NPORT-EX 2 PI62360PRU033125.htm
PSF PGIM HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Long-Term Investments — 99.0%
Asset-Backed Securities — 1.3%
Collateralized Loan Obligations
BlueMountain CLO Ltd. (Cayman Islands),
Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)
5.644%(c)   07/15/31     1,351   $1,350,743
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)
5.744%(c)   01/15/31     748   747,730
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1RR, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%)
5.355%(c)   06/20/34     3,700   3,695,220
Sculptor CLO Ltd. (Cayman Islands),
Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%)
5.363%(c)   01/20/35     3,750   3,735,995
 
Total Asset-Backed Securities

(cost $9,518,511)
  9,529,688
Commercial Mortgage-Backed Security — 0.2%
ROCK Trust,
Series 2024-CNTR, Class E, 144A
8.819%   11/13/41     1,475   1,554,542
(cost $1,475,000)        
Corporate Bonds — 84.8%
Advertising — 0.5%
Clear Channel Outdoor Holdings, Inc.,
Gtd. Notes, 144A
7.500%   06/01/29     675   557,354
7.750%   04/15/28     225   193,129
Sr. Sec’d. Notes, 144A
5.125%   08/15/27(a)     2,600   2,516,225
9.000%   09/15/28(a)     550   566,025
              3,832,733
Aerospace & Defense — 1.9%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%   02/04/26     550   538,127
5.805%   05/01/50     470   447,151
5.930%   05/01/60     290   272,600
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.000%   02/15/28     2,240   2,210,634
7.000%   06/01/32(a)     395   392,531
7.125%   06/15/26     863   863,000
7.250%   07/01/31     400   400,968
7.500%   02/01/29     1,300   1,322,750
7.875%   04/15/27     1,649   1,655,827
8.750%   11/15/30     860   906,027
TransDigm, Inc.,
Gtd. Notes
4.625%   01/15/29(a)     2,125   2,020,310
5.500%   11/15/27     775   766,237
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Aerospace & Defense (cont’d.)
Sr. Sec’d. Notes, 144A
6.000%   01/15/33     640   $629,618
6.375%   03/01/29     990   1,000,586
6.625%   03/01/32     265   268,335
6.750%   08/15/28     370   375,612
              14,070,313
Airlines — 1.3%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A
7.250%   02/15/28     300   298,475
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A
5.500%   04/20/26     52   51,833
5.750%   04/20/29     2,075   2,025,677
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%   04/15/26     1,835   1,804,203
4.625%   04/15/29     1,915   1,812,694
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A
6.375%   02/01/30     1,235   1,081,008
7.875%   05/01/27     1,490   1,456,475
9.500%   06/01/28     720   711,900
              9,242,265
Apparel — 0.5%
Kontoor Brands, Inc.,
Gtd. Notes, 144A
4.125%   11/15/29     1,150   1,057,343
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%   08/15/29     2,825   2,389,196
              3,446,539
Auto Manufacturers — 0.5%
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%   01/15/43     100   75,807
7.400%   11/01/46     275   282,626
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
3.375%   11/13/25     800   790,296
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A
8.750%   12/15/31     785   809,622
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/01/28     2,125   2,031,677
              3,990,028
Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A
7.000%   04/15/28     975   975,205
A1
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Auto Parts & Equipment (cont’d.)
American Axle & Manufacturing, Inc.,
Gtd. Notes
6.500%   04/01/27(a)     625   $606,868
Clarios Global LP/Clarios US Finance Co.,
Sr. Sec’d. Notes, 144A
6.750%   02/15/30     75   75,539
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A
5.750%   04/15/25     237   236,407
Dana, Inc.,
Sr. Unsec’d. Notes
4.250%   09/01/30     275   255,198
5.375%   11/15/27     175   172,802
5.625%   06/15/28     475   467,751
Garrett Motion Holdings, Inc./Garrett LX I Sarl,
Gtd. Notes, 144A
7.750%   05/31/32     830   821,144
Phinia, Inc.,
Gtd. Notes, 144A
6.625%   10/15/32     255   250,222
Sr. Sec’d. Notes, 144A
6.750%   04/15/29     225   228,001
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A
8.000%   11/17/28     3,925   3,744,355
Titan International, Inc.,
Sr. Sec’d. Notes
7.000%   04/30/28     1,600   1,580,793
              9,414,285
Banks — 1.3%
Citigroup, Inc.,
Jr. Sub. Notes, Series EE
6.750%(ff)   02/15/30(oo)     392   386,982
Jr. Sub. Notes, Series FF
6.950%(ff)   02/15/30(oo)     815   813,254
Jr. Sub. Notes, Series X
3.875%(ff)   02/18/26(oo)     1,275   1,248,333
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A
6.625%   01/15/27     2,850   2,837,272
7.625%   05/01/26     925   925,433
12.000%   10/01/28     325   349,048
12.250%   10/01/30     350   385,886
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes
6.850%(ff)   02/10/30(oo)     570   578,919
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A
4.198%(ff)   06/01/32     975   873,605
4.950%(ff)   06/01/42     675   542,365
Wells Fargo & Co.,
Jr. Sub. Notes
6.850%(ff)   09/15/29(oo)     270   280,051
              9,221,148
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Building Materials — 1.8%
Builders FirstSource, Inc.,
Gtd. Notes, 144A
5.000%   03/01/30     165   $157,916
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A
8.750%   08/01/28     550   453,084
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A
6.125%   01/15/29     1,660   1,023,597
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A
6.750%   07/15/31     275   276,525
Griffon Corp.,
Gtd. Notes
5.750%   03/01/28     425   415,753
Masterbrand, Inc.,
Gtd. Notes, 144A
7.000%   07/15/32     215   214,875
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,
Sr. Sec’d. Notes, 144A
6.750%   04/01/32     218   216,166
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A
5.500%   02/01/30     1,035   929,418
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.375%   03/01/32     2,010   2,020,697
Sr. Unsec’d. Notes, 144A
6.750%   03/01/33     700   697,611
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A
6.000%   11/01/28     1,198   1,161,896
8.875%   11/15/31     1,080   1,119,349
Standard Building Solutions, Inc.,
Sr. Unsec’d. Notes, 144A
6.500%   08/15/32     530   530,225
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
3.375%   01/15/31     1,405   1,221,891
4.375%   07/15/30     1,525   1,406,662
4.750%   01/15/28     525   508,292
5.000%   02/15/27     990   974,630
              13,328,587
Chemicals — 1.8%
Ashland, Inc.,
Sr. Unsec’d. Notes
6.875%   05/15/43     1,705   1,777,862
ASP Unifrax Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 5.850% and PIK 1.250% or Cash coupon 7.100%
7.100%   09/30/29     403   200,942
Avient Corp.,
Sr. Unsec’d. Notes, 144A
6.250%   11/01/31     205   203,160
 
A2
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Chemicals (cont’d.)
Celanese US Holdings LLC,
Gtd. Notes
6.580%(cc)   07/15/29     300   $309,874
6.600%(cc)   11/15/28     800   825,472
6.800%(cc)   11/15/30     300   311,000
Chemours Co. (The),
Gtd. Notes, 144A
8.000%   01/15/33     690   644,895
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%
15.000%   12/06/28     522   497,262
Sr. Sec’d. Notes, 144A
15.000%   12/06/28     82   79,406
15.000%   12/06/28     52   49,536
15.000%   12/06/28     90   86,688
Methanex US Operations, Inc.,
Gtd. Notes, 144A
6.250%   03/15/32     530   516,444
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A
7.000%   12/01/31     150   156,383
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A
4.250%   10/01/28     500   461,957
7.250%   06/15/31     1,395   1,372,736
9.750%   11/15/28(a)     2,050   2,130,484
Sr. Unsec’d. Notes, 144A
6.250%   10/01/29     1,750   1,539,166
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A
5.000%   10/30/29     665   622,786
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A
3.375%   03/15/30     425   375,062
Tronox, Inc.,
Gtd. Notes, 144A
4.625%   03/15/29(a)     795   678,472
              12,839,587
Coal — 0.1%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A
9.250%   10/01/29     760   703,175
Commercial Services — 4.5%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A
5.500%   03/01/28     390   384,412
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A
7.875%   02/15/31     1,365   1,383,461
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Unsec’d. Notes, 144A
6.000%   06/01/29     3,150   2,895,267
9.750%   07/15/27     2,075   2,080,939
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Commercial Services (cont’d.)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A
4.625%   06/01/28     1,660   $1,570,460
4.625%   06/01/28     1,265   1,195,716
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A
9.000%   06/01/29     670   586,467
AMN Healthcare, Inc.,
Gtd. Notes, 144A
4.000%   04/15/29(a)     2,000   1,801,548
4.625%   10/01/27     800   768,816
APi Group DE, Inc.,
Gtd. Notes, 144A
4.750%   10/15/29     1,200   1,131,247
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A
4.750%   04/01/28(a)     1,050   961,451
5.375%   03/01/29     525   472,563
5.750%   07/15/27     220   212,483
5.750%   07/15/27(a)     575   553,801
Belron UK Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
5.750%   10/15/29     200   198,040
Boost Newco Borrower LLC,
Sr. Sec’d. Notes, 144A
7.500%   01/15/31     850   885,006
DCLI Bidco LLC,
Second Mortgage, 144A
7.750%   11/15/29     535   550,377
Herc Holdings, Inc.,
Gtd. Notes, 144A
6.625%   06/15/29     930   933,734
Hertz Corp. (The),
Gtd. Notes, 144A
4.625%   12/01/26     245   170,877
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A
6.500%   05/15/29     4,075   3,848,859
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A
5.500%   04/15/29     1,225   1,131,357
Service Corp. International,
Sr. Unsec’d. Notes
3.375%   08/15/30     1,625   1,448,196
5.750%   10/15/32     200   196,892
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
Gtd. Notes, 144A
6.750%   08/15/32     405   408,474
United Rentals North America, Inc.,
Gtd. Notes
3.750%   01/15/32     1,025   905,727
4.000%   07/15/30     100   92,272
4.875%   01/15/28(a)     3,500   3,444,908
 
