreements		29,539
Credit contracts	—		—		Options written outstanding, at value		283
Credit contracts	Unrealized appreciation on OTC swap agreements		4,377		Unrealized depreciation on OTC swap agreements		26,754
Foreign exchange contracts	—		—		Unrealized depreciation on OTC forward foreign currency exchange contracts		3,491,984
Interest rate contracts	Due from/to broker-variation margin futures		1,693,938	*	Due from/to broker-variation margin futures		1,001,411	*
Interest rate contracts	Due from/to broker-variation margin swaps and swaptions		2,041,797	*	Due from/to broker-variation margin swaps and swaptions		218,220	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,458,847		Unrealized depreciation on OTC swap agreements		1,358,015
		$	5,565,824			$	6,902,827

* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures, centrally cleared swap contracts, and centrally cleared swaptions. 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options  Written			Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	(2,060,800	)		$	2,354,490		$	—			$	—		$	771,055
Foreign exchange contracts			—				—			—				13,279,825			—
Interest rate contracts			—				—			(46,390,438	)			—			(14,406,105	)
Total		$	(2,060,800	)		$	2,354,490		$	(46,390,438	)		$	13,279,825		$	(13,635,050	)

(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		$	(149,287	)		$	152,174		$	—			$	—			$	(272,221	)
Foreign exchange contracts			—				—			—				(2,101,291	)			—
Interest rate contracts			—				—			(2,417,976	)			—				10,968,506
Total		$	(149,287	)		$	152,174		$	(2,417,976	)		$	(2,101,291	)		$	10,696,285

SEE NOTES TO FINANCIAL STATEMENTS.

A208

	PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Options Purchased (1)		$	533,940
Options Written (2)			345,174,824
Futures Contracts - Long Positions (2)			384,237,162
Futures Contracts - Short Positions (2)			214,542,488
Forward Foreign Currency Exchange Contracts - Purchased (3)			77,148,798
Forward Foreign Currency Exchange Contracts - Sold (3)			196,819,933
Interest Rate Swap Agreements (2)			32,735,543
Credit Default Swap Agreements - Buy Protection (2)			74,012,128
Credit Default Swap Agreements - Sell Protection (2)			24,253,397
Total Return Swap Agreements (2)			20,079,104
Inflation Swap Agreements (2)			3,636,000

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(2)	Net  Amount
Securities on Loan	$19,155,254	$(19,155,254)	$—

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		$	—		$	(3,286,617	)		$	(3,286,617	)		$	3,050,100			$	(236,517	)
BOA			5,952			—				5,952				—				5,952
CITI			3,972			(51,238	)			(47,266	)			—				(47,266	)
CSI			—			(15,073	)			(15,073	)			15,073				—
GSI			445,342			(1,358,357	)			(913,015	)			706,731				(206,284	)
JPM			1,016,437			—				1,016,437				(1,016,437	)			—
MSI			—			(183,476	)			(183,476	)			183,476				—
TD			—			(11,814	)			(11,814	)			—				(11,814	)
		$	1,471,703		$	(4,906,575	)		$	(3,434,872	)		$	2,938,943			$	(495,929	)

(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.

A209

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $19,155,254:
Unaffiliated investments (cost $1,309,304,208)	$	1,174,005,117
Affiliated investments (cost $145,781,887)		145,800,752
Foreign currency, at value (cost $2,719,003)		2,804,008
Cash		240,076
Receivable for investments sold		58,959,785
Dividends and interest receivable		9,328,573
Unrealized appreciation on OTC swap agreements		1,463,224
Receivable for Portfolio shares sold		579,201
Due from broker-variation margin swaps and swaptions		25,893
Premiums paid for OTC swap agreements		8,479
Prepaid expenses and other assets		183,191
Total Assets		1,393,398,299
LIABILITIES
Payable for investments purchased		266,673,450
Payable to broker for collateral for securities on loan		19,505,025
Due to Custodian		7,680,921
Unrealized depreciation on OTC forward foreign currency exchange contracts		3,491,984
Unrealized depreciation on OTC swap agreements		1,384,769
Management fee payable		376,689
Accrued expenses and other liabilities		291,263
Payable for Portfolio shares purchased		62,862
Due to broker-variation margin futures		44,442
Premiums received for OTC swap agreements		29,539
Distribution fee payable		1,959
Affiliated transfer agent fee payable		980
Trustees’ fees payable		900
Options written outstanding, at value (premiums received $6,696)		283
Total Liabilities		299,545,066
NET ASSETS	$	1,093,853,233
Net assets were comprised of:
Partners’ Equity	$	1,093,853,233
Class I:
Net asset value and redemption price per share, $1,084,574,917 / 81,333,140 outstanding shares of beneficial interest	$	13.33
Class III:
Net asset value and redemption price per share, $9,278,316 / 698,669 outstanding shares of beneficial interest	$	13.28

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Interest income	$	40,425,523
Affiliated dividend income		1,623,023
Unaffiliated dividend income		622,499
Income from securities lending, net (including affiliated income of $65,983)		71,673
Total income		42,742,718
EXPENSES
Management fee		4,649,183
Distribution fee—Class III		19,346
Custodian and accounting fees		107,795
Audit fee		90,000
Shareholders’ reports		58,195
Legal fees and expenses		26,534
Trustees’ fees		26,300
Transfer agent’s fees and expenses (including affiliated expense of $8,140)		10,865
Miscellaneous		46,027
Total expenses		5,034,245
NET INVESTMENT INCOME (LOSS)		37,708,473
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4,495))		(15,991,452	)
Futures transactions		(46,390,438	)
Forward currency contract transactions		13,279,825
Options written transactions		2,354,490
Swap agreements transactions		(13,635,050	)
Foreign currency transactions		(2,126,155	)
		(62,508,780	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $7,911)		(176,777,198	)
Futures		(2,417,976	)
Forward currency contracts		(2,101,291	)
Options written		152,174
Swap agreements		10,696,285
Foreign currencies		778,131
		(169,669,875	)
NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS		(232,178,655	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(194,470,182	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	37,708,473			$	32,937,027
Net realized gain (loss) on investment and foreign currency transactions			(62,508,780	)			2,301,462
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(169,669,875	)			(44,183,411	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(194,470,182	)			(8,944,922	)
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			45,246,239				111,700,386
Net asset value of shares issued in merger			46,303,369				—
Portfolio shares purchased			(106,286,659	)			(92,303,055	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(14,737,051	)			19,397,331
TOTAL INCREASE (DECREASE)			(209,207,233	)			10,452,409
NET ASSETS:
Beginning of year			1,303,060,466				1,292,608,057
End of year		$	1,093,853,233			$	1,303,060,466

SEE NOTES TO FINANCIAL STATEMENTS.

A210

PSF PGIM TOTAL RETURN BOND PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	15.66		$	15.78		$	14.55		$	13.12		$	13.14
Income (Loss) From Investment Operations:
Net investment income (loss)		0.45			0.40			0.45			0.49			0.45
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.78	)		(0.52	)		0.78			0.94			(0.48	)
Total from investment operations		(2.33	)		(0.12	)		1.23			1.43			(0.03	)
Capital Contributions		—			—			—			—			0.01	(b)
Net Asset Value, end of year	$	13.33		$	15.66		$	15.78		$	14.55		$	13.12
Total Return(c)		(14.81	)%		(0.76	)%		8.45	%		10.90	%		(0.15	)%(d)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	1,085		$	1,298		$	1,293		$	1,190		$	1,123
Average net assets (in millions)	$	1,155		$	1,292		$	1,235		$	1,166		$	1,132
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Expenses before waivers and/or expense reimbursement		0.43	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income (loss)		3.25	%		2.55	%		2.99	%		3.53	%		3.44	%
Portfolio turnover rate(f)		182	%		49	%		35	%		48	%		51	%

Class III
	Year Ended December 31,				April 26, 2021(g) through December 31,
	2022				2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	15.64			$	15.35
Income (Loss) From Investment Operations:
Net investment income (loss)			0.43				0.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions			(2.79	)			0.05	(h)
Total from investment operations			(2.36	)			0.29
Net Asset Value, end of period		$	13.28			$	15.64
Total Return(c)			(15.09	)%			1.89	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	9			$	5
Average net assets (in millions)		$	8			$	2
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement			0.68	%			0.66	%(i)
Expenses before waivers and/or expense reimbursement			0.68	%			0.66	%(i)
Net investment income (loss)			3.08	%			2.24	%(i)
Portfolio turnover rate(f)			182	%			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.

A211

	PSF SMALL-CAP STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 99.1%
COMMON STOCKS — 97.8%
Aerospace & Defense — 1.4%
AAR Corp.*(a)		30,411	$	1,365,454
Aerojet Rocketdyne Holdings, Inc.*		69,095		3,864,483
AeroVironment, Inc.*(a)		22,794		1,952,534
Kaman Corp.(a)		25,542		569,587
Moog, Inc. (Class A Stock)		26,414		2,318,093
National Presto Industries, Inc.		4,619		316,217
Park Aerospace Corp.		18,044		241,970
Triumph Group, Inc.*		59,310		623,941
				11,252,279
Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc.*		24,320		2,451,456
Forward Air Corp.		24,266		2,545,261
Hub Group, Inc. (Class A Stock)*		29,820		2,370,392
				7,367,109
Airlines — 0.3%
Allegiant Travel Co.*(a)		14,254		969,129
Hawaiian Holdings, Inc.*(a)		47,240		484,682
SkyWest, Inc.*		46,160		762,102
Sun Country Airlines Holdings, Inc.*(a)		29,700		471,042
				2,686,955
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc.*		104,580		817,816
Dorman Products, Inc.*		25,790		2,085,637
Gentherm, Inc.*(a)		30,300		1,978,287
LCI Industries(a)		23,279		2,152,144
Motorcar Parts of America, Inc.*		17,640		209,210
Patrick Industries, Inc.(a)		19,660		1,191,396
Standard Motor Products, Inc.		17,169		597,481
XPEL, Inc.*(a)		17,950		1,078,077
				10,110,048
Automobiles — 0.2%
Winnebago Industries, Inc.(a)		27,821		1,466,167
Banks — 10.4%
Ameris Bancorp		59,510		2,805,301
Banc of California, Inc.		51,080		813,704
BancFirst Corp.		15,970		1,408,235
Bancorp, Inc. (The)*		51,110		1,450,502
BankUnited, Inc.(a)		70,520		2,395,564
Banner Corp.		31,220		1,973,104
Berkshire Hills Bancorp, Inc.(a)		41,080		1,228,292
Brookline Bancorp, Inc.		70,122		992,226
Central Pacific Financial Corp.		24,850		503,958
City Holding Co.(a)		13,564		1,262,673
Columbia Banking System, Inc.(a)		71,768		2,162,370
Community Bank System, Inc.(a)		49,116		3,091,852
Customers Bancorp, Inc.*(a)		27,870		789,836
CVB Financial Corp.(a)		119,940		3,088,455
Dime Community Bancshares, Inc.		29,568		941,149
Eagle Bancorp, Inc.		29,210		1,287,285
FB Financial Corp.		32,140		1,161,540
First Bancorp(a)		32,610		1,397,012
First BanCorp. (Puerto Rico)(a)		168,502		2,143,345

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
First Commonwealth Financial Corp.(a)		85,230	$	1,190,663
First Financial Bancorp		86,553		2,097,179
First Hawaiian, Inc.(a)		116,540		3,034,702
Hanmi Financial Corp.(a)		27,826		688,694
Heritage Financial Corp.		32,020		981,093
Hilltop Holdings, Inc.		41,870		1,256,519
HomeStreet, Inc.		16,350		450,933
Hope Bancorp, Inc.		109,034		1,396,726
Independent Bank Corp.(a)		41,646		3,516,172
Independent Bank Group, Inc.(a)		32,350		1,943,588
Lakeland Financial Corp.		23,140		1,688,526
National Bank Holdings Corp. (Class A Stock)		34,410		1,447,629
NBT Bancorp, Inc.		39,120		1,698,590
Northwest Bancshares, Inc.(a)		115,930		1,620,701
OFG Bancorp (Puerto Rico)		43,420		1,196,655
Pacific Premier Bancorp, Inc.(a)		86,705		2,736,410
Park National Corp.		13,210		1,859,307
Pathward Financial, Inc.		26,270		1,130,923
Preferred Bank		12,030		897,679
Renasant Corp.		51,080		1,920,097
S&T Bancorp, Inc.(a)		35,623		1,217,594
Seacoast Banking Corp. of Florida(a)		64,910		2,024,543
ServisFirst Bancshares, Inc.(a)		44,640		3,076,142
Simmons First National Corp. (Class A Stock)(a)		115,906		2,501,251
Southside Bancshares, Inc.(a)		27,816		1,001,098
Stellar Bancorp, Inc.(a)		40,550		1,194,603
Tompkins Financial Corp.		11,494		891,705
Triumph Financial, Inc.*(a)		20,650		1,009,166
Trustmark Corp.(a)		55,630		1,942,043
United Community Banks, Inc.(a)		96,887		3,274,781
Veritex Holdings, Inc.		49,290		1,384,063
Westamerica BanCorp.		24,570		1,449,876
				84,616,054
Beverages — 0.3%
MGP Ingredients, Inc.(a)		14,050		1,494,639
National Beverage Corp.*(a)		21,310		991,554
				2,486,193
Biotechnology — 2.5%
Anika Therapeutics, Inc.*(a)		13,420		397,232
Arcus Biosciences, Inc.*		47,600		984,368
Avid Bioservices, Inc.*(a)		56,950		784,201
Catalyst Pharmaceuticals, Inc.*(a)		87,400		1,625,640
Coherus Biosciences, Inc.*(a)		59,390		470,369
Cytokinetics, Inc.*(a)		86,380		3,957,932
Dynavax Technologies Corp.*(a)		108,350		1,152,844
Eagle Pharmaceuticals, Inc.*		9,500		277,685
Emergent BioSolutions, Inc.*(a)		40,850		482,438
Enanta Pharmaceuticals, Inc.*		17,840		829,917
Ironwood Pharmaceuticals, Inc.*(a)		121,800		1,509,102
iTeos Therapeutics, Inc.*		22,400		437,472
Myriad Genetics, Inc.*		73,940		1,072,869
OmniAb, Inc. ($ 12.50 Earnout Shares)*(a)^		5,597		1
OmniAb, Inc. ($ 15 Earnout Shares)*(a)^		5,597		1

SEE NOTES TO FINANCIAL STATEMENTS.

A212

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (cont’d.)
Organogenesis Holdings, Inc.*(a)		65,100	$	175,119
REGENXBIO, Inc.*		34,360		779,285
uniQure NV (Netherlands)*		37,590		852,165
Vanda Pharmaceuticals, Inc.*		51,650		381,694
Vericel Corp.*(a)		43,100		1,135,254
Vir Biotechnology, Inc.*		69,250		1,752,717
Xencor, Inc.*(a)		54,700		1,424,388
				20,482,693
Building Products — 2.1%
AAON, Inc.		38,349		2,888,447
American Woodmark Corp.*		15,160		740,718
Apogee Enterprises, Inc.		20,298		902,449
Gibraltar Industries, Inc.*(a)		28,258		1,296,477
Griffon Corp.		43,219		1,546,808
Insteel Industries, Inc.(a)		17,790		489,581
Masterbrand, Inc.*		118,000		890,900
PGT Innovations, Inc.*		54,750		983,310
Quanex Building Products Corp.		30,208		715,325
Resideo Technologies, Inc.*		133,110		2,189,659
UFP Industries, Inc.(a)		56,252		4,457,971
				17,101,645
Capital Markets — 1.0%
B. Riley Financial, Inc.(a)		14,600		499,320
Blucora, Inc.*(a)		43,712		1,115,967
Brightsphere Investment Group, Inc.(a)		29,710		611,432
Donnelley Financial Solutions, Inc.*(a)		22,847		883,037
Piper Sandler Cos.(a)		12,895		1,678,800
StoneX Group, Inc.*		15,760		1,501,928
Virtus Investment Partners, Inc.		6,200		1,186,928
WisdomTree, Inc.(a)		101,970		555,736
				8,033,148
Chemicals — 2.9%
AdvanSix, Inc.		25,160		956,583
American Vanguard Corp.(a)		25,368		550,739
Balchem Corp.		29,333		3,581,853
FutureFuel Corp.		23,560		191,543
Hawkins, Inc.		17,280		667,008
HB Fuller Co.		48,658		3,484,886
Innospec, Inc.		22,600		2,324,636
Koppers Holdings, Inc.		19,070		537,774
Livent Corp.*(a)		163,730		3,253,315
Mativ Holdings, Inc.(a)		50,127		1,047,655
Minerals Technologies, Inc.		29,600		1,797,312
Quaker Chemical Corp.(a)		12,438		2,075,902
Rayonier Advanced Materials, Inc.*(a)		58,370		560,352
Stepan Co.		19,270		2,051,484
Tredegar Corp.(a)		23,145		236,542
Trinseo PLC(a)		31,930		725,130
				24,042,714
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.(a)		60,373		2,681,769
Brady Corp. (Class A Stock)		42,342		1,994,308
CoreCivic, Inc.*		104,950		1,213,222
Deluxe Corp.		39,390		668,842

	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (cont’d.)
GEO Group, Inc. (The)*(a)		113,320	$	1,240,854
Harsco Corp.*		72,520		456,151
Healthcare Services Group, Inc.(a)		67,620		811,440
HNI Corp.		37,761		1,073,545
Interface, Inc.		53,092		524,018
KAR Auction Services, Inc.*(a)		99,400		1,297,170
Matthews International Corp. (Class A Stock)		27,930		850,189
MillerKnoll, Inc.(a)		68,950		1,448,640
Pitney Bowes, Inc.		147,720		561,336
UniFirst Corp.		13,760		2,655,542
Viad Corp.*		18,967		462,605
				17,939,631
Communications Equipment — 1.4%
ADTRAN Holdings, Inc.(a)		64,480		1,211,579
Clearfield, Inc.*		10,430		981,880
Comtech Telecommunications Corp.		25,349		307,737
Digi International, Inc.*(a)		32,184		1,176,325
Extreme Networks, Inc.*		119,890		2,195,186
Harmonic, Inc.*(a)		96,224		1,260,535
NETGEAR, Inc.*		26,466		479,299
NetScout Systems, Inc.*(a)		62,550		2,033,501
Viavi Solutions, Inc.*		206,630		2,171,681
				11,817,723
Construction & Engineering — 1.1%
Arcosa, Inc.		44,130		2,398,024
Comfort Systems USA, Inc.		32,644		3,756,672
Granite Construction, Inc.(a)		39,930		1,400,345
MYR Group, Inc.*		15,150		1,394,860
				8,949,901
Consumer Finance — 0.9%
Bread Financial Holdings, Inc.(a)		45,500		1,713,530
Encore Capital Group, Inc.*(a)		21,340		1,023,039
Enova International, Inc.*		28,729		1,102,332
EZCORP, Inc. (Class A Stock)*(a)		49,311		401,885
Green Dot Corp. (Class A Stock)*		42,700		675,514
LendingTree, Inc.*(a)		10,000		213,300
PRA Group, Inc.*		35,587		1,202,129
PROG Holdings, Inc.*(a)		45,650		771,028
World Acceptance Corp.*(a)		3,002		197,952
				7,300,709
Containers & Packaging — 0.4%
Myers Industries, Inc.		33,310		740,481
O-I Glass, Inc.*		141,600		2,346,312
				3,086,793
Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.*		41,450		1,471,475
Frontdoor, Inc.*		74,400		1,547,520
Mister Car Wash, Inc.*		72,600		670,098
Perdoceo Education Corp.*		61,320		852,348
Strategic Education, Inc.		20,310		1,590,679
Stride, Inc.*(a)		37,300		1,166,744

SEE NOTES TO FINANCIAL STATEMENTS.

