PSF PGIM 50/50 BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Long-Term Investments — 88.4%
Common Stocks — 49.0%
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.*
1,900   $999,305
Boeing Co. (The)*
19,950   3,402,473
General Dynamics Corp.
6,700   1,826,286
General Electric Co.
28,578   5,719,887
Howmet Aerospace, Inc.
10,780   1,398,490
Huntington Ingalls Industries, Inc.
1,000   204,040
Kongsberg Gruppen ASA (Norway)
314   46,037
L3Harris Technologies, Inc.
5,170   1,082,133
Lockheed Martin Corp.
5,620   2,510,510
MTU Aero Engines AG (Germany)
24   8,339
Northrop Grumman Corp.
3,562   1,823,780
Rheinmetall AG (Germany)
35   50,082
Rolls-Royce Holdings PLC (United Kingdom)*
19,277   187,360
RTX Corp.
35,455   4,696,369
Safran SA (France)
503   132,432
Singapore Technologies Engineering Ltd. (Singapore)
4,800   24,106
Textron, Inc.
4,900   354,025
Thales SA (France)
202   53,696
TransDigm Group, Inc.(a)
1,480   2,047,269
            26,566,619
Air Freight & Logistics — 0.2%
C.H. Robinson Worldwide, Inc.
3,200   327,680
Expeditors International of Washington, Inc.
3,700   444,925
FedEx Corp.
5,980   1,457,804
United Parcel Service, Inc. (Class B Stock)
19,500   2,144,805
            4,375,214
Automobile Components — 0.0%
Aisin Corp. (Japan)
3,500   38,230
Aptiv PLC (United Kingdom)*
6,200   368,900
Cie Generale des Etablissements Michelin SCA (France)
2,422   85,125
Denso Corp. (Japan)
1,500   18,610
FCC Co. Ltd. (Japan)
400   8,358
Sumitomo Electric Industries Ltd. (Japan)
2,800   46,732
            565,955
Automobiles — 0.8%
Ferrari NV (Italy)
163   69,611
Ford Motor Co.
103,385   1,036,952
General Motors Co.
26,500   1,246,295
Subaru Corp. (Japan)
3,800   68,055
Suzuki Motor Corp. (Japan)
7,500   92,063
Tesla, Inc.*
74,620   19,338,519
Toyota Motor Corp. (Japan)
3,700   65,406
            21,916,901
Banks — 1.8%
ABN AMRO Bank NV (Netherlands), 144A, CVA
1,283   27,035
      Shares   Value
Common Stocks (continued)
Banks (cont’d.)
AIB Group PLC (Ireland)
5,308   $34,285
ANZ Group Holdings Ltd. (Australia)
2,439   44,656
Banco Bilbao Vizcaya Argentaria SA (Spain)
8,058   109,972
Banco Santander SA (Spain)
13,259   89,325
Bank Hapoalim BM (Israel)
2,944   39,924
Bank Leumi Le-Israel BM (Israel)
4,074   54,863
Bank of America Corp.
176,441   7,362,883
Barclays PLC (United Kingdom)
16,947   63,721
BAWAG Group AG (Austria), 144A
69   7,118
BNP Paribas SA (France)
756   63,186
BOC Hong Kong Holdings Ltd. (China)
17,000   68,832
Citigroup, Inc.
50,435   3,580,381
Citizens Financial Group, Inc.
11,800   483,446
Commonwealth Bank of Australia (Australia)
540   51,351
Credit Agricole SA (France)
3,496   63,652
Danske Bank A/S (Denmark)
340   11,129
DBS Group Holdings Ltd. (Singapore)
2,400   82,419
DNB Bank ASA (Norway)
1,350   35,522
Erste Group Bank AG (Austria)
114   7,885
Fifth Third Bancorp
17,721   694,663
HSBC Holdings PLC (United Kingdom)
18,241   206,789
Huntington Bancshares, Inc.
39,336   590,433
ING Groep NV (Netherlands)
4,799   94,019
Intesa Sanpaolo SpA (Italy)
27,485   141,649
JPMorgan Chase & Co.
74,445   18,261,358
KeyCorp
25,100   401,349
Lloyds Banking Group PLC (United Kingdom)
12,528   11,750
M&T Bank Corp.
4,305   769,519
Mitsubishi UFJ Financial Group, Inc. (Japan)
7,800   106,344
Mizrahi Tefahot Bank Ltd. (Israel)
312   14,032
NatWest Group PLC (United Kingdom)
14,800   87,385
Nordea Bank Abp (Finland)
2,951   37,745
Ogaki Kyoritsu Bank Ltd. (The) (Japan)
500   7,997
PNC Financial Services Group, Inc. (The)
10,633   1,868,962
Regions Financial Corp.
23,703   515,066
Shizuoka Financial Group, Inc. (Japan)
2,700   29,518
Standard Chartered PLC (United Kingdom)
2,737   40,615
Sumitomo Mitsui Financial Group, Inc. (Japan)
2,900   74,572
Truist Financial Corp.
35,401   1,456,751
U.S. Bancorp
41,585   1,755,719
UniCredit SpA (Italy)
1,712   96,098
United Overseas Bank Ltd. (Singapore)
1,500   42,325
Wells Fargo & Co.
87,564   6,286,219
Westpac Banking Corp. (Australia)
1,160   23,116
            45,895,578
Beverages — 0.6%
Brown-Forman Corp. (Class B Stock)(a)
5,275   179,033
Carlsberg A/S (Denmark) (Class B Stock)
90   11,392
A1
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Beverages (cont’d.)
Coca-Cola Co. (The)
103,401   $7,405,580
Coca-Cola HBC AG (Italy)*
184   8,333
Constellation Brands, Inc. (Class A Stock)(a)
4,240   778,125
Keurig Dr. Pepper, Inc.
31,500   1,077,930
Molson Coors Beverage Co. (Class B Stock)
4,400   267,828
Monster Beverage Corp.*
18,600   1,088,472
PepsiCo, Inc.
36,607   5,488,854
            16,305,547
Biotechnology — 0.9%
AbbVie, Inc.
47,101   9,868,602
Amgen, Inc.
14,337   4,466,692
Biogen, Inc.*
3,960   541,886
Genmab A/S (Denmark)*
123   23,963
Gilead Sciences, Inc.
33,200   3,720,060
Incyte Corp.*
4,440   268,842
Moderna, Inc.*
8,750   248,062
Regeneron Pharmaceuticals, Inc.
2,820   1,788,529
Vertex Pharmaceuticals, Inc.*
7,000   3,393,740
            24,320,376
Broadline Retail — 1.9%
Amazon.com, Inc.*
251,300   47,812,338
eBay, Inc.
12,600   853,398
Next PLC (United Kingdom)
408   58,783
Prosus NV (China)*
366   17,004
            48,741,523
Building Products — 0.3%
A.O. Smith Corp.
3,300   215,688
Allegion PLC
2,233   291,317
Builders FirstSource, Inc.*
3,000   374,820
Carrier Global Corp.
21,502   1,363,227
Cie de Saint-Gobain SA (France)
1,418   141,257
Geberit AG (Switzerland)
10   6,265
Johnson Controls International PLC
17,622   1,411,698
Lennox International, Inc.
840   471,097
Masco Corp.
5,800   403,332
ROCKWOOL A/S (Denmark) (Class B Stock)
41   16,995
Trane Technologies PLC
6,100   2,055,212
            6,750,908
Capital Markets — 1.6%
3i Group PLC (United Kingdom)
2,241   105,373
Ameriprise Financial, Inc.
2,560   1,239,322
Amundi SA (France), 144A
945   74,036
Bank of New York Mellon Corp. (The)
19,358   1,623,555
Blackrock, Inc.
3,890   3,681,807
Blackstone, Inc.
19,300   2,697,754
Cboe Global Markets, Inc.
2,800   633,612
Charles Schwab Corp. (The)
45,450   3,557,826
CME Group, Inc.
9,500   2,520,255
Deutsche Bank AG (Germany)
4,700   112,035
Euronext NV (Netherlands), 144A
304   44,120
      Shares   Value
Common Stocks (continued)
Capital Markets (cont’d.)
FactSet Research Systems, Inc.
1,000   $454,640
Franklin Resources, Inc.
8,700   167,475
Goldman Sachs Group, Inc. (The)
8,320   4,545,133
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)
300   13,345
Intercontinental Exchange, Inc.
15,355   2,648,737
Invesco Ltd.
12,400   188,108
KKR & Co., Inc.
17,800   2,057,858
Magellan Financial Group Ltd. (Australia)
1,225   5,908
MarketAxess Holdings, Inc.
1,020   220,677
Moody’s Corp.
4,130   1,923,300
Morgan Stanley
33,119   3,863,994
MSCI, Inc.
2,060   1,164,930
Nasdaq, Inc.
10,800   819,288
Nomura Holdings, Inc. (Japan)
17,000   104,753
Northern Trust Corp.
5,300   522,845
Plus500 Ltd. (Israel)
224   7,952
Raymond James Financial, Inc.
4,950   687,605
S&P Global, Inc.
8,460   4,298,526
Singapore Exchange Ltd. (Singapore)
3,200   31,680
State Street Corp.
7,700   689,381
T. Rowe Price Group, Inc.
5,800   532,846
UBS Group AG (Switzerland)
2,873   88,243
            41,326,919
Chemicals — 0.7%
Air Products & Chemicals, Inc.
5,900   1,740,028
Albemarle Corp.(a)
3,100   223,262
CF Industries Holdings, Inc.
4,700   367,305
Corteva, Inc.
18,247   1,148,284
Dow, Inc.
18,547   647,661
DuPont de Nemours, Inc.
10,947   817,522
Eastman Chemical Co.
3,100   273,141
Ecolab, Inc.
6,800   1,723,936
Givaudan SA (Switzerland)
5   21,513
International Flavors & Fragrances, Inc.
6,900   535,509
Linde PLC
12,700   5,913,628
LyondellBasell Industries NV (Class A Stock)
6,800   478,720
Mitsubishi Chemical Group Corp. (Japan)
6,100   30,143
Mosaic Co. (The)
9,200   248,492
Nitto Denko Corp. (Japan)
1,100   20,346
Orica Ltd. (Australia)
2,456   26,250
PPG Industries, Inc.
6,100   667,035
Sherwin-Williams Co. (The)
6,150   2,147,519
            17,030,294
Commercial Services & Supplies — 0.3%
Brambles Ltd. (Australia)
4,774   60,311
Cintas Corp.
9,120   1,874,434
Copart, Inc.*
23,400   1,324,206
Dai Nippon Printing Co. Ltd. (Japan)
1,700   24,204
Republic Services, Inc.
5,465   1,323,404
Rollins, Inc.
7,400   399,822
Veralto Corp.
6,633   646,386
 
A2
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Commercial Services & Supplies (cont’d.)
Waste Management, Inc.
9,842   $2,278,521
            7,931,288
Communications Equipment — 0.4%
Arista Networks, Inc.*
27,600   2,138,448
Cisco Systems, Inc.
106,300   6,559,773
F5, Inc.*
1,500   399,405
Juniper Networks, Inc.
8,700   314,853
Motorola Solutions, Inc.
4,609   2,017,866
Nokia OYJ (Finland)
22,809   120,131
            11,550,476
Construction & Engineering — 0.0%
ACS Actividades de Construccion y Servicios SA (Spain)
1,122   64,216
Eiffage SA (France)
405   47,154
Obayashi Corp. (Japan)
3,300   44,023
Quanta Services, Inc.
4,000   1,016,720
Skanska AB (Sweden) (Class B Stock)
338   7,460
Taisei Corp. (Japan)
300   13,353
Vinci SA (France)
439   55,340
            1,248,266
Construction Materials — 0.1%
Buzzi SpA (Italy)
182   8,758
Heidelberg Materials AG (Germany)
748   128,938
Holcim AG*
916   98,574
Martin Marietta Materials, Inc.
1,600   765,008
Vulcan Materials Co.
3,600   839,880
            1,841,158
Consumer Finance — 0.3%
American Express Co.
14,900   4,008,845
Capital One Financial Corp.
10,061   1,803,937
Discover Financial Services
6,740   1,150,518
Synchrony Financial
10,472   554,388
            7,517,688
Consumer Staples Distribution & Retail — 1.0%
Carrefour SA (France)
4,056   58,008
Coles Group Ltd. (Australia)
4,315   52,819
Colruyt Group NV (Belgium)
174   7,148
Costco Wholesale Corp.
11,810   11,169,662
Dollar General Corp.
5,600   492,408
Dollar Tree, Inc.*
5,465   410,258
Kesko OYJ (Finland) (Class B Stock)
1,056   21,585
Koninklijke Ahold Delhaize NV (Netherlands)
3,312   123,720
Kroger Co. (The)
17,592   1,190,802
Marks & Spencer Group PLC (United Kingdom)
1,525   7,041
Sysco Corp.
13,000   975,520
Target Corp.
12,160   1,269,018
Tesco PLC (United Kingdom)
16,197   69,684
Walgreens Boots Alliance, Inc.
18,900   211,113
Walmart, Inc.
115,700   10,157,303
            26,216,089
      Shares   Value
Common Stocks (continued)
Containers & Packaging — 0.1%
Amcor PLC
40,850   $396,245
Avery Dennison Corp.
2,300   409,331
Ball Corp.
7,700   400,939
International Paper Co.
13,573   724,119
Packaging Corp. of America
2,500   495,050
Smurfit WestRock PLC
13,044   587,763
            3,013,447
Distributors — 0.0%
Genuine Parts Co.
3,700   440,818
LKQ Corp.
6,900   293,526
Pool Corp.
1,080   343,818
            1,078,162
Diversified REITs — 0.0%
Covivio SA (France)
570   31,907
GPT Group (The) (Australia)
11,489   31,512
Stockland (Australia)
1,757   5,421
            68,840
Diversified Telecommunication Services — 0.4%
AT&T, Inc.
191,236   5,408,154
Deutsche Telekom AG (Germany)
5,461   201,620
Koninklijke KPN NV (Netherlands)
17,556   74,361
Orange SA (France)
1,004   13,006
Verizon Communications, Inc.
112,176   5,088,304
            10,785,445
Electric Utilities — 0.8%
Alliant Energy Corp.
6,800   437,580
American Electric Power Co., Inc.
14,060   1,536,336
Chubu Electric Power Co., Inc. (Japan)
2,600   28,190
Constellation Energy Corp.
8,304   1,674,335
Duke Energy Corp.
20,661   2,520,022
Edison International
10,200   600,984
Enel SpA (Italy)
11,104   90,079
Entergy Corp.
11,200   957,488
Evergy, Inc.
6,100   420,595
Eversource Energy
9,800   608,678
Exelon Corp.
26,413   1,217,111
FirstEnergy Corp.
13,856   560,060
Fortum OYJ (Finland)
1,944   31,834
Hokuriku Electric Power Co. (Japan)
1,200   6,677
Iberdrola SA (Spain)
7,040   113,683
Kansai Electric Power Co., Inc. (The) (Japan)
1,800   21,362
NextEra Energy, Inc.
54,800   3,884,772
NRG Energy, Inc.
5,600   534,576
PG&E Corp.
57,800   993,004
Pinnacle West Capital Corp.
3,200   304,800
PPL Corp.
19,200   693,312
Southern Co. (The)
29,200   2,684,940
Tokyo Electric Power Co. Holdings, Inc. (Japan)*
6,400   18,424
Xcel Energy, Inc.
15,210   1,076,716
            21,015,558
 