A3
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Commercial Services (cont’d.)
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A
3.625%   06/15/31     1,100   $955,602
Veritiv Operating Co.,
Sr. Sec’d. Notes, 144A
10.500%   11/30/30     450   478,291
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A
8.500%   08/15/30     325   340,765
WEX, Inc.,
Gtd. Notes, 144A
6.500%   03/15/33     335   331,232
Williams Scotsman, Inc.,
Sr. Sec’d. Notes, 144A
6.625%   06/15/29     235   237,705
6.625%   04/15/30     310   313,259
              32,870,204
Computers — 1.1%
Amentum Holdings, Inc.,
Gtd. Notes, 144A
7.250%   08/01/32     340   335,776
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   06/01/31(a)     1,080   1,092,074
Gartner, Inc.,
Gtd. Notes, 144A
3.625%   06/15/29     175   164,808
3.750%   10/01/30     225   207,586
McAfee Corp.,
Sr. Unsec’d. Notes, 144A
7.375%   02/15/30     3,485   3,087,854
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A
9.500%   04/01/29     1,305   1,414,784
NCR Voyix Corp.,
Gtd. Notes, 144A
5.000%   10/01/28     700   673,457
5.125%   04/15/29     1,049   998,933
              7,975,272
Cosmetics/Personal Care — 0.1%
Perrigo Finance Unlimited Co.,
Gtd. Notes
6.125%   09/30/32(a)     750   738,210
Distribution/Wholesale — 0.6%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A
3.875%   12/15/28     2,900   2,892,690
RB Global Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
6.750%   03/15/28     150   153,281
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A
8.000%   06/01/29     175   179,824
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Distribution/Wholesale (cont’d.)
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A
8.500%   06/15/30     1,375   $1,424,649
              4,650,444
Diversified Financial Services — 4.4%
Azorra Finance Ltd.,
Gtd. Notes, 144A
7.750%   04/15/30     655   645,817
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A
9.750%   03/15/29     1,225   1,292,167
Sub. Notes, 144A
8.375%(ff)   06/15/35     565   552,202
Encore Capital Group, Inc.,
Sr. Sec’d. Notes, 144A
8.500%   05/15/30     675   695,931
EZCORP, Inc.,
Sr. Unsec’d. Notes, 144A
7.375%   04/01/32     170   172,513
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A
8.375%   04/01/32     160   156,293
9.125%   05/15/31     495   498,213
9.250%   02/01/29     310   314,689
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A
8.000%   02/15/27     1,350   1,380,375
Sr. Unsec’d. Notes, 144A
5.875%   03/15/30     290   286,561
8.000%   06/15/28     400   418,000
goeasy Ltd. (Canada),
Gtd. Notes, 144A
6.875%   05/15/30     340   331,925
9.250%   12/01/28     55   57,734
Sr. Unsec’d. Notes, 144A
7.375%   10/01/30     440   431,200
7.625%   07/01/29     685   685,527
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Sec’d. Notes, 144A
6.625%   10/15/31     1,075   1,062,621
Sr. Unsec’d. Notes, 144A
5.000%   08/15/28     250   235,295
LD Holdings Group LLC,
Gtd. Notes, 144A
6.125%   04/01/28     725   573,085
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A
6.400%   03/26/29     175   180,874
6.500%   03/26/31     455   472,501
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A
5.125%   12/15/30     1,725   1,721,180
5.500%   08/15/28     175   173,499
5.750%   11/15/31(a)     1,070   1,068,495
6.000%   01/15/27     510   509,883
 
A4
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Diversified Financial Services (cont’d.)
6.500%   08/01/29     1,670   $1,690,013
Navient Corp.,
Sr. Unsec’d. Notes
4.875%   03/15/28(a)     600   572,366
5.000%   03/15/27     75   73,551
6.750%   06/25/25     375   375,443
9.375%   07/25/30     275   293,121
OneMain Finance Corp.,
Gtd. Notes
3.875%   09/15/28     1,276   1,182,812
4.000%   09/15/30     425   375,099
6.625%   01/15/28     75   75,593
6.625%   05/15/29     1,125   1,128,581
6.750%   03/15/32     775   760,573
7.125%   03/15/26     2,250   2,283,089
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A
4.250%   02/15/29     1,795   1,680,322
5.375%   10/15/25     1,200   1,197,511
5.750%   09/15/31     800   759,029
6.875%   02/15/33     540   540,165
7.875%   12/15/29     75   78,207
PHH Escrow Issuer LLC/PHH Corp.,
Sr. Unsec’d. Notes, 144A
9.875%   11/01/29     620   598,555
PRA Group, Inc.,
Gtd. Notes, 144A
8.875%   01/31/30(a)     1,045   1,092,017
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A
2.875%   10/15/26     425   407,990
3.625%   03/01/29     300   276,716
3.875%   03/01/31     1,100   986,963
4.000%   10/15/33(a)     1,475   1,264,837
SLM Corp.,
Sr. Unsec’d. Notes
6.500%   01/31/30(x)     280   287,187
United Wholesale Mortgage LLC,
Sr. Unsec’d. Notes, 144A
5.500%   04/15/29     75   72,284
UWM Holdings LLC,
Gtd. Notes, 144A
6.625%   02/01/30     520   515,080
              32,483,684
Electric — 4.2%
Calpine Corp.,
Sr. Sec’d. Notes, 144A
4.500%   02/15/28     1,550   1,502,993
Sr. Unsec’d. Notes, 144A
4.625%   02/01/29     2,732   2,621,490
5.000%   02/01/31     2,350   2,243,994
5.125%   03/15/28     4,050   3,985,369
Edison International,
Jr. Sub. Notes
8.125%(ff)   06/15/53(a)     125   121,945
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Sub. Notes, 144A, Cash coupon 1.000% and PIK 12.000%
13.000%   06/01/28     294   $241,336
NRG Energy, Inc.,
Gtd. Notes
5.750%   01/15/28     750   749,161
Gtd. Notes, 144A
3.375%   02/15/29     300   275,674
3.625%   02/15/31     950   842,509
3.875%   02/15/32     1,275   1,122,024
5.250%   06/15/29     625   609,105
Jr. Sub. Notes, 144A
10.250%(ff)   03/15/28(oo)     2,475   2,728,857
PG&E Corp.,
Jr. Sub. Notes
7.375%(ff)   03/15/55     675   665,390
Sr. Sec’d. Notes
5.000%   07/01/28     725   705,836
5.250%   07/01/30     225   216,141
Vistra Corp.,
Jr. Sub. Notes, 144A
7.000%(ff)   12/15/26(oo)     1,925   1,948,297
8.000%(ff)   10/15/26(oo)     4,050   4,160,542
Jr. Sub. Notes, Series C, 144A
8.875%(ff)   01/15/29(oo)     675   721,989
Vistra Operations Co. LLC,
Gtd. Notes, 144A
4.375%   05/01/29     975   925,959
5.000%   07/31/27     1,565   1,542,827
5.500%   09/01/26     1,050   1,050,183
5.625%   02/15/27     1,583   1,577,745
              30,559,366
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc.,
Gtd. Notes, 144A
4.375%   03/31/29(a)     750   698,146
4.750%   06/15/28     125   119,507
EnerSys,
Gtd. Notes, 144A
6.625%   01/15/32     140   141,807
WESCO Distribution, Inc.,
Gtd. Notes, 144A
6.375%   03/15/29     290   293,621
6.375%   03/15/33     525   527,574
6.625%   03/15/32     695   705,401
7.250%   06/15/28     785   795,085
              3,281,141
Electronics — 0.1%
Sensata Technologies, Inc.,
Gtd. Notes, 144A
3.750%   02/15/31     600   523,789
 