A213

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services (cont’d.)
WW International, Inc.*(a)		49,790	$	192,190
				7,491,054
Diversified Telecommunication Services — 0.4%
ATN International, Inc.(a)		9,850		446,303
Cogent Communications Holdings, Inc.(a)		39,000		2,226,120
Consolidated Communications Holdings, Inc.*		67,720		242,438
				2,914,861
Electrical Equipment — 0.4%
AZZ, Inc.		22,672		911,414
Encore Wire Corp.(a)		16,741		2,302,892
Powell Industries, Inc.		8,292		291,713
				3,506,019
Electronic Equipment, Instruments & Components — 4.1%
Advanced Energy Industries, Inc.		34,107		2,925,698
Arlo Technologies, Inc.*		80,554		282,745
Badger Meter, Inc.(a)		26,714		2,912,627
Benchmark Electronics, Inc.		32,100		856,749
CTS Corp.(a)		29,104		1,147,280
ePlus, Inc.*		24,570		1,087,960
Fabrinet (Thailand)*		33,400		4,282,548
FARO Technologies, Inc.*		17,114		503,323
Insight Enterprises, Inc.*(a)		27,635		2,770,961
Itron, Inc.*(a)		41,220		2,087,793
Knowles Corp.*(a)		83,020		1,363,188
Methode Electronics, Inc.		33,386		1,481,337
OSI Systems, Inc.*		14,290		1,136,341
PC Connection, Inc.		10,290		482,601
Plexus Corp.*		25,260		2,600,012
Rogers Corp.*		17,171		2,049,187
Sanmina Corp.*		52,430		3,003,715
ScanSource, Inc.*		23,043		673,316
TTM Technologies, Inc.*		93,289		1,406,798
				33,054,179
Energy Equipment & Services — 2.3%
Archrock, Inc.(a)		122,150		1,096,907
Bristow Group, Inc.*		21,507		583,485
Core Laboratories NV(a)		42,310		857,624
DMC Global, Inc.*		17,090		332,230
Dril-Quip, Inc.*(a)		30,950		840,912
Helix Energy Solutions Group, Inc.*(a)		130,270		961,393
Helmerich & Payne, Inc.		96,190		4,768,138
Nabors Industries Ltd.*(a)		8,166		1,264,668
Oceaneering International, Inc.*		91,490		1,600,160
Oil States International, Inc.*		58,870		439,170
Patterson-UTI Energy, Inc.(a)		197,900		3,332,636
ProPetro Holding Corp.*(a)		87,830		910,797
RPC, Inc.(a)		75,970		675,373
U.S. Silica Holdings, Inc.*		69,090		863,625
				18,527,118
Entertainment — 0.1%
Cinemark Holdings, Inc.*(a)		97,830		847,208

	Shares		Value
COMMON STOCKS (continued)
Entertainment (cont’d.)
Marcus Corp. (The)(a)		22,468	$	323,314
				1,170,522
Equity Real Estate Investment Trusts (REITs) — 7.1%
Acadia Realty Trust		86,655		1,243,499
Agree Realty Corp.(a)		80,180		5,687,167
Alexander & Baldwin, Inc.		66,230		1,240,488
American Assets Trust, Inc.(a)		47,530		1,259,545
Armada Hoffler Properties, Inc.		61,820		710,930
Brandywine Realty Trust		156,580		962,967
CareTrust REIT, Inc.		88,575		1,645,723
Centerspace(a)		13,730		805,539
Chatham Lodging Trust		44,520		546,260
Community Healthcare Trust, Inc.		21,500		769,700
DiamondRock Hospitality Co.(a)		191,110		1,565,191
Easterly Government Properties, Inc.(a)		82,840		1,182,127
Elme Communities(a)		79,870		1,421,686
Essential Properties Realty Trust, Inc.		129,880		3,048,284
Four Corners Property Trust, Inc.(a)		75,429		1,955,874
Franklin Street Properties Corp.		84,622		231,018
Getty Realty Corp.(a)		38,814		1,313,854
Global Net Lease, Inc.(a)		94,760		1,191,133
Hersha Hospitality Trust (Class A Stock)(a)		30,240		257,645
Hudson Pacific Properties, Inc.		117,050		1,138,897
Industrial Logistics Properties Trust		60,690		198,456
Innovative Industrial Properties, Inc.(a)		25,530		2,587,465
iStar, Inc.		78,650		600,100
LTC Properties, Inc.(a)		36,956		1,313,047
LXP Industrial Trust		251,656		2,521,593
NexPoint Residential Trust, Inc.		20,750		903,040
Office Properties Income Trust		44,310		591,539
Orion Office REIT, Inc.(a)		51,700		441,518
Outfront Media, Inc.(a)		133,350		2,210,943
Retail Opportunity Investments Corp.		113,690		1,708,761
RPT Realty		77,800		781,112
Safehold, Inc.(a)		22,040		630,785
Saul Centers, Inc.		11,760		478,397
Service Properties Trust(a)		151,040		1,101,082
SITE Centers Corp.(a)		168,740		2,304,988
Summit Hotel Properties, Inc.(a)		97,560		704,383
Sunstone Hotel Investors, Inc.(a)		192,050		1,855,203
Tanger Factory Outlet Centers, Inc.(a)		95,250		1,708,785
Uniti Group, Inc.(a)		216,510		1,197,300
Universal Health Realty Income Trust(a)		11,580		552,713
Urban Edge Properties(a)		107,200		1,510,448
Urstadt Biddle Properties, Inc. (Class A Stock)(a)		27,240		516,198
Veris Residential, Inc.*		72,320		1,152,058
Whitestone REIT		42,350		408,254
Xenia Hotels & Resorts, Inc.(a)		103,930		1,369,797
				57,525,492
Food & Staples Retailing — 0.8%
Andersons, Inc. (The)		28,404		993,856
Chefs’ Warehouse, Inc. (The)*(a)		31,060		1,033,677
PriceSmart, Inc.		22,860		1,389,431

SEE NOTES TO FINANCIAL STATEMENTS.

A214

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (cont’d.)
SpartanNash Co.(a)		32,176	$	973,002
United Natural Foods, Inc.*(a)		53,230		2,060,533
				6,450,499
Food Products — 2.1%
B&G Foods, Inc.(a)		65,430		729,545
Calavo Growers, Inc.(a)		16,200		476,280
Cal-Maine Foods, Inc.		34,720		1,890,504
Fresh Del Monte Produce, Inc.		27,950		732,010
Hain Celestial Group, Inc. (The)*		81,500		1,318,670
Hostess Brands, Inc.*(a)		122,200		2,742,168
J & J Snack Foods Corp.(a)		13,658		2,044,739
John B. Sanfilippo & Son, Inc.		8,130		661,132
Seneca Foods Corp. (Class A Stock)*		4,840		294,998
Simply Good Foods Co. (The)*(a)		76,810		2,921,084
Tootsie Roll Industries, Inc.(a)		16,189		689,166
TreeHouse Foods, Inc.*		46,150		2,278,887
				16,779,183
Gas Utilities — 0.9%
Chesapeake Utilities Corp.(a)		16,190		1,913,334
Northwest Natural Holding Co.		31,985		1,522,166
South Jersey Industries, Inc.(a)		111,614		3,965,646
				7,401,146
Health Care Equipment & Supplies — 2.8%
AngioDynamics, Inc.*		35,870		493,930
Artivion, Inc.*(a)		36,783		445,810
Avanos Medical, Inc.*		42,410		1,147,614
Cardiovascular Systems, Inc.*		38,200		520,284
CONMED Corp.(a)		27,799		2,464,103
Cutera, Inc.*(a)		16,310		721,228
Embecta Corp.(a)		52,800		1,335,312
Glaukos Corp.*		43,530		1,901,390
Heska Corp.*(a)		9,260		575,602
Inogen, Inc.*		21,080		415,487
Integer Holdings Corp.*		30,254		2,071,189
LeMaitre Vascular, Inc.		17,680		813,634
Meridian Bioscience, Inc.*		39,925		1,325,909
Merit Medical Systems, Inc.*(a)		51,958		3,669,274
Mesa Laboratories, Inc.(a)		4,600		764,566
NuVasive, Inc.*		47,550		1,960,962
OraSure Technologies, Inc.*		66,900		322,458
Orthofix Medical, Inc.*		18,330		376,315
Surmodics, Inc.*		12,782		436,122
Varex Imaging Corp.*		36,430		739,529
Zimvie, Inc.*		19,200		179,328
Zynex, Inc.(a)		19,820		275,696
				22,955,742
Health Care Providers & Services — 3.1%
AdaptHealth Corp.*(a)		70,100		1,347,322
Addus HomeCare Corp.*(a)		14,730		1,465,488
Agiliti, Inc.*(a)		30,400		495,824
AMN Healthcare Services, Inc.*		39,559		4,067,456
Apollo Medical Holdings, Inc.*(a)		36,260		1,072,933
Community Health Systems, Inc.*		114,380		494,122
CorVel Corp.*		8,350		1,213,505

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Cross Country Healthcare, Inc.*(a)		32,343	$	859,354
Enhabit, Inc.*(a)		45,300		596,148
Ensign Group, Inc. (The)		50,660		4,792,943
Fulgent Genetics, Inc.*(a)		17,980		535,444
Joint Corp. (The)*(a)		13,510		188,870
ModivCare, Inc.*(a)		11,650		1,045,354
Owens & Minor, Inc.*(a)		69,580		1,358,897
Pediatrix Medical Group, Inc.*		74,780		1,111,231
Pennant Group, Inc. (The)*		25,845		283,778
RadNet, Inc.*		44,500		837,935
Select Medical Holdings Corp.		95,090		2,361,085
U.S. Physical Therapy, Inc.		11,890		963,447
				25,091,136
Health Care Technology — 0.5%
Allscripts Healthcare Solutions, Inc.*		99,740		1,759,414
Computer Programs & Systems, Inc.*		12,966		352,934
HealthStream, Inc.*		22,030		547,225
NextGen Healthcare, Inc.*		49,964		938,324
OptimizeRx Corp.*		15,650		262,920
Simulations Plus, Inc.		14,670		536,482
				4,397,299
Hotels, Restaurants & Leisure — 1.7%
BJ’s Restaurants, Inc.*		21,332		562,738
Bloomin’ Brands, Inc.		80,130		1,612,216
Brinker International, Inc.*(a)		40,160		1,281,506
Cheesecake Factory, Inc. (The)(a)		43,650		1,384,142
Chuy’s Holdings, Inc.*(a)		16,410		464,403
Dave & Buster’s Entertainment, Inc.*		38,300		1,357,352
Dine Brands Global, Inc.(a)		14,315		924,749
El Pollo Loco Holdings, Inc.(a)		17,890		178,184
Golden Entertainment, Inc.*		20,050		749,870
Jack in the Box, Inc.(a)		19,200		1,310,016
Monarch Casino & Resort, Inc.*		12,171		935,828
Ruth’s Hospitality Group, Inc.(a)		27,668		428,301
Shake Shack, Inc. (Class A Stock)*		34,130		1,417,419
Six Flags Entertainment Corp.*		67,550		1,570,537
				14,177,261
Household Durables — 2.4%
Cavco Industries, Inc.*		7,560		1,710,450
Century Communities, Inc.		25,810		1,290,758
Ethan Allen Interiors, Inc.(a)		20,979		554,265
Green Brick Partners, Inc.*		24,800		600,904
Installed Building Products, Inc.(a)		21,480		1,838,688
iRobot Corp.*(a)		24,850		1,196,031
La-Z-Boy, Inc.(a)		39,271		896,164
LGI Homes, Inc.*(a)		18,710		1,732,546
M/I Homes, Inc.*		25,050		1,156,809
MDC Holdings, Inc.		52,022		1,643,895
Meritage Homes Corp.*		33,367		3,076,437
Sonos, Inc.*(a)		116,150		1,962,935
Tri Pointe Homes, Inc.*		92,100		1,712,139
Universal Electronics, Inc.*		11,064		230,242
				19,602,263

SEE NOTES TO FINANCIAL STATEMENTS.

A215

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Household Products — 0.4%
Central Garden & Pet Co.*		8,940	$	334,803
Central Garden & Pet Co. (Class A Stock)*		37,828		1,354,242
WD-40 Co.(a)		12,399		1,998,843
				3,687,888
Insurance — 2.6%
Ambac Financial Group, Inc.*		41,050		715,912
American Equity Investment Life Holding Co.(a)		63,360		2,890,483
AMERISAFE, Inc.		17,494		909,163
Assured Guaranty Ltd.(a)		54,810		3,412,471
Employers Holdings, Inc.		24,825		1,070,702
Genworth Financial, Inc. (Class A Stock)*		453,110		2,396,952
HCI Group, Inc.(a)		6,380		252,584
Horace Mann Educators Corp.		37,360		1,396,143
James River Group Holdings Ltd.		34,160		714,286
Mercury General Corp.		24,250		829,350
Palomar Holdings, Inc.*		23,100		1,043,196
ProAssurance Corp.		49,226		859,978
Safety Insurance Group, Inc.(a)		13,470		1,134,982
SiriusPoint Ltd. (Bermuda)*		77,550		457,545
Stewart Information Services Corp.(a)		24,742		1,057,226
Trupanion, Inc.*(a)		32,100		1,525,713
United Fire Group, Inc.(a)		19,901		544,492
Universal Insurance Holdings, Inc.		25,080		265,597
				21,476,775
Interactive Media & Services — 0.5%
Cars.com, Inc.*(a)		56,550		778,694
QuinStreet, Inc.*		46,000		660,100
Shutterstock, Inc.(a)		21,900		1,154,568
Yelp, Inc.*(a)		63,600		1,738,824
				4,332,186
Internet & Direct Marketing Retail — 0.1%
Liquidity Services, Inc.*		24,750		347,985
PetMed Express, Inc.(a)		19,441		344,106
				692,091
IT Services — 1.2%
CSG Systems International, Inc.		27,654		1,581,809
EVERTEC, Inc. (Puerto Rico)		59,490		1,926,286
Payoneer Global, Inc.*		181,650		993,625
Perficient, Inc.*		31,614		2,207,606
Sabre Corp.*(a)		299,750		1,852,455
TTEC Holdings, Inc.		17,307		763,758
Unisys Corp.*		62,450		319,120
				9,644,659
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.(a)		16,167		818,374
Vista Outdoor, Inc.*(a)		51,650		1,258,710
				2,077,084
Life Sciences Tools & Services — 0.2%
BioLife Solutions, Inc.*(a)		31,380		571,116

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (cont’d.)
NeoGenomics, Inc.*		115,260	$	1,065,002
				1,636,118
Machinery — 4.8%
3D Systems Corp.*(a)		120,010		888,074
Alamo Group, Inc.		9,390		1,329,624
Albany International Corp. (Class A Stock)		28,364		2,796,407
Astec Industries, Inc.		20,720		842,475
Barnes Group, Inc.		46,146		1,885,064
CIRCOR International, Inc.*		18,588		445,368
Enerpac Tool Group Corp.		51,884		1,320,448
EnPro Industries, Inc.		18,988		2,063,806
ESCO Technologies, Inc.		23,611		2,066,907
Federal Signal Corp.		55,350		2,572,115
Franklin Electric Co., Inc.(a)		35,590		2,838,302
Greenbrier Cos., Inc. (The)(a)		30,010		1,006,235
Hillenbrand, Inc.		63,478		2,708,606
John Bean Technologies Corp.		29,077		2,655,602
Lindsay Corp.(a)		10,019		1,631,594
Mueller Industries, Inc.		51,888		3,061,392
Proto Labs, Inc.*		24,720		631,102
SPX Technologies, Inc.*		41,250		2,708,063
Standex International Corp.(a)		10,950		1,121,390
Tennant Co.(a)		17,040		1,049,153
Titan International, Inc.*(a)		46,450		711,614
Trinity Industries, Inc.(a)		74,300		2,197,051
Wabash National Corp.(a)		43,750		988,750
				39,519,142
Marine — 0.3%
Matson, Inc.(a)		34,480		2,155,345
Media — 0.5%
AMC Networks, Inc. (Class A Stock)*		25,780		403,973
EW Scripps Co. (The) (Class A Stock)*(a)		52,921		698,028
Gannett Co., Inc.*		133,370		270,741
Scholastic Corp.		27,140		1,070,944
TechTarget, Inc.*(a)		24,630		1,085,198
Thryv Holdings, Inc.*(a)		28,000		532,000
				4,060,884
Metals & Mining — 1.9%
Arconic Corp.*		92,650		1,960,474
ATI, Inc.*(a)		118,120		3,527,063
Carpenter Technology Corp.		44,230		1,633,856
Century Aluminum Co.*(a)		46,693		381,949
Compass Minerals International, Inc.(a)		31,050		1,273,050
Haynes International, Inc.		11,350		518,582
Kaiser Aluminum Corp.		14,600		1,109,016
Materion Corp.(a)		18,718		1,638,012
Olympic Steel, Inc.		8,718		292,751
SunCoke Energy, Inc.		76,630		661,317
TimkenSteel Corp.*		36,130		656,482
Warrior Met Coal, Inc.		47,130		1,632,583
				15,285,135

SEE NOTES TO FINANCIAL STATEMENTS.

A216

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.(a)		118,060	$	1,270,326
ARMOUR Residential REIT, Inc.(a)		120,580		678,865
Ellington Financial, Inc.(a)		52,582		650,439
Franklin BSP Realty Trust, Inc.(a)		75,276		971,061
Granite Point Mortgage Trust, Inc.(a)		48,190		258,298
Invesco Mortgage Capital, Inc.(a)		32,236		410,364
KKR Real Estate Finance Trust, Inc.(a)		52,350		730,806
New York Mortgage Trust, Inc.(a)		338,680		867,021
PennyMac Mortgage Investment Trust(a)		81,170		1,005,696
Ready Capital Corp.(a)		89,773		1,000,071
Redwood Trust, Inc.(a)		103,440		699,255
Two Harbors Investment Corp.(a)		78,812		1,242,865
				9,785,067
Multiline Retail — 0.0%
Big Lots, Inc.(a)		26,510		389,697
Multi-Utilities — 0.5%
Avista Corp.		67,333		2,985,545
Unitil Corp.		14,650		752,424
				3,737,969
Oil, Gas & Consumable Fuels — 2.2%
Callon Petroleum Co.*(a)		46,680		1,731,361
Civitas Resources, Inc.(a)		47,460		2,749,358
CONSOL Energy, Inc.(a)		29,930		1,945,450
Dorian LPG Ltd.		29,190		553,151
Green Plains, Inc.*(a)		54,110		1,650,355
Laredo Petroleum, Inc.*(a)		15,322		787,857
Par Pacific Holdings, Inc.*		50,630		1,177,147
Ranger Oil Corp. (Class A Stock)(a)		17,430		704,695
REX American Resources Corp.*		14,180		451,775
SM Energy Co.		112,100		3,904,443
Talos Energy, Inc.*		59,530		1,123,926
World Fuel Services Corp.		56,520		1,544,692
				18,324,210
Paper & Forest Products — 0.3%
Clearwater Paper Corp.*(a)		15,250		576,602
Mercer International, Inc. (Germany)(a)		36,820		428,585
Sylvamo Corp.		30,200		1,467,418
				2,472,605
Personal Products — 1.2%
Edgewell Personal Care Co.		47,290		1,822,557
elf Beauty, Inc.*		45,890		2,537,717
Inter Parfums, Inc.(a)		16,340		1,577,137
Medifast, Inc.		9,970		1,150,039
Nu Skin Enterprises, Inc. (Class A Stock)		45,100		1,901,416
USANA Health Sciences, Inc.*(a)		10,140		539,448
				9,528,314
Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.*(a)		34,400		963,888
ANI Pharmaceuticals, Inc.*		11,210		450,978
Cara Therapeutics, Inc.*		41,563		446,387

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Collegium Pharmaceutical, Inc.*		30,650	$	711,080
Corcept Therapeutics, Inc.*(a)		87,600		1,779,156
Harmony Biosciences Holdings, Inc.*		27,050		1,490,455
Innoviva, Inc.*(a)		57,310		759,357
Ligand Pharmaceuticals, Inc.*		14,660		979,288
Nektar Therapeutics*		171,550		387,703
Pacira BioSciences, Inc.*		41,880		1,616,987
Phibro Animal Health Corp. (Class A Stock)		18,800		252,108
Prestige Consumer Healthcare, Inc.*		45,200		2,829,520
Supernus Pharmaceuticals, Inc.*(a)		49,280		1,757,818
				14,424,725
Professional Services — 1.4%
Exponent, Inc.		46,220		4,579,940
Forrester Research, Inc.*		10,232		365,896
Heidrick & Struggles International, Inc.		18,154		507,768
Kelly Services, Inc. (Class A Stock)		31,569		533,516
Korn Ferry		48,710		2,465,700
NV5 Global, Inc.*(a)		11,360		1,503,155
Resources Connection, Inc.		29,270		537,983
TrueBlue, Inc.*		30,078		588,927
				11,082,885
Real Estate Management & Development — 0.6%
Anywhere Real Estate, Inc.*		99,940		638,617
Cushman & Wakefield PLC*(a)		148,450		1,849,687
Douglas Elliman, Inc.		62,126		252,853
Marcus & Millichap, Inc.(a)		22,640		779,948
RE/MAX Holdings, Inc. (Class A Stock)		16,660		310,542
St. Joe Co. (The)(a)		30,870		1,193,125
				5,024,772
Road & Rail — 0.4%
ArcBest Corp.(a)		22,265		1,559,441
Heartland Express, Inc.(a)		42,498		651,919
Marten Transport Ltd.		52,555		1,039,538
				3,250,898
Semiconductors & Semiconductor Equipment — 3.4%
Alpha & Omega Semiconductor Ltd.*(a)		20,250		578,543
Axcelis Technologies, Inc.*		29,990		2,380,006
CEVA, Inc.*		21,150		541,017
Cohu, Inc.*(a)		43,467		1,393,117
Diodes, Inc.*		41,510		3,160,571
FormFactor, Inc.*(a)		70,280		1,562,324
Ichor Holdings Ltd.*(a)		26,270		704,561
Kulicke & Soffa Industries, Inc. (Singapore)(a)		53,072		2,348,967
MaxLinear, Inc.*		65,980		2,240,021
Onto Innovation, Inc.*(a)		45,207		3,078,145
PDF Solutions, Inc.*		26,940		768,329
Photronics, Inc.*		56,320		947,866
Rambus, Inc.*(a)		98,090		3,513,584
Semtech Corp.*		57,950		1,662,585
SMART Global Holdings, Inc.*(a)		44,350		659,928
Ultra Clean Holdings, Inc.*		41,510		1,376,057

SEE NOTES TO FINANCIAL STATEMENTS.