A3
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Electrical Equipment — 0.4%
ABB Ltd. (Switzerland)
2,523   $130,182
AMETEK, Inc.
6,200   1,067,268
Eaton Corp. PLC
10,537   2,864,273
Emerson Electric Co.
15,200   1,666,528
Fujikura Ltd. (Japan)
600   22,221
GE Vernova, Inc.
7,394   2,257,240
Generac Holdings, Inc.*
1,400   177,310
Hubbell, Inc.
1,400   463,274
Legrand SA (France)
224   23,722
Rockwell Automation, Inc.
3,100   800,978
Schneider Electric SE
658   151,896
Siemens Energy AG (Germany)*
960   56,911
            9,681,803
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. (Class A Stock)
32,200   2,111,998
CDW Corp.
3,450   552,897
Corning, Inc.
20,400   933,912
Halma PLC (United Kingdom)
507   17,011
Jabil, Inc.
2,900   394,603
Keysight Technologies, Inc.*
4,700   703,919
TE Connectivity PLC (Switzerland)
8,100   1,144,692
Teledyne Technologies, Inc.*
1,240   617,160
Trimble, Inc.*
6,300   413,595
Zebra Technologies Corp. (Class A Stock)*
1,370   387,107
            7,276,894
Energy Equipment & Services — 0.1%
Baker Hughes Co.
25,798   1,133,822
Halliburton Co.
23,900   606,343
Schlumberger NV
37,624   1,572,683
            3,312,848
Entertainment — 0.7%
CTS Eventim AG & Co. KGaA (Germany)
116   11,637
Electronic Arts, Inc.
6,300   910,476
Konami Group Corp. (Japan)
700   82,658
Live Nation Entertainment, Inc.*
4,100   535,378
Netflix, Inc.*
11,390   10,621,517
Nintendo Co. Ltd. (Japan)
200   13,596
Sea Ltd. (Singapore), ADR*
1,100   143,539
Spotify Technology SA*
200   110,006
Take-Two Interactive Software, Inc.*
4,500   932,625
TKO Group Holdings, Inc.
1,800   275,058
Walt Disney Co. (The)
48,282   4,765,433
Warner Bros Discovery, Inc.*
59,076   633,885
            19,035,808
Financial Services — 2.4%
Apollo Global Management, Inc.
11,900   1,629,586
Berkshire Hathaway, Inc. (Class B Stock)*
48,855   26,019,196
Corpay, Inc.*
1,900   662,568
EXOR NV (Netherlands)
120   10,898
      Shares   Value
Common Stocks (continued)
Financial Services (cont’d.)
Fidelity National Information Services, Inc.
14,000   $1,045,520
Fiserv, Inc.*(a)
15,200   3,356,616
Global Payments, Inc.
6,577   644,020
Investor AB (Sweden) (Class B Stock)
2,449   73,039
Jack Henry & Associates, Inc.
1,900   346,940
Mastercard, Inc. (Class A Stock)
21,850   11,976,422
PayPal Holdings, Inc.*
26,700   1,742,175
Visa, Inc. (Class A Stock)
46,100   16,156,206
            63,663,186
Food Products — 0.3%
Archer-Daniels-Midland Co.
12,826   615,776
Associated British Foods PLC (United Kingdom)
1,522   37,733
Bunge Global SA
3,800   290,396
Conagra Brands, Inc.
12,300   328,041
General Mills, Inc.
14,700   878,913
Hershey Co. (The)
4,000   684,120
Hormel Foods Corp.
8,400   259,896
J.M. Smucker Co. (The)
2,900   343,389
JDE Peet’s NV (Netherlands)
945   20,661
Kellanova
7,600   626,924
Kraft Heinz Co. (The)
22,967   698,886
Lamb Weston Holdings, Inc.
4,000   213,200
McCormick & Co., Inc.
6,540   538,307
Mondelez International, Inc. (Class A Stock)
34,453   2,337,636
Nestle SA
2,111   213,331
The Campbell’s Co.
5,700   227,544
Tyson Foods, Inc. (Class A Stock)
7,700   491,337
WH Group Ltd. (Hong Kong), 144A
107,000   98,248
Wilmar International Ltd. (China)
25,100   62,239
            8,966,577
Gas Utilities — 0.0%
Atmos Energy Corp.
4,100   633,778
Ground Transportation — 0.5%
CSX Corp.
51,400   1,512,702
J.B. Hunt Transport Services, Inc.
2,200   325,490
Norfolk Southern Corp.
6,000   1,421,100
Old Dominion Freight Line, Inc.(a)
5,030   832,214
Uber Technologies, Inc.*
55,600   4,051,016
Union Pacific Corp.
16,160   3,817,638
            11,960,160
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories
46,050   6,108,533
Align Technology, Inc.*
1,840   292,302
Baxter International, Inc.
13,800   472,374
Becton, Dickinson & Co.
7,710   1,766,053
Boston Scientific Corp.*
39,267   3,961,255
Cooper Cos., Inc. (The)*
5,460   460,551
Dexcom, Inc.*
10,560   721,142
Edwards Lifesciences Corp.*
15,300   1,108,944
Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)
2,559   48,837
 
A4
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Health Care Equipment & Supplies (cont’d.)
GE HealthCare Technologies, Inc.
12,092   $975,945
Hologic, Inc.*
6,100   376,797
Hoya Corp. (Japan)
400   45,143
IDEXX Laboratories, Inc.*
2,300   965,885
Insulet Corp.*
1,800   472,698
Intuitive Surgical, Inc.*
9,500   4,705,065
Medtronic PLC
34,290   3,081,299
ResMed, Inc.
3,900   873,015
Solventum Corp.*
3,570   271,463
STERIS PLC
2,650   600,623
Stryker Corp.
9,100   3,387,475
Zimmer Biomet Holdings, Inc.
5,300   599,854
            31,295,253
Health Care Providers & Services — 1.2%
Ambea AB (Sweden), 144A
2,516   27,473
Cardinal Health, Inc.
6,450   888,616
Cencora, Inc.
4,700   1,307,023
Centene Corp.*
13,250   804,407
Cigna Group (The)
7,400   2,434,600
CVS Health Corp.
33,283   2,254,923
DaVita, Inc.*
1,200   183,564
EBOS Group Ltd. (Australia)
273   5,919
Elevance Health, Inc.
6,220   2,705,451
Fresenius Medical Care AG (Germany)
1,292   64,290
HCA Healthcare, Inc.
4,700   1,624,085
Henry Schein, Inc.*
3,500   239,715
Humana, Inc.
3,210   849,366
Labcorp Holdings, Inc.
2,300   535,302
McKesson Corp.
3,350   2,254,516
Medipal Holdings Corp. (Japan)
700   10,922
Molina Healthcare, Inc.*
1,550   510,555
Quest Diagnostics, Inc.
3,000   507,600
Ship Healthcare Holdings, Inc. (Japan)
400   5,354
Sonic Healthcare Ltd. (Australia)
1,468   23,836
UnitedHealth Group, Inc.
24,520   12,842,350
Universal Health Services, Inc. (Class B Stock)
1,600   300,640
            30,380,507
Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.
4,180   386,692
Healthpeak Properties, Inc.
18,600   376,092
Ventas, Inc.
11,668   802,292
Welltower, Inc.
16,200   2,482,002
            4,047,078
Health Care Technology — 0.0%
Pro Medicus Ltd. (Australia)
138   17,467
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.
19,682   279,681
Hotels, Restaurants & Leisure — 1.0%
Airbnb, Inc. (Class A Stock)*
11,600   1,385,736
Amadeus IT Group SA (Spain)
104   7,965
Aristocrat Leisure Ltd. (Australia)
1,416   57,267
Betsson AB (Sweden) (Class B Stock)
462   7,158
Booking Holdings, Inc.
880   4,054,081
      Shares   Value
Common Stocks (continued)
Hotels, Restaurants & Leisure (cont’d.)
Caesars Entertainment, Inc.*
5,900   $147,500
Carnival Corp.*
27,300   533,169
Chipotle Mexican Grill, Inc.*
36,300   1,822,623
Darden Restaurants, Inc.
3,250   675,220
Domino’s Pizza, Inc.
1,020   468,639
DoorDash, Inc. (Class A Stock)*
9,000   1,644,930
Expedia Group, Inc.
3,350   563,135
Food & Life Cos. Ltd. (Japan)
800   23,914
Hilton Worldwide Holdings, Inc.
6,500   1,479,075
Las Vegas Sands Corp.
9,150   353,465
Marriott International, Inc. (Class A Stock)
6,128   1,459,690
McDonald’s Corp.
19,200   5,997,504
MGM Resorts International*
6,400   189,696
Norwegian Cruise Line Holdings Ltd.*
12,000   227,520
Royal Caribbean Cruises Ltd.(a)
6,600   1,355,904
Starbucks Corp.
30,200   2,962,318
Wynn Resorts Ltd.
2,500   208,750
Yum! Brands, Inc.
7,400   1,164,464
Zensho Holdings Co. Ltd. (Japan)
100   5,392
            26,795,115
Household Durables — 0.2%
D.R. Horton, Inc.
7,500   953,475
De’ Longhi SpA (Italy)
189   6,270
Garmin Ltd.(a)
4,200   911,946
Lennar Corp. (Class A Stock)
6,400   734,592
Mohawk Industries, Inc.*
1,340   153,001
NVR, Inc.*
80   579,551
PulteGroup, Inc.
5,422   557,382
Sony Group Corp. (Japan)
8,700   220,136
            4,116,353
Household Products — 0.6%
Church & Dwight Co., Inc.
6,500   715,585
Clorox Co. (The)
3,300   485,925
Colgate-Palmolive Co.
21,600   2,023,920
Essity AB (Sweden) (Class B Stock)
3,867   109,866
Henkel AG & Co. KGaA (Germany)
78   5,620
Kimberly-Clark Corp.
8,700   1,237,314
Procter & Gamble Co. (The)
62,825   10,706,637
Reckitt Benckiser Group PLC (United Kingdom)
919   62,143
            15,347,010
Independent Power & Renewable Electricity Producers — 0.0%
AES Corp. (The)
19,500   242,190
Vistra Corp.
9,100   1,068,704
            1,310,894
Industrial Conglomerates — 0.2%
3M Co.
14,580   2,141,219
Hitachi Ltd. (Japan)
6,200   145,573
Honeywell International, Inc.
17,312   3,665,816
Siemens AG (Germany)
759   175,288
Smiths Group PLC (United Kingdom)
2,659   66,722
            6,194,618
 
A5
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Industrial REITs — 0.1%
Prologis, Inc.
24,684   $2,759,424
Insurance — 1.2%
Admiral Group PLC (United Kingdom)
856   31,604
Aflac, Inc.
13,400   1,489,946
AIA Group Ltd. (Hong Kong)
18,800   142,314
Allianz SE (Germany)
399   152,701
Allstate Corp. (The)
7,100   1,470,197
American International Group, Inc.
15,739   1,368,349
Aon PLC (Class A Stock)
5,800   2,314,722
Arch Capital Group Ltd.
9,900   952,182
Arthur J. Gallagher & Co.
6,800   2,347,632
Assurant, Inc.
1,300   272,675
AXA SA (France)
3,137   134,031
Brown & Brown, Inc.
6,200   771,280
Chubb Ltd.
9,986   3,015,672
Cincinnati Financial Corp.
4,137   611,118
Coface SA (France)
378   7,249
Erie Indemnity Co. (Class A Stock)
700   293,335
Everest Group Ltd.
1,240   450,529
Globe Life, Inc.
2,225   293,077
Hannover Rueck SE (Germany)
29   8,644
Hartford Insurance Group, Inc. (The)
7,700   952,721
Insurance Australia Group Ltd. (Australia)
8,110   39,451
Japan Post Holdings Co. Ltd. (Japan)
3,500   35,096
Loews Corp.
4,975   457,252
Marsh & McLennan Cos., Inc.
13,100   3,196,793
Medibank Private Ltd. (Australia)
2,476   6,920
MetLife, Inc.
15,550   1,248,509
MS&AD Insurance Group Holdings, Inc. (Japan)
2,300   50,020
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)
144   90,968
NN Group NV (Netherlands)
438   24,373
Poste Italiane SpA (Italy), 144A
494   8,813
Principal Financial Group, Inc.
5,600   472,472
Progressive Corp. (The)
15,500   4,386,655
QBE Insurance Group Ltd. (Australia)
4,336   59,911
Suncorp Group Ltd. (Australia)
4,029   48,798
Swiss Re AG
484   82,367
T&D Holdings, Inc. (Japan)
1,400   29,964
Talanx AG (Germany)
81   8,519
Tokio Marine Holdings, Inc. (Japan)
2,500   97,257
Travelers Cos., Inc. (The)
6,035   1,596,016
Unipol Assicurazioni SpA (Italy)
2,990   47,864
W.R. Berkley Corp.
8,100   576,396
Willis Towers Watson PLC
2,740   925,983
            30,570,375
Interactive Media & Services — 3.0%
Alphabet, Inc. (Class A Stock)
155,400   24,031,056
Alphabet, Inc. (Class C Stock)
125,960   19,678,731
Match Group, Inc.
6,600   205,920
Meta Platforms, Inc. (Class A Stock)
58,350   33,630,606
REA Group Ltd. (Australia)
165   22,893
      Shares   Value
Common Stocks (continued)
Interactive Media & Services (cont’d.)
Scout24 SE (Germany), 144A
250   $26,180
            77,595,386
IT Services — 0.6%
Accenture PLC (Ireland) (Class A Stock)
16,700   5,211,068
Akamai Technologies, Inc.*
3,800   305,900
Cognizant Technology Solutions Corp. (Class A Stock)
13,100   1,002,150
EPAM Systems, Inc.*
1,540   260,014
Gartner, Inc.*
2,040   856,269
GoDaddy, Inc. (Class A Stock)*
3,700   666,518
International Business Machines Corp.
24,700   6,141,902
VeriSign, Inc.*
2,100   533,127
Wix.com Ltd. (Israel)*
400   65,352
            15,042,300
Leisure Products — 0.0%
Bandai Namco Holdings, Inc. (Japan)
2,200   73,804
Hasbro, Inc.
3,600   221,364
            295,168
Life Sciences Tools & Services — 0.5%
Agilent Technologies, Inc.
7,714   902,384
Bio-Techne Corp.
4,400   257,972
Charles River Laboratories International, Inc.*
1,360   204,707
Danaher Corp.
17,000   3,485,000
IQVIA Holdings, Inc.*
4,400   775,720
Mettler-Toledo International, Inc.*
560   661,310
Revvity, Inc.(a)
3,100   327,980
Thermo Fisher Scientific, Inc.
10,200   5,075,520
Waters Corp.*(a)
1,600   589,712
West Pharmaceutical Services, Inc.
2,000   447,760
            12,728,065
Machinery — 0.8%
Alfa Laval AB (Sweden)
1,418   60,797
Atlas Copco AB (Sweden) (Class A Stock)
1,687   26,947
Atlas Copco AB (Sweden) (Class B Stock)
1,156   16,256
Caterpillar, Inc.
12,700   4,188,460
Cummins, Inc.
3,750   1,175,400
Daifuku Co. Ltd. (Japan)
3,100   76,203
Deere & Co.
6,840   3,210,354
Dover Corp.
3,600   632,448
Ebara Corp. (Japan)
1,100   16,743
Epiroc AB (Sweden) (Class B Stock)
357   6,288
FANUC Corp. (Japan)
600   16,347
Fortive Corp.
9,050   662,279
GEA Group AG (Germany)
889   54,041
Glory Ltd. (Japan)
400   7,048
IDEX Corp.
1,910   345,653
Illinois Tool Works, Inc.
7,100   1,760,871
Ingersoll Rand, Inc.
10,800   864,324
Kone OYJ (Finland) (Class B Stock)
175   9,656
 