A5
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Engineering & Construction — 0.3%
Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A
10.375%   08/01/30(a)     950   $909,020
Brundage-Bone Concrete Pumping Holdings, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   02/01/32     280   266,651
TopBuild Corp.,
Gtd. Notes, 144A
3.625%   03/15/29     375   347,015
4.125%   02/15/32     525   467,292
              1,989,978
Entertainment — 2.5%
Caesars Entertainment, Inc.,
Gtd. Notes, 144A
4.625%   10/15/29(a)     1,725   1,584,758
Sr. Sec’d. Notes, 144A
6.500%   02/15/32     1,570   1,565,944
7.000%   02/15/30     1,800   1,822,296
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A
6.375%   05/01/26     450   450,997
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A
5.750%   04/01/30     1,000   979,193
Cinemark USA, Inc.,
Gtd. Notes, 144A
7.000%   08/01/32     250   252,492
International Game Technology PLC,
Sr. Sec’d. Notes, 144A
5.250%   01/15/29     475   464,313
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
6.750%   02/15/29     1,450   1,392,046
6.750%   02/15/29     400   382,803
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A
4.875%   05/01/29     1,800   1,690,988
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A
4.125%   07/01/29     650   577,133
5.625%   01/15/27(a)     1,775   1,751,420
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A
5.875%   09/01/31     925   613,092
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%   02/01/33(a)     1,215   1,195,644
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A
6.625%   03/01/30     1,325   1,249,303
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A
5.125%   10/01/29     1,020   978,920
6.250%   03/15/33     425   414,453
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Entertainment (cont’d.)
7.125%   02/15/31     1,115   $1,151,493
              18,517,288
Environmental Control — 0.9%
GFL Environmental, Inc.,
Gtd. Notes, 144A
4.000%   08/01/28     420   398,769
4.375%   08/15/29     2,415   2,273,119
4.750%   06/15/29     380   365,689
Sr. Sec’d. Notes, 144A
6.750%   01/15/31     480   494,400
Reworld Holding Corp.,
Gtd. Notes
5.000%   09/01/30     1,600   1,480,799
Gtd. Notes, 144A
4.875%   12/01/29     925   859,375
Waste Pro USA, Inc.,
Sr. Unsec’d. Notes, 144A
7.000%   02/01/33     375   377,449
Wrangler Holdco Corp. (Canada),
Gtd. Notes, 144A
6.625%   04/01/32     225   228,727
              6,478,327
Foods — 1.6%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A
3.500%   03/15/29(a)     1,000   921,456
Sr. Unsec’d. Notes, 144A
6.250%   03/15/33     250   252,696
B&G Foods, Inc.,
Gtd. Notes
5.250%   09/15/27     2,210   2,067,325
Sr. Sec’d. Notes, 144A
8.000%   09/15/28     2,720   2,733,540
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.375%   01/31/32     1,275   1,163,766
Pilgrim’s Pride Corp.,
Gtd. Notes
3.500%   03/01/32     300   264,195
4.250%   04/15/31     601   565,333
Post Holdings, Inc.,
Gtd. Notes, 144A
4.625%   04/15/30     1,535   1,433,311
5.500%   12/15/29     200   194,663
6.250%   10/15/34(a)     565   556,286
6.375%   03/01/33     125   123,356
Sr. Sec’d. Notes, 144A
6.250%   02/15/32     240   241,523
Sr. Unsec’d. Notes, 144A
4.500%   09/15/31     1,700   1,539,993
              12,057,443
 
A6
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Forest Products & Paper — 0.1%
Magnera Corp.,
Sr. Sec’d. Notes, 144A
7.250%   11/15/31     600   $583,414
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
5.750%   05/20/27     830   798,793
5.875%   08/20/26     493   489,212
              1,288,005
Healthcare-Products — 0.9%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%   04/01/29     6,850   6,401,085
Healthcare-Services — 3.3%
DaVita, Inc.,
Gtd. Notes, 144A
3.750%   02/15/31     5,250   4,563,737
4.625%   06/01/30     3,750   3,456,200
6.875%   09/01/32     625   628,946
HCA, Inc.,
Gtd. Notes
7.500%   11/06/33     425   479,499
Gtd. Notes, MTN
7.750%   07/15/36     400   458,466
LifePoint Health, Inc.,
Gtd. Notes, 144A
5.375%   01/15/29     2,875   2,523,657
Sr. Sec’d. Notes, 144A
8.375%   02/15/32(a)     735   740,312
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A
5.750%   12/31/30     903   656,048
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% and PIK 5.000%
11.500%   12/31/30     472   408,459
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A
9.375%   09/01/29     1,335   1,264,037
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.250%   06/01/29     1,925   1,816,888
4.375%   01/15/30     5,050   4,736,421
Sr. Unsec’d. Notes
6.875%   11/15/31     2,350   2,405,530
              24,138,200
Holding Companies-Diversified — 0.3%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/15/31(a)     2,350   2,351,536
Home Builders — 4.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A
4.625%   08/01/29     900   813,149
4.625%   04/01/30     800   722,683
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Home Builders (cont’d.)
6.625%   01/15/28     550   $546,151
Beazer Homes USA, Inc.,
Gtd. Notes
5.875%   10/15/27     1,300   1,274,211
7.250%   10/15/29(a)     3,425   3,363,908
Sr. Unsec’d. Notes, 144A
7.500%   03/15/31     465   450,790
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A
4.875%   02/15/30(a)     2,675   2,335,542
6.250%   09/15/27     625   614,344
Sr. Unsec’d. Notes, 144A
5.000%   06/15/29     900   807,750
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A
9.750%   05/01/29     575   580,923
Forestar Group, Inc.,
Gtd. Notes, 144A
5.000%   03/01/28     1,825   1,782,377
6.500%   03/15/33     1,105   1,081,656
KB Home,
Gtd. Notes
4.000%   06/15/31     1,075   964,703
4.800%   11/15/29     1,500   1,429,177
Landsea Homes Corp.,
Gtd. Notes, 144A
8.875%   04/01/29     1,535   1,462,340
M/I Homes, Inc.,
Gtd. Notes
3.950%   02/15/30     1,050   956,953
4.950%   02/01/28     450   436,634
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A
4.625%   03/01/30     2,525   2,319,105
5.250%   12/15/27     1,350   1,302,750
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A
9.250%   10/01/29     430   441,059
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes
4.750%   02/15/28     1,075   1,035,514
4.750%   04/01/29     1,875   1,777,521
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A
8.750%   02/15/29     655   672,700
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%   06/15/27     1,000   999,948
Sr. Unsec’d. Notes, 144A
5.125%   08/01/30     1,992   1,913,944
Tri Pointe Homes, Inc.,
Gtd. Notes
5.250%   06/01/27     425   419,690
5.700%   06/15/28     1,090   1,085,490
              31,591,012
 