A217

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Veeco Instruments, Inc.*(a)		46,923	$	871,829
				27,787,450
Software — 2.4%
8x8, Inc.*(a)		101,920		440,294
A10 Networks, Inc.(a)		58,300		969,529
Adeia, Inc.		95,965		909,748
Agilysys, Inc.*		18,142		1,435,758
Alarm.com Holdings, Inc.*		45,560		2,254,309
Cerence, Inc.*(a)		35,950		666,153
Consensus Cloud Solutions, Inc.*(a)		16,150		868,224
Digital Turbine, Inc.*		82,250		1,253,490
Ebix, Inc.(a)		21,627		431,675
InterDigital, Inc.(a)		27,070		1,339,424
LivePerson, Inc.*(a)		64,210		651,089
LiveRamp Holdings, Inc.*		60,650		1,421,636
OneSpan, Inc.*		32,450		363,116
Progress Software Corp.		39,317		1,983,543
SPS Commerce, Inc.*(a)		32,900		4,225,347
Xperi, Inc.*		38,386		330,503
				19,543,838
Specialty Retail — 4.6%
Aaron’s Co., Inc. (The)		28,090		335,676
Abercrombie & Fitch Co. (Class A Stock)*		45,150		1,034,387
Academy Sports & Outdoors, Inc.(a)		72,800		3,824,912
American Eagle Outfitters, Inc.(a)		159,000		2,219,640
America’s Car-Mart, Inc.*(a)		5,280		381,533
Asbury Automotive Group, Inc.*(a)		20,200		3,620,850
Bed Bath & Beyond, Inc.*(a)		69,980		175,650
Boot Barn Holdings, Inc.*		27,280		1,705,546
Buckle, Inc. (The)		27,049		1,226,672
Caleres, Inc.(a)		33,264		741,122
Chico’s FAS, Inc.*(a)		114,200		561,864
Children’s Place, Inc. (The)*(a)		11,865		432,123
Designer Brands, Inc. (Class A Stock)(a)		46,400		453,792
Genesco, Inc.*		11,402		524,720
Group 1 Automotive, Inc.		13,304		2,399,642
Guess?, Inc.(a)		27,800		575,182
Haverty Furniture Cos., Inc.(a)		12,051		360,325
Hibbett, Inc.(a)		11,696		797,901
Leslie’s, Inc.*(a)		135,300		1,652,013
MarineMax, Inc.*(a)		19,662		613,848
Monro, Inc.(a)		28,782		1,300,946
National Vision Holdings, Inc.*(a)		72,000		2,790,720
ODP Corp. (The)*		36,785		1,675,189
Rent-A-Center, Inc.(a)		45,720		1,030,986
Sally Beauty Holdings, Inc.*(a)		97,670		1,222,828
Shoe Carnival, Inc.(a)		15,640		373,952
Signet Jewelers Ltd.(a)		42,190		2,868,920
Sleep Number Corp.*(a)		20,090		521,938
Sonic Automotive, Inc. (Class A Stock)(a)		15,227		750,234
Urban Outfitters, Inc.*(a)		54,700		1,304,595
Zumiez, Inc.*(a)		14,320		311,317
				37,789,023

	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.*(a)		30,300	$	805,677
Corsair Gaming, Inc.*(a)		35,300		479,021
				1,284,698
Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd.*		39,010		534,827
Kontoor Brands, Inc.(a)		45,050		1,801,550
Movado Group, Inc.(a)		14,517		468,173
Oxford Industries, Inc.(a)		13,666		1,273,398
Steven Madden Ltd.		66,825		2,135,727
Wolverine World Wide, Inc.		71,894		785,801
				6,999,476
Thrifts & Mortgage Finance — 1.8%
Axos Financial, Inc.*		48,710		1,861,696
Capitol Federal Financial, Inc.		117,890		1,019,749
Mr. Cooper Group, Inc.*		64,380		2,583,569
NMI Holdings, Inc. (Class A Stock)*		76,310		1,594,879
Northfield Bancorp, Inc.		38,360		603,403
Provident Financial Services, Inc.(a)		68,690		1,467,218
TrustCo Bank Corp.		17,427		655,081
Walker & Dunlop, Inc.		28,010		2,198,225
WSFS Financial Corp.(a)		56,210		2,548,561
				14,532,381
Tobacco — 0.3%
Universal Corp.		22,450		1,185,584
Vector Group Ltd.		120,102		1,424,410
				2,609,994
Trading Companies & Distributors — 1.5%
Applied Industrial Technologies, Inc.		35,208		4,437,264
Boise Cascade Co.(a)		36,010		2,472,807
DXP Enterprises, Inc.*		14,400		396,720
GMS, Inc.*		38,720		1,928,256
NOW, Inc.*		100,800		1,280,160
Veritiv Corp.(a)		12,310		1,498,250
				12,013,457
Water Utilities — 1.2%
American States Water Co.(a)		33,942		3,141,332
California Water Service Group(a)		49,960		3,029,574
Middlesex Water Co.		16,100		1,266,587
SJW Group(a)		24,350		1,976,977
				9,414,470
Wireless Telecommunication Services — 0.3%
Gogo, Inc.*(a)		59,250		874,530
Shenandoah Telecommunications Co.		45,710		725,875
Telephone & Data Systems, Inc.(a)		91,100		955,639
				2,556,044
TOTAL COMMON STOCKS (cost $578,348,980)				796,902,816

SEE NOTES TO FINANCIAL STATEMENTS.

A218

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

		Shares		Value
EXCHANGE-TRADED FUND — 1.3%
iShares Core S&P Small-Cap ETF(a)			109,120	$	10,327,117
(cost $9,637,111)
TOTAL LONG-TERM INVESTMENTS (cost $587,986,091)					807,229,933
SHORT-TERM INVESTMENTS — 32.4%
AFFILIATED MUTUAL FUNDS — 32.3%
PGIM Core Ultra Short Bond Fund(wa)			5,468,150		5,468,150
PGIM Institutional Money Market Fund (cost $257,173,354; includes $256,232,608 of cash collateral for securities on loan)(b)(wa)			257,559,365		257,430,585
TOTAL AFFILIATED MUTUAL FUNDS (cost $262,641,504)					262,898,735
Interest Rate	Maturity Date	Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.1%
U.S. Treasury Bills
4.271%	03/16/23		700		694,062
(cost $693,921)
TOTAL SHORT-TERM INVESTMENTS (cost $263,335,425)					263,592,797
TOTAL INVESTMENTS—131.5% (cost $851,321,516)					1,070,822,730
Liabilities in excess of other assets(z) — (31.5)%					(256,330,449	)
NET ASSETS — 100.0%				$	814,492,281

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.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2 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 $250,054,040; cash collateral of $256,232,608 (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, 2022:

Number      of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
76	Russell 2000 E-Mini Index		Mar. 2023	$	6,729,420		$	(145,234	)

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		$	—		$	694,062

Fair Value Measurements:

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

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

A219

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	11,252,279	$	—		$	—
Air Freight & Logistics		7,367,109		—			—
Airlines		2,686,955		—			—
Auto Components		10,110,048		—			—
Automobiles		1,466,167		—			—
Banks		84,616,054		—			—
Beverages		2,486,193		—			—
Biotechnology		20,482,691		—			2
Building Products		17,101,645		—			—
Capital Markets		8,033,148		—			—
Chemicals		24,042,714		—			—
Commercial Services & Supplies		17,939,631		—			—
Communications Equipment		11,817,723		—			—
Construction & Engineering		8,949,901		—			—
Consumer Finance		7,300,709		—			—
Containers & Packaging		3,086,793		—			—
Diversified Consumer Services		7,491,054		—			—
Diversified Telecommunication Services		2,914,861		—			—
Electrical Equipment		3,506,019		—			—
Electronic Equipment, Instruments & Components		33,054,179		—			—
Energy Equipment & Services		18,527,118		—			—
Entertainment		1,170,522		—			—
Equity Real Estate Investment Trusts (REITs)		57,525,492		—			—
Food & Staples Retailing		6,450,499		—			—
Food Products		16,779,183		—			—
Gas Utilities		7,401,146		—			—
Health Care Equipment & Supplies		22,955,742		—			—
Health Care Providers & Services		25,091,136		—			—
Health Care Technology		4,397,299		—			—
Hotels, Restaurants & Leisure		14,177,261		—			—
Household Durables		19,602,263		—			—
Household Products		3,687,888		—			—
Insurance		21,476,775		—			—
Interactive Media & Services		4,332,186		—			—
Internet & Direct Marketing Retail		692,091		—			—
IT Services		9,644,659		—			—
Leisure Products		2,077,084		—			—
Life Sciences Tools & Services		1,636,118		—			—
Machinery		39,519,142		—			—
Marine		2,155,345		—			—
Media		4,060,884		—			—
Metals & Mining		15,285,135		—			—
Mortgage Real Estate Investment Trusts (REITs)		9,785,067		—			—
Multiline Retail		389,697		—			—
Multi-Utilities		3,737,969		—			—
Oil, Gas & Consumable Fuels		18,324,210		—			—
Paper & Forest Products		2,472,605		—			—
Personal Products		9,528,314		—			—
Pharmaceuticals		14,424,725		—			—
Professional Services		11,082,885		—			—
Real Estate Management & Development		5,024,772		—			—
Road & Rail		3,250,898		—			—
Semiconductors & Semiconductor Equipment		27,787,450		—			—
Software		19,543,838		—			—
Specialty Retail		37,789,023		—			—

SEE NOTES TO FINANCIAL STATEMENTS.

A220

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Technology Hardware, Storage & Peripherals	$	1,284,698		$	—		$—
Textiles, Apparel & Luxury Goods		6,999,476			—		—
Thrifts & Mortgage Finance		14,532,381			—		—
Tobacco		2,609,994			—		—
Trading Companies & Distributors		12,013,457			—		—
Water Utilities		9,414,470			—		—
Wireless Telecommunication Services		2,556,044			—		—
Exchange-Traded Fund		10,327,117			—		—
Short-Term Investments
Affiliated Mutual Funds		262,898,735			—		—
U.S. Treasury Obligation		—			694,062		—
Total	$	1,070,128,666		$	694,062		$ 2
Other Financial Instruments*
Liabilities
Futures Contracts	$	(145,234	)	$	—		$—

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments. 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, 2022 were as follows:

Affiliated Mutual Funds (31.5% represents investments purchased with collateral from securities on loan)	32.3	%
Banks	10.4
Equity Real Estate Investment Trusts (REITs)	7.1
Machinery	4.8
Specialty Retail	4.6
Electronic Equipment, Instruments & Components	4.1
Semiconductors & Semiconductor Equipment	3.4
Health Care Providers & Services	3.1
Chemicals	2.9
Health Care Equipment & Supplies	2.8
Insurance	2.6
Biotechnology	2.5
Household Durables	2.4
Software	2.4
Energy Equipment & Services	2.3
Oil, Gas & Consumable Fuels	2.2
Commercial Services & Supplies	2.2
Building Products	2.1
Food Products	2.1
Metals & Mining	1.9
Thrifts & Mortgage Finance	1.8
Pharmaceuticals	1.8
Hotels, Restaurants & Leisure	1.7
Trading Companies & Distributors	1.5
Communications Equipment	1.4
Aerospace & Defense	1.4
Professional Services	1.4
Exchange-Traded Fund	1.3
Auto Components	1.2
Mortgage Real Estate Investment Trusts (REITs)	1.2

IT Services	1.2	%
Personal Products	1.2
Water Utilities	1.2
Construction & Engineering	1.1
Capital Markets	1.0
Diversified Consumer Services	0.9
Gas Utilities	0.9
Air Freight & Logistics	0.9
Consumer Finance	0.9
Textiles, Apparel & Luxury Goods	0.9
Food & Staples Retailing	0.8
Real Estate Management & Development	0.6
Health Care Technology	0.5
Interactive Media & Services	0.5
Media	0.5
Multi-Utilities	0.5
Household Products	0.4
Electrical Equipment	0.4
Road & Rail	0.4
Containers & Packaging	0.4
Diversified Telecommunication Services	0.4
Airlines	0.3
Tobacco	0.3
Wireless Telecommunication Services	0.3
Beverages	0.3
Paper & Forest Products	0.3
Marine	0.3
Leisure Products	0.3
Life Sciences Tools & Services	0.2
Automobiles	0.2
Technology Hardware, Storage & Peripherals	0.2

SEE NOTES TO FINANCIAL STATEMENTS.

A221

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Industry Classification (continued):
Entertainment	0.1	%
U.S. Treasury Obligation	0.1
Internet & Direct Marketing Retail	0.1
Multiline Retail	0.0	*
	131.5
Liabilities in excess of other assets	(31.5	)
	100.0	%

* Less than +/- 0.05%

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

The Portfolio invested in derivative instruments during the reporting period. The primary 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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives		Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and         Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts	—	$—	Due from/to broker-variation margin futures	$	145,234	*

* 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(825,169	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(220,810	)

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$6,384,178

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Notional Amount in USD.

SEE NOTES TO FINANCIAL STATEMENTS.

A222

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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	$250,054,040	$(250,054,040)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A223

PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $250,054,040:
Unaffiliated investments (cost $588,680,012)	$	807,923,995
Affiliated investments (cost $262,641,504)		262,898,735
Dividends and interest receivable		1,056,490
Receivable for investments sold		546,087
Receivable for Portfolio shares sold		58,944
Prepaid expenses and other assets		13,921
Total Assets		1,072,498,172
LIABILITIES
Payable to broker for collateral for securities on loan		256,232,608
Accrued expenses and other liabilities		1,162,736
Management fee payable		247,942
Payable for investments purchased		174,483
Payable for Portfolio shares purchased		162,076
Due to broker-variation margin futures		22,386
Distribution fee payable		1,890
Affiliated transfer agent fee payable		980
Trustees’ fees payable		790
Total Liabilities		258,005,891
NET ASSETS	$	814,492,281
Net assets were comprised of: Partners’ Equity	$	814,492,281
Class I:
Net asset value and redemption price per share, $805,629,768 / 15,965,140 outstanding shares of beneficial interest	$	50.46
Class III:
Net asset value and redemption price per share, $8,862,513 / 176,364 outstanding shares of beneficial interest	$	50.25

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $9,814 foreign withholding tax, of which $50 is reimbursable by an affiliate)	$	12,572,358
Income from securities lending, net (including affiliated income of $379,213)		403,951
Affiliated dividend income		127,213
Interest income		7,985
Total income		13,111,507
EXPENSES
Management fee		3,073,687
Distribution fee—Class III		19,904
Custodian and accounting fees		90,548
Shareholders’ reports		44,955
Legal fees and expenses		25,775
Audit fee		24,600
Trustees’ fees		22,161
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		31,298
Total expenses		3,343,610
NET INVESTMENT INCOME (LOSS)		9,767,897
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(25,832))		48,392,214
Futures transactions		(825,169	)
		47,567,045
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $92,226)		(223,530,059	)
Futures		(220,810	)
		(223,750,869	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(176,183,824	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(166,415,927	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	9,767,897			$	8,901,819
Net realized gain (loss) on investment transactions			47,567,045				91,316,752
Net change in unrealized appreciation (depreciation) on investments			(223,750,869	)			122,798,716
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(166,415,927	)			223,017,287
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			13,966,519				24,869,098
Portfolio shares purchased			(63,514,847	)			(75,416,063	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(49,548,328	)			(50,546,965	)
TOTAL INCREASE (DECREASE)			(215,964,255	)			172,470,322
NET ASSETS:
Beginning of year			1,030,456,536				857,986,214
End of year		$	814,492,281			$	1,030,456,536

SEE NOTES TO FINANCIAL STATEMENTS.

A224

	PSF SMALL-CAP STOCK INDEX PORTFOLIO  (CONTINUED)
FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	60.34		$	47.76		$	43.03		$	35.15		$	38.51
Income (Loss) From Investment Operations:
Net investment income (loss)		0.59			0.51			0.40			0.46			0.40
Net realized and unrealized gain (loss) on investment transactions		(10.47	)		12.07			4.33			7.42			(3.76	)
Total from investment operations		(9.88	)		12.58			4.73			7.88			(3.36	)
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	50.46		$	60.34		$	47.76		$	43.03		$	35.15
Total Return(d)		(16.37	)%		26.34	%		10.99	%		22.42	%		(8.73	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	806		$	1,024		$	858		$	834		$	729
Average net assets (in millions)	$	870		$	1,002		$	701		$	794		$	871
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.38	%		0.38	%		0.40	%		0.39	%		0.39	%
Expenses before waivers and/or expense reimbursement		0.38	%		0.38	%		0.40	%		0.39	%		0.39	%
Net investment income (loss)		1.11	%		0.89	%		1.07	%		1.15	%		0.98	%
Portfolio turnover rate(g)		17	%		18	%		18	%		19	%		18	%

Class III
	Year Ended December 31, 2022				April 26, 2021(h) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	60.24			$	57.73
Income (Loss) From Investment Operations:
Net investment income (loss)			0.47				0.31
Net realized and unrealized gain (loss) on investment transactions			(10.46	)			2.20
Total from investment operations			(9.99	)			2.51
Net Asset Value, end of period		$	50.25			$	60.24
Total Return(d)			(16.58	)%			4.35	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	9			$	6
Average net assets (in millions)		$	8			$	3
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement			0.63	%			0.62	%(i)
Expenses before waivers and/or expense reimbursement			0.63	%			0.62	%(i)
Net investment income (loss)			0.90	%			0.76	%(i)
Portfolio turnover rate(g)			17	%			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.

A225

	PSF SMALL-CAP VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 98.2%
COMMON STOCKS — 96.7%
Aerospace & Defense — 2.0%
AAR Corp.*		28,498	$	1,279,560
Aerojet Rocketdyne Holdings, Inc.*		27,323		1,528,176
Ducommun, Inc.*		21,953		1,096,772
Maxar Technologies, Inc.		32,518		1,682,481
				5,586,989
Airlines — 0.3%
Spirit Airlines, Inc.*		42,933		836,335
Auto Components — 0.8%
Adient PLC*		43,809		1,519,734
American Axle & Manufacturing Holdings, Inc.*		92,632		724,382
				2,244,116
Banks — 18.6%
Amalgamated Financial Corp.		14,912		343,572
Ameris Bancorp		39,199		1,847,841
Associated Banc-Corp.		87,892		2,029,426
Atlantic Union Bankshares Corp.		45,375		1,594,477
Banner Corp.		36,218		2,288,978
Berkshire Hills Bancorp, Inc.		21,579		645,212
Brookline Bancorp, Inc.		60,378		854,349
Cadence Bank(a)		17,675		435,866
Community Bank System, Inc.		21,327		1,342,535
ConnectOne Bancorp, Inc.		52,220		1,264,246
CVB Financial Corp.		77,167		1,987,050
Eastern Bankshares, Inc.		112,992		1,949,112
FB Financial Corp.		35,202		1,272,200
First Financial Bankshares, Inc.(a)		31,310		1,077,064
First Merchants Corp.		44,188		1,816,569
German American Bancorp, Inc.		23,765		886,435
Glacier Bancorp, Inc.		27,969		1,382,228
Hancock Whitney Corp.		62,155		3,007,680
Heritage Financial Corp.		36,383		1,114,775
Home BancShares, Inc.(a)		69,723		1,588,987
Independent Bank Corp.		27,508		2,322,500
Independent Bank Group, Inc.		17,933		1,077,415
Lakeland Financial Corp.		25,567		1,865,624
NBT Bancorp, Inc.		18,810		816,730
OceanFirst Financial Corp.		63,837		1,356,536
Origin Bancorp, Inc.		20,567		754,809
Pacific Premier Bancorp, Inc.		65,216		2,058,217
Pinnacle Financial Partners, Inc.		17,910		1,314,594
Renasant Corp.		49,902		1,875,816
SouthState Corp.		28,727		2,193,594
Towne Bank		40,889		1,261,017
TriCo Bancshares		32,126		1,638,105
United Community Banks, Inc.		76,588		2,588,674
Washington Federal, Inc.		65,040		2,182,092
				52,034,325
Beverages — 0.9%
Primo Water Corp.		159,381		2,476,781
Biotechnology — 4.3%
2seventy bio, Inc.*		27,622		258,818
Agios Pharmaceuticals, Inc.*(a)		38,780		1,088,942
Alkermes PLC*		32,706		854,608

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (cont’d.)
Allogene Therapeutics, Inc.*(a)		24,523	$	154,250
Apellis Pharmaceuticals, Inc.*		13,516		698,912
Arcus Biosciences, Inc.*(a)		19,748		408,389
Avidity Biosciences, Inc.*(a)		28,970		642,844
Beam Therapeutics, Inc.*(a)		11,654		455,788
Cytokinetics, Inc.*		15,427		706,865
Intellia Therapeutics, Inc.*(a)		8,078		281,841
Iovance Biotherapeutics, Inc.*		60,530		386,787
Kura Oncology, Inc.*		33,392		414,395
Mersana Therapeutics, Inc.*		77,992		457,033
Myriad Genetics, Inc.*		44,530		646,130
REGENXBIO, Inc.*		21,025		476,847
Relay Therapeutics, Inc.*(a)		43,225		645,782
REVOLUTION Medicines, Inc.*(a)		33,966		809,070
Sage Therapeutics, Inc.*		30,217		1,152,476
Veracyte, Inc.*		33,164		786,982
Xencor, Inc.*		25,816		672,249
				11,999,008
Building Products — 0.5%
Resideo Technologies, Inc.*		83,045		1,366,090
Capital Markets — 1.0%
P10, Inc. (Class A Stock)(a)		46,709		498,385
Piper Sandler Cos.(a)		7,319		952,860
PJT Partners, Inc. (Class A Stock)		10,216		752,817
Stifel Financial Corp.		11,856		692,035
				2,896,097
Chemicals — 1.8%
Ashland, Inc.		16,681		1,793,708
Avient Corp.		65,828		2,222,353
HB Fuller Co.		16,477		1,180,083
				5,196,144
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		63,065		2,801,347
Deluxe Corp.		31,562		535,923
UniFirst Corp.		6,860		1,323,911
				4,661,181
Communications Equipment — 0.3%
Viavi Solutions, Inc.*		78,321		823,154
Construction & Engineering — 1.6%
Arcosa, Inc.		35,824		1,946,676
Dycom Industries, Inc.*		6,427		601,567
MasTec, Inc.*		23,039		1,965,918
				4,514,161
Construction Materials — 0.6%
Summit Materials, Inc. (Class A Stock)*		58,949		1,673,562
Consumer Finance — 0.5%
FirstCash Holdings, Inc.		12,851		1,116,880
LendingClub Corp.*		30,010		264,088
				1,380,968
Containers & Packaging — 0.2%
TriMas Corp.		20,723		574,856

SEE NOTES TO FINANCIAL STATEMENTS.