A6
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Machinery (cont’d.)
Makita Corp. (Japan)
2,200   $72,894
Mitsubishi Heavy Industries Ltd. (Japan)
5,400   92,737
Nordson Corp.
1,500   302,580
Otis Worldwide Corp.
10,701   1,104,343
PACCAR, Inc.(a)
13,814   1,345,069
Parker-Hannifin Corp.
3,445   2,094,043
Pentair PLC
4,177   365,404
Rational AG (Germany)
25   20,829
Sandvik AB (Sweden)
351   7,382
Schindler Holding AG (Switzerland)
21   6,364
Schindler Holding AG (Switzerland) (Part. Cert.)
60   18,805
Snap-on, Inc.
1,500   505,515
Stanley Black & Decker, Inc.
4,247   326,509
Wartsila OYJ Abp (Finland)
3,921   69,964
Westinghouse Air Brake Technologies Corp.
4,651   843,459
Xylem, Inc.
6,500   776,490
Yangzijiang Shipbuilding Holdings Ltd. (China)
2,600   4,563
            21,087,065
Marine Transportation — 0.0%
AP Moller - Maersk A/S (Denmark) (Class B Stock)
11   19,145
Kawasaki Kisen Kaisha Ltd. (Japan)
7,000   95,147
            114,292
Media — 0.3%
Charter Communications, Inc. (Class A Stock)*
2,660   980,290
Comcast Corp. (Class A Stock)
100,480   3,707,712
Fox Corp. (Class A Stock)
5,800   328,280
Fox Corp. (Class B Stock)
3,733   196,766
Interpublic Group of Cos., Inc. (The)
9,631   261,578
News Corp. (Class A Stock)
10,875   296,018
News Corp. (Class B Stock)
3,500   106,295
Omnicom Group, Inc.(a)
5,100   422,841
Paramount Global (Class B Stock)(a)
14,030   167,799
Publicis Groupe SA (France)
858   80,951
            6,548,530
Metals & Mining — 0.2%
ARE Holdings, Inc. (Japan)
500   6,628
BHP Group Ltd. (Australia)
6,081   147,544
BlueScope Steel Ltd. (Australia)
2,828   37,878
Boliden AB (Sweden)
2,646   86,822
Fortescue Ltd. (Australia)
6,148   59,507
Freeport-McMoRan, Inc.
37,988   1,438,226
Mitsui Mining & Smelting Co. Ltd. (Japan)
300   8,788
Newmont Corp.
30,100   1,453,228
Northern Star Resources Ltd. (Australia)
3,949   45,592
Nucor Corp.
6,200   746,108
Rio Tinto Ltd. (Australia)
275   19,954
      Shares   Value
Common Stocks (continued)
Metals & Mining (cont’d.)
Rio Tinto PLC (Australia)
1,335   $80,113
Steel Dynamics, Inc.
3,850   481,558
            4,611,946
Multi-Utilities — 0.3%
AGL Energy Ltd. (Australia)
1,938   12,792
Ameren Corp.
7,100   712,840
CenterPoint Energy, Inc.
17,000   615,910
Centrica PLC (United Kingdom)
54,965   106,426
CMS Energy Corp.
7,900   593,369
Consolidated Edison, Inc.
9,200   1,017,428
Dominion Energy, Inc.(a)
22,215   1,245,595
DTE Energy Co.
5,400   746,658
Engie SA (France)
6,358   123,891
NiSource, Inc.
12,400   497,116
Public Service Enterprise Group, Inc.
13,100   1,078,130
Sembcorp Industries Ltd. (Singapore)
2,000   9,360
Sempra
16,738   1,194,423
WEC Energy Group, Inc.
8,613   938,645
            8,892,583
Office REITs — 0.0%
BXP, Inc.
4,000   268,760
Nippon Building Fund, Inc. (Japan)
38   32,277
            301,037
Oil, Gas & Consumable Fuels — 1.7%
APA Corp.(a)
9,614   202,086
Chevron Corp.
44,622   7,464,815
ConocoPhillips
33,945   3,564,904
Coterra Energy, Inc.
19,500   563,550
Devon Energy Corp.
17,100   639,540
Diamondback Energy, Inc.
5,100   815,388
ENEOS Holdings, Inc. (Japan)
10,600   55,905
EOG Resources, Inc.
15,000   1,923,600
EQT Corp.
16,100   860,223
Expand Energy Corp.
5,600   623,392
Exxon Mobil Corp.
116,014   13,797,545
Hess Corp.
7,400   1,182,002
Idemitsu Kosan Co. Ltd. (Japan)
8,300   58,708
Kinder Morgan, Inc.
51,098   1,457,826
Marathon Petroleum Corp.
8,519   1,241,133
Occidental Petroleum Corp.(a)
17,604   868,934
ONEOK, Inc.
16,300   1,617,286
Phillips 66
11,038   1,362,972
Shell PLC
6,213   226,155
Targa Resources Corp.
5,800   1,162,726
Texas Pacific Land Corp.(a)
500   662,495
TotalEnergies SE (France)
2,035   131,121
Valero Energy Corp.
8,300   1,096,181
Williams Cos., Inc. (The)
32,200   1,924,272
            43,502,759
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
16,700   728,120
Qantas Airways Ltd. (Australia)
7,604   43,351
Southwest Airlines Co.
16,200   543,996
 
A7
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Passenger Airlines (cont’d.)
United Airlines Holdings, Inc.*
8,800   $607,640
            1,923,107
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The) (Class A Stock)
6,300   415,800
Kenvue, Inc.
50,700   1,215,786
Unilever PLC (United Kingdom)
2,612   155,850
            1,787,436
Pharmaceuticals — 1.7%
AstraZeneca PLC (United Kingdom)
726   106,609
Bristol-Myers Squibb Co.
54,070   3,297,729
Eli Lilly & Co.
21,000   17,344,110
GSK PLC
8,845   169,030
Hikma Pharmaceuticals PLC (Jordan)
1,533   38,727
Ipsen SA (France)
228   26,261
Johnson & Johnson
64,208   10,648,255
Merck & Co., Inc.
67,433   6,052,786
Novartis AG
2,600   288,782
Novo Nordisk A/S (Denmark) (Class B Stock)
2,885   197,272
Orion OYJ (Finland) (Class B Stock)
975   57,912
Pfizer, Inc.
151,070   3,828,114
Roche Holding AG
951   313,000
Sanofi SA
1,002   110,943
Shionogi & Co. Ltd. (Japan)
5,500   83,021
Takeda Pharmaceutical Co. Ltd. (Japan)
2,500   74,097
Viatris, Inc.
33,086   288,179
Zoetis, Inc.
11,900   1,959,335
            44,884,162
Professional Services — 0.3%
Automatic Data Processing, Inc.
11,000   3,360,830
Broadridge Financial Solutions, Inc.
3,000   727,380
Computershare Ltd. (Australia)
2,854   70,348
Dayforce, Inc.*(a)
4,150   242,069
Equifax, Inc.
3,400   828,104
Intertek Group PLC (United Kingdom)
105   6,828
Jacobs Solutions, Inc.
3,400   411,026
Leidos Holdings, Inc.
3,500   472,290
Paychex, Inc.(a)
8,400   1,295,952
Paycom Software, Inc.
1,320   288,394
Recruit Holdings Co. Ltd. (Japan)
300   15,543
Verisk Analytics, Inc.
3,700   1,101,194
Wolters Kluwer NV (Netherlands)
495   77,070
            8,897,028
Real Estate Management & Development — 0.1%
CBRE Group, Inc. (Class A Stock)*
7,800   1,020,084
CoStar Group, Inc.*(a)
11,100   879,453
Daito Trust Construction Co. Ltd. (Japan)
700   71,627
Daiwa House Industry Co. Ltd. (Japan)
200   6,615
LEG Immobilien SE (Germany)
394   27,850
Mitsui Fudosan Co. Ltd. (Japan)
5,000   44,776
      Shares   Value
Common Stocks (continued)
Real Estate Management & Development (cont’d.)
Sumitomo Realty & Development Co. Ltd. (Japan)
800   $30,059
Vonovia SE (Germany)
1,457   39,208
            2,119,672
Residential REITs — 0.1%
AvalonBay Communities, Inc.
3,675   788,728
Camden Property Trust
2,900   354,670
Equity Residential(a)
9,000   644,220
Essex Property Trust, Inc.
1,750   536,498
Invitation Homes, Inc.
14,800   515,780
Mid-America Apartment Communities, Inc.
3,000   502,740
UDR, Inc.
7,900   356,843
            3,699,479
Retail REITs — 0.1%
Federal Realty Investment Trust
2,100   205,422
Kimco Realty Corp.
17,800   378,072
Klepierre SA (France)
2,277   76,215
Realty Income Corp.
23,000   1,334,230
Regency Centers Corp.
4,200   309,792
Scentre Group (Australia)
3,778   7,994
Simon Property Group, Inc.
8,193   1,360,693
Vicinity Ltd. (Australia)
29,154   40,369
            3,712,787
Semiconductors & Semiconductor Equipment — 4.8%
Advanced Micro Devices, Inc.*
43,299   4,448,539
Advantest Corp. (Japan)
2,200   98,068
Analog Devices, Inc.
13,247   2,671,523
Applied Materials, Inc.
21,600   3,134,592
ASM International NV (Netherlands)
100   45,569
ASML Holding NV (Netherlands)
262   173,385
Broadcom, Inc.
124,900   20,912,007
Enphase Energy, Inc.*
3,700   229,585
First Solar, Inc.*
2,700   341,361
Infineon Technologies AG (Germany)
2,834   94,471
Intel Corp.
115,000   2,611,650
KLA Corp.
3,550   2,413,290
Lam Research Corp.
34,300   2,493,610
Lasertec Corp. (Japan)
400   34,380
Microchip Technology, Inc.
14,000   677,740
Micron Technology, Inc.
29,600   2,571,944
Monolithic Power Systems, Inc.
1,260   730,775
Nova Ltd. (Israel)*
30   5,570
NVIDIA Corp.
652,500   70,717,950
NXP Semiconductors NV (China)
6,800   1,292,408
ON Semiconductor Corp.*
11,300   459,797
QUALCOMM, Inc.
29,600   4,546,856
SCREEN Holdings Co. Ltd. (Japan)
1,300   84,814
Skyworks Solutions, Inc.
4,100   264,983
Teradyne, Inc.
4,300   355,180
Texas Instruments, Inc.
24,300   4,366,710
Tokyo Electron Ltd. (Japan)
400   54,853
            125,831,610
 
A8
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Software — 4.8%
Adobe, Inc.*
11,540   $4,425,936
ANSYS, Inc.*
2,400   759,744
Autodesk, Inc.*
5,800   1,518,440
Cadence Design Systems, Inc.*
7,300   1,856,609
Crowdstrike Holdings, Inc. (Class A Stock)*
6,500   2,291,770
Dassault Systemes SE (France)
1,078   41,042
Fair Isaac Corp.*
650   1,198,704
Fortinet, Inc.*
16,800   1,617,168
Gen Digital, Inc.
14,678   389,554
Intuit, Inc.
7,480   4,592,645
Microsoft Corp.
198,020   74,334,728
Oracle Corp.
43,250   6,046,783
Palantir Technologies, Inc. (Class A Stock)*
54,700   4,616,680
Palo Alto Networks, Inc.*
17,700   3,020,328
PTC, Inc.*
3,200   495,840
Roper Technologies, Inc.
2,840   1,674,407
Sage Group PLC (The) (United Kingdom)
1,037   16,281
Salesforce, Inc.
25,550   6,856,598
SAP SE (Germany)
981   262,859
ServiceNow, Inc.*
5,500   4,378,770
Synopsys, Inc.*(a)
4,240   1,818,324
Tyler Technologies, Inc.*
1,110   645,343
Workday, Inc. (Class A Stock)*
5,800   1,354,474
Xero Ltd. (New Zealand)*
584   57,082
            124,270,109
Specialized REITs — 0.5%
American Tower Corp.
12,460   2,711,296
Crown Castle, Inc.
11,700   1,219,491
Digital Realty Trust, Inc.(a)
8,300   1,189,307
Equinix, Inc.
2,584   2,106,864
Extra Space Storage, Inc.
5,800   861,242
Iron Mountain, Inc.
7,602   654,076
Public Storage
4,220   1,263,004
SBA Communications Corp.
2,900   638,029
VICI Properties, Inc.
27,700   903,574
Weyerhaeuser Co.
19,218   562,703
            12,109,586
Specialty Retail — 0.9%
AutoZone, Inc.*
450   1,715,751
Avolta AG (Switzerland)
563   24,662
Best Buy Co., Inc.
5,175   380,932
CarMax, Inc.*
3,900   303,888
Fast Retailing Co. Ltd. (Japan)
100   29,769
Home Depot, Inc. (The)
26,550   9,730,309
JB Hi-Fi Ltd. (Australia)
451   26,361
Lowe’s Cos., Inc.
15,000   3,498,450
O’Reilly Automotive, Inc.*
1,540   2,206,173
Ross Stores, Inc.
8,900   1,137,331
TJX Cos., Inc. (The)
30,100   3,666,180
Tractor Supply Co.
13,900   765,890
Ulta Beauty, Inc.*
1,220   447,179
Williams-Sonoma, Inc.
3,300   521,730
      Shares   Value
Common Stocks (continued)
Specialty Retail (cont’d.)
Zalando SE (Germany), 144A*
2,378   $82,482
            24,537,087
Technology Hardware, Storage & Peripherals — 3.5%
Apple, Inc.
400,240   88,905,311
Dell Technologies, Inc. (Class C Stock)
8,100   738,315
Hewlett Packard Enterprise Co.
34,348   529,990
HP, Inc.
25,448   704,655
Logitech International SA (Switzerland)
899   76,177
NetApp, Inc.
5,300   465,552
Seagate Technology Holdings PLC
5,500   467,225
Seiko Epson Corp. (Japan)
1,800   28,837
Super Micro Computer, Inc.*
13,100   448,544
Western Digital Corp.*
8,603   347,819
            92,712,425
Textiles, Apparel & Luxury Goods — 0.2%
adidas AG (Germany)
467   110,147
Asics Corp. (Japan)
2,800   59,381
Cie Financiere Richemont SA (Switzerland) (Class A Stock)
328   57,258
Deckers Outdoor Corp.*
3,920   438,295
Hermes International SCA (France)
21   55,253
Lululemon Athletica, Inc.*
3,100   877,486
LVMH Moet Hennessy Louis Vuitton SE (France)
107   66,263
NIKE, Inc. (Class B Stock)
31,800   2,018,664
OVS SpA (Italy), 144A
2,075   7,144
Pandora A/S (Denmark)
325   49,810
Ralph Lauren Corp.
1,000   220,740
Tapestry, Inc.
5,500   387,255
            4,347,696
Tobacco — 0.4%
Altria Group, Inc.
45,200   2,712,904
British American Tobacco PLC (United Kingdom)
2,126   87,218
Imperial Brands PLC (United Kingdom)
3,657   135,316
Japan Tobacco, Inc. (Japan)
900   24,737
Philip Morris International, Inc.
41,500   6,587,295
            9,547,470
Trading Companies & Distributors — 0.1%
AerCap Holdings NV (Ireland)
200   20,434
Fastenal Co.
14,900   1,155,495
MonotaRO Co. Ltd. (Japan)
1,500   28,021
Toyota Tsusho Corp. (Japan)
400   6,739
United Rentals, Inc.
1,760   1,102,992
W.W. Grainger, Inc.
1,170   1,155,761
            3,469,442
Water Utilities — 0.0%
American Water Works Co., Inc.
5,300   781,856
Wireless Telecommunication Services — 0.1%
SoftBank Corp. (Japan)
33,600   46,871
 