A7
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Household Products/Wares — 0.5%
ACCO Brands Corp.,
Gtd. Notes, 144A
4.250%   03/15/29(a)     1,925   $1,740,218
Kronos Acquisition Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
8.250%   06/30/31     180   159,750
Sr. Unsec’d. Notes, 144A
10.750%   06/30/32     2,155   1,632,412
              3,532,380
Housewares — 0.8%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
6.375%   05/15/30     700   682,275
6.625%   05/15/32(a)     590   574,622
7.000%(cc)   04/01/46     725   636,251
Scotts Miracle-Gro Co. (The),
Gtd. Notes
4.000%   04/01/31     1,950   1,708,951
4.375%   02/01/32     1,750   1,535,996
SWF Holdings I Corp.,
Sr. Unsec’d. Notes, 144A
6.500%   10/01/29     1,900   851,681
              5,989,776
Insurance — 1.1%
Acrisure LLC/Acrisure Finance, Inc.,
Sr. Sec’d. Notes, 144A
7.500%   11/06/30     670   681,915
Sr. Unsec’d. Notes, 144A
6.000%   08/01/29     450   431,406
8.250%   02/01/29     2,610   2,680,745
8.500%   06/15/29     1,925   2,002,428
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A
4.875%   06/30/29     900   847,615
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%   01/15/29     585   583,712
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A
5.875%   04/15/29     950   910,784
              8,138,605
Internet — 0.7%
Cablevision Lightpath LLC,
Sr. Sec’d. Notes, 144A
3.875%   09/15/27     1,325   1,257,295
Sr. Unsec’d. Notes, 144A
5.625%   09/15/28     1,495   1,372,165
Gen Digital, Inc.,
Gtd. Notes, 144A
6.250%   04/01/33     636   634,008
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A
3.500%   03/01/29     850   787,479
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Internet (cont’d.)
Snap, Inc.,
Gtd. Notes, 144A
6.875%   03/01/33     720   $720,227
              4,771,174
Iron/Steel — 1.0%
ATI, Inc.,
Sr. Unsec’d. Notes
7.250%   08/15/30     670   690,936
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A
6.625%   01/31/29     1,213   1,215,628
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A
6.750%   04/15/30     1,145   1,108,617
6.875%   11/01/29     565   553,301
7.000%   03/15/32(a)     455   436,720
7.375%   05/01/33(a)     1,170   1,122,353
Sr. Unsec’d. Notes, 144A
7.500%   09/15/31     965   942,362
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A
8.125%   05/01/27     230   227,355
9.250%   10/01/28     1,210   1,208,209
              7,505,481
Leisure Time — 3.5%
Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A
6.750%   02/16/31     1,290   1,317,606
Carnival Corp.,
Gtd. Notes, 144A
5.750%   03/01/27     5,050   5,052,525
6.125%   02/15/33     805   790,913
Sr. Sec’d. Notes, 144A
4.000%   08/01/28     1,525   1,454,469
Sr. Unsec’d. Notes, 144A
5.750%   03/15/30     125   123,900
Life Time, Inc.,
Sr. Sec’d. Notes, 144A
6.000%   11/15/31     625   620,537
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A
9.000%   05/15/28     1,050   1,078,653
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A
6.750%   02/15/27(a)     850   843,716
NCL Corp. Ltd.,
Gtd. Notes, 144A
5.875%   03/15/26     252   251,370
Sr. Sec’d. Notes, 144A
5.875%   02/15/27     125   124,688
8.125%   01/15/29     325   341,140
Sr. Unsec’d. Notes, 144A
6.250%   03/01/30     2,340   2,296,856
6.750%   02/01/32     430   423,550
 
A8
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Leisure Time (cont’d.)
7.750%   02/15/29     1,050   $1,092,000
NCL Finance Ltd.,
Gtd. Notes, 144A
6.125%   03/15/28     1,325   1,320,283
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes, 144A
5.375%   07/15/27     300   298,500
5.500%   04/01/28     775   771,869
5.625%   09/30/31     2,285   2,242,156
6.000%   02/01/33     20   19,950
Viking Cruises Ltd.,
Gtd. Notes, 144A
5.875%   09/15/27     2,050   2,039,750
9.125%   07/15/31     1,125   1,199,531
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A
5.625%   02/15/29     1,275   1,252,687
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A
5.000%   02/15/28     1,000   971,650
              25,928,299
Lodging — 1.6%
Boyd Gaming Corp.,
Gtd. Notes, 144A
4.750%   06/15/31     1,800   1,660,395
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A
3.625%   02/15/32     850   744,613
4.000%   05/01/31     75   67,966
5.875%   04/01/29     480   481,465
MGM Resorts International,
Gtd. Notes
4.625%   09/01/26     375   370,385
4.750%   10/15/28(a)     2,000   1,926,255
5.500%   04/15/27     600   595,159
6.125%   09/15/29     450   445,558
6.500%   04/15/32(a)     2,730   2,678,138
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A
5.250%   05/15/27     450   445,060
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A
5.625%   08/26/28     2,175   2,090,719
              11,505,713
Machinery-Construction & Mining — 0.2%
Terex Corp.,
Gtd. Notes, 144A
5.000%   05/15/29     600   572,453
6.250%   10/15/32     1,035   1,005,258
              1,577,711
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Machinery-Diversified — 0.6%
Chart Industries, Inc.,
Gtd. Notes, 144A
9.500%   01/01/31(a)     845   $902,301
Sr. Sec’d. Notes, 144A
7.500%   01/01/30     725   752,706
GrafTech Finance, Inc.,
Sec’d. Notes, 144A
4.625%   12/23/29     1,557   1,073,282
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
11.500%   09/01/28     1,780   1,789,061
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A
5.250%   07/15/27     224   219,380
              4,736,730
Media — 4.0%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes
4.500%   05/01/32     1,290   1,121,554
Sr. Unsec’d. Notes, 144A
4.750%   03/01/30     400   370,668
5.000%   02/01/28     2,330   2,260,709
5.125%   05/01/27     825   812,378
5.375%   06/01/29     25   24,191
CSC Holdings LLC,
Gtd. Notes, 144A
3.375%   02/15/31(x)     1,190   849,763
4.125%   12/01/30(x)     575   416,854
5.375%   02/01/28(x)     890   759,171
5.500%   04/15/27(x)     475   439,648
6.500%   02/01/29(x)     400   331,906
Sr. Unsec’d. Notes, 144A
4.625%   12/01/30(x)     1,875   925,062
5.000%   11/15/31(x)     310   150,955
5.750%   01/15/30(x)     2,325   1,232,650
7.500%   04/01/28(x)     200   143,229
DISH DBS Corp.,
Gtd. Notes
5.125%   06/01/29     2,465   1,602,733
7.375%   07/01/28     950   675,635
7.750%   07/01/26     5,950   5,139,558
DISH Network Corp.,
Sr. Sec’d. Notes, 144A
11.750%   11/15/27     1,325   1,396,059
iHeartCommunications, Inc.,
Sr. Sec’d. Notes, 144A
7.750%   08/15/30     725   536,723
News Corp.,
Sr. Unsec’d. Notes, 144A
3.875%   05/15/29     200   188,663
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A
4.500%   09/15/26(x)     505   432,406
Sr. Unsec’d. Notes, 144A
6.500%   09/15/28(x)     2,065   1,378,589
 
A9
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Media (cont’d.)
Sinclair Television Group, Inc.,
Sr. Sec’d. Notes, 144A
4.375%   12/31/32     50   $30,994
8.125%   02/15/33     1,035   1,021,161
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A
4.500%   05/01/29(a)     720   636,267
6.625%   06/01/27     2,775   2,749,565
8.000%   08/15/28     730   733,120
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
4.500%   08/15/30     800   703,000
5.500%   05/15/29     700   661,976
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A
5.000%   01/15/32     1,725   1,496,437
              29,221,624
Metal Fabricate/Hardware — 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A
4.375%   10/15/29     825   774,547
Mining — 1.8%
Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A
8.000%   10/01/30     550   562,691
Unsec’d. Notes, 144A
11.500%   10/01/31     535   581,047
Capstone Copper Corp. (Canada),
Gtd. Notes, 144A
6.750%   03/31/33     390   388,452
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A
6.250%   09/01/29     1,655   1,624,300
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A
6.875%   10/15/27     636   634,722
8.000%   03/01/33     915   926,437
8.625%   06/01/31     625   638,281
Sec’d. Notes, 144A
9.375%   03/01/29     880   926,200
Hecla Mining Co.,
Gtd. Notes
7.250%   02/15/28     845   852,538
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A
4.500%   04/01/26     1,605   1,575,949
6.125%   04/01/29     1,415   1,401,911
New Gold, Inc. (Canada),
Sr. Unsec’d. Notes, 144A
6.875%   04/01/32     255   257,553
Novelis Corp.,
Gtd. Notes, 144A
3.875%   08/15/31     235   204,165
4.750%   01/30/30     1,650   1,534,988
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
Novelis, Inc.,
Gtd. Notes, 144A
6.875%   01/30/30     510   $514,462
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A
8.250%   05/01/30     235   239,411
              12,863,107
Miscellaneous Manufacturing — 0.5%
Amsted Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.625%   05/15/30     1,270   1,184,991
6.375%   03/15/33     265   263,382
Axon Enterprise, Inc.,
Sr. Unsec’d. Notes, 144A
6.125%   03/15/30     535   540,474
6.250%   03/15/33     435   440,393
Trinity Industries, Inc.,
Gtd. Notes, 144A
7.750%   07/15/28     1,010   1,046,559
              3,475,799
Office/Business Equipment — 0.0%
Zebra Technologies Corp.,
Gtd. Notes, 144A
6.500%   06/01/32     265   268,313
Oil & Gas — 5.4%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A
7.500%   10/01/29     410   417,189
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes
7.875%   12/15/24(d)     5,200   6,500
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A
9.000%   11/01/27     776   947,926
Sr. Unsec’d. Notes, 144A
6.625%   10/15/32     480   478,172
8.250%   12/31/28     2,067   2,106,278
Civitas Resources, Inc.,
Gtd. Notes, 144A
8.375%   07/01/28     800   826,436
8.625%   11/01/30     835   861,489
CNX Resources Corp.,
Gtd. Notes, 144A
7.250%   03/01/32     355   361,124
Comstock Resources, Inc.,
Gtd. Notes, 144A
5.875%   01/15/30     1,175   1,109,165
6.750%   03/01/29(a)     825   806,571
Crescent Energy Finance LLC,
Gtd. Notes, 144A
7.375%   01/15/33     925   892,628
7.625%   04/01/32     620   613,598
9.250%   02/15/28     880   915,430
 