A226

	PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Diversified Consumer Services — 0.5%
Adtalem Global Education, Inc.*		40,016	$	1,420,568
Diversified Financial Services — 0.1%
Alerus Financial Corp.		8,537		199,339
Diversified Telecommunication Services — 0.5%
Iridium Communications, Inc.*		28,400		1,459,760
Electric Utilities — 2.4%
ALLETE, Inc.		36,255		2,338,810
IDACORP, Inc.		20,721		2,234,760
MGE Energy, Inc.		29,538		2,079,475
				6,653,045
Electronic Equipment, Instruments & Components — 2.7%
CTS Corp.(a)		19,996		788,242
FARO Technologies, Inc.*		32,560		957,590
Itron, Inc.*		21,400		1,083,910
Knowles Corp.*		88,759		1,457,423
Rogers Corp.*		3,030		361,600
Sanmina Corp.*		27,557		1,578,740
TTM Technologies, Inc.*		88,008		1,327,161
				7,554,666
Energy Equipment & Services — 1.7%
Helmerich & Payne, Inc.		40,962		2,030,486
NexTier Oilfield Solutions, Inc.*		151,024		1,395,462
Patterson-UTI Energy, Inc.		75,259		1,267,362
				4,693,310
Equity Real Estate Investment Trusts (REITs) — 8.5%
Acadia Realty Trust		159,190		2,284,376
Agree Realty Corp.(a)		29,945		2,123,999
Hudson Pacific Properties, Inc.		110,533		1,075,486
Pebblebrook Hotel Trust(a)		117,801		1,577,355
Physicians Realty Trust(a)		253,144		3,662,994
RLJ Lodging Trust		221,299		2,343,556
Ryman Hospitality Properties, Inc.		30,593		2,501,896
SITE Centers Corp.(a)		176,004		2,404,215
STAG Industrial, Inc.(a)		96,238		3,109,450
Terreno Realty Corp.		48,805		2,775,540
				23,858,867
Food & Staples Retailing — 0.7%
SpartanNash Co.		21,466		649,132
United Natural Foods, Inc.*		33,856		1,310,566
				1,959,698
Food Products — 2.0%
Hostess Brands, Inc.*(a)		115,806		2,598,687
Simply Good Foods Co. (The)*		22,941		872,446
TreeHouse Foods, Inc.*		23,192		1,145,221
Utz Brands, Inc.(a)		67,606		1,072,231
				5,688,585
Gas Utilities — 1.5%
Chesapeake Utilities Corp.		12,031		1,421,823
ONE Gas, Inc.		30,064		2,276,446
Southwest Gas Holdings, Inc.		9,286		574,618
				4,272,887

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies — 2.6%
Avanos Medical, Inc.*		51,307	$	1,388,368
CONMED Corp.		7,804		691,747
Enovis Corp.*		26,266		1,405,756
LivaNova PLC*		19,763		1,097,637
NuVasive, Inc.*		28,322		1,167,999
QuidelOrtho Corp.*		17,006		1,456,904
				7,208,411
Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc.*		16,101		1,325,434
Owens & Minor, Inc.*		20,315		396,752
				1,722,186
Health Care Technology — 0.8%
Allscripts Healthcare Solutions, Inc.*		95,114		1,677,811
Health Catalyst, Inc.*		44,499		473,024
				2,150,835
Hotels, Restaurants & Leisure — 2.4%
Boyd Gaming Corp.		20,333		1,108,758
International Game Technology PLC		75,129		1,703,926
Krispy Kreme, Inc.(a)		47,331		488,456
Red Rock Resorts, Inc. (Class A Stock)(a)		22,845		914,028
SeaWorld Entertainment, Inc.*		24,458		1,308,748
Travel + Leisure Co.		30,737		1,118,827
				6,642,743
Household Durables — 1.5%
Century Communities, Inc.		21,715		1,085,967
Installed Building Products, Inc.		8,610		737,016
Meritage Homes Corp.*		25,139		2,317,816
				4,140,799
Independent Power & Renewable Electricity Producers — 0.4%
NextEra Energy Partners LP(a)		18,200		1,275,638
Insurance — 2.8%
AMERISAFE, Inc.		13,130		682,366
CNO Financial Group, Inc.		50,632		1,156,941
Enstar Group Ltd.*		6,419		1,483,046
Hanover Insurance Group, Inc. (The)		5,732		774,565
RLI Corp.		6,356		834,352
Selective Insurance Group, Inc.(a)		32,027		2,837,913
				7,769,183
Interactive Media & Services — 0.3%
Bumble, Inc. (Class A Stock)*		39,252		826,255
Leisure Products — 0.4%
Topgolf Callaway Brands Corp.*		63,166		1,247,529
Life Sciences Tools & Services — 0.6%
NeoGenomics, Inc.*		116,794		1,079,176
Pacific Biosciences of California, Inc.*(a)		76,338		624,445
				1,703,621
Machinery — 4.6%
Astec Industries, Inc.		21,924		891,430

SEE NOTES TO FINANCIAL STATEMENTS.

A227

	PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Machinery (cont’d.)
Columbus McKinnon Corp.		44,499	$	1,444,882
EnPro Industries, Inc.		19,769		2,148,692
ESCO Technologies, Inc.		22,119		1,936,297
Federal Signal Corp.		49,374		2,294,410
SPX Technologies, Inc.*		24,037		1,578,029
Standex International Corp.		7,387		756,503
Terex Corp.		46,376		1,981,183
				13,031,426
Media — 1.8%
Entravision Communications Corp. (Class A Stock)		122,877		589,810
iHeartMedia, Inc. (Class A Stock)*		34,778		213,189
John Wiley & Sons, Inc. (Class A Stock)		30,419		1,218,585
Nexstar Media Group, Inc.		7,465		1,306,599
TEGNA, Inc.		79,216		1,678,587
				5,006,770
Metals & Mining — 2.1%
ATI, Inc.*		50,220		1,499,569
Carpenter Technology Corp.		33,445		1,235,458
Commercial Metals Co.		34,945		1,687,844
Constellium SE*		66,366		785,110
Hecla Mining Co.		115,775		643,709
				5,851,690
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
KKR Real Estate Finance Trust, Inc.(a)		86,886		1,212,929
PennyMac Mortgage Investment Trust(a)		140,182		1,736,855
TPG RE Finance Trust, Inc.(a)		113,819		772,831
				3,722,615
Multiline Retail — 0.3%
Macy’s, Inc.		39,242		810,347
Oil, Gas & Consumable Fuels — 3.9%
Callon Petroleum Co.*		9,080		336,777
DHT Holdings, Inc.		119,231		1,058,771
Equitrans Midstream Corp.		117,098		784,557
Golar LNG Ltd. (Cameroon)*		49,859		1,136,287
Green Plains, Inc.*(a)		27,445		837,072
Murphy Oil Corp.		42,413		1,824,183
PBF Energy, Inc. (Class A Stock)		18,040		735,671
Peabody Energy Corp.*(a)		22,851		603,723
Scorpio Tankers, Inc. (Monaco)		34,541		1,857,270
Sitio Royalties Corp. (Class A Stock)		16,713		482,167
SM Energy Co.		33,178		1,155,590
				10,812,068
Personal Products — 0.3%
BellRing Brands, Inc.*(a)		33,453		857,735
Professional Services — 2.8%
Alight, Inc. (Class A Stock)*		100,367		839,068
ASGN, Inc.*		21,152		1,723,465
First Advantage Corp.*		67,295		874,835
ICF International, Inc.		13,331		1,320,436

	Shares		Value
COMMON STOCKS (continued)
Professional Services (cont’d.)
KBR, Inc.		58,090	$	3,067,152
				7,824,956
Real Estate Management & Development — 0.6%
Kennedy-Wilson Holdings, Inc.		105,396		1,657,879
Road & Rail — 0.7%
ArcBest Corp.		10,138		710,066
Saia, Inc.*		5,650		1,184,692
				1,894,758
Semiconductors & Semiconductor Equipment — 1.2%
Cohu, Inc.*		54,035		1,731,822
MACOM Technology Solutions Holdings, Inc.*		19,945		1,256,136
Onto Innovation, Inc.*		3,760		256,018
				3,243,976
Software — 1.9%
Domo, Inc. (Class B Stock)*		19,815		282,166
JFrog Ltd. (Israel)*(a)		61,090		1,303,050
LiveRamp Holdings, Inc.*		41,266		967,275
Smartsheet, Inc. (Class A Stock)*		17,286		680,377
Tenable Holdings, Inc.*		33,504		1,278,177
Verint Systems, Inc.*		23,172		840,680
				5,351,725
Specialty Retail — 2.8%
Academy Sports & Outdoors, Inc.(a)		46,474		2,441,744
American Eagle Outfitters, Inc.(a)		31,163		435,035
Asbury Automotive Group, Inc.*(a)		7,172		1,285,581
Foot Locker, Inc.		34,778		1,314,261
Group 1 Automotive, Inc.		11,350		2,047,200
Signet Jewelers Ltd.(a)		4,624		314,432
				7,838,253
Technology Hardware, Storage & Peripherals — 0.2%
Xerox Holdings Corp.(a)		30,935		451,651
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.*		31,990		1,833,667
Carter’s, Inc.(a)		11,583		864,207
Deckers Outdoor Corp.*		2,443		975,148
				3,673,022
Thrifts & Mortgage Finance — 1.4%
MGIC Investment Corp.		146,985		1,910,805
NMI Holdings, Inc. (Class A Stock)*		48,514		1,013,943
Walker & Dunlop, Inc.		11,801		926,142
				3,850,890
Trading Companies & Distributors — 0.9%
Beacon Roofing Supply, Inc.*		25,232		1,331,997
Herc Holdings, Inc.		9,713		1,277,940
				2,609,937
Water Utilities — 0.4%
SJW Group		15,344		1,245,779

SEE NOTES TO FINANCIAL STATEMENTS.

A228

	PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services — 0.1%
Telephone & Data Systems, Inc.(a)		28,491	$	298,871
TOTAL COMMON STOCKS (cost $249,199,508)				270,746,040
EXCHANGE-TRADED FUND — 1.5%
iShares Russell 2000 Value ETF(a)		29,861		4,140,825
(cost $4,235,498)
TOTAL LONG-TERM INVESTMENTS (cost $253,435,006)				274,886,865
SHORT-TERM INVESTMENTS — 14.5%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		5,051,958		5,051,958
PGIM Institutional Money Market Fund (cost $35,690,057; includes $35,568,192 of cash collateral for securities on loan)(b)(wa)		35,726,128		35,708,265
TOTAL SHORT-TERM INVESTMENTS (cost $40,742,015)				40,760,223
TOTAL INVESTMENTS—112.7% (cost $294,177,021)				315,647,088
Liabilities in excess of other assets — (12.7)%				(35,690,291	)
NET ASSETS — 100.0%			$	279,956,797

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 $34,719,610; cash collateral of $35,568,192 (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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	5,586,989		$—		$—
Airlines		836,335		—		—
Auto Components		2,244,116		—		—
Banks		52,034,325		—		—
Beverages		2,476,781		—		—
Biotechnology		11,999,008		—		—
Building Products		1,366,090		—		—
Capital Markets		2,896,097		—		—
Chemicals		5,196,144		—		—
Commercial Services & Supplies		4,661,181		—		—
Communications Equipment		823,154		—		—
Construction & Engineering		4,514,161		—		—
Construction Materials		1,673,562		—		—
Consumer Finance		1,380,968		—		—
Containers & Packaging		574,856		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A229

	PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Diversified Consumer Services	$	1,420,568		$—		$—
Diversified Financial Services		199,339		—		—
Diversified Telecommunication Services		1,459,760		—		—
Electric Utilities		6,653,045		—		—
Electronic Equipment, Instruments & Components		7,554,666		—		—
Energy Equipment & Services		4,693,310		—		—
Equity Real Estate Investment Trusts (REITs)		23,858,867		—		—
Food & Staples Retailing		1,959,698		—		—
Food Products		5,688,585		—		—
Gas Utilities		4,272,887		—		—
Health Care Equipment & Supplies		7,208,411		—		—
Health Care Providers & Services		1,722,186		—		—
Health Care Technology		2,150,835		—		—
Hotels, Restaurants & Leisure		6,642,743		—		—
Household Durables		4,140,799		—		—
Independent Power & Renewable Electricity Producers		1,275,638		—		—
Insurance		7,769,183		—		—
Interactive Media & Services		826,255		—		—
Leisure Products		1,247,529		—		—
Life Sciences Tools & Services		1,703,621		—		—
Machinery		13,031,426		—		—
Media		5,006,770		—		—
Metals & Mining		5,851,690		—		—
Mortgage Real Estate Investment Trusts (REITs)		3,722,615		—		—
Multiline Retail		810,347		—		—
Oil, Gas & Consumable Fuels		10,812,068		—		—
Personal Products		857,735		—		—
Professional Services		7,824,956		—		—
Real Estate Management & Development		1,657,879		—		—
Road & Rail		1,894,758		—		—
Semiconductors & Semiconductor Equipment		3,243,976		—		—
Software		5,351,725		—		—
Specialty Retail		7,838,253		—		—
Technology Hardware, Storage & Peripherals		451,651		—		—
Textiles, Apparel & Luxury Goods		3,673,022		—		—
Thrifts & Mortgage Finance		3,850,890		—		—
Trading Companies & Distributors		2,609,937		—		—
Water Utilities		1,245,779		—		—
Wireless Telecommunication Services		298,871		—		—
Exchange-Traded Fund		4,140,825		—		—
Short-Term Investments
Affiliated Mutual Funds		40,760,223		—		—
Total	$	315,647,088		$—		$—

SEE NOTES TO FINANCIAL STATEMENTS.

A230

	PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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, 2022 were as follows:

Banks	18.6	%
Affiliated Mutual Funds (12.7% represents investments purchased with collateral from securities on loan)	14.5
Equity Real Estate Investment Trusts (REITs)	8.5
Machinery	4.6
Biotechnology	4.3
Oil, Gas & Consumable Fuels	3.9
Specialty Retail	2.8
Professional Services	2.8
Insurance	2.8
Electronic Equipment, Instruments & Components	2.7
Health Care Equipment & Supplies	2.6
Electric Utilities	2.4
Hotels, Restaurants & Leisure	2.4
Metals & Mining	2.1
Food Products	2.0
Aerospace & Defense	2.0
Software	1.9
Chemicals	1.8
Media	1.8
Energy Equipment & Services	1.7
Commercial Services & Supplies	1.7
Construction & Engineering	1.6
Gas Utilities	1.5
Household Durables	1.5
Exchange-Traded Fund	1.5
Thrifts & Mortgage Finance	1.4
Mortgage Real Estate Investment Trusts (REITs)	1.3
Textiles, Apparel & Luxury Goods	1.3
Semiconductors & Semiconductor Equipment	1.2
Capital Markets	1.0

Trading Companies & Distributors	0.9	%
Beverages	0.9
Auto Components	0.8
Health Care Technology	0.8
Food & Staples Retailing	0.7
Road & Rail	0.7
Health Care Providers & Services	0.6
Life Sciences Tools & Services	0.6
Construction Materials	0.6
Real Estate Management & Development	0.6
Diversified Telecommunication Services	0.5
Diversified Consumer Services	0.5
Consumer Finance	0.5
Building Products	0.5
Independent Power & Renewable Electricity Producers	0.4
Leisure Products	0.4
Water Utilities	0.4
Personal Products	0.3
Airlines	0.3
Interactive Media & Services	0.3
Communications Equipment	0.3
Multiline Retail	0.3
Containers & Packaging	0.2
Technology Hardware, Storage & Peripherals	0.2
Wireless Telecommunication Services	0.1
Diversified Financial Services	0.1
	112.7
Liabilities in excess of other assets	(12.7	)
	100.0	%

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

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

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	$34,719,610	$(34,719,610)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A231

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $34,719,610:
Unaffiliated investments (cost $253,435,006)	$	274,886,865
Affiliated investments (cost $40,742,015)		40,760,223
Dividends receivable		425,481
Receivable for Portfolio shares sold		68,269
Receivable for investments sold		50,310
Tax reclaim receivable		7,407
Prepaid expenses and other assets		5,238
Total Assets		316,203,793
LIABILITIES
Payable to broker for collateral for securities on loan		35,568,192
Management fee payable		217,666
Payable for Portfolio shares purchased		212,941
Accrued expenses and other liabilities		204,869
Payable for investments purchased		34,472
Payable to affiliate		7,407
Affiliated transfer agent fee payable		980
Trustees’ fees payable		469
Total Liabilities		36,246,996
NET ASSETS	$	279,956,797
Net assets were comprised of:
Partners’ Equity	$	279,956,797
Net asset value and redemption price per share, $279,956,797 / 9,136,373 outstanding shares of beneficial interest	$	30.64

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $7,110 foreign withholding tax, of which $484 is reimbursable by an affiliate)	$	4,861,058
Affiliated dividend income		75,491
Income from securities lending, net (including affiliated income of $51,696)		60,060
Total income		4,996,609
EXPENSES
Management fee		2,607,711
Custodian and accounting fees		63,851
Shareholders’ reports		44,792
Audit fee		25,100
Legal fees and expenses		20,769
Trustees’ fees		12,829
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		20,729
Total expenses		2,806,463
NET INVESTMENT INCOME (LOSS)		2,190,146
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on investment transactions (including affiliated of $(5,447))		(1,333,309	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $13,314)		(47,940,525	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(49,273,834	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(47,083,688	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	2,190,146			$	496,790
Net realized gain (loss) on investment transactions			(1,333,309	)			55,333,818
Net change in unrealized appreciation (depreciation) on investments			(47,940,525	)			9,827,069
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(47,083,688	)			65,657,677
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold [690,624 and 1,189,991 shares, respectively]			22,194,653				39,680,214
Portfolio shares purchased [505,334 and 847,439 shares, respectively]			(16,507,069	)			(28,411,729	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			5,687,584				11,268,485
TOTAL INCREASE (DECREASE)			(41,396,104	)			76,926,162
NET ASSETS:
Beginning of year			321,352,901				244,426,739
End of year		$	279,956,797			$	321,352,901

SEE NOTES TO FINANCIAL STATEMENTS.

A232

PSF SMALL-CAP VALUE PORTFOLIO (CONTINUED)  

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	35.90		$	28.39		$	27.86		$	22.69		$	26.32
Income (Loss) From Investment Operations:
Net investment income (loss)		0.24			0.06			0.14			0.20			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(5.50	)		7.45			0.39			4.97			(3.76	)
Total from investment operations		(5.26	)		7.51			0.53			5.17			(3.63	)
Capital Contributions		—			—			—			—			—	(b)(c)
Net Asset Value, end of year	$	30.64		$	35.90		$	28.39		$	27.86		$	22.69
Total Return(d)		(14.65	)%		26.45	%		1.90	%		22.79	%		(13.79	)%(e)
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	280		$	321		$	244		$	221		$	180
Average net assets (in millions)	$	290		$	295		$	188		$	207		$	211
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		0.97	%		0.96	%		1.03	%		1.01	%		0.99	%
Expenses before waivers and/or expense reimbursement		0.97	%		0.96	%		1.03	%		1.02	%		1.00	%
Net investment income (loss)		0.76	%		0.17	%		0.61	%		0.76	%		0.48	%
Portfolio turnover rate(g)		57	%		71	%		69	%		56	%		58	%

(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.

A233

	PSF STOCK INDEX PORTFOLIO
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
LONG-TERM INVESTMENTS — 97.9%
COMMON STOCKS — 96.8%
Aerospace & Defense — 1.8%
Boeing Co. (The)*		99,736	$	18,998,711
General Dynamics Corp.		39,960		9,914,476
Howmet Aerospace, Inc.		65,392		2,577,099
Huntington Ingalls Industries, Inc.		7,200		1,660,896
L3Harris Technologies, Inc.		33,980		7,074,976
Lockheed Martin Corp.		41,508		20,193,227
Northrop Grumman Corp.		25,766		14,058,187
Raytheon Technologies Corp.		261,648		26,405,516
Textron, Inc.		37,150		2,630,220
TransDigm Group, Inc.		9,150		5,761,297
				109,274,605
Air Freight & Logistics — 0.6%
C.H. Robinson Worldwide, Inc.(a)		21,000		1,922,760
Expeditors International of Washington, Inc.		28,300		2,940,936
FedEx Corp.		42,640		7,385,248
United Parcel Service, Inc. (Class B Stock)		129,900		22,581,816
				34,830,760
Airlines — 0.2%
Alaska Air Group, Inc.*		21,900		940,386
American Airlines Group, Inc.*(a)		114,700		1,458,984
Delta Air Lines, Inc.*		113,200		3,719,752
Southwest Airlines Co.*		104,837		3,529,862
United Airlines Holdings, Inc.*		57,700		2,175,290
				11,824,274
Auto Components — 0.1%
Aptiv PLC*		47,900		4,460,927
BorgWarner, Inc.		41,600		1,674,400
				6,135,327
Automobiles — 1.3%
Ford Motor Co.		702,659		8,171,924
General Motors Co.		252,800		8,504,192
Tesla, Inc.*		477,550		58,824,609
				75,500,725
Banks — 3.7%
Bank of America Corp.		1,241,732		41,126,164
Citigroup, Inc.		344,622		15,587,253
Citizens Financial Group, Inc.		87,900		3,460,623
Comerica, Inc.		23,250		1,554,263
Fifth Third Bancorp(a)		122,149		4,007,709
First Republic Bank		32,600		3,973,614
Huntington Bancshares, Inc.(a)		254,675		3,590,917
JPMorgan Chase & Co.		521,895		69,986,119
KeyCorp.		165,100		2,876,042
M&T Bank Corp.		30,761		4,462,191
PNC Financial Services Group, Inc. (The)		71,743		11,331,089
Regions Financial Corp.		166,412		3,587,843
Signature Bank		11,100		1,278,942
SVB Financial Group*		10,490		2,414,169
Truist Financial Corp.		236,126		10,160,502

	Shares		Value
COMMON STOCKS (continued)
Banks (cont’d.)
U.S. Bancorp		240,581	$	10,491,737
Wells Fargo & Co.		677,976		27,993,629
Zions Bancorp NA		26,700		1,312,572
				219,195,378
Beverages — 1.9%
Brown-Forman Corp. (Class B Stock)		32,525		2,136,242
Coca-Cola Co. (The)		688,950		43,824,110
Constellation Brands, Inc. (Class A Stock)		28,900		6,697,575
Keurig Dr. Pepper, Inc.		150,300		5,359,698
Molson Coors Beverage Co. (Class B Stock)(a)		33,400		1,720,768
Monster Beverage Corp.*		68,100		6,914,193
PepsiCo, Inc.		244,544		44,179,319
				110,831,905
Biotechnology — 2.4%
AbbVie, Inc.		313,189		50,614,474
Amgen, Inc.		94,894		24,922,960
Biogen, Inc.*		25,655		7,104,383
Gilead Sciences, Inc.		223,200		19,161,720
Incyte Corp.*		32,700		2,626,464
Moderna, Inc.*		58,800		10,561,656
Regeneron Pharmaceuticals, Inc.*		19,050		13,744,384
Vertex Pharmaceuticals, Inc.*		45,660		13,185,695
				141,921,736
Building Products — 0.4%
A.O. Smith Corp.(a)		22,700		1,299,348
Allegion PLC		15,833		1,666,581
Carrier Global Corp.		148,867		6,140,764
Johnson Controls International PLC		122,615		7,847,360
Masco Corp.(a)		39,930		1,863,533
Trane Technologies PLC		41,000		6,891,690
				25,709,276
Capital Markets — 3.0%
Ameriprise Financial, Inc.		18,950		5,900,461
Bank of New York Mellon Corp. (The)		130,949		5,960,798
BlackRock, Inc.		26,740		18,948,766
Cboe Global Markets, Inc.		18,800		2,358,836
Charles Schwab Corp. (The)		271,400		22,596,764
CME Group, Inc.		64,060		10,772,330
FactSet Research Systems, Inc.		6,700		2,688,107
Franklin Resources, Inc.(a)		50,300		1,326,914
Goldman Sachs Group, Inc. (The)		60,270		20,695,513
Intercontinental Exchange, Inc.		99,390		10,196,420
Invesco Ltd.		80,500		1,448,195
MarketAxess Holdings, Inc.		6,800		1,896,452
Moody’s Corp.(a)		27,970		7,793,001
Morgan Stanley		234,578		19,943,822
MSCI, Inc.		14,380		6,689,145
Nasdaq, Inc.		60,000		3,681,000
Northern Trust Corp.		36,900		3,265,281
Raymond James Financial, Inc.(a)		34,550		3,691,668
S&P Global, Inc.		59,246		19,843,855
State Street Corp.		65,275		5,063,382

SEE NOTES TO FINANCIAL STATEMENTS.