A9
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
      Shares   Value
Common Stocks (continued)
Wireless Telecommunication Services (cont’d.)
T-Mobile US, Inc.
12,800   $3,413,888
            3,460,759
 
Total Common Stocks

(cost $269,406,766)
  1,282,517,922
Preferred Stocks — 0.0%
Banks — 0.0%
Citigroup Capital XIII, 10.919%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40
20,000   597,200
Capital Markets — 0.0%
State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo)
15,000   338,100
Household Products — 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)
948   75,430
 
Total Preferred Stocks

(cost $949,777)
  1,010,730
Unaffiliated Exchange-Traded Funds — 0.5%
iShares Core S&P 500 ETF
23,200   13,036,080
iShares MSCI EAFE ETF(a)
600   49,038
 
Total Unaffiliated Exchange-Traded Funds

(cost $8,273,409)
  13,085,118
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
Asset-Backed Securities — 9.1%
Automobiles — 2.2%
AmeriCredit Automobile Receivables Trust,
Series 2021-02, Class C
1.010%   01/19/27     733 722,582
Series 2021-03, Class C
1.410%   08/18/27     900 876,016
ARI Fleet Lease Trust,
Series 2024-A, Class A2, 144A
5.300%   11/15/32     826 829,883
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-01A, Class A, 144A
1.380%   08/20/27     2,400 2,310,581
Series 2021-02A, Class A, 144A
1.660%   02/20/28     2,600 2,475,110
Series 2022-01A, Class A, 144A
3.830%   08/21/28     2,900 2,852,538
Series 2023-02A, Class A, 144A
5.200%   10/20/27     1,100 1,107,842
Series 2024-01A, Class A, 144A
5.360%   06/20/30     1,100 1,122,684
Series 2024-03A, Class A, 144A
5.230%   12/20/30     400 406,263
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A
6.291%   07/26/32     962 977,798
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
Series 2023-CAR03, Class B, 144A
6.632%   07/26/32     350   $355,181
CarMax Auto Owner Trust,
Series 2021-02, Class C
1.340%   02/16/27     800   796,288
Series 2021-04, Class C
1.380%   07/15/27     600   585,067
Chesapeake Funding II LLC,
Series 2024-01A, Class A1, 144A
5.520%   05/15/36     747   755,482
Ford Credit Auto Owner Trust,
Series 2021-02, Class B, 144A
1.910%   05/15/34     400   383,097
Series 2023-01, Class A, 144A
4.850%   08/15/35     2,700   2,729,685
Series 2023-02, Class A, 144A
5.280%   02/15/36     1,800   1,842,684
Series 2024-01, Class A, 144A
4.870%   08/15/36     3,700   3,744,845
Series 2025-01, Class A, 144A
4.860%   08/15/37     5,500   5,580,177
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A
1.490%   06/12/34     200   191,204
Series 2024-01, Class A, 144A
4.980%   12/11/36     500   508,199
GMF Floorplan Owner Revolving Trust,
Series 2024-04A, Class A1, 144A
4.730%   11/15/29     2,200   2,211,018
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A
1.680%   12/27/27     1,300   1,241,440
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A
2.330%   06/26/28     3,300   3,147,203
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A
3.630%   09/14/27     1,134   1,129,639
Series 2021-01A, Class B, 144A
1.260%   07/14/28     1,800   1,755,288
Series 2023-01A, Class A, 144A
5.410%   11/14/29     3,200   3,234,624
Series 2025-01A, Class A, 144A
5.360%   04/16/35     4,000   4,076,766
Santander Drive Auto Receivables Trust,
Series 2021-02, Class D
1.350%   07/15/27     432   429,530
Series 2023-01, Class C
5.090%   05/15/30     600   602,957
Series 2023-03, Class C
5.770%   11/15/30     900   918,989
Series 2023-04, Class C
6.040%   12/15/31     1,600   1,642,693
Series 2024-02, Class C
5.840%   06/17/30     500   510,767
Series 2024-05, Class C
4.780%   01/15/31     1,500   1,503,012
 
A10
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Automobiles (cont’d.)
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class B, 144A
5.710%   01/22/30     200   $204,393
Series 2023-01A, Class C, 144A
5.970%   02/20/31     300   307,156
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A
5.800%   04/18/38     1,720   1,733,893
Series 2024-01A, Class A1, 144A
5.490%   02/18/39     1,399   1,411,448
World Omni Select Auto Trust,
Series 2021-A, Class C
1.090%   11/15/27     400   394,014
              57,608,036
Collateralized Loan Obligations — 5.6%
AGL CLO Ltd. (Cayman Islands),
Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.823%(c)   04/20/37     6,750   6,764,937
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2020-15A, Class AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)
5.755%(c)   07/20/34     2,000   2,000,881
Anchorage Capital Europe CLO DAC (Ireland),
Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%)
4.454%(c)   01/22/38   EUR 2,500   2,712,761
Bain Capital Credit CLO Ltd. (United Kingdom),
Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.688%(c)   10/16/37     7,250   7,258,448
Battalion CLO Ltd. (Cayman Islands),
Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)
5.728%(c)   01/25/35     6,520   6,520,000
BNPP AM Euro CLO DAC (Ireland),
Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%)
3.385%(c)   04/15/31   EUR 1,748   1,880,847
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)
5.564%(c)   07/15/30     1,659   1,660,096
Clover CLO LLC,
Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)
5.823%(c)   04/20/37     7,000   7,013,902
CVC Cordatus Loan Fund DAC (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)
3.384%(c)   05/22/32   EUR 1,650   1,782,103
Series 14A, Class A2R, 144A
1.250%   05/22/32   EUR 3,582   3,739,775
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Elevation CLO Ltd. (Cayman Islands),
Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)
5.913%(c)   04/20/37     6,750   $6,763,825
Elmwood CLO Ltd. (Cayman Islands),
Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)
5.813%(c)   04/20/37     6,000   6,013,762
Generate CLO Ltd. (Cayman Islands),
Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)
5.673%(c)   01/20/38     3,250   3,255,359
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)
5.574%(c)   04/15/31     325   324,819
Grosvenor Place CLO DAC (Ireland),
Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)
4.134%(c)   05/24/38   EUR 6,500   7,043,273
ICG Euro CLO DAC (Ireland),
Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)
3.684%(c)   10/19/38   EUR 5,250   5,690,369
Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%)
4.403%(c)   01/26/38   EUR 7,000   7,596,604
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)
5.592%(c)   10/15/32     6,000   6,000,000
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)
5.675%(c)   04/21/31     373   373,171
Monument CLO DAC (Ireland),
Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%)
4.146%(c)   05/15/37   EUR 6,750   7,330,101
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%)
5.684%(c)   07/15/31     909   909,413
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%)
5.380%(c)   05/21/34     7,250   7,239,899
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)
5.716%(c)   06/20/34     3,750   3,756,656
Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%)
6.046%(c)   10/15/37     6,500   6,507,275
 
A11
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Collateralized Loan Obligations (cont’d.)
Rockford Tower CLO Ltd. (Cayman Islands),
Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%)
6.193%(c)   01/20/36     3,750   $3,747,870
Sound Point CLO Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)
5.632%(c)   04/25/34     6,000   5,969,308
St. Pauls CLO (Netherlands),
Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%)
3.684%(c)   07/20/35   EUR 2,000   2,162,524
TCW CLO Ltd. (Cayman Islands),
Series 2021-02A, Class AS, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)
5.742%(c)   07/25/34     4,750   4,751,290
Tikehau CLO DAC (Ireland),
Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%)
3.526%(c)   10/15/38   EUR 5,500   5,943,575
Toro European CLO DAC (Ireland),
Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%)
3.663%(c)   07/25/34   EUR 3,000   3,241,562
Trimaran CAVU Ltd.,
Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%)
5.505%(c)   01/20/37     7,250   7,244,337
Trinitas CLO Ltd. (Bermuda),
Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)
5.983%(c)   01/20/35     2,400   2,404,790
              145,603,532
Consumer Loans — 0.5%
Affirm Asset Securitization Trust,
Series 2024-A, Class 1A, 144A
5.610%   02/15/29     700   704,136
Series 2024-X02, Class A, 144A
5.220%   12/17/29     1,806   1,805,571
Affirm Master Trust,
Series 2025-01A, Class A, 144A
4.990%   02/15/33     2,700   2,714,078
OneMain Financial Issuance Trust,
Series 2020-02A, Class A, 144A
1.750%   09/14/35     1,900   1,838,607
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)
5.110%(c)   06/16/36     2,000   1,998,629
Series 2023-02A, Class A1, 144A
5.840%   09/15/36     3,400   3,469,562
              12,530,583
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Credit Cards — 0.2%
NewDay Funding (United Kingdom),
Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%)
5.643%(c)   03/15/32   GBP 3,400   $4,415,610
NewDay Funding Master Issuer PLC (United Kingdom),
Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%)
5.363%(c)   07/15/32   GBP 1,400   1,810,551
              6,226,161
Equipment — 0.2%
Barings Equipment Finance LLC,
Series 2025-A, Class A3, 144A
4.820%   08/13/32     1,800   1,817,527
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A
2.720%   06/15/40     264   263,416
Series 2019-A, Class A5, 144A
3.080%   11/12/41     423   421,068
Series 2019-B, Class A5, 144A
2.290%   11/12/41     1,600   1,567,360
              4,069,371
Home Equity Loans — 0.3%
JPMorgan Mortgage Trust,
Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%)
5.544%(c)   02/25/55     1,697   1,697,117
RCKT Mortgage Trust,
Series 2024-CES01, Class A1A, 144A
6.025%(cc)   02/25/44     759   762,949
Series 2024-CES03, Class A1A, 144A
6.591%(cc)   05/25/44     825   836,208
Towd Point Mortgage Trust,
Series 2024-CES02, Class A1A, 144A
6.125%(cc)   02/25/64     151   151,685
Series 2024-CES03, Class A1, 144A
6.290%(cc)   05/25/64     1,241   1,252,365
Series 2024-CES04, Class A1, 144A
5.122%(cc)   09/25/64     1,341   1,332,974
Series 2024-CES05, Class A1, 144A
5.167%(cc)   09/25/64     2,044   2,033,421
              8,066,719
Other — 0.0%
Home Partners of America Trust,
Series 2021-03, Class A, 144A
2.200%   01/17/41     509   465,547
Residential Mortgage-Backed Securities — 0.0%
TFS (Spain),
Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%
5.854%(c)   03/15/26^   EUR 560   451,318
Student Loans — 0.1%
Laurel Road Prime Student Loan Trust,
Series 2019-A, Class A2FX, 144A
2.730%   10/25/48     30   30,084
 
A12
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
Asset-Backed Securities (continued)
Student Loans (cont’d.)
Navient Private Education Refi Loan Trust,
Series 2019-CA, Class A2, 144A
3.130%   02/15/68     238   $232,935
Series 2020-BA, Class A2, 144A
2.120%   01/15/69     340   321,525
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%)
4.984%(c)   05/25/70     732   722,209
SoFi Professional Loan Program LLC,
Series 2019-A, Class A2FX, 144A
3.690%   06/15/48     205   201,968
Series 2019-B, Class A2FX, 144A
3.090%   08/17/48     269   262,925
Series 2019-C, Class A2FX, 144A
2.370%   11/16/48     451   433,493
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A
3.340%   08/25/47     110   109,626
Series 2020-A, Class A2FX, 144A
2.540%   05/15/46     616   591,415
              2,906,180
 
Total Asset-Backed Securities

(cost $238,778,704)
  237,927,447
Commercial Mortgage-Backed Securities — 5.6%
BANK,
Series 2021-BN35, Class A3
1.717%   06/15/64     3,500   3,058,872
Series 2021-BN35, Class ASB
2.067%   06/15/64     2,300   2,094,768
Series 2021-BN37, Class A4
2.370%   11/15/64     3,900   3,340,467
BANK5,
Series 2024-05YR11, Class A3
5.893%   11/15/57     4,660   4,849,753
Series 2024-05YR12, Class A3
5.902%(cc)   12/15/57     4,035   4,201,886
Barclays Commercial Mortgage Securities Trust,
Series 2018-C02, Class A4
4.047%   12/15/51     3,850   3,767,926
Series 2021-C12, Class A4
2.421%   11/15/54     4,500   3,931,800
Series 2023-C19, Class A2A
5.756%   04/15/56     2,700   2,744,673
Benchmark Mortgage Trust,
Series 2018-B03, Class A4
3.761%   04/10/51     3,579   3,498,551
Series 2021-B24, Class A3
2.010%   03/15/54     2,000   1,810,295
Series 2023-B38, Class A2
5.626%   04/15/56     3,000   3,017,472
Series 2024-V07, Class A3
6.228%(cc)   05/15/56     4,700   4,925,693
Series 2024-V11, Class A3
5.909%(cc)   11/15/57     5,140   5,349,151
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
BMO Mortgage Trust,
Series 2024-5C7, Class A3
5.566%(cc)   11/15/57     4,500   $4,611,787
BXP Trust,
Series 2021-601L, Class A, 144A
2.618%   01/15/44     3,990   3,364,925
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A3
3.014%   05/10/58     1,244   1,228,094
Citigroup Commercial Mortgage Trust,
Series 2016-C01, Class A3
2.944%   05/10/49     2,556   2,513,384
Series 2017-P07, Class A3
3.442%   04/14/50     3,541   3,472,809
CSAIL Commercial Mortgage Trust,
Series 2015-C04, Class A3
3.544%   11/15/48     1,609   1,602,474
Series 2017-C08, Class A3
3.127%   06/15/50     3,432   3,312,023
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO
1.326%(cc)   03/25/26     4,027   40,604
GS Mortgage Securities Trust,
Series 2015-GC34, Class A3
3.244%   10/10/48     4,275   4,251,617
Series 2016-GS03, Class A3
2.592%   10/10/49     3,847   3,753,659
Series 2016-GS04, Class A3
3.178%   11/10/49     3,796   3,723,180
Series 2020-GSA02, Class A4
1.721%   12/12/53     4,150   3,593,035
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A3
3.109%   07/15/50     2,717   2,631,135
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C02, Class A3A
2.881%   06/15/49     2,419   2,378,594
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class C, 144A, 1 Month SOFR + 1.465% (Cap N/A, Floor 1.351%)
5.784%(c)   04/15/38     1,720   1,715,700
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A3
3.540%   12/15/48     3,723   3,693,266
Series 2016-BNK02, Class A3
2.791%   11/15/49     2,000   1,948,547
Series 2016-UB11, Class A3
2.531%   08/15/49     6,152   5,989,690
Series 2019-H06, Class A3
3.158%   06/15/52     5,000   4,729,232
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB
3.264%   08/15/50     989   975,023
Series 2017-C05, Class A4
3.212%   11/15/50     5,000   4,830,830
 
A13
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Commercial Mortgage-Backed Securities
(continued)
Series 2018-C09, Class A3
3.854%   03/15/51     1,576   $1,537,459
Series 2018-C14, Class A3
4.180%   12/15/51     2,141   2,100,853
Wells Fargo Commercial Mortgage Trust,
Series 2016-NXS06, Class A3
2.642%   11/15/49     4,500   4,415,116
Series 2017-C38, Class A4
3.190%   07/15/50     2,940   2,861,630
Series 2019-C49, Class A3
3.749%   03/15/52     6,115   6,051,971
Series 2020-C58, Class A3
1.810%   07/15/53     4,944   4,331,018
Series 2021-C61, Class A3
2.406%   11/15/54     9,000   7,852,941
Series 2024-5C1, Class A3
5.928%   07/15/57     5,200   5,394,161
 