A10
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A
5.000%   05/01/29     131   $133,097
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A
8.500%   10/01/30     425   433,581
Expand Energy Corp.,
Gtd. Notes
4.750%   02/01/32     530   501,941
5.375%   03/15/30     670   665,806
Gtd. Notes, 144A
5.875%   02/01/29     275   275,107
6.750%   04/15/29     110   111,360
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
5.750%   02/01/29     1,450   1,402,507
6.000%   04/15/30     1,040   988,295
6.000%   02/01/31     900   840,989
6.250%   11/01/28     1,395   1,392,106
6.250%   04/15/32     435   407,003
7.250%   02/15/35     1,310   1,252,353
8.375%   11/01/33     160   163,950
Matador Resources Co.,
Gtd. Notes, 144A
6.500%   04/15/32     860   853,216
MEG Energy Corp. (Canada),
Gtd. Notes, 144A
5.875%   02/01/29     210   206,184
Nabors Industries Ltd.,
Gtd. Notes, 144A
7.500%   01/15/28     880   808,500
Nabors Industries, Inc.,
Gtd. Notes, 144A
7.375%   05/15/27     250   246,654
8.875%   08/15/31     1,620   1,408,454
9.125%   01/31/30     1,725   1,725,878
New Generation Gas Gathering LLC,
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)
10.041%(c)   09/30/29^     195   191,675
10.335%(c)   09/30/29^     162   159,730
Noble Finance II LLC,
Gtd. Notes, 144A
8.000%   04/15/30     1,130   1,129,118
Parkland Corp. (Canada),
Gtd. Notes, 144A
4.500%   10/01/29(a)     975   919,435
4.625%   05/01/30(a)     2,000   1,870,000
Sr. Unsec’d. Notes, 144A
6.625%   08/15/32     235   234,727
Permian Resources Operating LLC,
Gtd. Notes, 144A
6.250%   02/01/33     345   343,891
7.000%   01/15/32     955   977,958
8.000%   04/15/27     275   280,092
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A
6.875%   01/15/29     900   $873,000
7.125%   01/15/26     108   107,892
Range Resources Corp.,
Gtd. Notes
4.875%   05/15/25     475   474,579
Gtd. Notes, 144A
4.750%   02/15/30     219   208,596
SM Energy Co.,
Sr. Unsec’d. Notes, 144A
6.750%   08/01/29     235   231,735
7.000%   08/01/32     225   221,448
Sunoco LP,
Gtd. Notes, 144A
7.000%   05/01/29     360   368,544
Sr. Unsec’d. Notes, 144A
6.250%   07/01/33     450   449,992
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes
4.500%   05/15/29     375   355,144
4.500%   04/30/30     1,900   1,777,231
5.875%   03/15/28     175   174,482
Transocean, Inc.,
Gtd. Notes, 144A
8.000%   02/01/27     197   196,261
8.250%   05/15/29     1,755   1,713,319
8.500%   05/15/31     650   628,062
Sr. Sec’d. Notes, 144A
8.750%   02/15/30     56   58,173
Valaris Ltd.,
Sec’d. Notes, 144A
8.375%   04/30/30     1,125   1,122,142
Vital Energy, Inc.,
Gtd. Notes
9.750%   10/15/30     225   228,629
              39,455,342
Packaging & Containers — 2.0%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%
6.500%   06/30/27(x)     1,354   67,693
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Sr. Sec’d. Notes, 144A
4.125%   08/15/26(x)     400   367,500
Clydesdale Acquisition Holdings, Inc.,
Gtd. Notes, 144A
8.750%   04/15/30     865   877,608
Sr. Sec’d. Notes, 144A
6.750%   04/15/32     1,000   1,006,546
6.875%   01/15/30     100   101,346
Graham Packaging Co., Inc.,
Gtd. Notes, 144A
7.125%   08/15/28     455   444,481
 
A11
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Packaging & Containers (cont’d.)
Graphic Packaging International LLC,
Gtd. Notes, 144A
3.500%   03/01/29     725   $668,443
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A
6.000%   09/15/28     1,645   1,599,763
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A
10.000%   12/15/28     670   598,447
LABL, Inc.,
Sr. Sec’d. Notes, 144A
5.875%   11/01/28     1,050   826,412
8.625%   10/01/31     590   438,807
9.500%   11/01/28     225   190,646
Sr. Unsec’d. Notes, 144A
8.250%   11/01/29     500   319,086
10.500%   07/15/27     1,290   1,150,248
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A
7.875%   04/15/27     1,605   1,573,465
OI European Group BV,
Gtd. Notes, 144A
4.750%   02/15/30     225   204,750
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A
6.625%   05/13/27     170   169,320
7.250%   05/15/31     350   341,701
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A
4.375%   10/15/28     600   613,128
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%   02/01/28     125   125,035
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A
12.750%   12/31/28     2,510   2,696,829
TriMas Corp.,
Gtd. Notes, 144A
4.125%   04/15/29     325   301,872
              14,683,126
Pharmaceuticals — 1.8%
1261229 BC Ltd.,
Sr. Sec’d. Notes, 144A
10.000%   04/15/32     1,025   1,017,312
AdaptHealth LLC,
Gtd. Notes, 144A
4.625%   08/01/29     1,025   932,866
5.125%   03/01/30     2,550   2,328,056
6.125%   08/01/28     845   828,443
Bausch Health Cos., Inc.,
Gtd. Notes, 144A
5.000%   01/30/28     1,050   765,187
5.000%   02/15/29     850   544,399
5.250%   01/30/30     600   355,500
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pharmaceuticals (cont’d.)
5.250%   02/15/31     550   $312,978
6.250%   02/15/29     1,335   893,182
7.000%   01/15/28     250   193,750
Sr. Sec’d. Notes, 144A
4.875%   06/01/28     700   562,625
11.000%   09/30/28     1,925   1,834,766
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A
4.375%   01/15/29     225   213,188
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A
5.125%   04/30/31(a)     2,650   2,312,713
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000%
12.000%   05/15/29     312   318,576
              13,413,541
Pipelines — 3.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A
5.375%   06/15/29     600   586,990
5.750%   01/15/28     1,825   1,815,801
6.625%   02/01/32     1,045   1,062,813
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A
7.000%   07/15/29     120   122,571
7.250%   07/15/32     675   699,181
DCP Midstream Operating LP,
Gtd. Notes, 144A
6.450%   11/03/36     200   208,308
Energy Transfer LP,
Jr. Sub. Notes, Series G
7.125%(ff)   05/15/30(oo)     625   632,126
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%   06/01/27     175   178,928
7.500%   06/01/30     435   468,718
Global Partners LP/GLP Finance Corp.,
Gtd. Notes
6.875%   01/15/29     400   398,932
7.000%   08/01/27     525   523,836
Gtd. Notes, 144A
8.250%   01/15/32     825   848,512
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A
7.375%   07/15/32     175   179,263
8.875%   07/15/28     225   234,606
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A
4.800%   05/15/30     495   464,674
6.750%   03/15/33     405   412,751
6.875%   04/15/40     2,029   1,984,031
7.500%   07/15/38     425   428,464
 