A234

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (cont’d.)
T. Rowe Price Group, Inc.(a)		39,900	$	4,351,494
				179,112,204
Chemicals — 1.8%
Air Products & Chemicals, Inc.		39,450		12,160,857
Albemarle Corp.		20,900		4,532,374
Celanese Corp.		17,600		1,799,424
CF Industries Holdings, Inc.		35,300		3,007,560
Corteva, Inc.		127,556		7,497,742
Dow, Inc.		125,222		6,309,936
DuPont de Nemours, Inc.(a)		88,656		6,084,461
Eastman Chemical Co.		21,700		1,767,248
Ecolab, Inc.		43,900		6,390,084
FMC Corp.		22,250		2,776,800
International Flavors & Fragrances, Inc.(a)		45,240		4,742,962
Linde PLC (United Kingdom)(a)		88,000		28,703,840
LyondellBasell Industries NV (Class A Stock)(a)		45,000		3,736,350
Mosaic Co. (The)		61,100		2,680,457
PPG Industries, Inc.(a)		41,700		5,243,358
Sherwin-Williams Co. (The)		41,900		9,944,127
				107,377,580
Commercial Services & Supplies — 0.5%
Cintas Corp.		15,300		6,909,786
Copart, Inc.*		76,300		4,645,907
Republic Services, Inc.		36,335		4,686,852
Rollins, Inc.		41,025		1,499,054
Waste Management, Inc.		66,530		10,437,226
				28,178,825
Communications Equipment — 0.9%
Arista Networks, Inc.*		44,100		5,351,535
Cisco Systems, Inc.		730,475		34,799,829
F5, Inc.*		10,650		1,528,382
Juniper Networks, Inc.		57,400		1,834,504
Motorola Solutions, Inc.		29,727		7,660,945
				51,175,195
Construction & Engineering — 0.1%
Quanta Services, Inc.(a)		25,400		3,619,500
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		11,200		3,785,264
Vulcan Materials Co.		23,700		4,150,107
				7,935,371
Consumer Finance — 0.5%
American Express Co.		106,150		15,683,663
Capital One Financial Corp.		67,969		6,318,398
Discover Financial Services		48,305		4,725,678
Synchrony Financial		80,230		2,636,358
				29,364,097
Containers & Packaging — 0.3%
Amcor PLC(a)		266,300		3,171,633
Avery Dennison Corp.		14,600		2,642,600
Ball Corp.(a)		55,600		2,843,384

	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging (cont’d.)
International Paper Co.(a)		64,067	$	2,218,640
Packaging Corp. of America		16,700		2,136,097
Sealed Air Corp.		26,020		1,297,878
Westrock Co.		44,961		1,580,829
				15,891,061
Distributors — 0.1%
Genuine Parts Co.		25,125		4,359,439
LKQ Corp.		45,900		2,451,519
Pool Corp.		7,120		2,152,589
				8,963,547
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc. (Class B Stock)*		320,610		99,036,429
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		1,267,971		23,343,346
Lumen Technologies, Inc.(a)		168,643		880,317
Verizon Communications, Inc.		747,188		29,439,207
				53,662,870
Electric Utilities — 2.0%
Alliant Energy Corp.		44,300		2,445,803
American Electric Power Co., Inc.(a)		91,440		8,682,228
Constellation Energy Corp.		58,224		5,019,491
Duke Energy Corp.		137,048		14,114,574
Edison International		68,000		4,326,160
Entergy Corp.		36,200		4,072,500
Evergy, Inc.		40,900		2,573,837
Eversource Energy		62,000		5,198,080
Exelon Corp.		176,773		7,641,897
FirstEnergy Corp.		96,080		4,029,595
NextEra Energy, Inc.		353,600		29,560,960
NRG Energy, Inc.		41,900		1,333,258
PG&E Corp.*		285,000		4,634,100
Pinnacle West Capital Corp.		20,200		1,536,008
PPL Corp.		129,900		3,795,678
Southern Co. (The)		193,700		13,832,117
Xcel Energy, Inc.		97,395		6,828,363
				119,624,649
Electrical Equipment — 0.6%
AMETEK, Inc.		40,800		5,700,576
Eaton Corp. PLC		70,811		11,113,787
Emerson Electric Co.		104,900		10,076,694
Generac Holdings, Inc.*(a)		11,300		1,137,458
Rockwell Automation, Inc.(a)		20,420		5,259,579
				33,288,094
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp. (Class A Stock)		105,900		8,063,226
CDW Corp.		24,000		4,285,920
Corning, Inc.		134,700		4,302,318
Keysight Technologies, Inc.*		31,800		5,440,026
TE Connectivity Ltd. (Switzerland)		56,900		6,532,120
Teledyne Technologies, Inc.*		8,279		3,310,855
Trimble, Inc.*		43,900		2,219,584

SEE NOTES TO FINANCIAL STATEMENTS.

A235

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (cont’d.)
Zebra Technologies Corp. (Class A Stock)*		9,180	$	2,353,844
				36,507,893
Energy Equipment & Services — 0.4%
Baker Hughes Co.(a)		179,048		5,287,287
Halliburton Co.		161,600		6,358,960
Schlumberger Ltd.		252,298		13,487,851
				25,134,098
Entertainment — 1.3%
Activision Blizzard, Inc.		126,800		9,706,540
Electronic Arts, Inc.		46,700		5,705,806
Live Nation Entertainment, Inc.*		25,100		1,750,474
Netflix, Inc.*		79,190		23,351,547
Take-Two Interactive Software, Inc.*		27,950		2,910,434
Walt Disney Co. (The)*		324,322		28,177,095
Warner Bros Discovery, Inc.*		391,008		3,706,756
				75,308,652
Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities, Inc.		26,580		3,871,909
American Tower Corp.		82,900		17,563,194
AvalonBay Communities, Inc.		24,968		4,032,831
Boston Properties, Inc.(a)		25,100		1,696,258
Camden Property Trust		18,800		2,103,344
Crown Castle, Inc.		77,050		10,451,062
Digital Realty Trust, Inc.		50,900		5,103,743
Equinix, Inc.		16,475		10,791,619
Equity Residential		60,400		3,563,600
Essex Property Trust, Inc.		11,670		2,473,106
Extra Space Storage, Inc.		23,900		3,517,602
Federal Realty Investment Trust		13,000		1,313,520
Healthpeak Properties, Inc.		95,700		2,399,199
Host Hotels & Resorts, Inc.		127,226		2,041,977
Invitation Homes, Inc.(a)		102,700		3,044,028
Iron Mountain, Inc.(a)		51,530		2,568,771
Kimco Realty Corp.		110,100		2,331,918
Mid-America Apartment Communities, Inc.		20,600		3,233,994
Prologis, Inc.		164,280		18,519,285
Public Storage		28,150		7,887,349
Realty Income Corp.(a)		111,600		7,078,788
Regency Centers Corp.		27,400		1,712,500
SBA Communications Corp.		19,130		5,362,330
Simon Property Group, Inc.		58,011		6,815,132
UDR, Inc.		54,100		2,095,293
Ventas, Inc.		70,604		3,180,710
VICI Properties, Inc.(a)		170,600		5,527,440
Vornado Realty Trust(a)		28,057		583,866
Welltower, Inc.		84,100		5,512,755
Weyerhaeuser Co.		131,430		4,074,330
				150,451,453
Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		78,752		35,950,288
Kroger Co. (The)		115,800		5,162,364
Sysco Corp.(a)		89,900		6,872,855

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (cont’d.)
Walgreens Boots Alliance, Inc.(a)		127,700	$	4,770,872
Walmart, Inc.		252,500		35,801,975
				88,558,354
Food Products — 1.2%
Archer-Daniels-Midland Co.		97,738		9,074,974
Campbell Soup Co.(a)		35,800		2,031,650
Conagra Brands, Inc.		85,000		3,289,500
General Mills, Inc.(a)		105,400		8,837,790
Hershey Co. (The)		26,200		6,067,134
Hormel Foods Corp.		51,200		2,332,160
J.M. Smucker Co. (The)		19,000		3,010,740
Kellogg Co.(a)		45,150		3,216,486
Kraft Heinz Co. (The)		140,937		5,737,545
Lamb Weston Holdings, Inc.		25,700		2,296,552
McCormick & Co., Inc.(a)		44,400		3,680,316
Mondelez International, Inc. (Class A Stock)		242,511		16,163,358
Tyson Foods, Inc. (Class A Stock)		51,600		3,212,100
				68,950,305
Gas Utilities — 0.0%
Atmos Energy Corp.		24,900		2,790,543
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		310,225		34,059,603
Align Technology, Inc.*		12,820		2,703,738
Baxter International, Inc.		89,700		4,572,009
Becton, Dickinson & Co.		50,799		12,918,186
Boston Scientific Corp.*		254,849		11,791,863
Cooper Cos., Inc. (The)		8,780		2,903,283
DENTSPLY SIRONA, Inc.		38,200		1,216,288
Dexcom, Inc.*		68,720		7,781,853
Edwards Lifesciences Corp.*		109,950		8,203,369
Hologic, Inc.*		44,250		3,310,342
IDEXX Laboratories, Inc.*		14,880		6,070,445
Intuitive Surgical, Inc.*		62,880		16,685,208
Medtronic PLC		236,528		18,382,956
ResMed, Inc.		26,100		5,432,193
STERIS PLC		17,700		3,269,013
Stryker Corp.		59,970		14,662,065
Teleflex, Inc.		8,350		2,084,411
Zimmer Biomet Holdings, Inc.		37,386		4,766,715
				160,813,540
Health Care Providers & Services — 3.6%
AmerisourceBergen Corp.		28,900		4,789,019
Cardinal Health, Inc.(a)		46,675		3,587,907
Centene Corp.*		101,168		8,296,788
Cigna Corp.		54,432		18,035,499
CVS Health Corp.		233,799		21,787,729
DaVita, Inc.*		9,900		739,233
Elevance Health, Inc.		42,500		21,801,225
HCA Healthcare, Inc.		37,700		9,046,492
Henry Schein, Inc.*(a)		24,300		1,940,841
Humana, Inc.		22,530		11,539,641
Laboratory Corp. of America Holdings		15,800		3,720,584
McKesson Corp.		25,207		9,455,650
Molina Healthcare, Inc.*		10,300		3,401,266

SEE NOTES TO FINANCIAL STATEMENTS.

A236

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (cont’d.)
Quest Diagnostics, Inc.(a)		20,300	$	3,175,732
UnitedHealth Group, Inc.		166,230		88,131,821
Universal Health Services, Inc. (Class B Stock)		11,400		1,606,146
				211,055,573
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.*		6,900		13,905,432
Caesars Entertainment, Inc.*		37,600		1,564,160
Carnival Corp.*(a)		178,200		1,436,292
Chipotle Mexican Grill, Inc.*		4,915		6,819,513
Darden Restaurants, Inc.		21,900		3,029,427
Domino’s Pizza, Inc.		6,400		2,216,960
Expedia Group, Inc.*		26,700		2,338,920
Hilton Worldwide Holdings, Inc.		48,100		6,077,916
Las Vegas Sands Corp.*(a)		58,100		2,792,867
Marriott International, Inc. (Class A Stock)		47,873		7,127,811
McDonald’s Corp.		130,360		34,353,771
MGM Resorts International		57,700		1,934,681
Norwegian Cruise Line Holdings Ltd.*(a)		72,700		889,848
Royal Caribbean Cruises Ltd.*(a)		39,200		1,937,656
Starbucks Corp.		204,200		20,256,640
Wynn Resorts Ltd.*(a)		18,400		1,517,448
Yum! Brands, Inc.		50,400		6,455,232
				114,654,574
Household Durables — 0.3%
D.R. Horton, Inc.(a)		56,000		4,991,840
Garmin Ltd.		27,100		2,501,059
Lennar Corp. (Class A Stock)		45,100		4,081,550
Mohawk Industries, Inc.*		9,500		971,090
Newell Brands, Inc.(a)		65,749		859,997
NVR, Inc.*		530		2,444,667
PulteGroup, Inc.		40,585		1,847,835
Whirlpool Corp.(a)		9,667		1,367,494
				19,065,532
Household Products — 1.5%
Church & Dwight Co., Inc.(a)		43,400		3,498,474
Clorox Co. (The)(a)		22,000		3,087,260
Colgate-Palmolive Co.		148,100		11,668,799
Kimberly-Clark Corp.		60,038		8,150,158
Procter & Gamble Co. (The)		423,176		64,136,555
				90,541,246
Independent Power & Renewable Electricity Producers — 0.1%
AES Corp. (The)		118,000		3,393,680
Industrial Conglomerates — 0.9%
3M Co.		98,390		11,798,929
General Electric Co.		194,455		16,293,384
Honeywell International, Inc.		119,650		25,640,995
				53,733,308
Insurance — 2.4%
Aflac, Inc.		101,800		7,323,492
Allstate Corp. (The)		47,228		6,404,117

	Shares		Value
COMMON STOCKS (continued)
Insurance (cont’d.)
American International Group, Inc.		132,229	$	8,362,162
Aon PLC (Class A Stock)		36,825		11,052,655
Arch Capital Group Ltd.*(a)		65,400		4,105,812
Arthur J. Gallagher & Co.		37,550		7,079,677
Assurant, Inc.		9,600		1,200,576
Brown & Brown, Inc.		41,400		2,358,558
Chubb Ltd.		74,130		16,353,078
Cincinnati Financial Corp.(a)		28,128		2,880,026
Everest Re Group Ltd.		7,100		2,352,017
Globe Life, Inc.		16,175		1,949,896
Hartford Financial Services Group, Inc. (The)		57,200		4,337,476
Lincoln National Corp.(a)		27,463		843,663
Loews Corp.		35,426		2,066,399
Marsh & McLennan Cos., Inc.		88,500		14,644,980
MetLife, Inc.		117,280		8,487,554
Principal Financial Group, Inc.		40,500		3,398,760
Progressive Corp. (The)		103,700		13,450,927
Prudential Financial, Inc.(a)		65,800		6,544,468
Travelers Cos., Inc. (The)		41,948		7,864,830
W.R. Berkley Corp.		36,100		2,619,777
Willis Towers Watson PLC(a)		19,300		4,720,394
				140,401,294
Interactive Media & Services — 3.9%
Alphabet, Inc. (Class A Stock)*		1,062,780		93,769,079
Alphabet, Inc. (Class C Stock)*		942,000		83,583,660
Match Group, Inc.*		50,400		2,091,096
Meta Platforms, Inc. (Class A Stock)*		400,120		48,150,441
				227,594,276
Internet & Direct Marketing Retail — 2.4%
Amazon.com, Inc.*		1,579,000		132,636,000
eBay, Inc.(a)		97,200		4,030,884
Etsy, Inc.*(a)		22,600		2,707,028
				139,373,912
IT Services — 4.3%
Accenture PLC (Class A Stock)		112,150		29,926,106
Akamai Technologies, Inc.*(a)		28,000		2,360,400
Automatic Data Processing, Inc.		73,810		17,630,257
Broadridge Financial Solutions, Inc.		21,000		2,816,730
Cognizant Technology Solutions Corp. (Class A Stock)		91,600		5,238,604
DXC Technology Co.*		40,650		1,077,225
EPAM Systems, Inc.*		10,140		3,323,284
Fidelity National Information Services, Inc.		105,600		7,164,960
Fiserv, Inc.*		113,200		11,441,124
FleetCor Technologies, Inc.*		13,300		2,442,944
Gartner, Inc.*		14,050		4,722,767
Global Payments, Inc.		48,113		4,778,583
International Business Machines Corp.(a)		160,925		22,672,723
Jack Henry & Associates, Inc.		12,950		2,273,502
Mastercard, Inc. (Class A Stock)		151,150		52,559,389
Paychex, Inc.		57,050		6,592,698
PayPal Holdings, Inc.*		202,800		14,443,416

SEE NOTES TO FINANCIAL STATEMENTS.

A237

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
IT Services (cont’d.)
VeriSign, Inc.*		16,500	$	3,389,760
Visa, Inc. (Class A Stock)(a)		290,900		60,437,384
				255,291,856
Leisure Products — 0.0%
Hasbro, Inc.		22,950		1,400,179
Life Sciences Tools & Services — 1.9%
Agilent Technologies, Inc.		52,782		7,898,826
Bio-Rad Laboratories, Inc. (Class A Stock)*		3,860		1,623,091
Bio-Techne Corp.		28,120		2,330,586
Charles River Laboratories International, Inc.*		9,100		1,982,890
Danaher Corp.		116,600		30,947,972
Illumina, Inc.*		28,010		5,663,622
IQVIA Holdings, Inc.*		33,000		6,761,370
Mettler-Toledo International, Inc.*		3,970		5,738,437
PerkinElmer, Inc.		22,300		3,126,906
Thermo Fisher Scientific, Inc.		69,780		38,427,148
Waters Corp.*		10,550		3,614,219
West Pharmaceutical Services, Inc.		13,200		3,106,620
				111,221,687
Machinery — 1.8%
Caterpillar, Inc.		92,650		22,195,234
Cummins, Inc.(a)		25,050		6,069,364
Deere & Co.		48,850		20,944,926
Dover Corp.		25,000		3,385,250
Fortive Corp.		63,500		4,079,875
IDEX Corp.(a)		13,500		3,082,455
Illinois Tool Works, Inc.		49,775		10,965,432
Ingersoll Rand, Inc.		72,037		3,763,933
Nordson Corp.		9,600		2,282,112
Otis Worldwide Corp.		74,583		5,840,595
PACCAR, Inc.		61,928		6,129,014
Parker-Hannifin Corp.		22,887		6,660,117
Pentair PLC		28,907		1,300,237
Snap-on, Inc.(a)		9,550		2,182,080
Stanley Black & Decker, Inc.		26,135		1,963,261
Westinghouse Air Brake Technologies Corp.		32,212		3,215,080
Xylem, Inc.		32,000		3,538,240
				107,597,205
Media — 0.8%
Charter Communications, Inc. (Class A Stock)*(a)		19,150		6,493,765
Comcast Corp. (Class A Stock)		767,492		26,839,195
DISH Network Corp. (Class A Stock)*(a)		43,175		606,177
Fox Corp. (Class A Stock)		54,266		1,648,059
Fox Corp. (Class B Stock)		25,766		733,043
Interpublic Group of Cos., Inc. (The)(a)		69,162		2,303,786
News Corp. (Class A Stock)		67,925		1,236,235
News Corp. (Class B Stock)		21,400		394,616
Omnicom Group, Inc.(a)		36,700		2,993,619

	Shares		Value
COMMON STOCKS (continued)
Media (cont’d.)
Paramount Global (Class B Stock)(a)		89,366	$	1,508,498
				44,756,993
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.(a)		254,312		9,663,856
Newmont Corp.		141,203		6,664,782
Nucor Corp.(a)		45,700		6,023,717
Steel Dynamics, Inc.		29,600		2,891,920
				25,244,275
Multiline Retail — 0.5%
Dollar General Corp.		40,100		9,874,625
Dollar Tree, Inc.*		37,347		5,282,359
Target Corp.		82,068		12,231,415
				27,388,399
Multi-Utilities — 0.9%
Ameren Corp.		45,700		4,063,644
CenterPoint Energy, Inc.		111,210		3,335,188
CMS Energy Corp.		51,700		3,274,161
Consolidated Edison, Inc.		63,200		6,023,592
Dominion Energy, Inc.		148,240		9,090,077
DTE Energy Co.		34,500		4,054,785
NiSource, Inc.		71,650		1,964,643
Public Service Enterprise Group, Inc.		88,600		5,428,522
Sempra Energy		55,954		8,647,131
WEC Energy Group, Inc.		56,176		5,267,062
				51,148,805
Oil, Gas & Consumable Fuels — 4.6%
APA Corp.		57,750		2,695,770
Chevron Corp.		316,559		56,819,175
ConocoPhillips		221,661		26,155,998
Coterra Energy, Inc.(a)		140,800		3,459,456
Devon Energy Corp.		115,900		7,129,009
Diamondback Energy, Inc.		31,500		4,308,570
EOG Resources, Inc.		104,500		13,534,840
EQT Corp.(a)		65,500		2,215,865
Exxon Mobil Corp.		732,704		80,817,251
Hess Corp.		49,375		7,002,362
Kinder Morgan, Inc.		350,843		6,343,241
Marathon Oil Corp.		112,994		3,058,748
Marathon Petroleum Corp.		83,387		9,705,413
Occidental Petroleum Corp.(a)		129,428		8,152,670
ONEOK, Inc.		79,540		5,225,778
Phillips 66		84,064		8,749,381
Pioneer Natural Resources Co.		42,400		9,683,736
Targa Resources Corp.		40,100		2,947,350
Valero Energy Corp.		68,600		8,702,596
Williams Cos., Inc. (The)		216,700		7,129,430
				273,836,639
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The) (Class A Stock)		41,200		10,222,132
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		378,390		27,225,160
Catalent, Inc.*		31,800		1,431,318

SEE NOTES TO FINANCIAL STATEMENTS.