Total Commercial Mortgage-Backed Securities

(cost $152,722,874)
  145,496,064
Corporate Bonds — 11.5%
Aerospace & Defense — 0.3%
Boeing Co. (The),
Sr. Unsec’d. Notes
2.196%   02/04/26     3,300   3,228,762
3.300%   03/01/35     1,920   1,550,771
3.550%   03/01/38     960   751,352
3.900%   05/01/49     1,500   1,076,689
              6,607,574
Agriculture — 0.3%
BAT Capital Corp. (United Kingdom),
Gtd. Notes
2.259%   03/25/28     3,190   2,977,225
3.557%   08/15/27     360   351,078
4.390%   08/15/37     2,075   1,815,585
6.343%   08/02/30     345   366,598
Philip Morris International, Inc.,
Sr. Unsec’d. Notes
5.125%   02/15/30     3,190   3,253,583
              8,764,069
Airlines — 0.1%
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates
3.375%   11/01/28     1,383   1,339,838
Southwest Airlines Co.,
Sr. Unsec’d. Notes
2.625%   02/10/30(a)     1,375   1,233,337
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A
4.375%   04/15/26     590   580,098
4.625%   04/15/29     115   108,856
              3,262,129
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Apparel — 0.0%
Wolverine World Wide, Inc.,
Gtd. Notes, 144A
4.000%   08/15/29     550   $465,153
Auto Manufacturers — 0.4%
Ford Motor Co.,
Sr. Unsec’d. Notes
4.750%   01/15/43     660   500,329
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes
2.900%   02/16/28     200   185,075
4.134%   08/04/25     300   298,431
5.800%   03/08/29     475   470,545
General Motors Co.,
Sr. Unsec’d. Notes
6.600%   04/01/36     585   604,362
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes
2.400%   10/15/28     2,055   1,878,355
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A, MTN
5.300%   01/08/30     3,370   3,392,203
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A
6.200%   11/16/28     2,854   2,956,627
              10,285,927
Banks — 3.2%
Banco Santander SA (Spain),
Sr. Non-Preferred Notes
5.538%(ff)   03/14/30     600   612,655
Bank of America Corp.,
Sr. Unsec’d. Notes
5.288%(ff)   04/25/34     905   909,071
Sr. Unsec’d. Notes, MTN
1.898%(ff)   07/23/31     1,805   1,551,140
2.496%(ff)   02/13/31     5,165   4,636,930
3.194%(ff)   07/23/30     1,050   984,669
3.824%(ff)   01/20/28     615   607,217
Sub. Notes, MTN
4.450%   03/03/26     4,790   4,780,767
Bank of America NA,
Sub. Notes
6.000%   10/15/36     805   844,247
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes
4.837%(ff)   09/10/28     705   704,593
Sub. Notes
5.088%(ff)   06/20/30     1,830   1,814,561
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A
2.219%(ff)   06/09/26     480   477,621
3.132%(ff)   01/20/33     1,335   1,163,263
Sr. Preferred Notes, 144A
5.176%(ff)   01/09/30(a)     2,200   2,222,992
 
A14
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A
5.875%   04/30/29     1,600   $1,650,132
Citigroup, Inc.,
Sr. Unsec’d. Notes
2.561%(ff)   05/01/32     2,100   1,824,217
3.887%(ff)   01/10/28     560   553,307
4.542%(ff)   09/19/30     5,280   5,207,885
4.650%   07/23/48     420   357,683
Sub. Notes
4.450%   09/29/27     1,485   1,477,131
Danske Bank A/S (Denmark),
Sr. Non-Preferred Notes, 144A
5.705%(ff)   03/01/30     1,285   1,320,709
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes
2.129%(ff)   11/24/26     460   451,231
2.311%(ff)   11/16/27     500   480,150
Discover Bank,
Sr. Unsec’d. Notes
4.250%   03/13/26     595   592,286
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes
1.542%(ff)   09/10/27     2,345   2,242,637
3.814%(ff)   04/23/29     440   429,589
3.850%   01/26/27(a)     2,625   2,599,319
5.207%(ff)   01/28/31(a)     2,155   2,184,206
Sub. Notes
6.750%   10/01/37     225   243,251
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes
6.208%(ff)   08/21/29     395   411,143
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II
4.000%(ff)   07/01/25(oo)     230   231,147
Sr. Unsec’d. Notes
2.580%(ff)   04/22/32     1,585   1,392,437
3.782%(ff)   02/01/28     270   266,312
3.964%(ff)   11/15/48     2,240   1,763,097
4.005%(ff)   04/23/29     1,360   1,336,381
5.299%(ff)   07/24/29     4,890   4,988,122
KeyCorp,
Sr. Unsec’d. Notes
6.401%(ff)   03/06/35     475   501,490
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes
5.242%(ff)   04/19/29     1,740   1,767,603
Morgan Stanley,
Sr. Unsec’d. Notes
5.449%(ff)   07/20/29     1,855   1,896,523
6.407%(ff)   11/01/29     3,220   3,397,196
Sr. Unsec’d. Notes, GMTN
2.239%(ff)   07/21/32     2,770   2,352,752
4.431%(ff)   01/23/30     455   449,133
Sr. Unsec’d. Notes, MTN
1.928%(ff)   04/28/32     775   648,924
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Banks (cont’d.)
3.591%(ff)(cc)   07/22/28     1,030   $1,003,878
Sub. Notes, GMTN
4.350%   09/08/26     3,050   3,036,052
Societe Generale SA (France),
Sr. Non-Preferred Notes, 144A
1.488%(ff)   12/14/26     3,200   3,124,053
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN
7.161%(ff)   10/30/29     745   801,893
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A
1.364%(ff)   01/30/27     2,250   2,189,257
3.091%(ff)   05/14/32     560   499,100
4.282%   01/09/28     980   967,784
Wells Fargo & Co.,
Sr. Unsec’d. Notes
5.389%(ff)   04/24/34     1,635   1,645,806
6.491%(ff)   10/23/34     2,555   2,756,872
Sr. Unsec’d. Notes, MTN
2.572%(ff)   02/11/31     2,895   2,610,169
              82,960,583
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes
4.700%   02/01/36     1,220   1,170,361
Constellation Brands, Inc.,
Sr. Unsec’d. Notes
2.250%   08/01/31     780   661,362
              1,831,723
Building Materials — 0.1%
CRH SMW Finance DAC,
Gtd. Notes
5.125%   01/09/30     1,305   1,320,209
Owens Corning,
Sr. Unsec’d. Notes
3.500%   02/15/30     400   376,612
Quikrete Holdings, Inc.,
Sr. Sec’d. Notes, 144A
6.375%   03/01/32     675   678,592
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A
4.750%   01/15/28     300   290,453
              2,665,866
Chemicals — 0.2%
Dow Chemical Co. (The),
Sr. Unsec’d. Notes
4.375%   11/15/42     5   4,109
9.400%   05/15/39     15   20,130
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes
4.725%   11/15/28     1,590   1,596,804
5.419%   11/15/48     160   160,991
 
A15
PSF PGIM 50/50 BALANCED 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.)
LYB International Finance BV,
Gtd. Notes
5.250%   07/15/43     620   $558,106
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A
6.750%   05/02/34     901   924,651
Sasol Financing USA LLC (South Africa),
Gtd. Notes
6.500%   09/27/28     405   388,083
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes
4.800%   09/01/31(a)     585   582,834
              4,235,708
Commercial Services — 0.1%
DCLI Bidco LLC,
Second Mortgage, 144A
7.750%   11/15/29     175   180,030
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A
2.375%   09/25/26   EUR 416   445,463
ERAC USA Finance LLC,
Gtd. Notes, 144A
7.000%   10/15/37     390   443,880
United Rentals North America, Inc.,
Gtd. Notes
3.750%   01/15/32     250   220,909
4.875%   01/15/28     660   649,611
5.250%   01/15/30     165   162,138
University of Miami,
Sr. Unsec’d. Notes, Series 2022
4.063%   04/01/52     815   644,422
              2,746,453
Distribution/Wholesale — 0.0%
RB Global Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A
6.750%   03/15/28     50   51,093
Diversified Financial Services — 0.3%
Ally Financial, Inc.,
Sr. Unsec’d. Notes
5.543%(ff)   01/17/31     465   462,036
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A
4.500%   04/14/27     3,485   3,450,369
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes
2.608%   07/14/31     1,490   1,284,185
6.070%   07/12/28     1,680   1,743,993
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series NN
3.250%   06/15/25     255   254,582
              7,195,165
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric — 1.1%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN
2.000%   04/29/28     370   $341,392
AEP Texas, Inc.,
Sr. Unsec’d. Notes
3.950%   06/01/28     2,105   2,062,438
Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A
4.550%   09/27/51     435   332,029
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes
6.350%   10/01/36     530   574,259
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes
5.950%   05/15/37     335   353,059
Calpine Corp.,
Sr. Sec’d. Notes, 144A
3.750%   03/01/31     875   796,615
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series K2
6.950%   03/15/33     300   335,871
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A
4.688%   05/15/29     1,000   957,260
Connecticut Light & Power Co. (The),
First Mortgage, Series A
2.050%   07/01/31     2,290   1,956,753
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 09-C
5.500%   12/01/39     145   145,017
Duke Energy Carolinas LLC,
First Mortgage
4.950%   01/15/33     2,260   2,259,577
6.050%   04/15/38     530   565,206
El Paso Electric Co.,
Sr. Unsec’d. Notes
6.000%   05/15/35     845   866,104
Enel Finance International NV (Italy),
Gtd. Notes, 144A
2.500%   07/12/31     1,500   1,285,736
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN
6.350%   08/10/28     349   347,039
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A
5.200%   04/01/28     530   537,816
Florida Power & Light Co.,
First Mortgage
5.950%   10/01/33     380   404,203
Iberdrola International BV (Spain),
Gtd. Notes
6.750%   09/15/33     140   152,581
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN
4.250%   08/14/28     575   555,927
 
A16
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Electric (cont’d.)
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes
4.900%   02/28/28     2,515   $2,538,652
Northern States Power Co.,
First Mortgage
3.600%   09/15/47     1,035   771,408
NRG Energy, Inc.,
Gtd. Notes, 144A
3.625%   02/15/31     50   44,343
3.875%   02/15/32     150   132,003
Sr. Sec’d. Notes, 144A
2.000%   12/02/25     225   220,288
2.450%   12/02/27     345   323,521
Ohio Power Co.,
Sr. Unsec’d. Notes
4.000%   06/01/49     465   353,600
Pacific Gas & Electric Co.,
First Mortgage
4.950%   07/01/50     855   712,928
PacifiCorp,
First Mortgage
5.350%   12/01/53     2,045   1,873,171
PECO Energy Co.,
First Mortgage
2.800%   06/15/50     785   493,328
Public Service Electric & Gas Co.,
First Mortgage, MTN
3.700%   05/01/28     850   833,256
4.900%   12/15/32     820   825,122
Sr. Sec’d. Notes, MTN
5.800%   05/01/37     515   543,562
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes
1.600%   08/15/30     1,235   1,047,838
San Diego Gas & Electric Co.,
First Mortgage
4.150%   05/15/48     1,010   792,374
Southern California Edison Co.,
First Ref. Mortgage
4.000%   04/01/47     350   260,555
First Ref. Mortgage, Series C
3.600%   02/01/45     690   492,557
Vistra Operations Co. LLC,
Gtd. Notes, 144A
5.000%   07/31/27     495   487,987
Xcel Energy, Inc.,
Sr. Unsec’d. Notes
4.800%   09/15/41     480   421,163
              27,996,538
Engineering & Construction — 0.1%
AECOM,
Gtd. Notes
5.125%   03/15/27     500   495,771
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     415   $407,696
5.500%   07/31/47     1,350   1,109,538
              2,013,005
Entertainment — 0.1%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A
7.000%   02/15/30     400   404,955
Warnermedia Holdings, Inc.,
Gtd. Notes
5.050%   03/15/42     1,425   1,139,018
5.141%   03/15/52     650   473,790
              2,017,763
Foods — 0.2%
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes
5.125%   02/01/28     3,000   3,030,364
5.750%   04/01/33     635   644,509
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A
4.125%   01/31/30     200   186,361
4.375%   01/31/32     575   524,836
Mars, Inc.,
Sr. Unsec’d. Notes, 144A
2.375%   07/16/40     535   371,587
              4,757,657
Gas — 0.2%
Boston Gas Co.,
Sr. Unsec’d. Notes, 144A
5.843%   01/10/35     920   943,237
NiSource, Inc.,
Sr. Unsec’d. Notes
1.700%   02/15/31     270   226,056
3.600%   05/01/30     1,600   1,515,232
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
3.500%   06/01/29     2,090   1,999,494
              4,684,019
Healthcare-Products — 0.0%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A
3.875%   04/01/29     475   443,871
Healthcare-Services — 0.4%
Aetna, Inc.,
Sr. Unsec’d. Notes
6.625%   06/15/36     480   512,219
Cigna Group (The),
Sr. Unsec’d. Notes
3.200%   03/15/40     1,555   1,178,090
 
A17
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Healthcare-Services (cont’d.)
CommonSpirit Health,
Sr. Sec’d. Notes
5.318%   12/01/34     2,650   $2,624,751
Elevance Health, Inc.,
Sr. Unsec’d. Notes
3.600%   03/15/51     885   626,773
4.625%   05/15/42     330   290,750
Kaiser Foundation Hospitals,
Gtd. Notes
4.150%   05/01/47     670   556,190
Tenet Healthcare Corp.,
Sr. Sec’d. Notes
4.375%   01/15/30     425   398,610
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes
4.750%   05/15/52     455   392,911
5.200%   04/15/63     1,030   928,628
5.500%   04/15/64     1,380   1,304,735
5.750%   07/15/64     650   639,791
              9,453,448
Holding Companies-Diversified — 0.0%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A
9.500%   10/15/31(a)     350   350,229
Home Builders — 0.0%
KB Home,
Gtd. Notes
4.000%   06/15/31     400   358,959
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A
5.875%   06/15/27     405   404,979
              763,938
Housewares — 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes
6.375%   05/15/30     135   131,582
6.625%   05/15/32     70   68,175
              199,757
Insurance — 0.2%
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes
6.000%   12/07/33     2,375   2,468,656
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A
3.951%   10/15/50     1,125   821,265
Lincoln National Corp.,
Sr. Unsec’d. Notes
6.300%   10/09/37     701   731,477
Markel Group, Inc.,
Sr. Unsec’d. Notes
5.000%   03/30/43     165   148,163
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Insurance (cont’d.)
New York Life Insurance Co.,
Sub. Notes, 144A
6.750%   11/15/39     650   $735,231
Principal Financial Group, Inc.,
Gtd. Notes
4.625%   09/15/42     105   94,052
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A
4.270%   05/15/47     1,430   1,163,315
6.850%   12/16/39     122   138,455
              6,300,614
Iron/Steel — 0.0%
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A
6.875%   11/01/29     245   239,927
7.375%   05/01/33     145   139,095
              379,022
Lodging — 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes
4.900%   04/15/29     350   351,896
Sr. Unsec’d. Notes, Series GG
3.500%   10/15/32     1,435   1,279,383
              1,631,279
Media — 0.3%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A
5.125%   05/01/27     75   73,852
5.500%   05/01/26     425   424,763
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes
3.900%   06/01/52     500   323,306
5.050%   03/30/29     1,370   1,362,092
6.484%   10/23/45     635   601,401
Comcast Corp.,
Gtd. Notes
5.500%   05/15/64     1,920   1,797,400
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A
2.600%   06/15/31     3,695   3,181,360
Time Warner Cable LLC,
Sr. Sec’d. Notes
5.500%   09/01/41     270   233,370
              7,997,544
Mining — 0.1%
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes
5.300%   02/21/35     320   320,755
Newmont Corp.,
Gtd. Notes
2.800%   10/01/29     1,750   1,626,310
 