A12
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines (cont’d.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A
5.500%   01/15/28     1,600   $1,560,363
6.000%   12/31/30     515   489,929
6.000%   09/01/31     875   826,987
Sr. Unsec’d. Notes, 144A
7.375%   02/15/29     395   396,586
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%   08/15/29     840   778,230
4.125%   08/15/31     765   695,025
6.250%   01/15/30     275   278,624
Venture Global LNG, Inc.,
Jr. Sub. Notes, 144A
9.000%(ff)   09/30/29(oo)     2,920   2,763,677
Sr. Sec’d. Notes, 144A
7.000%   01/15/30     445   438,504
9.500%   02/01/29     2,655   2,846,790
9.875%   02/01/32(a)     2,275   2,417,012
              24,742,232
Real Estate — 1.1%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A
10.500%(cc)   01/15/28     1,624   1,655,114
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A
7.750%   09/01/30     225   235,415
Howard Hughes Corp. (The),
Gtd. Notes, 144A
4.125%   02/01/29     1,125   1,028,649
4.375%   02/01/31     2,425   2,161,113
5.375%   08/01/28     795   769,335
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A
5.250%   04/15/29     2,125   2,032,622
              7,882,248
Real Estate Investment Trusts (REITs) — 2.3%
Diversified Healthcare Trust,
Gtd. Notes
4.375%   03/01/31     1,050   805,221
9.750%   06/15/25     46   45,900
Sr. Unsec’d. Notes
4.750%   02/15/28     2,275   1,955,118
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%   03/15/31     2,225   1,483,962
5.000%   10/15/27     250   225,582
Sr. Sec’d. Notes, 144A
8.500%   02/15/32     300   305,718
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Gtd. Notes, 144A
7.000%   02/01/30     785   791,095
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Sr. Sec’d. Notes, 144A
5.875%   10/01/28     1,050   $1,025,319
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A
4.500%   02/15/29     375   354,710
6.500%   04/01/32     980   978,569
SBA Communications Corp.,
Sr. Unsec’d. Notes
3.125%   02/01/29     555   506,204
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A
3.625%   07/15/26     425   411,915
4.375%   01/15/27     75   72,894
6.000%   04/15/30     125   122,482
6.500%   07/01/30     325   325,219
6.500%   10/15/30     370   367,223
7.250%   04/01/29(a)     580   595,672
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC,
Gtd. Notes, 144A
6.500%   02/15/29     1,250   1,124,592
Sr. Sec’d. Notes, 144A
4.750%   04/15/28     1,450   1,386,098
10.500%   02/15/28     2,374   2,523,309
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A
4.625%   12/01/29     1,175   1,141,404
              16,548,206
Retail — 5.0%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A
4.000%   10/15/30     4,315   3,896,402
4.375%   01/15/28     350   335,562
Arko Corp.,
Gtd. Notes, 144A
5.125%   11/15/29     1,625   1,316,461
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%
7.750%   04/01/27     910   857,107
Brinker International, Inc.,
Gtd. Notes, 144A
8.250%   07/15/30     1,250   1,312,643
Carvana Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000%
9.000%   12/01/28     1,147   1,182,407
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000%
9.000%   06/01/30     2,494   2,639,083
Sr. Sec’d. Notes, 144A, PIK 14.000%
9.000%   06/01/31     3,743   4,154,410
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
12.000%   11/30/28     475   524,989
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A
6.750%   01/15/30     4,075   3,528,343
 
A13
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Retail (cont’d.)
Sr. Sec’d. Notes, 144A
4.625%   01/15/29     275   $253,460
Foundation Building Materials, Inc.,
Gtd. Notes, 144A
6.000%   03/01/29(x)     1,180   963,784
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%   10/01/29     1,575   1,422,060
3.875%   10/01/31     675   582,896
LBM Acquisition LLC,
Gtd. Notes, 144A
6.250%   01/15/29     1,875   1,596,892
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A
4.875%   05/01/29     1,475   1,383,349
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A
3.875%   06/01/29     700   642,236
Park River Holdings, Inc.,
Gtd. Notes, 144A
5.625%   02/01/29     1,620   1,252,752
Sr. Unsec’d. Notes, 144A
6.750%   08/01/29     1,125   885,632
Patrick Industries, Inc.,
Gtd. Notes, 144A
4.750%   05/01/29(a)     600   563,241
6.375%   11/01/32     490   475,345
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes
6.750%   03/01/32(a)     2,335   2,337,346
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes
5.875%   03/01/27     275   273,485
Sr. Unsec’d. Notes, 144A
5.000%   06/01/31     2,575   2,324,534
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A
4.500%   03/15/29(a)     1,175   1,083,632
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A
6.875%   10/15/28     720   691,673
              36,479,724
Semiconductors — 0.0%
Entegris, Inc.,
Sr. Sec’d. Notes, 144A
4.750%   04/15/29     275   265,274
Software — 0.3%
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A
4.875%   07/01/29(a)     1,125   1,003,851
SS&C Technologies, Inc.,
Gtd. Notes, 144A
5.500%   09/30/27     1,075   1,066,920
              2,070,771
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications — 6.0%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A
5.000%   01/15/28     2,125   $1,603,015
5.750%   08/15/29     2,025   1,480,781
9.625%   07/15/27     1,950   1,652,625
CommScope LLC,
Sr. Sec’d. Notes, 144A
9.500%   12/15/31     250   257,180
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A
9.000%   09/15/29(a)     1,975   1,794,781
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A
0.000%   12/31/30^     340   —
Sr. Sec’d. Notes, Series 3B14, 144A
0.000%   12/31/30^     479   1
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.942%
10.942%   05/25/27     2,261   2,249,920
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500%
10.500%   11/25/28     1,115   1,016,428
EchoStar Corp.,
Sr. Sec’d. Notes, Cash coupon 6.750% or PIK 6.750%
6.750%   11/30/30     600   544,645
Sr. Sec’d. Notes
10.750%   11/30/29     1,425   1,497,890
Frontier Communications Holdings LLC,
Sec’d. Notes
5.875%   11/01/29     5,700   5,700,651
Sec’d. Notes, 144A
6.000%   01/15/30     975   977,047
6.750%   05/01/29     500   502,275
Sr. Sec’d. Notes, 144A
5.000%   05/01/28     1,300   1,284,223
5.875%   10/15/27     1,275   1,275,167
8.750%   05/15/30     250   263,315
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A
7.000%   10/15/28     1,400   1,416,408
7.000%   04/15/32     1,075   1,069,625
8.500%   04/15/31     310   324,737
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A
6.500%   03/15/30(a)     1,755   1,667,777
Level 3 Financing, Inc.,
Gtd. Notes, 144A
3.625%   01/15/29     325   242,493
3.750%   07/15/29     375   275,354
Sec’d. Notes, 144A
3.875%   10/15/30     1,100   836,091
4.000%   04/15/31     320   240,153
4.500%   04/01/30     1,135   911,606
4.875%   06/15/29     555   470,296
10.000%   10/15/32     200   199,673
 
A14
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Telecommunications (cont’d.)
Sr. Sec’d. Notes, 144A
10.500%   04/15/29     425   $470,251
10.500%   05/15/30     540   582,328
10.750%   12/15/30     1,025   1,132,965
11.000%   11/15/29     3,848   4,293,453
Lumen Technologies, Inc.,
Sr. Sec’d. Notes, 144A
10.000%   10/15/32     225   224,444
Sable International Finance Ltd. (Panama),
Sr. Sec’d. Notes, 144A
7.125%   10/15/32     900   865,800
Sprint Capital Corp.,
Gtd. Notes
6.875%   11/15/28     430   459,078
8.750%   03/15/32     731   879,164
Sprint LLC,
Gtd. Notes
7.625%   03/01/26     500   508,049
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A
5.625%   09/15/25     630   625,618
6.500%   07/15/28     325   281,696
7.500%   05/30/31     850   645,740
Vmed O2 UK Financing I PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
4.750%   07/15/31     750   652,868
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A
8.250%   10/01/31     1,725   1,757,586
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A
8.625%   07/15/29     495   523,265
              43,656,462
Transportation — 0.3%
RXO, Inc.,
Gtd. Notes, 144A
7.500%   11/15/27     585   601,636
Star Leasing Co. LLC,
Sec’d. Notes, 144A
7.625%   02/15/30     790   759,810
XPO, Inc.,
Gtd. Notes, 144A
7.125%   06/01/31     125   128,234
7.125%   02/01/32     950   974,469
              2,464,149
 