A238

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (cont’d.)
Eli Lilly & Co.		140,300	$	51,327,352
Johnson & Johnson		465,646		82,256,366
Merck & Co., Inc.		451,103		50,049,878
Organon & Co.		44,790		1,250,985
Pfizer, Inc.		998,623		51,169,443
Viatris, Inc.		213,994		2,381,753
Zoetis, Inc.		83,000		12,163,650
				279,255,905
Professional Services — 0.4%
CoStar Group, Inc.*		72,400		5,595,072
Equifax, Inc.		21,850		4,246,766
Jacobs Solutions, Inc.		22,800		2,737,596
Leidos Holdings, Inc.		24,350		2,561,376
Robert Half International, Inc.(a)		19,500		1,439,685
Verisk Analytics, Inc.		27,900		4,922,118
				21,502,613
Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*		56,200		4,325,152
Road & Rail — 0.9%
CSX Corp.		374,016		11,587,016
J.B. Hunt Transport Services, Inc.		14,800		2,580,528
Norfolk Southern Corp.		41,200		10,152,504
Old Dominion Freight Line, Inc.		16,100		4,568,858
Union Pacific Corp.		109,450		22,663,811
				51,552,717
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc.*		286,895		18,582,189
Analog Devices, Inc.		91,494		15,007,761
Applied Materials, Inc.		153,100		14,908,878
Broadcom, Inc.		72,050		40,285,317
Enphase Energy, Inc.*		24,200		6,412,032
First Solar, Inc.*		17,700		2,651,283
Intel Corp.		734,200		19,404,906
KLA Corp.		25,200		9,501,156
Lam Research Corp.		24,300		10,213,290
Microchip Technology, Inc.		98,200		6,898,550
Micron Technology, Inc.(a)		193,400		9,666,132
Monolithic Power Systems, Inc.		7,900		2,793,519
NVIDIA Corp.		443,010		64,741,481
NXP Semiconductors NV (China)		46,100		7,285,183
ON Semiconductor Corp.*(a)		76,700		4,783,779
Qorvo, Inc.*		18,286		1,657,443
QUALCOMM, Inc.		199,450		21,927,533
Skyworks Solutions, Inc.		28,600		2,606,318
SolarEdge Technologies, Inc.*(a)		9,900		2,804,373
Teradyne, Inc.		27,700		2,419,595
Texas Instruments, Inc.		161,700		26,716,074
				291,266,792
Software — 8.1%
Adobe, Inc.*		82,695		27,829,348
ANSYS, Inc.*		15,400		3,720,486
Autodesk, Inc.*		38,570		7,207,576
Cadence Design Systems, Inc.*		48,800		7,839,232
Ceridian HCM Holding, Inc.*		27,100		1,738,465

	Shares		Value
COMMON STOCKS (continued)
Software (cont’d.)
Fortinet, Inc.*		115,800	$	5,661,462
Gen Digital, Inc.		103,211		2,211,812
Intuit, Inc.		50,060		19,484,353
Microsoft Corp.		1,326,380		318,092,452
Oracle Corp.		273,395		22,347,307
Paycom Software, Inc.*		8,600		2,668,666
PTC, Inc.*		18,600		2,232,744
Roper Technologies, Inc.		18,900		8,166,501
Salesforce, Inc.*		177,900		23,587,761
ServiceNow, Inc.*		35,990		13,973,837
Synopsys, Inc.*		27,200		8,684,688
Tyler Technologies, Inc.*		7,380		2,379,386
				477,826,076
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		10,860		1,596,746
AutoZone, Inc.*		3,380		8,335,688
Bath & Body Works, Inc.		40,396		1,702,288
Best Buy Co., Inc.(a)		35,725		2,865,502
CarMax, Inc.*(a)		28,500		1,735,365
Home Depot, Inc. (The)		182,069		57,508,314
Lowe’s Cos., Inc.		110,475		22,011,039
O’Reilly Automotive, Inc.*		11,140		9,402,494
Ross Stores, Inc.		61,700		7,161,519
TJX Cos., Inc. (The)		207,700		16,532,920
Tractor Supply Co.		19,800		4,454,406
Ulta Beauty, Inc.*		9,070		4,254,465
				137,560,746
Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc.		2,660,720		345,707,350
Hewlett Packard Enterprise Co.		228,166		3,641,529
HP, Inc.		157,466		4,231,111
NetApp, Inc.		39,100		2,348,346
Seagate Technology Holdings PLC(a)		34,150		1,796,632
Western Digital Corp.*		56,568		1,784,720
				359,509,688
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc. (Class B Stock)		224,100		26,221,941
Ralph Lauren Corp.(a)		7,600		803,092
Tapestry, Inc.		42,900		1,633,632
VF Corp.(a)		58,444		1,613,639
				30,272,304
Tobacco — 0.7%
Altria Group, Inc.		318,600		14,563,206
Philip Morris International, Inc.		275,800		27,913,718
				42,476,924
Trading Companies & Distributors — 0.2%
Fastenal Co.(a)		101,700		4,812,444
United Rentals, Inc.*(a)		12,440		4,421,425
W.W. Grainger, Inc.(a)		8,020		4,461,125
				13,694,994
Water Utilities — 0.1%
American Water Works Co., Inc.(a)		32,350		4,930,787

SEE NOTES TO FINANCIAL STATEMENTS.

A239

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc.*		106,500	$	14,910,000
TOTAL COMMON STOCKS (cost $1,638,254,471)				5,717,974,509
EXCHANGE-TRADED FUNDS — 1.1%
iShares Core S&P 500 ETF		126,000		48,410,460
SPDR S&P 500 ETF Trust(a)		34,400		13,155,592
TOTAL EXCHANGE-TRADED FUNDS (cost $55,628,325)				61,566,052
	Units
RIGHTS* — 0.0%
Health Care Equipment & Supplies
ABIOMED, Inc., expiring 12/31/23^		8,200		1
(cost $0)
TOTAL LONG-TERM INVESTMENTS (cost $1,693,882,796)				5,779,540,562
	Shares
SHORT-TERM INVESTMENTS — 7.1%
AFFILIATED MUTUAL FUNDS — 7.0%
PGIM Core Ultra Short Bond Fund(wa)		112,606,360		112,606,360
PGIM Institutional Money Market Fund (cost $298,740,945; includes $297,570,971 of cash collateral for securities on loan)(b)(wa)		299,157,683		299,008,104
TOTAL AFFILIATED MUTUAL FUNDS (cost $411,347,305)				411,614,464

Interest     Rate	Maturity       Date	Principal       Amount (000)#
U.S. TREASURY OBLIGATION(k)(n) — 0.1%
U.S. Treasury Bills
4.271%	03/16/23		8,400		8,328,739
(cost $8,327,048)
TOTAL SHORT-TERM INVESTMENTS (cost $419,674,353)					419,943,203
TOTAL INVESTMENTS—105.0% (cost $2,113,557,149)					6,199,483,765
Liabilities in excess of other assets(z) — (5.0)%					(294,542,862	)
NET ASSETS — 100.0%				$	5,904,940,903

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.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1 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 $289,986,377; cash collateral of $297,570,971 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

(n) Rate shown is the effective yield at purchase date.

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

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

Futures contracts outstanding at December 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
624	S&P 500 E-Mini Index		Mar. 2023	$	120,463,200		$	(3,250,719	)

SEE NOTES TO FINANCIAL STATEMENTS.

A240

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

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		$	—		$	8,328,739

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	109,274,605	$	—		$—
Air Freight & Logistics		34,830,760		—		—
Airlines		11,824,274		—		—
Auto Components		6,135,327		—		—
Automobiles		75,500,725		—		—
Banks		219,195,378		—		—
Beverages		110,831,905		—		—
Biotechnology		141,921,736		—		—
Building Products		25,709,276		—		—
Capital Markets		179,112,204		—		—
Chemicals		107,377,580		—		—
Commercial Services & Supplies		28,178,825		—		—
Communications Equipment		51,175,195		—		—
Construction & Engineering		3,619,500		—		—
Construction Materials		7,935,371		—		—
Consumer Finance		29,364,097		—		—
Containers & Packaging		15,891,061		—		—
Distributors		8,963,547		—		—
Diversified Financial Services		99,036,429		—		—
Diversified Telecommunication Services		53,662,870		—		—
Electric Utilities		119,624,649		—		—
Electrical Equipment		33,288,094		—		—
Electronic Equipment, Instruments & Components		36,507,893		—		—
Energy Equipment & Services		25,134,098		—		—
Entertainment		75,308,652		—		—
Equity Real Estate Investment Trusts (REITs)		150,451,453		—		—
Food & Staples Retailing		88,558,354		—		—
Food Products		68,950,305		—		—
Gas Utilities		2,790,543		—		—
Health Care Equipment & Supplies		160,813,540		—		—
Health Care Providers & Services		211,055,573		—		—
Hotels, Restaurants & Leisure		114,654,574		—		—
Household Durables		19,065,532		—		—
Household Products		90,541,246		—		—
Independent Power & Renewable Electricity Producers		3,393,680		—		—
Industrial Conglomerates		53,733,308		—		—
Insurance		140,401,294		—		—
Interactive Media & Services		227,594,276		—		—
Internet & Direct Marketing Retail		139,373,912		—		—

SEE NOTES TO FINANCIAL STATEMENTS.

A241

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
IT Services	$	255,291,856		$	—		$—
Leisure Products		1,400,179			—		—
Life Sciences Tools & Services		111,221,687			—		—
Machinery		107,597,205			—		—
Media		44,756,993			—		—
Metals & Mining		25,244,275			—		—
Multiline Retail		27,388,399			—		—
Multi-Utilities		51,148,805			—		—
Oil, Gas & Consumable Fuels		273,836,639			—		—
Personal Products		10,222,132			—		—
Pharmaceuticals		279,255,905			—		—
Professional Services		21,502,613			—		—
Real Estate Management & Development		4,325,152			—		—
Road & Rail		51,552,717			—		—
Semiconductors & Semiconductor Equipment		291,266,792			—		—
Software		477,826,076			—		—
Specialty Retail		137,560,746			—		—
Technology Hardware, Storage & Peripherals		359,509,688			—		—
Textiles, Apparel & Luxury Goods		30,272,304			—		—
Tobacco		42,476,924			—		—
Trading Companies & Distributors		13,694,994			—		—
Water Utilities		4,930,787			—		—
Wireless Telecommunication Services		14,910,000			—		—
Exchange-Traded Funds		61,566,052			—		—
Rights
Health Care Equipment & Supplies		—			—		1
Short-Term Investments
Affiliated Mutual Funds		411,614,464			—		—
U.S. Treasury Obligation		—			8,328,739		—
Total	$	6,191,155,025		$	8,328,739		$  1
Other Financial Instruments*
Liabilities
Futures Contracts	$	(3,250,719	)	$	—		$—

* 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, 2022 were as follows:

Software	8.1	%
Affiliated Mutual Funds (5.0% represents investments purchased with collateral from securities on loan)	7.0
Technology Hardware, Storage & Peripherals	6.1
Semiconductors & Semiconductor Equipment	4.9
Pharmaceuticals	4.7
Oil, Gas & Consumable Fuels	4.6
IT Services	4.3
Interactive Media & Services	3.9
Banks	3.7
Health Care Providers & Services	3.6
Capital Markets	3.0
Health Care Equipment & Supplies	2.7
Equity Real Estate Investment Trusts (REITs)	2.5

Biotechnology	2.4	%
Insurance	2.4
Internet & Direct Marketing Retail	2.4
Specialty Retail	2.3
Electric Utilities	2.0
Hotels, Restaurants & Leisure	1.9
Life Sciences Tools & Services	1.9
Beverages	1.9
Aerospace & Defense	1.8
Machinery	1.8
Chemicals	1.8
Diversified Financial Services	1.7
Household Products	1.5
Food & Staples Retailing	1.5

SEE NOTES TO FINANCIAL STATEMENTS.

A242

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

Industry Classification (continued):

Automobiles	1.3	%
Entertainment	1.3
Food Products	1.2
Exchange-Traded Funds	1.1
Industrial Conglomerates	0.9
Diversified Telecommunication Services	0.9
Road & Rail	0.9
Communications Equipment	0.9
Multi-Utilities	0.9
Media	0.8
Tobacco	0.7
Electronic Equipment, Instruments & Components	0.6
Air Freight & Logistics	0.6
Electrical Equipment	0.6
Textiles, Apparel & Luxury Goods	0.5
Consumer Finance	0.5
Commercial Services & Supplies	0.5
Multiline Retail	0.5
Building Products	0.4
Metals & Mining	0.4
Energy Equipment & Services	0.4
Professional Services	0.4

Household Durables	0.3	%
Containers & Packaging	0.3
Wireless Telecommunication Services	0.3
Trading Companies & Distributors	0.2
Airlines	0.2
Personal Products	0.2
Distributors	0.1
U.S. Treasury Obligation	0.1
Construction Materials	0.1
Auto Components	0.1
Water Utilities	0.1
Real Estate Management & Development	0.1
Construction & Engineering	0.1
Independent Power & Renewable Electricity Producers	0.1
Gas Utilities	0.0	*
Leisure Products	0.0	*
	105.0
Liabilities in excess of other assets	(5.0	)
	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 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, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives		Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and           Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair Value
Equity contracts	—	$—	Due from/to broker-variation margin futures	$	3,250,719	*

* 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, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(23,176,239	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(5,075,629	)

SEE NOTES TO FINANCIAL STATEMENTS.

A243

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
SCHEDULE OF INVESTMENTS		as of December 31, 2022

For the year ended December 31, 2022, the Portfolio’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$124,876,265

* Average volume is based on average quarter end balances as noted for the year ended December 31, 2022.

(1) Notional Amount in USD.

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

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

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	$289,986,377	$(289,986,377)	$—

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

SEE NOTES TO FINANCIAL STATEMENTS.

A244

PSF STOCK INDEX PORTFOLIO  (CONTINUED)  

STATEMENT OF ASSETS AND LIABILITIES

as of December 31, 2022

ASSETS
Investments at value, including securities on loan of $289,986,377:
Unaffiliated investments (cost $1,702,209,844)	$	5,787,869,301
Affiliated investments (cost $411,347,305)		411,614,464
Cash		35
Dividends receivable		5,028,057
Receivable for Portfolio shares sold		1,038,377
Tax reclaim receivable		597,585
Prepaid expenses		663,872
Total Assets		6,206,811,691
LIABILITIES
Payable to broker for collateral for securities on loan		297,570,971
Management fee payable		1,448,989
Accrued expenses and other liabilities		1,273,427
Payable for investments purchased		762,856
Payable for Portfolio shares purchased		469,078
Due to broker-variation margin futures		335,400
Distribution fee payable		5,347
Trustees’ fees payable		3,740
Affiliated transfer agent fee payable		980
Total Liabilities		301,870,788
NET ASSETS	$	5,904,940,903
Net assets were comprised of:
Partners’ Equity	$	5,904,940,903
Class I:
Net asset value and redemption price per share, $5,880,114,251 / 64,031,621 outstanding shares of beneficial interest	$	91.83
Class III:
Net asset value and redemption price per share, $24,826,652 / 271,485 outstanding shares of beneficial interest	$	91.45

STATEMENT OF OPERATIONS

Year Ended December 31, 2022

NET INVESTMENT INCOME (LOSS)
INCOME
Unaffiliated dividend income (net of $9,170 foreign withholding tax)	$	98,609,623
Affiliated dividend income		1,987,699
Income from securities lending, net (including affiliated income of $485,564)		540,369
Interest income		80,081
Total income		101,217,772
EXPENSES
Management fee		17,684,332
Distribution fee—Class III		53,341
Custodian and accounting fees		326,358
Trustees’ fees		106,160
Legal fees and expenses		55,678
Shareholders’ reports		52,374
Audit fee		30,300
Transfer agent’s fees and expenses (including affiliated expense of $5,882)		10,682
Miscellaneous		115,093
Total expenses		18,434,318
NET INVESTMENT INCOME (LOSS)		82,783,454
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (including affiliated of $(14,541))		35,423,247
Futures transactions		(23,176,239	)
		12,247,008
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $129,763)		(1,418,658,293	)
Futures		(5,075,629	)
		(1,423,733,922	)
NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS		(1,411,486,914	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,328,703,460	)

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2022				Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	82,783,454			$	67,998,064
Net realized gain (loss) on investment transactions			12,247,008				80,159,789
Net change in unrealized appreciation (depreciation) on investments			(1,423,733,922	)			1,443,977,584
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			(1,328,703,460	)			1,592,135,437
PORTFOLIO SHARE TRANSACTIONS
Portfolio shares sold			236,760,993				325,130,065
Portfolio shares purchased			(264,281,273	)			(276,298,925	)
NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS			(27,520,280	)			48,831,140
TOTAL INCREASE (DECREASE)			(1,356,223,740	)			1,640,966,577
NET ASSETS:
Beginning of year			7,261,164,643				5,620,198,066
End of year		$	5,904,940,903			$	7,261,164,643

SEE NOTES TO FINANCIAL STATEMENTS.

A245

	PSF STOCK INDEX PORTFOLIO (CONTINUED)
FINANCIAL HIGHLIGHTS

Class I
	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, beginning of year	$	112.45		$	87.66		$	74.24		$	56.64		$	59.38
Income (Loss) From Investment Operations:
Net investment income (loss)		1.29			1.06			1.12			1.12			1.00
Net realized and unrealized gain (loss) on investment transactions		(21.91	)		23.73			12.30			16.48			(3.74	)
Total from investment operations		(20.62	)		24.79			13.42			17.60			(2.74	)
Net Asset Value, end of year	$	91.83		$	112.45		$	87.66		$	74.24		$	56.64
Total Return(b)		(18.34	)%		28.28	%		18.08	%		31.07	%		(4.61	)%
Ratios/Supplemental Data:
Net assets, end of year (in millions)	$	5,880		$	7,244		$	5,620		$	4,757		$	3,672
Average net assets (in millions)	$	6,252		$	6,427		$	4,802		$	4,298		$	4,051
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29	%		0.29	%		0.31	%		0.31	%		0.31	%
Expenses before waivers and/or expense reimbursement		0.29	%		0.29	%		0.31	%		0.31	%		0.31	%
Net investment income (loss)		1.32	%		1.06	%		1.50	%		1.69	%		1.63	%
Portfolio turnover rate(d)		3	%		2	%		4	%		3	%		4	%

Class III
	Year Ended December 31, 2022				April 26, 2021(e) through December 31, 2021
Per Share Operating Performance(a):
Net Asset Value, beginning of period		$	112.26			$	97.90
Income (Loss) From Investment Operations:
Net investment income (loss)			1.06				0.54
Net realized and unrealized gain (loss) on investment transactions			(21.87	)			13.82
Total from investment operations			(20.81	)			14.36
Net Asset Value, end of period		$	91.45			$	112.26
Total Return(b)			(18.54	)%			14.67	%
Ratios/Supplemental Data:
Net assets, end of period (in millions)		$	25			$	17
Average net assets (in millions)		$	21			$	7
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement			0.54	%			0.54	%(f)
Expenses before waivers and/or expense reimbursement			0.54	%			0.54	%(f)
Net investment income (loss)			1.09	%			0.74	%(f)
Portfolio turnover rate(d)			3	%			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.

A246

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.

The Portfolios have the following investment objective(s):

Portfolio	Investment Objective(s)
PSF Global Portfolio	Long-term growth of capital.
PSF International Growth Portfolio	Long-term growth of capital.
PSF Mid-Cap Growth Portfolio	Long-term capital appreciation.
PSF Natural Resources Portfolio	Long-term growth of capital.
PSF PGIM 50/50 Balanced Portfolio	Total investment return consistent with a conservatively managed diversified portfolio.
PSF PGIM Flexible Managed Portfolio	Total return consistent with an aggressively managed diversified portfolio.
PSF PGIM Government Income Portfolio	High level of income over the long-term consistent with the preservation of capital.
PSF PGIM Government Money Market Portfolio	Maximum current income consistent with the stability of capital and maintenance of liquidity.
PSF PGIM High Yield Bond Portfolio	High total return.
PSF PGIM Jennison Blend Portfolio	Long-term growth of capital.
PSF PGIM Jennison Focused Blend Portfolio	Long-term growth of capital.
PSF PGIM Jennison Growth Portfolio	Long-term growth of capital.
PSF PGIM Jennison Value Portfolio	Capital appreciation.

B1

Portfolio	Investment Objective(s)
PSF PGIM Total Return Bond Portfolio	High level of income over a longer term while providing reasonable safety of capital.
PSF Small-Cap Stock Index Portfolio	Long-term growth of capital.
PSF Small-Cap Value Portfolio	Long-term growth of capital.
PSF Stock Index Portfolio	Achieve investment results that generally correspond to the performance of publicly traded common stocks.

2. Accounting Policies

The Series Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies.The following is a summary of significant accounting policies followed by the Series Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Series Fund and the Portfolios consistently follow such policies in the preparation of their financial statements.

Securities Valuation: Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Portfolios’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Series Fund’s Board of Trustees (the “Board”) has approved the Portfolios’ valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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.

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.

B2

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.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

B3

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.Across currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap

B4

is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Portfolios each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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increases for the protection buyer if the spread increases. A Portfolio’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

Floating Rate and other Loans: Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

Repurchase Agreements: Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed

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securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The Series Fund, on behalf of certain Portfolios, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between the Portfolio and the counterparty permits the Portfolio to offset amounts payable by the Portfolio to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Portfolios to cover the Portfolios’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Series Fund, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio’s custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio’s net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio’s counterparties to elect early termination could impact the Portfolio’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in a portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/ insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

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.

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Payment-In-Kind: Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Delayed-Delivery Transactions: Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

Securities Lending: Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolio. Upon termination of the loan, the borrower will return to the Portfolio securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolio has the right to repurchase the securities in the open market using the collateral.

The Portfolio recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolio also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

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at the beginning of the day.

Taxes: For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio is treated as a partnership for tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Portfolio’s shareholders (participating insurance companies). Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio’s understanding of the applicable country’s tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. (“Prudential”) as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

Distributions: Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. The Government Money Market Portfolio declares and reinvests distributions, if any, daily. Distributions are recorded on the ex-date.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Series Fund, on behalf of the Portfolios, has entered into manager agreements with the Manager which provide that the Manager will furnish each Portfolio with investment advice, investment management and administrative services. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Manager out of the management fee that it receives from the Portfolios.

Portfolio	Subadviser(s)
PSF Global Portfolio	LSV Asset Management (“LSV”); PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) (a wholly-owned subsidiary of PGIM, Inc.); T. Rowe Price Associates, Inc. (“T. Rowe”) & William Blair & Co. LLC (“William Blair”); Effective April 23, 2022, Massachusetts Financial Services, Inc. (“MFS”); Until April 22, 2022, Brown Advisory LLC (“Brown”)
PSF International Growth Portfolio	Jennison Associates LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.); Neuberger Berman Investment Advisors, LLC (“Neuberger Berman”) & William Blair
PSF Mid-Cap Growth Portfolio	J.P. Morgan Investment Management, Inc. (“J.P. Morgan”)
PSF Natural Resources Portfolio	Until June 30, 2022, Allianz Global Investors U.S. LLC (“Allianz”); Effective June 15, 2022, T. Rowe
PSF PGIM 50/50 Balanced Portfolio	PGIM Fixed Income (“PFI”) (a business unit of PGIM, Inc.); PGIM Limited & PGIM Quantitative Solutions
PSF PGIM Flexible Managed Portfolio	PFI; PGIM Limited & PGIM Quantitative Solutions
PSF PGIM Government Income Portfolio	PFI
PSF PGIM Government Money Market Portfolio	PFI
PSF PGIM High Yield Bond Portfolio	PFI & PGIM Limited
PSF PGIM Jennison Blend Portfolio	Jennison
PSF PGIM Jennison Focused Blend Portfolio	Jennison
PSF PGIM Jennison Growth Portfolio	Jennison
PSF PGIM Jennison Value Portfolio	Jennison
PSF PGIM Total Return Bond Portfolio	PFI & PGIM Limited
PSF Small-Cap Stock Index Portfolio	PGIM Quantitative Solutions
PSF Small-Cap Value Portfolio	Goldman Sachs Asset Management, L.P.
PSF Stock Index Portfolio	PGIM Quantitative Solutions

The management fee paid to the Manager is accrued daily and payable monthly, using the value of each Portfolio’s average

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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		0.64	**
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		0.25	*****
PSF PGIM High Yield Bond Portfolio	0.55		0.52	******
PSF PGIM Jennison Blend Portfolio	0.45		0.45
PSF PGIM Jennison Focused Blend Portfolio	0.75		0.75
PSF PGIM Jennison Growth Portfolio	0.60		0.60
PSF PGIM Jennison Value Portfolio	0.40		0.40
PSF PGIM Total Return Bond Portfolio	0.40		0.40
PSF Small-Cap Stock Index Portfolio	0.35		0.35
PSF Small-Cap Value Portfolio	0.90		0.90	*******
PSF Stock Index Portfolio	0.30% up to $ 4 billion
	0.25% over $ 4 billion		0.28

* The Manager has contractually agreed, through June 30, 2022, to waive a portion of its management fee equal to an annual rate of 0.0363% of the average daily net assets of the Portfolio. Effective April 23, 2022, the Manager has contractually agreed to waive an additional 0.012% of its investment management fee through June 30, 2023. Effective July 1, 2022, the Manager has contractually agreed to waive 0.0345% of its investment management fee through June 30, 2023.