A18
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Mining (cont’d.)
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes
5.350%   03/15/34     760   $767,372
Novelis, Inc.,
Gtd. Notes, 144A
6.875%   01/30/30     250   252,188
Rio Tinto Finance USA PLC (Australia),
Gtd. Notes
5.250%   03/14/35     430   430,591
              3,397,216
Miscellaneous Manufacturing — 0.1%
Pentair Finance Sarl,
Gtd. Notes
4.500%   07/01/29     2,415   2,380,449
Multi-National — 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes
5.000%   01/24/29     890   905,682
Office/Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.,
Gtd. Notes
2.670%   12/01/26     1,270   1,226,900
Oil & Gas — 0.4%
Aker BP ASA (Norway),
Gtd. Notes, 144A
3.100%   07/15/31     530   466,087
Sr. Unsec’d. Notes, 144A
4.000%   01/15/31     2,045   1,910,426
5.125%   10/01/34     305   289,949
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes, 144A
5.000%   12/15/29     960   958,957
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes
5.400%   06/15/47     506   450,031
Devon Energy Corp.,
Sr. Unsec’d. Notes
5.600%   07/15/41     225   209,763
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes
6.875%   04/29/30     440   435,072
7.750%   02/01/32     940   920,260
8.625%   01/19/29     1,315   1,396,530
Expand Energy Corp.,
Gtd. Notes
4.750%   02/01/32     325   307,794
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A
6.000%   04/15/30     215   204,311
6.250%   04/15/32     325   304,082
Korea National Oil Corp. (South Korea),
Sr. Unsec’d. Notes, 144A
4.750%   04/03/26     335   335,191
4.875%   04/03/28     345   347,636
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Oil & Gas (cont’d.)
Petroleos Mexicanos (Mexico),
Gtd. Notes
6.490%   01/23/27     346   $338,440
6.500%   03/13/27     130   126,607
6.840%   01/23/30     100   91,190
Gtd. Notes, MTN
6.875%   08/04/26(a)     770   765,842
QatarEnergy (Qatar),
Sr. Unsec’d. Notes, 144A
1.375%   09/12/26     500   477,200
2.250%   07/12/31     545   470,150
Santos Finance Ltd. (Australia),
Gtd. Notes, 144A
6.875%   09/19/33     635   681,678
              11,487,196
Packaging & Containers — 0.2%
Ball Corp.,
Gtd. Notes
3.125%   09/15/31(a)     300   259,855
6.000%   06/15/29     725   734,678
Berry Global, Inc.,
Sr. Sec’d. Notes
1.570%   01/15/26(a)     3,570   3,480,594
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A
6.125%   02/01/28     75   75,021
Smurfit Westrock Financing DAC (Ireland),
Gtd. Notes, 144A
5.418%   01/15/35     600   601,996
              5,152,144
Pharmaceuticals — 0.2%
AbbVie, Inc.,
Sr. Unsec’d. Notes
4.050%   11/21/39     140   122,825
4.550%   03/15/35     1,770   1,708,481
4.700%   05/14/45     425   383,111
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A
4.250%   12/15/25     490   487,074
CVS Health Corp.,
Sr. Unsec’d. Notes
5.125%   07/20/45     985   859,023
5.300%   12/05/43     185   165,947
Mylan, Inc.,
Gtd. Notes
5.400%   11/29/43     590   492,660
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A
4.125%   04/30/28     700   654,242
Viatris, Inc.,
Gtd. Notes
3.850%   06/22/40     520   377,782
              5,251,145
 
A19
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Pipelines — 0.8%
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A
5.927%   08/15/30     590   $613,495
DCP Midstream Operating LP,
Gtd. Notes
5.125%   05/15/29     2,600   2,616,748
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes
4.600%   12/15/44     45   38,328
Energy Transfer LP,
Sr. Unsec’d. Notes
4.950%   06/15/28     795   800,317
6.125%   12/15/45     120   117,984
6.400%   12/01/30     280   298,459
6.550%   12/01/33     4,380   4,685,341
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A
7.500%   06/01/27     25   25,561
7.500%   06/01/30     25   26,938
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A
6.510%   02/23/42     475   495,633
Kinder Morgan, Inc.,
Gtd. Notes
3.600%   02/15/51     1,575   1,078,445
MPLX LP,
Sr. Unsec’d. Notes
4.875%   06/01/25     2,275   2,275,037
5.200%   03/01/47     25   22,008
5.500%   02/15/49     700   637,015
ONEOK Partners LP,
Gtd. Notes
6.650%   10/01/36     130   139,938
ONEOK, Inc.,
Gtd. Notes
3.100%   03/15/30     3,495   3,218,479
4.500%   03/15/50     245   192,676
6.050%   09/01/33     764   794,466
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A
3.875%   08/15/29     80   74,117
4.125%   08/15/31     55   49,969
6.250%   01/15/30     400   405,271
Western Midstream Operating LP,
Sr. Unsec’d. Notes
5.300%   03/01/48     80   68,441
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes
4.900%   01/15/45     1,100   969,286
5.150%   03/15/34     370   364,933
5.600%   03/15/35     1,455   1,481,753
              21,490,638
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes
2.950%   03/15/34     420   $350,374
5.250%   05/15/36     1,900   1,853,851
American Tower Corp.,
Sr. Unsec’d. Notes
5.200%   02/15/29     2,235   2,270,471
COPT Defense Properties LP,
Gtd. Notes
2.900%   12/01/33     945   764,262
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes
5.375%   04/15/26     725   727,006
Healthpeak OP LLC,
Gtd. Notes
5.250%   12/15/32     2,500   2,504,909
Kimco Realty OP LLC,
Gtd. Notes
2.700%   10/01/30     2,420   2,180,224
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes
3.500%   03/15/31     625   416,843
5.000%   10/15/27     275   248,140
Sun Communities Operating LP,
Gtd. Notes
5.500%   01/15/29     3,005   3,071,208
              14,387,288
Retail — 0.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A
3.875%   01/15/28     400   381,656
Dollar Tree, Inc.,
Sr. Unsec’d. Notes
4.000%   05/15/25     3,395   3,388,513
Gap, Inc. (The),
Gtd. Notes, 144A
3.625%   10/01/29     200   180,579
3.875%   10/01/31     375   323,831
              4,274,579
Semiconductors — 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes
5.050%   07/12/29     885   897,240
Sr. Unsec’d. Notes, 144A
3.187%   11/15/36     3,650   2,994,823
              3,892,063
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.,
Gtd. Notes
5.353%   01/15/30     2,560   2,594,826
 
A20
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Corporate Bonds (continued)
Software — 0.1%
Workday, Inc.,
Sr. Unsec’d. Notes
3.800%   04/01/32     1,845   $1,707,219
Telecommunications — 0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes
2.250%   02/01/32     2,840   2,394,604
2.550%   12/01/33     346   283,776
3.500%   09/15/53(a)     1,367   931,914
3.650%   09/15/59     4   2,697
4.500%   05/15/35     1,095   1,029,204
Level 3 Financing, Inc.,
Sec’d. Notes, 144A
4.875%   06/15/29     75   63,554
Sr. Sec’d. Notes, 144A
10.500%   04/15/29     250   276,618
10.500%   05/15/30     250   269,596
11.000%   11/15/29     904   1,008,781
Rogers Communications, Inc. (Canada),
Gtd. Notes
3.800%   03/15/32     2,480   2,245,539
T-Mobile USA, Inc.,
Gtd. Notes
2.550%   02/15/31     965   850,706
3.750%   04/15/27     200   197,098
3.875%   04/15/30     5,500   5,270,858
Verizon Communications, Inc.,
Sr. Unsec’d. Notes
1.680%   10/30/30     490   416,862
2.550%   03/21/31     1,017   896,122
2.650%   11/20/40     1,095   768,774
3.150%   03/22/30     1,365   1,272,005
              18,178,708
Transportation — 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes
6.700%   08/01/28     585   623,894
CSX Corp.,
Sr. Unsec’d. Notes
6.150%   05/01/37     690   744,384
Norfolk Southern Corp.,
Sr. Unsec’d. Notes
5.590%   05/17/25     120   120,040
XPO, Inc.,
Gtd. Notes, 144A
7.125%   06/01/31     100   102,587
              1,590,905
Trucking & Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
5.250%   07/01/29     2,630   2,661,961
 
Total Corporate Bonds

(cost $313,352,945)
  300,639,046
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Municipal Bonds — 0.3%
Alabama — 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B
4.263%   09/15/32     180   $176,206
California — 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2
6.263%   04/01/49     1,305   1,397,049
State of California,
General Obligation Unlimited, BABs
7.300%   10/01/39     1,250   1,440,536
General Obligation Unlimited, Taxable, BABs
7.500%   04/01/34     350   404,991
7.625%   03/01/40     205   245,031
              3,487,607
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue,
Revenue Bonds, BABs, Series B
5.844%   11/01/50     565   572,615
Illinois — 0.1%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B
6.395%   01/01/40     970   1,056,440
New Jersey — 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F
7.414%   01/01/40     1,000   1,201,863
Ohio — 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C
4.910%   06/01/40     415   404,389
Pennsylvania — 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B
5.511%   12/01/45     505   492,926
Virginia — 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C
4.179%   09/01/2117     355   271,034
 
Total Municipal Bonds

(cost $7,203,166)
  7,663,080
Residential Mortgage-Backed Securities — 0.9%
ATLX Trust,
Series 2024-RPL02, Class A1, 144A
3.850%   04/25/63     2,513   2,411,540
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1
5.125%(cc)   02/25/35     25   24,020
Bellemeade Re Ltd.,
Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)
5.340%(c)   09/25/31     1,500   1,500,709
 
A21
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
BRAVO Residential Funding Trust,
Series 2023-RPL01, Class A1, 144A
5.000%(cc)   05/25/63     1,387   $1,382,618
Chase Home Lending Mortgage Trust,
Series 2024-RPL03, Class A1A, 144A
3.250%(cc)   09/25/64     476   422,575
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5
6.694%(cc)   02/25/37     34   33,244
CIM Trust,
Series 2024-R01, Class A1, 144A
4.750%(cc)   06/25/64     1,357   1,334,745
Credit Suisse Mortgage Trust,
Series 2018-RPL09, Class A, 144A
3.850%(cc)   09/25/57     398   380,893
Fannie Mae REMIC,
Series 2020-24, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)
1.596%(c)   04/25/50     670   83,629
Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%)
1.610%(c)   08/25/52     1,572   162,072
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)
5.990%(c)   01/25/34     81   81,534
Freddie Mac REMIC,
Series 4535, Class PA
3.000%   03/15/44     238   230,309
Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)
0.000%(c)   10/25/50     1,694   46,136
Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   05/25/52     256   4,466
Series 5251, Class PO, PO
2.302%(s)   08/25/52     1,315   906,657
Series 5269, Class AD
2.000%   01/25/55     4,501   3,559,719
Freddie Mac Strips,
Series 406, Class PO, PO
1.204%(s)   10/25/53     2,393   1,978,864
Government National Mortgage Assoc.,
Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%)
0.000%(c)   09/20/48     768   18,115
Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%)
0.000%(c)   10/20/48     993   25,837
Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%)
0.000%(c)   11/20/48     3,163   81,624
Series 2018-155, Class PS, IO, 1 Month SOFR x (1) + 3.186% (Cap 2.000%, Floor 0.000%)
0.000%(c)   11/20/48     1,709   21,403
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%)
0.000%(c)   07/20/49     3,046   $21,794
Series 2019-097, Class MS, IO, 1 Month SOFR x (1) + 2.966% (Cap 3.080%, Floor 0.000%)
0.000%(c)   08/20/49     2,584   29,322
Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%)
0.000%(c)   08/20/49     1,574   23,393
Series 2021-114, Class TI, IO
3.000%   06/20/51     1,812   262,211
Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)
0.000%(c)   01/20/50     388   153
Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     646   11,026
Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)
0.000%(c)   03/20/52     2,877   68,757
Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.000%(c)   04/20/52     966   24,059
Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)
0.000%(c)   04/20/52     786   21,997
Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)   04/20/52     2,553   57,343
Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%)
0.000%(c)   04/20/52     1,718   43,108
Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%)
0.000%(c)   05/20/52     609   12,172
Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)
0.000%(c)   07/20/52     3,578   71,270
Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)
0.000%(c)   07/20/52     1,312   29,064
Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)
0.000%(c)   08/20/52     1,362   23,827
Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%)
0.556%(c)   10/20/52     1,623   80,419
Series 2022-93, Class IO, IO
3.000%   08/20/51     5,984   678,891
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1
7.191%(cc)   07/25/35     7   6,752
Kinbane DAC (Ireland),
Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%)
3.473%(c)   01/24/63   EUR 755   813,352
 
A22
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Residential Mortgage-Backed Securities
(continued)
Legacy Mortgage Asset Trust,
Series 2021-GS01, Class A1, 144A
5.892%   10/25/66     194   $193,625
MFA Trust,
Series 2021-RPL01, Class A1, 144A
1.131%(cc)   07/25/60     1,254   1,134,123
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)
5.185%(c)   01/25/48     97   94,868
PRET Trust,
Series 2024-RPL02, Class A1, 144A
4.075%(cc)   06/25/64     937   885,148
PRPM LLC,
Series 2024-RPL04, Class A1, 144A
4.000%   12/25/54     1,945   1,878,227
RCKT Mortgage Trust,
Series 2024-CES09, Class A1A, 144A
5.582%   12/25/44     1,162   1,165,530
Shamrock Residential (Ireland),
Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%)
3.373%(c)   06/24/71   EUR 221   238,941
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3
6.527%(cc)   02/25/34     34   33,180
TFS (Spain),
Series 2018-03, Class A1
0.000%(s)   04/16/40^   EUR —(r)   1
Towd Point Mortgage Trust,
Series 2020-04, Class A1, 144A
1.750%   10/25/60     425   383,979
 
Total Residential Mortgage-Backed Securities

(cost $23,038,501)
  22,977,241
Sovereign Bonds — 0.4%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A
2.375%   08/20/30     465   403,601
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes
4.500%   01/28/26     220   218,790
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN
2.375%   06/04/25     400   398,497
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes, Series 05YR
5.375%   02/19/30     2,034   2,048,429
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
6.000%   05/07/36     907   877,523
6.875%   05/13/37     1,615   1,655,375
Oman Government International Bond (Oman),
Sr. Unsec’d. Notes, 144A
4.750%   06/15/26     1,500   1,492,500
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
Sovereign Bonds(continued)
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes
4.500%   04/16/50     340   $216,750
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes
2.783%   01/23/31     514   451,935
Republic of Poland Government International Bond (Poland),
Bonds
5.375%   02/12/35     1,575   1,579,725
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A
5.125%   01/13/28     1,690   1,707,998
 