Total Corporate Bonds

(cost $639,896,545)
  620,517,392
Floating Rate and Other Loans — 4.7%
Airlines — 0.0%
Vista Management Holding, Inc.,
Term B Loan
—%(p)   04/30/31^     225   223,313
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Auto Parts & Equipment — 0.5%
Clarios Global LP,
Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750%
7.075%(c)   01/28/32     1,125   $1,108,828
First Brands Group LLC,
Second Lien 2021 Term Loan, 3 Month SOFR + 8.762%
13.052%(c)   03/30/28     2,015   1,813,500
Tenneco, Inc.,
Term A Loan, 3 Month SOFR + 4.850%
9.172%(c)   11/17/28     1,010   975,207
              3,897,535
Building Materials — 0.1%
Eco Material Technologies, Inc.,
Initial Term Loan, 6 Month SOFR + 3.250%
7.467%(c)   02/12/32     617   617,000
Quikrete Holdings, Inc.,
Tranche B-3 Term Loan, 1 Month SOFR + 2.250%
6.575%(c)   01/31/32     425   420,067
              1,037,067
Chemicals — 0.6%
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 3 Month SOFR + 4.500%
8.813%(c)   11/15/30     1,562   1,498,451
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850%
9.141%(c)   06/28/28     704   663,444
TPC Group, Inc.,
Initial Term Loan, 6 Month SOFR + 5.750%
9.952%(c)   12/16/31^     655   653,363
Venator Finance Sarl,
Initial First-Out Term Loan, 3 Month SOFR + 10.000%
14.308%(c)   12/31/25^     559   559,400
Term Loan, 3 Month SOFR + 2.000%
14.302%(c)   10/12/28     798   717,776
Venator Materials LLC,
First Out B Term Loan, 3 Month SOFR + 10.000%
14.329%(c)   07/16/26^     562   562,466
              4,654,900
Commercial Services — 0.1%
MPH Acquisition Holdings LLC,
First Term Out Loan, 3 Month SOFR + 3.750%
8.037%(c)   12/31/30     461   455,025
Second Out Term Loan, 3 Month SOFR + 4.862%
9.149%(c)   12/31/30     399   327,183
              782,208
Computers — 0.1%
McAfee Corp.,
Refinancing Tranche B-1, 1 Month SOFR + 3.000%
7.323%(c)   03/01/29     603   572,777
 
A15
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Computers (cont’d.)
NCR Atleos LLC,
Term A Loan, 3 Month SOFR + 2.750%
6.916%(c)   09/27/28^     231   $231,180
              803,957
Electric — 0.0%
Heritage Power LLC,
Term Loan, 3 Month SOFR + 5.500%
9.799%(c)   07/20/28^     211   207,167
Electronics — 0.1%
Likewize Corp.,
Closing Date Term Loan, 3 Month SOFR + 5.750%
10.046%(c)   08/15/29     494   482,949
Environmental Control — 0.1%
GFL Environmental, Inc.,
Initial Term Loan, 3 Month SOFR + 2.500%
6.819%(c)   03/03/32     400   396,833
Forest Products & Paper — 0.0%
Magnera Corp.,
New Term Loan, 3 Month SOFR + 4.250%
8.563%(c)   11/04/31     249   248,596
Healthcare-Services — 0.0%
LifePoint Health, Inc.,
Term B Loan, 3 Month SOFR + 3.750%
8.052%(c)   05/16/31     150   144,800
Holding Companies-Diversified — 0.1%
Clue OpCo LLC,
Term B Loan, 3 Month SOFR + 4.500%
8.791%(c)   12/19/30     760   736,404
Household Products/Wares — 0.1%
Kronos Acquisition Holdings, Inc. (Canada),
Initial Loan 2024, 3 Month SOFR + 4.000%
8.299%(c)   07/08/31     622   536,589
Housewares — 0.1%
SWF Holdings I Corp.,
Tranche A-1 Term Loan, 1 Month SOFR + 4.500%
8.825%(c)   12/18/29     129   129,214
Tranche A-2, 1 Month SOFR + 4.114%
8.439%(c)   10/06/28     256   207,148
              336,362
Insurance — 0.5%
Acrisure LLC,
2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000%
7.325%(c)   11/06/30     299   296,076
Asurion LLC,
New B-04 Term Loan, 1 Month SOFR + 5.364%
9.689%(c)   01/20/29     1,040   960,916
New B-08 Term Loan, 1 Month SOFR + 3.364%
7.689%(c)   12/23/26     1,705   1,701,803
New B-12 Term Loan, 1 Month SOFR + 4.250%
8.575%(c)   09/19/30     298   293,635
              3,252,430
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Internet — 0.1%
Cablevision Lightpath LLC,
2025 Refinancing Term Loan, 1 Month SOFR + 3.000%
7.319%(c)   11/30/27     382   $381,189
Diamond Sports Net LLC,
First Lien Exit Term Loan
15.000%   01/02/28     398   356,549
              737,738
Machinery-Diversified — 0.0%
Graftech Global Enterprises, Inc.,
Initial Term Loan, 3 Month SOFR + 6.000%
10.303%(c)   12/21/29     294   299,042
Media — 0.9%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000%
9.302%(c)   10/31/27     879   723,119
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500%
8.819%(c)   01/18/28     3,284   3,185,609
iHeartCommunications, Inc.,
Refinanced Term Loan B, 3 Month SOFR + 5.775% (Cap N/A, Floor 0.000%)
5.775%(c)   05/01/29     499   407,105
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364%
7.689%(c)   09/25/26     2,588   2,214,614
Sinclair Television Group, Inc.,
Term B-6 Loan, 1 Month SOFR + 3.414%
7.742%(c)   12/31/29     80   66,800
Term B-7 Loan, 1 Month SOFR + 4.200%
8.527%(c)   12/31/30     40   33,400
              6,630,647
Metal Fabricate/Hardware — 0.3%
Doncasters US Finance LLC (United Kingdom),
Initial Term Loan, 3 Month SOFR + 6.500%
10.799%(c)   04/23/30^     1,955   1,935,697
Oil & Gas — 0.1%
Hilcorp Energy I LP,
Term B Loan, 1 Month SOFR + 2.000%
6.322%(c)   02/11/30     375   375,000
Pharmaceuticals — 0.2%
Bausch Health Cos., Inc.,
Second Amendment Term Loan, 3 Month SOFR + 5.250%
9.675%(c)   02/01/27     1,440   1,411,312
Retail — 0.0%
Great Outdoors Group LLC,
Term B-3 Loan, 1 Month SOFR + 3.250%
7.575%(c)   01/23/32     231   229,886
Software — 0.2%
AthenaHealth Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.000%
7.325%(c)   02/15/29     336   331,287
 
A16
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Floating Rate and Other Loans (continued)
Software (cont’d.)
BMC Software, Inc.,
2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000%
7.291%(c)   07/30/31     175   $171,659
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364%
9.692%(c)   07/14/28     1,090   930,304
              1,433,250
Telecommunications — 0.5%
Connect Finco Sarl (United Kingdom),
Amendment No. 4 Term Loan, 1 Month SOFR + 4.500%
8.825%(c)   09/27/29     1,263   1,105,975
Level 3 Financing, Inc.,
Term B-3 Loan
—%(p)   04/30/32     550   543,354
Lumen Technologies, Inc.,
Term B-1 Loan, 3 Month SOFR + 2.350%
6.788%(c)   04/15/29     798   764,058
Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.614%
8.939%(c)   05/30/30     728   661,526
Xplore, Inc.,
Initial Term Loan, 3 Month SOFR + 5.262%
9.552%(c)   10/24/29     113   108,775
Second Out Term Loan, 3 Month SOFR + 1.762%
6.052%(c)   10/24/31     393   307,248
              3,490,936
 
Total Floating Rate and Other Loans

(cost $35,008,717)
  34,284,618
Residential Mortgage-Backed Securities — 0.0%
Adjustable Rate Mortgage Trust,
Series 2005-07, Class 1A1
5.926%(cc)   10/25/35     4   2,694
Alternative Loan Trust,
Series 2005-43, Class 4A3
4.149%(cc)   10/25/35     1   1,154
Series 2006-HY13, Class 4A1
4.825%(cc)   02/25/37     1   1,024
Series 2006-OA09, Class 2A1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%)
4.854%(c)   07/20/46     2   1,426
American Home Mortgage Assets Trust,
Series 2006-04, Class 1A12, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.324%)
4.645%(c)   10/25/46     14   7,004
Banc of America Funding Trust,
Series 2006-B, Class 2A1
4.718%(cc)   03/20/36     2   1,963
Citigroup Mortgage Loan Trust,
Series 2007-10, Class 22AA
4.821%(cc)   09/25/37     5   4,702
HarborView Mortgage Loan Trust,
Series 2006-05, Class 2A1A, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%)
4.791%(c)   07/19/46     4   2,112
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR12, Class A1, 1 Month SOFR + 0.494% (Cap N/A, Floor 0.380%)
4.815%(c)   09/25/46     3   $2,355
JPMorgan Mortgage Trust,
Series 2007-S03, Class 1A96
6.000%   08/25/37     9   4,093
MASTR Adjustable Rate Mortgages Trust,
Series 2006-OA01, Class 1A1, 1 Month SOFR + 0.324% (Cap N/A, Floor 0.210%)
4.645%(c)   04/25/46     1   1,121
Residential Accredit Loans Trust,
Series 2006-QA02, Class 3A1
6.282%(cc)   02/25/36     5   4,336
Residential Asset Securitization Trust,
Series 2007-A05, Class 2A3
6.000%   05/25/37     2   1,260
Washington Mutual Mortgage Pass-Through Certificates Trust,
Series 2007-HY01, Class 2A3
4.362%(cc)   02/25/37     1   1,176
Series 2007-HY01, Class 4A1
4.274%(cc)   02/25/37     2   1,749
 