** The Manager has contractually agreed, through June 30, 2023, 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, 2023 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver/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 December 3, 2022, the Manager has contractually agreed to waive 0.013% of its investment management fee through June 30, 2024.

**** The Manager has contractually agreed, through June 30, 2023, 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, 2022, the Manager has reimbursed the Portfolio as a result of this voluntary agreement in the amount of $503,441, 0.05% of the Government Money Market Portfolio’s average daily net assets.

****** The Manager has contractually agreed through June 30, 2023 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver/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, 2023 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver/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.

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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, 2022, brokerage commission recaptured under these agreements was as follows:

Portfolio	Amount
PSF Global Portfolio	$	27,741
PSF International Growth Portfolio		4,402
PSF Mid-Cap Growth Portfolio		6,324
PSF PGIM Jennison Blend Portfolio		66,041
PSF PGIM Jennison Focused Blend Portfolio		2,523
PSF PGIM Jennison Growth Portfolio		51,710
PSF PGIM Jennison Value Portfolio		21,875

PIMS, PGIM Investments, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

a.) Related Parties

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Portfolios may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”) and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. The Portfolios may also invest in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”) registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, certain Portfolios changed their overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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, 2022, the Portfolios’ purchase and sales transactions under Rule 17a-7 and realized gain

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(loss) as a result of 17a-7 sales transactions were as follows:

Portfolio	Purchases	Sales	Realized Gain (Loss)
PSF Global Portfolio	$418,113	$—	$—

b.) Foreign Withholding Tax Reclaims

The Portfolios are considered partnerships for tax purposes rather than regulated investment companies (RICs). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, “excess withholding tax”).

Prudential instituted a process in consultation with the Series Fund’s independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios’ partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as “Payable to affiliate” on the “Statement of Assets and Liabilities” and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as “Receivable from affiliate” on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as “Tax reclaim receivable” on the “Statement of Assets and Liabilities.” To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.

Portfolio	2022 Payments
PSF Global Portfolio		$183,783
PSF International Growth Portfolio		19,107
PSF Natural Resources Portfolio		23,953
PSF PGIM 50/50 Balanced Portfolio		21,630
PSF PGIM Flexible Managed Portfolio		28,259
PSF PGIM High Yield Bond Portfolio		948
PSF PGIM Jennison Blend Portfolio		17,374
PSF PGIM Jennison Focused Blend Portfolio		1,021
PSF PGIM Jennison Growth Portfolio		123,435
PSF PGIM Jennison Value Portfolio		11,457
PSF Small-Cap Stock Index Portfolio		50
PSF Small-Cap Value Portfolio		484

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios’ status as partnerships for tax purposes.

Portfolio	2022 Payments
PSF Global Portfolio		$227,965
PSF International Growth Portfolio		25,292
PSF Natural Resources Portfolio		385,100
PSF PGIM 50/50 Balanced Portfolio		14,710
PSF PGIM Flexible Managed Portfolio		19,572
PSF PGIM Jennison Blend Portfolio		103,367

B12

Portfolio	2022 Payments
PSF PGIM Jennison Focused Blend Portfolio		$  5,236
PSF PGIM Jennison Growth Portfolio		97,241
PSF Small-Cap Value Portfolio		2,986

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, 2022, were as follows:

Portfolio	Cost of Purchases		Proceeds from Sales
PSF Global Portfolio	$	645,396,136	$	675,884,028
PSF International Growth Portfolio		40,845,930		46,704,236
PSF Mid-Cap Growth Portfolio		140,427,196		145,911,010
PSF Natural Resources Portfolio		552,799,713		548,294,431
PSF PGIM 50/50 Balanced Portfolio		2,054,660,129		2,088,413,889
PSF PGIM Flexible Managed Portfolio		5,475,563,822		5,669,795,161
PSF PGIM Government Income Portfolio		241,145,642		225,217,474
PSF PGIM Government Money Market Portfolio		—		—
PSF PGIM High Yield Bond Portfolio		124,213,348		135,781,766
PSF PGIM Jennison Blend Portfolio		1,087,549,582		1,347,018,010
PSF PGIM Jennison Focused Blend Portfolio		77,762,332		91,926,264
PSF PGIM Jennison Growth Portfolio		837,476,383		981,189,081
PSF PGIM Jennison Value Portfolio		330,313,694		377,838,575
PSF PGIM Total Return Bond Portfolio		2,164,002,984		2,108,649,804
PSF Small-Cap Stock Index Portfolio		149,637,373		191,746,135
PSF Small-Cap Value Portfolio		171,064,497		161,934,892
PSF Stock Index Portfolio		237,266,448		178,665,288

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended December 31, 2022, 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)
$33,642,687		$183,409,545		$196,229,395		$        —		$      —		$20,822,837		20,822,837		$333,216
PGIM Institutional Money Market Fund(1)(b)(wa)
17,773,029		424,263,596		395,546,798		15,218		6,949		46,511,994		46,535,263		74,071	(2)
$51,415,716		$607,673,141		$591,776,193		$15,218		$6,949		$67,334,831				$407,287

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)
$  602,494	$17,987,148	$17,791,842		$    —		$  —		$  797,800		797,800		$24,644

B13

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
PGIM Institutional Money Market Fund(1)(b)(wa)
$1,369,078	$30,400,011	$28,489,476	$1,272	$(162)	$3,280,723	3,282,365		$  3,705	(2)
$1,971,572	$48,387,159	$46,281,318	$1,272	$(162)	$4,078,523			$28,349

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)
$  6,531,135	$	64,410,103	$	62,600,718		$        —		$      —		$  8,340,520		8,340,520		$176,715
PGIM Institutional Money Market Fund(1)(b)(wa)
30,996,082		457,228,550		443,076,595		12,950		7,708		45,168,695		45,191,291		77,485	(2)
$37,527,217		$521,638,653	$	505,677,313		$12,950		$7,708		$53,509,215				$254,200

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)
$   2,305,472		$173,006,291		$166,783,149		$         —			$        —		$8,528,614		8,528,614	$	120,340
PGIM Institutional Money Market Fund(1)(b)(wa)
23,385,947		181,008,673		204,393,369		(18,740	)		17,489		—		—		17,334	(2)
$25,691,419		$354,014,964		$371,176,518		$(18,740	)		$17,489		$8,528,614			$	137,674

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)
$363,398,511		$452,246,254		$549,653,174		$      —		$        —		$265,991,591		265,991,591	$	6,119,960
PGIM Institutional Money Market Fund(1)(b)(wa)
35,533,049		365,343,978		354,753,306		5,262		16,548		46,145,531		46,168,616		77,097	(2)
$398,931,560		$817,590,232		$904,406,480		$5,262		$16,548		$312,137,122			$	6,197,057

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)
$303,840,636		$  923,263,159		$  989,280,094		$      —		$      —		$237,823,701		237,823,701		$6,847,036

B14

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
PGIM Institutional Money Market Fund(1)(b)(wa)
$  45,515,856		$   516,567,118		$   502,165,246		$23,713		$7,556		$  59,948,997		59,978,986		$     87,538	(2)
$349,356,492		$1,439,830,277		$1,491,445,340		$23,713		$7,556		$297,772,698				$6,934,574

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)
$7,919,849		$83,451,125		$85,068,825		$—		$        —			$6,302,149		6,302,149		$127,982
PGIM Institutional Money Market Fund(1)(b)(wa)
—		14,449,266		14,446,362		—		(2,904	)		—		—		802	(2)
$7,919,849		$97,900,391		$99,515,187		$—		$(2,904	)		$6,302,149				$128,784

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)
$  30,025,859		$124,391,408		$134,799,130		$        —		$           —			$  19,618,137		19,618,137		$429,970
PGIM Institutional Money Market Fund(1)(b)(wa)
172,978,975		403,634,502		490,290,928		42,781		(10,212	)		86,355,118		86,398,318		227,644	(2)
$203,004,834		$528,025,910		$625,090,058		$42,781		$(10,212	)		$105,973,255				$657,614

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)
$  96,848,898		$   621,325,549		$   637,611,785		$         —			$        —		$  80,562,662		80,562,662		$1,267,466
PGIM Institutional Money Market Fund(1)(b)(wa)
124,217,579		1,187,900,869		1,228,387,171		(35,063	)		74,496		83,770,710		83,812,616		151,316	(2)
$221,066,477		$1,809,226,418		$1,865,998,956		$(35,063	)		$74,496		$164,333,372				$1,418,782

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)
$3,266,051	$48,508,291	$44,794,125	$—	$  —		$6,980,217		6,980,217	$121,731

B15

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
PGIM Institutional Money Market Fund(1)(b)(wa)
$3,667,845	$50,151,146	$53,818,808	$(8)	$(175)		$             —		—	$	2,990	(2)
$6,933,896	$98,659,437	$98,612,933	$(8)	$(175)		$6,980,217			$	124,721

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)
$16,926,102		$   478,715,090		$   481,179,724		$        —		$        —		$  14,461,468		14,461,468	$	511,768
PGIM Institutional Money Market Fund(1)(b)(wa)
64,603,383		1,138,500,738		1,110,584,124		26,651		52,299		92,598,947		92,645,270		157,970	(2)
$81,529,485		$1,617,215,828		$1,591,763,848		$26,651		$52,299		$107,060,415				$669,738

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)
$45,402,605		$205,198,368		$216,412,298		$      —		$        —		$34,188,675		34,188,675		$746,371
PGIM Institutional Money Market Fund(1)(b)(wa)
16,694,933		617,892,484		591,716,168		5,545		12,609		42,889,403		42,910,858		48,671	(2)
$62,097,538		$823,090,852		$808,128,466		$5,545		$12,609		$77,078,078				$795,042

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)
$10,819,602		$315,484,944		$200,112,555		$      —		$      —			$126,191,991		126,191,991		$1,623,023
PGIM Institutional Money Market Fund(1)(b)(wa)
38,615,550		150,073,158		169,083,363		7,911		(4,495	)		19,608,761		19,618,570		65,983	(2)
$49,435,152		$465,558,102		$369,195,918		$7,911		$(4,495	)		$145,800,752				$1,689,006

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)
$   3,755,340	$   73,019,581	$  71,306,771	$      —	$      —	$  5,468,150		5,468,150		$127,213

B16

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
PGIM Institutional Money Market Fund(1)(b)(wa)
$197,893,603	$   944,188,629	$884,718,041	$92,226	$(25,832)	$257,430,585		257,559,365		$379,213	(2)
$201,648,943	$1,017,208,210	$956,024,812	$92,226	$(25,832)	$262,898,735				$506,426

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)
$  5,648,018		$  41,847,007		$  42,443,067		$        —	$      —		$5,051,958		5,051,958		$  75,491
PGIM Institutional Money Market Fund(1)(b)(wa)
27,649,997		212,121,504		204,071,103		13,314	(5,447)		35,708,265		35,726,128		51,696	(2)
$33,298,015		$253,968,511		$246,514,170		$13,314	$(5,447)		$40,760,223				$127,187

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)
$144,567,480		$   248,377,640		$   280,338,760		$          —		$         —			$112,606,360		112,606,360		$1,987,699
PGIM Institutional Money Market Fund(1)(b)(wa)
255,115,214		3,225,521,344		3,181,743,676		129,763		(14,541	)		299,008,104		299,157,683		485,564	(2)
$399,682,694		$3,473,898,984		$3,462,082,436		$129,763		$(14,541	)		$411,614,464				$2,473,263

(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, 2022 are subject to such review.

B17

7. Borrowings

The Series Fund, on behalf of the Portfolios, (excluding the PSF PGIM Government Money Market Portfolio), along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	9/30/2022 - 9/28/2023	10/1/2021 – 9/29/2022
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	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The following Portfolios utilized the SCA during the year ended December 31, 2022.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, 2022
PSF International Growth Portfolio	$	467,300		1.50	%		10		$1,258,000		$—
PSF Mid-Cap Growth Portfolio		2,037,000		1.32			1		2,037,000		—
PSF PGIM Jennison Growth Portfolio		1,895,000		1.31			3		1,895,000		—

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.

As of December 31, 2022, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

Portfolio	Number of Shares		Percentage of  Outstanding Shares
PSF Global Portfolio–Class I		25,723,941		100.0	%
PSF Global Portfolio–Class III		13,643		100.0
PSF International Growth Portfolio–Class I		7,013,461		96.3

B18

Portfolio	Number of Shares		Percentage of  Outstanding Shares
PSF Mid-Cap Growth Portfolio–Class I		13,738,534		100.0	%
PSF Mid-Cap Growth Portfolio–Class III		49,098		100.0
PSF Natural Resources Portfolio–Class I		11,895,660		100.0
PSF Natural Resources Portfolio–Class III		145,629		100.0
PSF PGIM 50/50 Balanced Portfolio–Class I		68,905,541		100.0
PSF PGIM 50/50 Balanced Portfolio–Class III		199,138		100.0
PSF PGIM Flexible Managed Portfolio–Class I		106,060,061		100.0
PSF PGIM Flexible Managed Portfolio–Class III		98,314		100.0
PSF PGIM Government Income Portfolio–Class I		14,916,984		100.0
PSF PGIM Government Income Portfolio–Class III		247,239		100.0
PSF PGIM Government Money Market Portfolio–Class I		80,131,515		99.8
PSF PGIM Government Money Market Portfolio–Class III		11,837,499		82.9
PSF PGIM High Yield Bond Portfolio–Class I		80,299,934		100.0
PSF PGIM High Yield Bond Portfolio–Class III		1,569,365		100.0
PSF PGIM Jennison Blend Portfolio–Class I		61,013,653		100.0
PSF PGIM Jennison Blend Portfolio–Class III		12,355		100.0
PSF PGIM Jennison Focused Blend Portfolio–Class I		1,620,993		100.0
PSF PGIM Jennison Focused Blend Portfolio–Class III		10,057		100.0
PSF PGIM Jennison Growth Portfolio–Class I		22,873,226		100.0
PSF PGIM Jennison Growth Portfolio–Class III		69,400		100.0
PSF PGIM Jennison Value Portfolio–Class I		32,622,912		100.0
PSF PGIM Jennison Value Portfolio–Class III		59,196		100.0
PSF PGIM Total Return Bond Portfolio–Class I		80,501,397		99.0
PSF PGIM Total Return Bond Portfolio–Class III		698,669		100.0
PSF Small-Cap Stock Index Portfolio–Class I		15,965,140		100.0
PSF Small-Cap Stock Index Portfolio–Class III		176,364		100.0
PSF Small-Cap Value Portfolio–Composite		9,136,373		100.0
PSF Stock Index Portfolio–Class I		64,031,621		100.0
PSF Stock Index Portfolio–Class III		271,485		100.0

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

Portfolio	Number of Shareholders	Percentage of Outstanding Shares
Affiliated:
PSF Global Portfolio	2		97.5	%
PSF International Growth Portfolio	2		95.0
PSF Mid-Cap Growth Portfolio	2		99.5
PSF Natural Resources Portfolio	2		90.9
PSF PGIM 50/50 Balanced Portfolio	3		100.0
PSF PGIM Flexible Managed Portfolio	3		100.0
PSF PGIM Government Income Portfolio	2		97.6
PSF PGIM Government Money Market Portfolio	3		97.4
PSF PGIM High Yield Bond Portfolio	3		100.0
PSF PGIM Jennison Blend Portfolio	3		99.9
PSF PGIM Jennison Focused Blend Portfolio	1		38.1
PSF PGIM Jennison Growth Portfolio	2		93.4
PSF PGIM Jennison Value Portfolio	2		94.9
PSF PGIM Total Return Bond Portfolio	3		99.0
PSF Small-Cap Stock Index Portfolio	2		96.2
PSF Small-Cap Value Portfolio	2		99.6

B19

Portfolio	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PSF Stock Index Portfolio		3		100.0	%
Unaffiliated:
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		2		51.9
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		—		—

Transactions in shares of beneficial interest of the Portfolios were as follows:

PSF Global Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		336,385		$	16,450,500
Portfolio shares purchased		(1,339,154	)		(65,018,053	)
Net increase (decrease) in shares outstanding		(1,002,769	)	$	(48,567,553	)
Year ended December 31, 2021:
Portfolio shares sold		331,454		$	17,649,681
Portfolio shares purchased		(2,257,822	)		(119,301,279	)
Net increase (decrease) in shares outstanding		(1,926,368	)	$	(101,651,598	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		11,248		$	580,484
Portfolio shares purchased		(902	)		(44,856	)
Net increase (decrease) in shares outstanding		10,346		$	535,628
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.

B20

PSF International Growth Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		547,734		$	5,694,785
Portfolio shares purchased		(1,101,565	)		(11,939,916	)
Net increase (decrease) in shares outstanding		(553,831	)	$	(6,245,131	)
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	)
Class II:
Year ended December 31, 2022:
Portfolio shares purchased		(2,879	)	$	(29,055	)
Net increase (decrease) in shares outstanding		(2,879	)	$	(29,055	)
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	)

PSF Mid-Cap Growth Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		842,234		$	20,283,654
Portfolio shares purchased		(962,246	)		(23,740,002	)
Net increase (decrease) in shares outstanding		(120,012	)	$	(3,456,348	)
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
Class II:
Year ended December 31, 2022:
Portfolio shares sold		457		$	10,048
Portfolio shares purchased		(2,296	)		(48,135	)
Net increase (decrease) in shares outstanding		(1,839	)	$	(38,087	)
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	)

B21

Share Class	Shares			Amount
Class III:
Year ended December 31, 2022:
Portfolio shares sold		29,114		$	715,921
Portfolio shares purchased		(5,483	)		(132,923	)
Net increase (decrease) in shares outstanding		23,631		$	582,998
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		568,317		$	22,147,964
Portfolio shares purchased		(892,233	)		(35,110,214	)
Net increase (decrease) in shares outstanding		(323,916	)	$	(12,962,250	)
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	)
Class II:
Year ended December 31, 2022:
Portfolio shares sold		420,816		$	15,496,428
Portfolio shares purchased		(350,180	)		(13,067,241	)
Net increase (decrease) in shares outstanding		70,636		$	2,429,187
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	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		156,046		$	6,124,088
Portfolio shares purchased		(39,030	)		(1,473,471	)
Net increase (decrease) in shares outstanding		117,016		$	4,650,617
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.

B22

PSF PGIM 50/50 Balanced Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		445,937		$	15,943,792
Portfolio shares purchased		(4,558,075	)		(162,015,739	)
Net increase (decrease) in shares outstanding		(4,112,138	)	$	(146,071,947	)
Year ended December 31, 2021:
Portfolio shares sold		382,552		$	14,110,839
Portfolio shares purchased		(4,825,082	)		(179,267,581	)
Net increase (decrease) in shares outstanding		(4,442,530	)	$	(165,156,742	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		161,137		$	5,763,660
Portfolio shares purchased		(29,273	)		(1,011,431	)
Net increase (decrease) in shares outstanding		131,864		$	4,752,229
Period ended December 31, 2021*:
Portfolio shares sold		67,888		$	2,606,087
Portfolio shares purchased		(614	)		(23,805	)
Net increase (decrease) in shares outstanding		67,274		$	2,582,282

* Commencement of offering was April 26, 2021.

PSF PGIM Flexible Managed Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		123,754		$	4,832,257
Portfolio shares purchased		(6,614,469	)		(262,771,618	)
Net increase (decrease) in shares outstanding		(6,490,715	)	$	(257,939,361	)
Year ended December 31, 2021:
Portfolio shares sold		205,431		$	8,283,511
Portfolio shares purchased		(6,737,839	)		(277,035,778	)
Net increase (decrease) in shares outstanding		(6,532,408	)	$	(268,752,267	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		59,627		$	2,386,122
Portfolio shares purchased		(6,888	)		(262,150	)
Net increase (decrease) in shares outstanding		52,739		$	2,123,972
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.

B23

PSF PGIM Government Income Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		600,611		$	7,713,914
Portfolio shares purchased		(1,559,673	)		(19,917,289	)
Net increase (decrease) in shares outstanding		(959,062	)	$	(12,203,375	)
Year ended December 31, 2021:
Portfolio shares sold		241,234		$	3,421,573
Portfolio shares purchased		(1,340,149	)		(19,017,186	)
Net increase (decrease) in shares outstanding		(1,098,915	)	$	(15,595,613	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		318,123		$	4,033,440
Portfolio shares purchased		(94,133	)		(1,187,152	)
Net increase (decrease) in shares outstanding		223,990		$	2,846,288
Period ended December 31, 2021*:
Portfolio shares sold		25,257		$	358,644
Portfolio shares purchased		(2,008	)		(28,305	)
Net increase (decrease) in shares outstanding		23,249		$	330,339

* Commencement of offering was April 26, 2021.