Total Sovereign Bonds

(cost $11,210,766)
  11,051,123
U.S. Government Agency Obligations — 10.9%
Federal Home Loan Bank
5.500%   07/15/36     850   927,945
Federal Home Loan Mortgage Corp.
1.500%   02/01/36     739   650,170
1.500%   06/01/36     835   732,932
1.500%   10/01/36     4,446   3,911,659
1.500%   11/01/50     1,098   831,664
1.500%   04/01/51     580   438,215
2.000%   01/01/32     240   226,308
2.000%   02/01/36     726   659,280
2.000%   06/01/40     609   532,803
2.000%   10/01/40     1,029   880,280
2.000%   09/01/50     2,468   1,980,594
2.000%   02/01/51     1,942   1,548,903
2.000%   03/01/51     995   796,700
2.000%   04/01/51     62   49,692
2.000%   09/01/51     412   331,817
2.500%   03/01/30     99   95,786
2.500%   10/01/35     1,361   1,273,119
2.500%   01/01/51     1,376   1,156,929
2.500%   03/01/51     543   454,854
2.500%   04/01/51     4,850   4,066,157
2.500%   05/01/51     2,235   1,864,596
2.500%   08/01/51     415   347,894
2.500%   08/01/51     2,330   1,954,168
2.500%   09/01/51     3,945   3,309,703
3.000%   10/01/28     58   56,646
3.000%   06/01/29     138   134,565
3.000%   01/01/37     64   60,325
3.000%   06/01/42     109   98,875
3.000%   10/01/42     272   245,322
3.000%   01/01/43     260   233,927
3.000%   07/01/43     697   627,273
3.000%   09/01/46     1,486   1,319,560
3.000%   12/01/46     4,344   3,841,792
3.000%   11/01/49     949   834,089
3.000%   02/01/50     1,182   1,038,661
3.000%   05/01/50     245   214,519
3.000%   06/01/51     1,450   1,261,570
3.000%   02/01/52     2,147   1,879,385
3.000%   02/01/52     3,242   2,817,408
 
A23
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
3.500%   06/01/42     116   $108,259
3.500%   01/01/47     195   178,910
3.500%   02/01/47     303   277,945
3.500%   03/01/48     2,299   2,106,655
4.000%   06/01/26     21   20,991
4.000%   09/01/26     8   7,796
4.000%   09/01/37     138   134,346
4.000%   03/01/38     128   125,160
4.000%   10/01/39     200   192,831
4.000%   09/01/40     255   245,670
4.000%   12/01/40     123   118,212
4.000%   10/01/41     97   93,152
4.000%   01/01/42     39   37,264
4.000%   04/01/52     697   656,432
4.500%   09/01/39     40   39,700
4.500%   10/01/39     366   361,829
4.500%   12/01/39     39   38,342
4.500%   12/01/47     74   72,145
4.500%   08/01/48     151   147,600
5.000%   05/01/34     9   8,615
5.000%   05/01/34     94   95,200
5.000%   10/01/35     2   2,394
5.000%   07/01/37     138   139,393
5.000%   05/01/39     20   20,191
5.000%   10/01/52     859   844,411
5.000%   02/01/53     1,429   1,403,861
5.500%   12/01/33     18   17,751
5.500%   01/01/34     17   17,266
5.500%   06/01/34     31   31,185
5.500%   07/01/34     68   68,427
5.500%   05/01/37     18   18,502
5.500%   02/01/38     141   143,410
5.500%   05/01/38     16   16,144
5.500%   07/01/38     40   40,837
5.500%   02/01/53     8,389   8,396,864
6.000%   03/01/32     69   71,946
6.000%   12/01/33     18   18,321
6.000%   11/01/36     18   18,409
6.000%   01/01/37     8   8,771
6.000%   05/01/37     7   7,307
6.000%   02/01/38     1   1,421
6.000%   08/01/39     21   21,509
6.750%   03/15/31     500   568,913
7.000%   05/01/31     2   2,234
7.000%   06/01/31     8   8,811
7.000%   08/01/31     70   72,833
Federal National Mortgage Assoc.
1.500%   01/01/36     388   341,184
1.500%   04/01/36     807   710,283
1.500%   06/01/36     856   753,438
1.500%   11/01/36     1,376   1,210,793
1.500%   02/01/42     413   338,179
1.500%   11/01/50     2,890   2,186,529
1.500%   12/01/50     3,050   2,309,531
1.500%   01/01/51     910   688,573
1.500%   07/01/51     730   551,667
2.000%   03/01/31     616   585,526
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
2.000%   08/01/31     232   $218,784
2.000%   01/01/32     1,280   1,208,072
2.000%   05/01/36     390   352,781
2.000%   12/01/36     1,292   1,170,853
2.000%   02/01/37     1,672   1,512,438
2.000%   02/01/41     1,297   1,107,927
2.000%   05/01/41(k)     2,900   2,476,913
2.000%   10/01/50     5,875   4,713,173
2.000%   11/01/50     1,367   1,095,266
2.000%   01/01/51     1,144   917,166
2.000%   02/01/51     55   43,907
2.000%   03/01/51     6,120   4,900,529
2.000%   04/01/51     2,351   1,881,466
2.000%   05/01/51(k)     18,277   14,611,400
2.000%   07/01/51     450   359,316
2.500%   TBA     4,000   3,325,431
2.500%   07/01/32     565   537,901
2.500%   08/01/32     625   596,818
2.500%   09/01/32     597   569,639
2.500%   01/01/35     3,851   3,601,165
2.500%   07/01/35     2,097   1,997,922
2.500%   10/01/37     454   421,858
2.500%   10/01/43     278   240,553
2.500%   12/01/46     594   506,200
2.500%   03/01/50     598   503,947
2.500%   08/01/50     2,087   1,754,477
2.500%   02/01/51     1,166   976,985
2.500%   02/01/51     1,432   1,198,719
2.500%   03/01/51     1,375   1,150,780
2.500%   04/01/51     2,413   2,021,945
2.500%   08/01/51     815   680,636
2.500%   09/01/51     863   721,196
2.500%   12/01/51     3,319   2,791,821
2.500%   02/01/52     405   340,532
2.500%   05/01/52     1,196   1,006,208
3.000%   02/01/27     142   139,858
3.000%   08/01/30     259   251,696
3.000%   05/01/35     2,288   2,175,834
3.000%   07/01/36     1,400   1,331,152
3.000%   11/01/36     479   447,956
3.000%   12/01/42     420   378,979
3.000%   03/01/43     97   87,022
3.000%   11/01/46     344   304,981
3.000%   01/01/47     513   454,441
3.000%   02/01/47     552   487,950
3.000%   03/01/47     288   254,921
3.000%   06/01/49     12   10,370
3.000%   12/01/49     1,082   947,358
3.000%   01/01/50     416   361,597
3.000%   02/01/50     425   369,012
3.000%   02/01/50     2,229   1,958,922
3.000%   03/01/50     226   198,363
3.000%   04/01/51     113   97,770
3.000%   05/01/51     1,965   1,703,722
3.000%   11/01/51     95   82,681
3.000%   12/01/51     3,906   3,430,361
3.000%   03/01/52     798   698,307
 
A24
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
3.000%   04/01/52     431   $374,384
3.000%   04/01/52     825   721,958
3.000%   04/01/52     1,282   1,113,316
3.000%   05/01/52     1,872   1,625,435
3.500%   07/01/31     175   171,935
3.500%   02/01/33     528   517,829
3.500%   06/01/39     197   184,696
3.500%   01/01/42     1,184   1,103,958
3.500%   05/01/42     620   577,692
3.500%   07/01/42     343   319,736
3.500%   08/01/42     131   122,514
3.500%   08/01/42     292   272,050
3.500%   09/01/42     181   168,909
3.500%   09/01/42     671   625,540
3.500%   11/01/42     90   83,945
3.500%   03/01/43     982   915,410
3.500%   04/01/43     196   182,963
3.500%   04/01/43     260   242,653
3.500%   01/01/46     537   494,721
3.500%   07/01/46     349   320,263
3.500%   11/01/46     408   374,112
3.500%   09/01/47     221   201,997
3.500%   01/01/48     1,884   1,721,109
3.500%   05/01/48     375   342,471
3.500%   06/01/48     378   344,883
3.500%   07/01/48     224   205,417
3.500%   03/01/49     4,425   4,043,336
3.500%   05/01/49     319   290,256
3.500%   06/01/49     186   169,833
3.500%   02/01/52     2,296   2,085,622
3.500%   03/01/52     793   722,998
4.000%   10/01/41     785   754,769
4.000%   09/01/44     547   521,446
4.000%   10/01/46     184   173,346
4.000%   02/01/47     94   88,641
4.000%   09/01/47     344   324,886
4.000%   11/01/47     234   221,944
4.000%   11/01/47     501   474,118
4.000%   03/01/49     2,196   2,068,391
4.000%   04/01/52     388   362,489
4.000%   06/01/52     4,601   4,294,779
4.000%   07/01/52     1,830   1,715,797
4.000%   10/01/52     853   795,566
4.000%   12/01/52     4,738   4,421,564
4.500%   07/01/33     15   14,816
4.500%   08/01/33     15   14,737
4.500%   09/01/33     36   35,908
4.500%   10/01/33     2   2,016
4.500%   10/01/33     14   13,750
4.500%   10/01/33     38   37,982
4.500%   01/01/35     —(r)   480
4.500%   07/01/39     295   290,955
4.500%   08/01/39     402   397,169
4.500%   03/01/41     139   136,702
4.500%   11/01/47     795   771,908
4.500%   01/01/49     118   114,366
4.500%   06/01/52     1,389   1,331,175
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
4.500%   07/01/52     2,000   $1,916,621
4.500%   08/01/52     1,207   1,156,501
4.500%   09/01/52     2,609   2,500,400
4.500%   01/01/53     2,426   2,321,702
5.000%   TBA     3,500   3,427,306
5.000%   03/01/34     75   75,011
5.000%   06/01/35     27   27,368
5.000%   07/01/35     39   39,585
5.000%   09/01/35     37   37,479
5.000%   11/01/35     41   41,828
5.000%   02/01/36     35   35,109
5.000%   05/01/36     17   17,503
5.000%   06/01/49     404   402,870
5.000%   06/01/52     411   404,605
5.000%   09/01/52     409   402,346
5.000%   10/01/52     911   895,340
5.000%   02/01/53     3,176   3,120,340
5.500%   09/01/33     42   41,796
5.500%   10/01/33     34   34,730
5.500%   12/01/33     18   18,205
5.500%   01/01/34     —(r)   394
5.500%   12/01/34     63   64,145
5.500%   10/01/35     113   114,626
5.500%   03/01/36     38   39,576
5.500%   05/01/36     77   78,198
5.500%   04/01/37     32   32,313
5.500%   04/01/53     913   913,084
5.500%   11/01/53     2,391   2,388,466
6.000%   TBA     1,000   1,015,642
6.000%   04/01/33     2   2,052
6.000%   06/01/33     2   2,335
6.000%   10/01/33     88   89,278
6.000%   11/01/33     1   561
6.000%   11/01/33     3   3,400
6.000%   11/01/33     33   34,301
6.000%   01/01/34     152   157,590
6.000%   02/01/34     22   22,647
6.000%   03/01/34     13   13,487
6.000%   07/01/34     79   81,793
6.000%   08/01/34     —(r)   441
6.000%   10/01/34     2   1,684
6.000%   11/01/34     2   1,927
6.000%   11/01/34     6   6,124
6.000%   01/01/35     39   40,313
6.000%   01/01/35     51   51,764
6.000%   02/01/35     72   73,247
6.000%   03/01/35     1   637
6.000%   04/01/35     —(r)   305
6.000%   07/01/36     13   13,188
6.000%   02/01/37     27   28,400
6.000%   05/01/37     9   9,793
6.000%   06/01/37     —(r)   215
6.000%   08/01/37     5   5,076
6.000%   09/01/37     —(r)   182
6.000%   10/01/37     17   17,640
6.000%   05/01/38     23   24,391
6.000%   01/01/53     3,297   3,350,523
 
A25
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
6.000%   09/01/53     1,293   $1,313,048
6.500%   07/01/32     20   20,542
6.500%   09/01/32     1   1,006
6.500%   09/01/32     11   11,295
6.500%   09/01/32     28   28,437
6.500%   09/01/32     31   31,650
6.500%   04/01/33     28   29,312
6.500%   11/01/33     15   15,963
6.500%   01/01/34     7   7,080
6.500%   09/01/34     27   28,482
6.500%   09/01/36     32   33,439
6.500%   10/01/36     6   6,789
6.500%   01/01/37     31   32,560
6.500%   01/01/37     38   40,003
6.625%   11/15/30     995   1,120,993
7.000%   02/01/32     5   5,302
7.000%   05/01/32     6   5,968
7.000%   06/01/32     7   7,638
7.000%   07/01/32     11   11,728
7.125%   01/15/30(k)     3,195   3,620,891
Government National Mortgage Assoc.
2.000%   10/20/50     4,288   3,508,597
2.000%   01/20/51     2,295   1,877,731
2.000%   03/20/51     644   527,204
2.000%   07/20/51     902   737,959
2.000%   10/20/51     571   467,127
2.000%   11/20/51     454   371,738
2.500%   03/20/43     106   92,320
2.500%   12/20/46     191   165,944
2.500%   08/20/50     58   49,173
2.500%   09/20/50     429   366,761
2.500%   10/20/50     1,965   1,678,875
2.500%   11/20/50     1,497   1,278,593
2.500%   02/20/51     1,806   1,541,565
2.500%   03/20/51     1,004   857,093
2.500%   05/20/51     1,879   1,603,567
3.000%   12/20/44     71   64,089
3.000%   03/15/45     206   184,206
3.000%   11/20/45     220   198,145
3.000%   03/20/46     446   401,007
3.000%   07/20/46     1,133   1,017,980
3.000%   08/20/46     303   271,866
3.000%   10/20/46     2,171   1,949,618
3.000%   04/20/47     374   335,322
3.000%   12/20/49     126   112,328
3.000%   01/20/50     745   663,214
3.000%   06/20/51     547   484,935
3.000%   10/20/51     1,142   1,012,036
3.000%   11/20/51     401   355,520
3.000%   12/20/51     2,255   1,998,222
3.500%   12/20/42     428   399,423
3.500%   05/20/43     132   122,681
3.500%   04/20/45     378   351,324
3.500%   07/20/46     1,367   1,269,399
3.500%   07/20/48     1,031   951,101
3.500%   11/20/48     345   318,392
3.500%   06/20/49     5,083   4,667,886
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
3.500%   02/20/52     5,379   $4,938,400
3.500%   05/20/52     968   888,378
4.000%   06/15/40     26   24,374
4.000%   05/20/41     21   20,557
4.000%   12/20/42     248   237,785
4.000%   08/20/44     88   83,760
4.000%   11/20/45     169   161,018
4.000%   12/20/45     465   443,929
4.000%   09/20/47     1,257   1,190,023
4.000%   04/20/48     438   412,533
4.000%   02/20/49     444   418,888
4.000%   04/20/49     2,686   2,535,469
4.000%   01/20/50     476   448,991
4.000%   02/20/50     443   417,821
4.000%   07/20/50     669   629,933
4.000%   06/20/52     877   822,342
4.500%   04/15/40     143   140,064
4.500%   01/20/41     163   160,455
4.500%   02/20/41     259   254,659
4.500%   03/20/41     128   125,881
4.500%   06/20/44     193   189,407
4.500%   09/20/46     152   146,795
4.500%   11/20/46     204   199,695
4.500%   03/20/47     107   104,626
4.500%   05/20/48     174   169,287
4.500%   08/20/48     308   299,300
4.500%   10/20/52     2,216   2,127,934
5.000%   10/20/37     42   42,356
5.000%   04/20/45     217   218,686
5.000%   03/20/53     1,383   1,362,463
5.500%   TBA     2,500   2,502,306
5.500%   08/15/33     94   94,095
5.500%   08/15/33     121   120,938
5.500%   12/15/33     5   5,411
5.500%   03/15/34     81   81,070
5.500%   12/15/34     113   114,941
5.500%   07/15/35     23   23,876
5.500%   04/15/36     18   18,701
5.500%   12/20/52     1,842   1,850,201
6.000%   04/15/33     3   3,456
6.000%   12/15/33     52   52,867
6.000%   01/15/34     11   11,625
6.000%   01/15/34     15   15,559
6.000%   01/15/34     25   26,365
6.000%   06/20/34     40   41,743
6.000%   07/15/34     30   31,243
6.500%   11/15/28     1   1,210
6.500%   08/15/31     1   858
6.500%   12/15/31     4   4,358
6.500%   02/15/32     11   11,289
6.500%   06/15/32     7   7,369
6.500%   07/15/32     14   13,947
6.500%   08/15/32     2   1,899
6.500%   08/15/32     3   2,563
6.500%   08/15/32     5   5,156
6.500%   08/15/32     14   13,921
6.500%   08/15/32     71   73,023
 