Total Residential Mortgage-Backed Securities

(cost $47,062)
  38,169
U.S. Treasury Obligations — 5.9%
U.S. Treasury Notes
2.750%   04/30/27     1,854   1,811,561
3.875%   11/30/27(k)     5,000   4,997,266
4.125%   11/15/27     4,525   4,551,160
4.125%   07/31/28(k)     10,000   10,069,531
4.250%   01/31/26     4,250   4,254,316
4.250%   11/30/26     4,400   4,421,484
4.250%   12/31/26     7,325   7,363,056
4.625%   06/30/26     6,000   6,044,297
 
Total U.S. Treasury Obligations

(cost $43,284,269)
  43,512,671
    
      Shares  
Common Stocks — 1.6%
Chemicals — 0.3%
Cornerstone Chemical Co.*^
26,744 205,929
TPC Group, Inc.*^
49,934 1,123,515
Venator Materials PLC*^(x)
2,264 792,400
          2,121,844
Electric Utilities — 0.1%
GenOn Energy Holdings, Inc. (Class A Stock)*^(x)
11,836 355,080
Keycon Power Holdings LLC*^
21,440 335,965
          691,045
Gas Utilities — 0.3%
Ferrellgas Partners LP (Class B Stock)
12,116 2,014,415
 
A17
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Interactive Media & Services — 0.2%
Diamond Sports Group, LLC*
62,171   $1,126,880
Oil, Gas & Consumable Fuels — 0.3%
Expand Energy Corp.
6,749   751,299
Heritage Power LLC*(x)
28,339   1,526,764
Heritage Power LLC*(x)
1,246   67,128
Heritage Power LLC*^(x)
32,615   16,308
            2,361,499
Wireless Telecommunication Services — 0.4%
Digicel International Finance Ltd. (Jamaica)*
264,007   1,716,045
Intelsat Emergence SA (Luxembourg)*
41,224   1,522,732
Stonepeak Falcon Holdings, Inc. (Canada)*
24,108   74,351
Stonepeak Falcon Holdings, Inc. (Canada), CVR*^
1,680   —
            3,313,128
 
Total Common Stocks

(cost $8,318,475)
  11,628,811
Preferred Stocks — 0.5%
Diversified Telecommunication Services — 0.1%
Qwest Corp., 6.750%, Maturing 06/15/57
18,467   308,399
Electronic Equipment, Instruments & Components — 0.4%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^
2,850   2,850,000
Wireless Telecommunication Services — 0.0%
Digicel International Finance Ltd. (Jamaica)*^
17,198   196,122
 
Total Preferred Stocks

(cost $3,169,650)
  3,354,521
    
      Units  
Warrants* — 0.0%
Interactive Media & Services
Diamond Sports Group, LLC, expiring 06/30/26
116,279 70,988
(cost $0)    
 
Total Long-Term Investments

(cost $740,718,229)
724,491,400
    
      Shares   Value
Short-Term Investments — 7.1%
Affiliated Mutual Funds
PGIM Core Ultra Short Bond Fund(wb)
10,029,509   $10,029,509
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $41,994,470; includes $41,827,289 of cash collateral for securities on loan)(b)(wb)
42,050,743   42,025,512
 
Total Short-Term Investments

(cost $52,023,979)
  52,055,021
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—106.1%

(cost $792,742,208)
  776,546,421
Options Written*~ — (0.0)%
(premiums received $47,721)
  (42,987)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—106.1%

(cost $792,694,487)
  776,503,434
 
Liabilities in excess of other assets(z) — (6.1)%
  (44,456,347)
 
Net Assets — 100.0%
  $732,047,087
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
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.
BNP BNP Paribas S.A.
CDX Credit Derivative Index
CLO Collateralized Loan Obligation
CVR Contingent Value Rights
DAC Designated Activity Company
GSI Goldman Sachs International
iBoxx Bond Market Indices
LP Limited Partnership
MASTR Morgan Stanley Structured Asset Security
MSI Morgan Stanley & Co International PLC
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PIK Payment-in-Kind
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
T Swap payment upon termination
    
* 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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $10,600,125 and 1.4% of net assets. 
 
A18
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $41,119,854; cash collateral of $41,827,289 (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 March 31, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(wb) Represents an investment in a Fund affiliated with the Manager. 
(x) The following represents restricted securities that are 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.
 
(x) Restricted Securities:
Issuer Description   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%, 6.500%, 06/30/27   11/06/19-12/30/24   $1,293,252   $67,693   0.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., Sr. Sec’d. Notes, 144A, 4.125%, 08/15/26   03/25/24-03/26/24   356,250   367,500   0.1
CSC Holdings LLC, Gtd. Notes, 144A, 3.375%, 02/15/31   08/03/20-10/29/20   1,173,800   849,763   0.1
CSC Holdings LLC, Gtd. Notes, 144A, 4.125%, 12/01/30   06/02/20   575,000   416,854   0.1
CSC Holdings LLC, Gtd. Notes, 144A, 5.375%, 02/01/28   04/19/21-02/04/22   913,900   759,171   0.1
CSC Holdings LLC, Gtd. Notes, 144A, 5.500%, 04/15/27   11/30/22-06/13/24   413,594   439,648   0.1
CSC Holdings LLC, Gtd. Notes, 144A, 6.500%, 02/01/29   02/11/22-05/06/22   389,000   331,906   0.0
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A, 4.625%, 12/01/30   08/03/20-10/28/20   1,920,258   925,062   0.1
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A, 5.000%, 11/15/31   09/27/21   297,213   150,955   0.0
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A, 5.750%, 01/15/30   10/13/21-12/05/22   2,032,500   1,232,650   0.2
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A, 7.500%, 04/01/28   02/17/22   197,750   143,229   0.0
Foundation Building Materials, Inc., Gtd. Notes, 144A, 6.000%, 03/01/29   07/28/21-12/11/24   1,042,293   963,784   0.1
GenOn Energy Holdings, Inc. (Class A Stock)*^   02/28/19   1,273,580   355,080   0.1
Heritage Power LLC*   11/21/23   293,488   1,526,764   0.2
Heritage Power LLC*   11/21/23   —   67,128   0.0
Heritage Power LLC*^   11/21/23   16,308   16,308   0.0
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec’d. Notes, 144A, 4.500%, 09/15/26   09/11/20-02/03/21   509,500   432,406   0.1
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A, 6.500%, 09/15/28   11/21/22-05/04/23   1,050,125   1,378,589   0.2
SLM Corp., Sr. Unsec’d. Notes, 6.500%, 01/31/30   01/29/25   279,376   287,187   0.0
Venator Materials PLC*^   06/29/17-10/19/23   3,574,374   792,400   0.1
Total       $17,601,561   $11,504,077   1.6%
                 
                 
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded corporate bond commitment outstanding at March 31, 2025:
Issuer   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $239,594)^    243   $239,594   $—   $—
A19
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Unfunded loan commitments outstanding at March 31, 2025:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $195,552)^    198   $195,525   $—   $(27)
Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $168,148)^    168   168,989   841   —
SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $171,429)    171   172,286   857   —
        $536,800   $1,698   $(27)
Options Written:
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   05/21/25   $102.00   5.00%(Q)   CDX.NA.HY.43. V1(Q)     4,520   $(20,131)
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   06/18/25   $101.00   5.00%(Q)   CDX.NA.HY.43. V1(Q)     4,000   (22,856)
Total Options Written (premiums received $47,721)       $(42,987)  
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
107   2 Year U.S. Treasury Notes   Jun. 2025   $22,167,391   $86,461
150   5 Year U.S. Treasury Notes   Jun. 2025   16,223,438   78,475
246   10 Year U.S. Treasury Notes   Jun. 2025   27,359,813   387,859
19   20 Year U.S. Treasury Bonds   Jun. 2025   2,228,344   35,286
19   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   2,322,750   27,723
                $615,804
Credit default swap agreement outstanding at March 31, 2025:
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
March 31,
2025(4) 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     17,565   3.771%   $909,372   $934,940   $25,568
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
A20
PSF PGIM HIGH YIELD BOND PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
  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.
    
Total return swap agreements outstanding at March 31, 2025:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   06/20/25   (3,830)   $(67,634)   $—   $(67,634)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   09/20/25   (2,570)   (48,254)   —   (48,254)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   BNP   09/22/25   (3,560)   (14,386)   —   (14,386)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.410%   MSI   12/20/25   (1,620)   (31,971)   —   (31,971)
                    $(162,245)   $—   $(162,245)
(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).
Other information regarding the Portfolio is available in the Portfolio’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
A21