PSF PGIM Government Money Market Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		66,612,704		$	666,127,047
Shares issued in reinvestment of dividends and distributions		1,072,731			10,727,306
Portfolio shares purchased		(59,910,156	)		(599,101,563	)
Net increase (decrease) in shares outstanding		7,775,279		$	77,752,790
Year ended December 31, 2021:
Portfolio shares sold		81,112,748		$	811,127,478
Shares issued in reinvestment of dividends and distributions		33,163			331,630
Portfolio shares purchased		(87,878,545	)		(878,785,449	)
Net increase (decrease) in shares outstanding		(6,732,634	)	$	(67,326,341	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		23,042,614		$	230,426,139
Shares issued in reinvestment of dividends and distributions		168,048			1,680,477
Portfolio shares purchased		(23,338,502	)		(233,385,015	)
Net increase (decrease) in shares outstanding		(127,840	)	$	(1,278,399	)

B24

Share Class	Shares			Amount
Year ended December 31, 2021:
Portfolio shares sold		30,778,884		$	307,788,840
Shares issued in reinvestment of dividends and distributions		5,015			50,145
Portfolio shares purchased		(22,945,609	)		(229,456,084	)
Net increase (decrease) in shares outstanding		7,838,290		$	78,382,901

PSF PGIM High Yield Bond Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		2,625,359		$	16,126,731
Portfolio shares purchased		(6,601,912	)		(40,503,979	)
Net increase (decrease) in shares outstanding		(3,976,553	)	$	(24,377,248	)
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	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		915,127		$	5,664,609
Portfolio shares purchased		(202,935	)		(1,221,550	)
Net increase (decrease) in shares outstanding		712,192		$	4,443,059
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		38,022		$	3,051,537
Portfolio shares purchased		(4,057,480	)		(325,457,261	)
Net increase (decrease) in shares outstanding		(4,019,458	)	$	(322,405,724	)
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	)

B25

Share Class	Shares			Amount
Class II:
Year ended December 31, 2022:
Portfolio shares sold		1		$	33
Portfolio shares purchased		(1,559	)		(129,611	)
Net increase (decrease) in shares outstanding		(1,558	)	$	(129,578	)
Year ended December 31, 2021:
Portfolio shares sold		61		$	5,684
Portfolio shares purchased		(789	)		(70,000	)
Net increase (decrease) in shares outstanding		(728	)	$	(64,316	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		7,025		$	592,833
Portfolio shares purchased		(1,204	)		(98,337	)
Net increase (decrease) in shares outstanding		5,821		$	494,496
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.

PSF PGIM Jennison Focused Blend Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		96,263		$	4,493,379
Portfolio shares purchased		(144,556	)		(6,708,668	)
Net increase (decrease) in shares outstanding		(48,293	)	$	(2,215,289	)
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	)
Class II:
Year ended December 31, 2022:
Portfolio shares sold		125,490		$	5,587,731
Portfolio shares purchased		(305,760	)		(13,595,808	)
Net increase (decrease) in shares outstanding		(180,270	)	$	(8,008,077	)
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	)

B26

Share Class	Shares			Amount
Class III:
Year ended December 31, 2022:
Portfolio shares sold		4,040		$	185,696
Portfolio shares purchased		(1,190	)		(60,053	)
Net increase (decrease) in shares outstanding		2,850		$	125,643
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		313,611		$	33,566,860
Portfolio shares purchased		(1,553,298	)		(171,481,409	)
Net increase (decrease) in shares outstanding		(1,239,687	)	$	(137,914,549	)
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	)
Class II:
Year ended December 31, 2022:
Portfolio shares sold		52,361		$	5,487,355
Portfolio shares purchased		(145,570	)		(15,190,161	)
Net increase (decrease) in shares outstanding		(93,209	)	$	(9,702,806	)
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	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		41,890		$	4,609,971
Portfolio shares purchased		(4,523	)		(485,060	)
Net increase (decrease) in shares outstanding		37,367		$	4,124,911
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.

B27

PSF PGIM Jennison Value Portfolio

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		429,538		$	18,850,313
Portfolio shares purchased		(2,358,254	)		(104,294,464	)
Net increase (decrease) in shares outstanding		(1,928,716	)	$	(85,444,151	)
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	)
Class II:
Year ended December 31, 2022:
Portfolio shares sold		5,398		$	216,746
Portfolio shares purchased		(20,379	)		(871,866	)
Net increase (decrease) in shares outstanding		(14,981	)	$	(655,120	)
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	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		43,368		$	1,893,897
Portfolio shares purchased		(5,629	)		(244,701	)
Net increase (decrease) in shares outstanding		37,739		$	1,649,196
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		2,801,953		$	39,029,329
Shares issued in merger		3,070,515			46,303,369
Portfolio shares purchased		(7,389,182	)		(105,005,255	)
Net increase (decrease) in shares outstanding		(1,516,714	)	$	(19,672,557	)
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

B28

Share Class	Shares			Amount
Class III:
Year ended December 31, 2022:
Portfolio shares sold		437,500		$	6,216,910
Portfolio shares purchased		(89,681	)		(1,281,404	)
Net increase (decrease) in shares outstanding		347,819		$	4,935,506
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		177,588		$	9,396,593
Portfolio shares purchased		(1,189,080	)		(62,957,116	)
Net increase (decrease) in shares outstanding		(1,011,492	)	$	(53,560,523	)
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	)
Class III:
Year ended December 31, 2022:
Portfolio shares sold		85,002		$	4,569,926
Portfolio shares purchased		(10,558	)		(557,731	)
Net increase (decrease) in shares outstanding		74,444		$	4,012,195
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

Share Class	Shares			Amount
Class I:
Year ended December 31, 2022:
Portfolio shares sold		2,300,141		$	223,761,311
Portfolio shares purchased		(2,691,850	)		(263,312,022	)
Net increase (decrease) in shares outstanding		(391,709	)	$	(39,550,711	)

B29

Share Class	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
Class III:
Year ended December 31, 2022:
Portfolio shares sold		132,110		$	12,999,682
Portfolio shares purchased		(9,996	)		(969,251	)
Net increase (decrease) in shares outstanding		122,114		$	12,030,431
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

Each Portfolio’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

Risks	PSF Global    Portfolio	PSF   International   Growth Portfolio	PSF   Mid-Cap   Growth Portfolio	PSF Natural   Resources   Portfolio	PSF PGIM 50/50   Balanced   Portfolio	PSF PGIM Flexible   Managed   Portfolio
Adjustable and Floating-Rate Securities	–	–	–	–	–	–
Asset-Backed and/or Mortgage-Backed Securities	–	–	–	–	X	X
Asset Transfer Program	–	X	–	–	–	–
Bank Loan Investments	–	–	–	–	–	–
Blend Style	–	–	–	–	X	X
Commodity	–	–	–	X	–	–
Covenant-Lite	–	–	–	–	–	–
Credit	–	–	–	–	–	–
Derivatives	X	X	X	X	X	X
Economic and Market Events	X	X	X	X	X	X
Emerging Markets	–	X	–	X	–	–
Equity and Equity-Related Securities	–	–	–	–	–	–
Equity Securities	X	X	X	X	X	X
Exchange-Traded Funds (ETF)	–	X	–	X	–	–
Expense	X	X	X	X	–	X
Fixed Income Securities	–	–	–	–	X	X
Focus	X	–	–	X	–	–
Foreign Investment	X	X	–	X	X	X
High Yield	–	–	–	–	X	X
Index Tracking	–	–	–	–	X	X
Interest Rate	–	–	–	–	–	–
Investment Style	X	X	X	–	–	–

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Risks	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
Large Company	–	–	–	–	–	–
Leverage	–	–	X	–	–	–
Liquidity and Valuation	X	X	X	X	X	X
Market and Management	X	X	X	X	X	X
Market Capitalization	–	–	–	–	–	–
Mid-Sized Company	–	–	X	–	–	–
Participation Notes (P-Notes)	–	X	–	–	–	–
Portfolio Turnover	–	–	–	X	X	X
Prepayment or Call	–	–	–	–	–	–
Quantitative Model	X	–	–	–	–	X
Real Estate	–	X	–	–	–	–
Regulatory	X	X	X	X	X	X
Small-Sized Company	–	–	–	X	–	–
US Government Securities	–	–	–	–	–	X
Yield	–	–	–	–	–	–
Risks	PSF PGIM Government Income Portfolio	PSF PGIM Government Money Market Portfolio	PSF PGIM High Yield Bond Portfolio	PSF PGIM Jennison Blend Portfolio	PSF PGIM Jennison Focused Blend Portfolio	PSF PGIM Jennison Growth Portfolio
Adjustable and Floating-Rate Securities	–	X	–	–	–	–
Asset-Backed and/or Mortgage-Backed Securities	X	–	–	–	–	–
Asset Transfer Program	–	–	–	–	–	–
Bank Loan Investments	–	–	X	–	–	–
Blend Style	–	–	–	X	X	–
Commodity	–	–	–	–	–	–
Covenant-Lite	–	–	X	–	–	–
Credit	–	X	–	–	–	–
Derivatives	X	–	X	–	–	–
Economic and Market Events	X	X	X	X	X	X
Emerging Markets	–	–	X	–	–	–
Equity and Equity-Related Securities	–	–	X	–	–	–
Equity Securities	–	–	–	X	X	X
Exchange-Traded Funds (ETF)	–	–	–	–	–	–
Expense	X	X	X	X	X	X
Fixed Income Securities	X	X	X	–	–	–
Focus	–	–	–	–	X	–
Foreign Investment	–	–	X	X	–	X
High Yield	–	–	X	–	–	–
Index Tracking	–	–	–	–	–	–
Interest Rate	–	X	–	–	–	–
Investment Style	–	–	–	–	–	X
Large Company	–	–	–	–	–	–
Leverage	–	–	–	–	–	–

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Risks	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
Liquidity and Valuation	X		–		X		–		–		X
Market and Management	X		X		X		X		X		X
Market Capitalization	–		–		–		X		–		X
Mid-Sized Company	–		–		–		–		–		–
Participation Notes (P-Notes)	–		–		–		–		–		–
Portfolio Turnover	X		–		–		–		–		–
Prepayment or Call	–		X		–		–		–		–
Quantitative Model	–		–		–		–		–		–
Real Estate	–		–		–		X		X		–
Regulatory	X		X		X		X		X		X
Small-Sized Company	–		–		–		–		–		–
US Government Securities	X		–		–		–		–		–
Yield	–		X		–		–		–		–
Risks			PSF PGIM Jennison Value Portfolio		PSF PGIM Total Return Bond Portfolio		PSF Small- Cap Stock Index Portfolio		PSF Small- Cap Value Portfolio		PSF PGIM Stock Index Portfolio
Adjustable and Floating-Rate Securities		–		–		–		–		–
Asset-Backed and/or Mortgage-Backed Securities		–		X		–		–		–
Asset Transfer Program			–		–		–		–		–
Bank Loan Investments			–		X		–		–		–
Blend Style			–		–		–		–		–
Commodity			–		–		–		–		–
Covenant-Lite			–		X		–		–		–
Credit			–		–		–		–		–
Derivatives			–		X		X		X		X
Economic and Market Events			X		X		X		X		X
Emerging Markets			–		–		–		X		–
Equity and Equity-Related Securities			–		–		–		–		–
Equity Securities			X		–		X		X		X
Exchange-Traded Funds (ETF)			–		–		–		–		–
Expense			X		X		X		X		X
Fixed Income Securities			–		–		–		–		–
Focus			–		X		–		–		–
Foreign Investment			X		X		–		X		–
High Yield			–		X		–		–		–
Index Tracking			–		–		X		–		X
Interest Rate			–		–		–		–		–
Investment Style			X		–		–		X		–
Large Company			X		–		–		–		X
Leverage			–		–		–		–		–
Liquidity and Valuation			–		X		X		X		X
Market and Management			X		X		X		X		X
Market Capitalization			–		–		–		–		–

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Risks	PSF PGIM Jennison Value Portfolio	PSF PGIM Total Return Bond Portfolio	PSF Small- Cap Stock Index Portfolio	PSF Small- Cap Value Portfolio	PSF PGIM Stock Index Portfolio
Mid-Sized Company	–	–	–	X	–
Participation Notes (P-Notes)	–	–	–	–	–
Portfolio Turnover	–	–	–	–	–
Prepayment or Call	–	–	–	–	–
Quantitative Model	–	–	–	–	–
Real Estate	X	–	–	X	–
Regulatory	X	X	X	X	X
Small-Sized Company	–	–	X	X	–
US Government Securities	–	–	–	–	–
Yield	–	–	–	–	–

Adjustable and Floating-Rate Securities Risk: The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Variable and floating-rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

Asset-Backed and/or Mortgage-Backed Securities Risk: Asset-backed and mortgage-backed securities are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to “subprime” borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

Asset Transfer Program Risk: Predetermined, 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.

Bank Loan Investments Risk: The Portfolio’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments, or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy, or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio’s access to collateral, if any, may be limited by bankruptcy laws. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws,

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including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

Blend Style Risk: The Portfolio’s blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other. 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 have a notable impact on settlement performance and other mutual funds.

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.

Covenant-Lite Risk: Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be “covenant-lite,” which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio’s exposure to losses may be increased, which could result in an adverse impact on the Portfolio’s net income and net asset value.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Derivatives Risk: A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index. The use of derivatives is a highly specialized activity that involves a variety of risks in addition to and greater than those associated with investing directly in securities, including the risk that: the party on the other side of a derivative transaction will be unable to honor its financial obligation; leverage created by investing in derivatives may result in losses to the Portfolio; derivatives may be difficult or impossible for the Portfolio to buy or sell at an opportune time or price, and may be difficult to terminate or otherwise offset; derivatives used for hedging may reduce or magnify losses but also may reduce or eliminate gains; and the price of commodity-linked derivatives may be more volatile than the prices of traditional equity and debt securities. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.

Economic and Market Events Risk: Events in the US 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. In addition, it remains uncertain that governmental entities will intervene in response to market disturbances, and the effect of any such future intervention cannot be predicted.

Emerging Markets Risk: The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the Manager or a Portfolio’s Subadviser(s) to evaluate local companies or their potential impact on a Portfolio’s performance. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable

B34

to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with 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, the Fund 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 than a portfolio more broadly invested, although the increasing interconnectivity between economies and financial markets throughout the world increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Foreign Investment Risk: Investments in foreign securities generally involve more risk than investments in securities of US issuers, including: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

High Yield Risk: Investments in fixed income 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.

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Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio’s holdings may fall sharply. This is referred to as “extension risk.”

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 policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

Market and Management Risk: Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably. 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, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. There is no guarantee that the investment objective of the Portfolio will be achieved.

Market Capitalization Risk: Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment. Because the Portfolio may invest a portion of its assets in securities issued by small-cap companies, it is likely to be more volatile than a portfolio that focuses on securities issued by larger companies. Small-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. In addition, smaller companies are typically more sensitive to changes in overall economic conditions and their securities may be difficult to trade.

Mid-Sized Company Risk: The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio’s ability to sell the securities.

Participation Notes (P-Notes) Risk: The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security’s direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

Portfolio Turnover Risk: A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio’s securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

Prepayment or Call Risk: Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

B36

Quantitative Model Risk: The Portfolio and certain Underlying Portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment’s price or performance.

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-Sized Company Risk: Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio’s ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies.

US Government Securities Risk: US Government securities may be adversely affected by changes in interest rates, a default by, or decline in the credit quality of, the US Government, and may not be backed by the full faith and credit of the US Government.

Yield Risk: The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio’s expenses could absorb all or a significant portion of the Portfolio’s income. If interest rates increase, the Portfolio’s yield may not increase proportionately. For example, the Portfolio’s investment manager may discontinue any temporary voluntary fee limitation.

10. Reorganization

On September 20-22, 2021, the Board approved Agreements and Plans of Reorganization (the “Plans”) which provided for the transfer of all the assets of AST BlackRock Corporate Bond Portfolio (“BlackRock Corporate Bond”), AST PIMCO Corporate Bond Portfolio (“PIMCO Corporate Bond”), AST Prudential Corporate Bond Portfolio (“Prudential Corporate Bond”), AST T. Rowe Price Corporate Bond Portfolio (“T. Rowe Price Corporate Bond”) and AST Western Asset Corporate Bond Portfolio (“Western Asset Corporate Bond”) (Merged Portfolios) for shares of PSF PGIM Total Return Bond Portfolio (the “Acquiring Portfolio”) and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on January 10, 2022 and the reorganization took place at the close of business on February 11, 2022.

On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

Merged Portfolios	Total Investment   Value		Total Investment   Cost
BlackRock Corporate Bond		$  9,114,989		$  9,460,005
PIMCO Corporate Bond		9,915,524		10,205,114
Prudential Corporate Bond		11,176,973		11,586,726
T. Rowe Price Corporate Bond		7,744,789		8,003,316
Western Asset Corporate Bond		8,362,026		8,622,368

The purpose of the transaction was to combine six portfolios with substantially similar investment objectives, policies and strategies.

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The acquisition was accomplished by a tax-free exchange of the following shares on February 11, 2022:

Merged Portfolios				Shares
BlackRock Corporate Bond					852,717
PIMCO Corporate Bond					928,846
Prudential Corporate Bond					1,080,646
T. Rowe Price Corporate Bond					759,459
Western Asset Corporate Bond					816,235
Acquiring Portfolio	Shares		Class	Value
PSF PGIM Total Return Bond		3,070,515	I	$	46,303,369

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

Merged Portfolios	Unrealized (Depreciation) on Investments			Net Assets
BlackRock Corporate Bond		$(345,016	)		$  9,021,658
PIMCO Corporate Bond		(289,590	)		9,673,003
Prudential Corporate Bond		(409,753	)		11,257,526
T. Rowe Price Corporate Bond		(258,527	)		7,896,705
Western Asset Corporate Bond		(260,342	)		8,454,477
Acquiring Portfolio	Class			Net Assets
PSF PGIM Total Return Bond		I		$	1,244,085,296
		III			6,070,733

Assuming the acquisition had been completed on January 1, 2022, the Acquiring Portfolio’s unaudited pro forma results of operations for the year ended December 31, 2022 would have been as follows:

Acquiring Portfolio	Net investment income (loss) (a)	Net realized and unrealized gain (loss) on investments (b)	Net increase (decrease) in net assets resulting from operations
PSF PGIM Total Return Bond	$37,808,164	$(234,204,538)	$(196,396,374)

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2022) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $17,574, PIMCO Corporate Bond $20,230, Prudential Corporate Bond $25,681, T. Rowe Price Corporate Bond $17,718 and Western Asset Corporate Bond $18,488.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2022) of the Acquiring Portfolio, plus net realized and unrealized gain (loss) on investments from the Merged Portfolios pre-merger as follows: BlackRock Corporate Bond $(393,915), PIMCO Corporate Bond $(381,290), Prudential Corporate Bond $(526,669), T. Rowe Price Corporate Bond $(349,114) and Western Asset Corporate Bond $(374,895).

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio’s Statement of Operations since February 11, 2022.

11. Subsequent Events

On September 19-20, 2022, the Board of the Advanced Series Trust and the Prudential Series Fund approved the reorganization (the “Reorganization”) of AST International Value Portfolio, AST J.P. Morgan International Equity Portfolio, AST QMA International Core Equity Portfolio and PSF International Growth Portfolio (the “Target Portfolios”) into AST International Growth Portfolio (the “Acquiring Portfolio”). The shareholders of the Target Portfolios approved the

B38

reorganization at a meeting on February 8, 2023. It is expected that the Reorganization will be completed on or around March 10, 2023. Upon completion of the Reorganization, the AST International Growth Portfolio’s name will be changed to the AST International Equity Portfolio.

On September 19-20, 2022, the Board of the Advanced Series Trust and the Prudential Series Fund approved the reorganization (the “Reorganization”) of AST T. Rowe Price Diversified Real Growth Portfolio and AST Prudential Flexible Multi-Strategy Portfolio (the “Target Portfolios”) into PSF PGIM Flexible Managed Portfolio (the “Acquiring Portfolio”). The shareholders of the Target Portfolios approved the reorganization at a meeting on January 24, 2023. It is expected that the Reorganization will be completed on or around February 24, 2023.

B39

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, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, 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, 2022, 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, 2022 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 evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 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, 2023

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

C1

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

Information about the Trustees (or “Board Members”) 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 Board Members.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Board Members.” 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 Board Members
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: 76	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: 76	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: 76	Chairman of the Board of Fellows of Weill Cornell Medicine (since 2014); Director of Apollo Global Management, Inc. (since 2022); formerly Chief Executive Officer (1999-2013) of National Financial Partners (independent distributor of financial services products).	Formerly Director of the Asia-Pacific Fund, Inc. (2006-2019); formerly Director of Sotheby’s (2014-2019) auction house and art-related finance.	Since September 2014
Kay Ryan Booth 1950 No. of Portfolios Overseen: 76	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: 76	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: 76	Director of ICI Mutual Insurance Company (June 2020 - present; June 2016-June 2019); 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

D1

Independent Board Members
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: 76	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 Board Member
Timothy S. Cronin 1965 Number of Portfolios Overseen: 76	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

Officers(a)
Name Year of Birth Position	Principal Occupation(s) During the Past Five Years	Length of Service as 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 (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; 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) of PGIM Investments LLC; Secretary (since September 2022) of the PGIM Private Credit Fund; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; 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; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; 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; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; 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

D2

Officers(a)
Name Year of Birth Position	Principal Occupation(s) During the Past Five Years	Length of Service as Officer
Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022
Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019-December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018-October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; 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) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly 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 Board Member who also serves as President and Principal Executive Officer.

Explanatory Notes to Tables:

Board Members 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 Board Member because he is employed by an affiliate of the Manager.

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102.

There is no set term of office for Board Members or Officers. The Independent Board Members have adopted a retirement policy, which calls for the retirement of Board Members 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 Board Member.

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 Board Member. The investment companies for which PGIM Investments and/or ASTIS serves as Manager include PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

D3

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.

A description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling the appropriate phone number listed below and on the website of the Securities and Exchange Commission (the Commission) at www.sec.gov. Additionally, this information is available 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. Additionally, the Fund makes a complete listing of portfolio holdings as of its first and third calendar quarter-end available on its website listed above.

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.

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

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.

©2023 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, 2022 and December 31, 2021, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $585,100 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, 2022 and December 31, 2021, fees of $12,143 and $10,625 were billed to the Registrant for services rendered by PwC in connection with matters relating to foreign reclaims attestation paid by Prudential Financial, Inc. and/or its affiliates.

(c) All Other Fees

For the fiscal years ended December 31, 2022 and December 31, 2021: none.

(d) (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 described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –

	Fiscal Year Ended December 31, 2022	Fiscal Year Ended December 31, 2021
4(b)	0%	0%
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(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, 2022 and December 31, 2021 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.

(i) Not applicable.

(j) Not applicable.

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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 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.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – 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, 2023
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, 2023
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	February 17, 2023