A26
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		  Value
 
U.S. Government Agency Obligations(continued)
6.500%   08/15/34     16   $16,132
6.500%   06/15/35     11   11,534
6.500%   09/15/36     14   14,727
7.000%   06/20/54     3,500   3,616,267
7.000%   07/20/54     1,805   1,863,673
Tennessee Valley Authority, Sr. Unsec’d. Notes
1.500%   09/15/31     145   122,067
5.250%   02/01/55     1,010   1,001,369
7.125%   05/01/30     435   495,659
Tennessee Valley Authority Generic Strips, Bonds
4.724%(s)   07/15/34     90   57,394
 
Total U.S. Government Agency Obligations

(cost $300,301,975)
  283,865,642
U.S. Treasury Obligations — 0.2%
U.S. Treasury Strips Coupon
2.679%(s)   11/15/43     2,175   890,244
3.029%(s)   11/15/41     7,460   3,387,459
4.327%(s)   08/15/43     600   248,669
4.349%(s)   02/15/43     20   8,492
4.568%(s)   11/15/42     310   133,425
4.608%(s)   11/15/48     160   51,506
4.924%(s)   02/15/49     465   147,778
4.928%(s)   11/15/45     145   53,786
 
Total U.S. Treasury Obligations

(cost $6,578,060)
  4,921,359
 
Total Long-Term Investments

(cost $1,331,816,943)
  2,311,154,772
    
      Shares  
Short-Term Investments — 11.6%
Affiliated Mutual Funds — 11.6%
PGIM Core Ultra Short Bond Fund(wb)
272,896,585 272,896,585
PGIM Institutional Money Market Fund (7-day effective yield 4.548%)

(cost $30,963,816; includes $30,866,601 of cash collateral for securities on loan)(b)(wb)
31,043,157 31,024,531
 
Total Affiliated Mutual Funds

(cost $303,860,401)
303,921,116
    
Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Treasury Obligation(k)(n) — 0.0%
U.S. Treasury Bills
4.217%   06/17/25     600 594,649
(cost $594,647)      
    
        Value
Options Purchased*~ — 0.0%
(cost $1,190)
$12,372
 
Total Short-Term Investments

(cost $304,456,238)
304,528,137
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.0%

(cost $1,636,273,181)
2,615,682,909
    
           
Options Written*~ — (0.0)%  
(premiums received $7,243)
(18,548)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—100.0%

(cost $1,636,265,938)
2,615,664,361
 
Liabilities in excess of other assets(z) — (0.0)%
(210,140)
 
Net Assets — 100.0%
$2,615,454,221
    
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
EUR Euro
GBP British Pound
    
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
ADR American Depositary Receipt
BABs Build America Bonds
BARC Barclays Bank PLC
BMO BMO Capital Markets
CDX Credit Derivative Index
CITI Citibank, N.A.
CLO Collateralized Loan Obligation
CVA Certificate Van Aandelen (Bearer)
DAC Designated Activity Company
DB Deutsche Bank AG
EAFE Europe, Australasia, Far East
ETF Exchange-Traded Fund
EURIBOR Euro Interbank Offered Rate
FHLMC Federal Home Loan Mortgage Corporation
GMTN Global Medium Term Note
GSI Goldman Sachs International
IO Interest Only (Principal amount represents notional)
JPM JPMorgan Chase Bank N.A.
LP Limited Partnership
MSCI Morgan Stanley Capital International
MSI Morgan Stanley & Co International PLC
MTN Medium Term Note
N/A Not Applicable
OTC Over-the-counter
PJSC Public Joint-Stock Company
PO Principal Only
PRFC Preference Shares
Q Quarterly payment frequency for swaps
REITs Real Estate Investment Trust
 
A27
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
REMIC Real Estate Mortgage Investment Conduit
S&P Standard & Poor’s
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Index Average
SSB State Street Bank & Trust Company
STRIPs Separate Trading of Registered Interest and Principal of Securities
T Swap payment upon termination
TBA To Be Announced
TD The Toronto-Dominion Bank
USOIS United States Overnight Index Swap
    
* 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 $451,319 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 $30,426,905; cash collateral of $30,866,601 (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.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown reflects yield to maturity at purchased date.
(oo) Perpetual security. Maturity date represents next call date.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) Represents an investment in a Fund affiliated with the Manager. 
(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.   2.000%   TBA   04/14/25     $(1,000)   $(794,578)
Federal National Mortgage Assoc.   3.000%   TBA   05/13/25     (7,500)   (6,497,466)
Federal National Mortgage Assoc.   4.000%   TBA   04/14/25     (5,000)   (4,658,561)
Federal National Mortgage Assoc.   4.000%   TBA   05/13/25     (4,500)   (4,186,201)
Federal National Mortgage Assoc.   4.500%   TBA   05/13/25     (2,000)   (1,912,076)
Government National Mortgage Assoc.   3.000%   TBA   04/21/25     (4,500)   (3,985,315)
TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $22,045,820) 		                    $(22,034,197)
Options Purchased:
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
3-Year Interest Rate Swap, 04/29/28   Call   CITI   04/25/25   3.36%   3.36%(A)   1 Day SOFR(A)/ 4.410%     710   $553
5-Year Interest Rate Swap, 06/27/30   Call   CITI   06/25/25   3.40%   3.40%(A)   1 Day SOFR(A)/ 4.410%     435   2,320
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.56%   3.56%(A)   1 Day SOFR(A)/ 4.410%     285   1,864
10-Year Interest Rate Swap, 09/29/35   Call   DB   09/25/25   3.53%   3.53%(A)   1 Day SOFR(A)/ 4.410%     215   3,043
A28
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Purchased (continued):
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
3-Year Interest Rate Swap, 04/29/28   Put   CITI   04/25/25   4.11%   1 Day SOFR(A)/ 4.410%   4.11%(A)     710   $85
5-Year Interest Rate Swap, 08/25/30   Put   JPM   08/21/25   4.21%   1 Day SOFR(A)/ 4.410%   4.21%(A)     570   1,945
7-Year Interest Rate Swap, 05/14/32   Put   JPM   05/12/25   4.30%   1 Day SOFR(A)/ 4.410%   4.30%(A)     835   436
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.10%   1 Day SOFR(A)/ 4.410%   4.10%(A)     515   1,871
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.50%   1 Day SOFR(A)/ 4.410%   4.50%(A)     515   255
Total Options Purchased (cost $1,190)       $12,372
Options Written:
Exchange Traded  
Description Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
3 Month SOFR Call   12/12/25     $96.25   4       10 $(3,700)  
3 Month SOFR Put   12/12/25     $96.25   4       10 (2,475)  
Total Exchange Traded (premiums received $6,113)                       $(6,175)  
    
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
3-Year Interest Rate Swap, 04/29/28   Call   CITI   04/25/25   3.51%   1 Day SOFR(A)/ 4.410%   3.51%(A)     710   $(1,184)
5-Year Interest Rate Swap, 06/27/30   Call   CITI   06/25/25   3.15%   1 Day SOFR(A)/ 4.410%   3.15%(A)     870   (2,417)
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.31%   1 Day SOFR(A)/ 4.410%   3.31%(A)     285   (807)
7-Year Interest Rate Swap, 05/29/32   Call   JPM   05/27/25   3.41%   1 Day SOFR(A)/ 4.410%   3.41%(A)     285   (1,140)
10-Year Interest Rate Swap, 09/29/35   Call   DB   09/25/25   3.21%   1 Day SOFR(A)/ 4.410%   3.21%(A)     430   (3,069)
3-Year Interest Rate Swap, 04/29/28   Put   CITI   04/25/25   3.96%   3.96%(A)   1 Day SOFR(A)/ 4.410%     710   (323)
5-Year Interest Rate Swap, 08/25/30   Put   JPM   08/21/25   4.53%   4.53%(A)   1 Day SOFR(A)/ 4.410%     1,140   (1,745)
7-Year Interest Rate Swap, 05/14/32   Put   JPM   05/12/25   4.50%   4.50%(A)   1 Day SOFR(A)/ 4.410%     1,650   (259)
A29
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Options Written (continued):
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		Value
10-Year Interest Rate Swap, 05/23/35   Put   CITI   05/21/25   4.30%   4.30%(A)   1 Day SOFR(A)/ 4.410%     1,030   $(1,429)
Total OTC Swaptions (premiums received $1,130)       $(12,373)  
Total Options Written (premiums received $7,243)       $(18,548)  
Futures contracts outstanding at March 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
185   2 Year U.S. Treasury Notes   Jun. 2025   $38,326,797   $208,588
86   5 Year U.S. Treasury Notes   Jun. 2025   9,301,437   34,451
393   10 Year U.S. Treasury Notes   Jun. 2025   43,708,969   528,972
66   10 Year U.S. Ultra Treasury Notes   Jun. 2025   7,532,250   67,896
575   20 Year U.S. Treasury Bonds   Jun. 2025   67,436,719   1,213,222
238   30 Year U.S. Ultra Treasury Bonds   Jun. 2025   29,095,500   222,247
1   Mini MSCI EAFE Index   Jun. 2025   120,815   (3,956)
93   S&P 500 E-Mini Index   Jun. 2025   26,287,613   (54,983)
                2,216,437
Short Position:
13   5 Year Euro-Bobl   Jun. 2025   1,655,762   15,746
                $2,232,183
Forward foreign currency exchange contracts outstanding at March 31, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 04/02/25   SSB   GBP 4,755   $6,160,299   $6,142,833   $—   $(17,466)
Euro,
Expiring 04/02/25   SSB   EUR 42,750   46,305,114   46,230,892   —   (74,222)
              $52,465,413   $52,373,725   —   (91,688)
    
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 04/02/25   TD   GBP 4,755   $6,005,758   $6,142,833   $—   $(137,075)
Expiring 05/02/25   SSB   GBP 4,755   6,159,849   6,142,450   17,399   —
Euro,
Expiring 04/02/25   MSI   EUR 4,121   4,339,378   4,456,513   —   (117,135)
Expiring 04/02/25   SSB   EUR 38,629   40,516,108   41,774,378   —   (1,258,270)
Expiring 05/02/25   SSB   EUR 42,750   46,380,013   46,306,136   73,877   —
              $103,401,106   $104,822,310   91,276   (1,512,480)
                      $91,276   $(1,604,168)
A30
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Credit default swap agreements outstanding at March 31, 2025:
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   $(18,785)   $40,663   $(59,448)   BARC
Credit Suisse Group AG   06/20/26   1.000%(Q)     2,000   (18,785)   39,663   (58,448)   BARC
Credit Suisse Group AG   06/20/26   1.000%(Q)     2,000   (18,785)   44,617   (63,402)   BARC
U.S. Treasury Notes   06/20/25   0.250%(Q)   EUR 470   62   (59)   121   BARC
                    $(56,293)   $124,884   $(181,177)    
    
Reference Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
March 31,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Bank of America Corp.   12/20/25   1.000%(Q)     1,230   0.269%   $6,855   $6,374   $481   GSI
Citigroup, Inc.   12/20/25   1.000%(Q)     1,230   0.245%   7,071   6,462   609   GSI
Hellenic Republic   06/20/27   1.000%(Q)     270   0.239%   4,492   4,183   309   BARC
Hellenic Republic   12/20/27   1.000%(Q)     200   0.305%   3,679   3,443   236   BARC
Kingdom of Norway   12/20/25   —%(Q)     2,700   0.036%   (706)   (963)   257   BARC
Kingdom of Spain   06/20/25   1.000%(Q)     685   0.066%   1,652   1,441   211   BARC
Morgan Stanley   12/20/25   1.000%(Q)     1,230   0.255%   6,987   6,374   613   GSI
Republic of Italy   06/20/25   1.000%(Q)     1,195   0.085%   2,830   2,512   318   BARC
                      $32,860   $29,826   $3,034    
    
Reference Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.44.V1 06/20/30   1.000%(Q)     1,262   $(21,550)   $(23,209)   $(1,659)
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.
A31
PSF PGIM 50/50 BALANCED PORTFOLIO (continued)
SCHEDULE OF INVESTMENTS as of March 31, 2025 (unaudited)
Interest rate swap agreements outstanding at March 31, 2025:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
March 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  83,820   05/07/25   4.321%(A)   1 Day USOIS(2)(A)/ 4.330%   $—   $(2,260)   $(2,260)
  20,590   05/17/25   5.113%(T)   1 Day SOFR(2)(T)/ 4.410%   —   47,559   47,559
  12,880   08/31/25   4.805%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (35,779)   (35,779)
  10,550   05/17/26   4.669%(A)   1 Day SOFR(1)(A)/ 4.410%   —   (57,676)   (57,676)
  1,410   09/25/26   4.699%(A)   1 Day SOFR(1)(A)/ 4.410%   261   (18,132)   (18,393)
  14,315   05/13/27   4.497%(A)   1 Day SOFR(2)(A)/ 4.410%   3,768   162,722   158,954
  8,910   05/13/29   4.253%(A)   1 Day SOFR(1)(A)/ 4.410%   (9,474)   (142,132)   (132,658)
  1,655   05/11/54   1.350%(A)   1 Day SOFR(1)(A)/ 4.410%   755,453   770,379   14,926
  1,880   12/14/54   3.136%(A)   1 Day SOFR(1)(A)/ 4.410%   27,494   23,229   (4,265)
                    $777,502   $747,910   $(29,592)
    
(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 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:
Total Return Benchmark Bond Index(T)   1 Day SOFR -54bps(T)/ 3.870%   JPM   09/19/25   (5,016)   $14,195   $—   $14,195
U.S. Treasury Bond(T)   1 Day USOIS +20bps(T)/ 4.530%   JPM   07/15/25   13,235   404,335   —   404,335
U.S. Treasury Bond(T)   1 Day USOIS +16bps(T)/ 4.490%   GSI   07/24/25   12,240   212,838   —   212,838
U.S. Treasury Bond(T)   1 Day USOIS +18bps(T)/ 4.510%   JPM   07/24/25   12,445   314,620   —   314,620
U.S. Treasury Bond(T)   1 Day USOIS +19bps(T)/ 4.520%   JPM   07/30/25   10,220   77,153   —   77,153
                    $1,023,141   $—   $1,023,141
(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).
A32