PSF SMALL-CAP VALUE PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 99.4% | ||||||
| Common Stocks — 97.9% | ||||||
| Aerospace & Defense — 2.2% | ||||||
AAR Corp.* | 29,044 | $1,584,350 | ||||
Ducommun, Inc.* | 22,375 | 1,224,137 | ||||
Kratos Defense & Security Solutions, Inc.* | 51,615 | 695,770 | ||||
Maxar Technologies, Inc. | 27,100 | 1,383,726 | ||||
Moog, Inc. (Class A Stock) | 11,691 | 1,177,868 | ||||
| 6,065,851 | ||||||
| Automobile Components — 0.9% | ||||||
Adient PLC*(a) | 44,649 | 1,828,823 | ||||
American Axle & Manufacturing Holdings, Inc.* | 94,413 | 737,366 | ||||
| 2,566,189 | ||||||
| Banks — 15.5% | ||||||
Amalgamated Financial Corp. | 12,738 | 225,335 | ||||
Ameris Bancorp | 46,338 | 1,695,044 | ||||
Associated Banc-Corp.(a) | 89,583 | 1,610,702 | ||||
Atlantic Union Bankshares Corp.(a) | 44,531 | 1,560,812 | ||||
Banner Corp. | 36,914 | 2,007,014 | ||||
Berkshire Hills Bancorp, Inc. | 27,036 | 677,522 | ||||
Community Bank System, Inc. | 21,737 | 1,140,975 | ||||
ConnectOne Bancorp, Inc. | 53,224 | 941,000 | ||||
CVB Financial Corp.(a) | 74,954 | 1,250,233 | ||||
Eastern Bankshares, Inc. | 115,064 | 1,452,108 | ||||
FB Financial Corp. | 41,546 | 1,291,250 | ||||
First Financial Bankshares, Inc.(a) | 38,720 | 1,235,168 | ||||
First Merchants Corp. | 45,038 | 1,484,002 | ||||
German American Bancorp, Inc. | 24,222 | 808,288 | ||||
Glacier Bancorp, Inc.(a) | 34,706 | 1,457,999 | ||||
Hancock Whitney Corp. | 58,118 | 2,115,495 | ||||
Heritage Financial Corp. | 37,081 | 793,533 | ||||
Home BancShares, Inc.(a) | 71,064 | 1,542,799 | ||||
Independent Bank Corp. | 25,922 | 1,701,002 | ||||
Independent Bank Group, Inc. | 18,276 | 847,093 | ||||
Lakeland Financial Corp. | 26,056 | 1,632,148 | ||||
NBT Bancorp, Inc. | 25,735 | 867,527 | ||||
OceanFirst Financial Corp. | 65,065 | 1,202,401 | ||||
Origin Bancorp, Inc.(a) | 26,314 | 845,995 | ||||
Pacific Premier Bancorp, Inc. | 66,470 | 1,596,609 | ||||
Pinnacle Financial Partners, Inc. | 19,874 | 1,096,250 | ||||
Renasant Corp. | 50,861 | 1,555,329 | ||||
SouthState Corp.(a) | 29,281 | 2,086,564 | ||||
Stock Yards Bancorp, Inc. | 5,405 | 298,032 | ||||
Towne Bank | 46,306 | 1,234,055 | ||||
TriCo Bancshares | 32,742 | 1,361,740 | ||||
United Community Banks, Inc. | 78,062 | 2,195,104 | ||||
Washington Federal, Inc.(a) | 64,238 | 1,934,849 | ||||
| 43,743,977 | ||||||
| Beverages — 0.9% | ||||||
Primo Water Corp. | 162,447 | 2,493,561 | ||||
| Biotechnology — 3.9% | ||||||
Agios Pharmaceuticals, Inc.*(a) | 39,525 | 907,889 | ||||
Alkermes PLC* | 37,225 | 1,049,373 | ||||
Apellis Pharmaceuticals, Inc.* | 5,947 | 392,264 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Biotechnology (cont’d.) | ||||||
Arcus Biosciences, Inc.* | 20,127 | $367,116 | ||||
Avidity Biosciences, Inc.* | 29,525 | 453,209 | ||||
Cytokinetics, Inc.* | 20,515 | 721,923 | ||||
Iovance Biotherapeutics, Inc.* | 61,693 | 376,944 | ||||
Kura Oncology, Inc.*(a) | 29,242 | 357,630 | ||||
Mersana Therapeutics, Inc.* | 100,019 | 411,078 | ||||
Myriad Genetics, Inc.* | 55,111 | 1,280,229 | ||||
REGENXBIO, Inc.* | 21,427 | 405,185 | ||||
Relay Therapeutics, Inc.* | 44,054 | 725,569 | ||||
REVOLUTION Medicines, Inc.* | 32,736 | 709,062 | ||||
Sage Therapeutics, Inc.* | 30,797 | 1,292,242 | ||||
Veracyte, Inc.* | 42,111 | 939,075 | ||||
Xencor, Inc.* | 26,311 | 733,814 | ||||
| 11,122,602 | ||||||
| Broadline Retail — 0.4% | ||||||
Macy’s, Inc. | 39,994 | 699,495 | ||||
Ollie’s Bargain Outlet Holdings, Inc.* | 7,213 | 417,921 | ||||
| 1,117,416 | ||||||
| Building Products — 0.7% | ||||||
AZZ, Inc. | 21,031 | 867,318 | ||||
Resideo Technologies, Inc.* | 59,452 | 1,086,783 | ||||
| 1,954,101 | ||||||
| Capital Markets — 1.0% | ||||||
P10, Inc. (Class A Stock)(a) | 47,607 | 481,307 | ||||
Piper Sandler Cos.(a) | 7,388 | 1,024,051 | ||||
PJT Partners, Inc. (Class A Stock) | 10,416 | 751,931 | ||||
Stifel Financial Corp. | 11,215 | 662,694 | ||||
| 2,919,983 | ||||||
| Chemicals — 2.1% | ||||||
Ashland, Inc. | 22,139 | 2,273,896 | ||||
Avient Corp. | 51,513 | 2,120,275 | ||||
Element Solutions, Inc. | 51,838 | 1,000,992 | ||||
HB Fuller Co. | 6,915 | 473,332 | ||||
| 5,868,495 | ||||||
| Commercial Services & Supplies — 1.7% | ||||||
ABM Industries, Inc. | 64,277 | 2,888,608 | ||||
Deluxe Corp. | 28,164 | 450,624 | ||||
UniFirst Corp. | 8,346 | 1,470,816 | ||||
| 4,810,048 | ||||||
| Communications Equipment — 0.3% | ||||||
Viavi Solutions, Inc.* | 79,827 | 864,526 | ||||
| Construction & Engineering — 2.3% | ||||||
Arcosa, Inc. | 48,478 | 3,059,447 | ||||
Dycom Industries, Inc.*(a) | 6,553 | 613,688 | ||||
Granite Construction, Inc. | 25,613 | 1,052,182 | ||||
MasTec, Inc.* | 19,337 | 1,826,186 | ||||
| 6,551,503 | ||||||
| Construction Materials — 0.6% | ||||||
Summit Materials, Inc. (Class A Stock)* | 55,780 | 1,589,172 | ||||
A1
PSF SMALL-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Consumer Finance — 0.6% | ||||||
FirstCash Holdings, Inc. | 14,577 | $1,390,209 | ||||
LendingClub Corp.* | 30,586 | 220,525 | ||||
| 1,610,734 | ||||||
| Consumer Staples Distribution & Retail — 0.4% | ||||||
SpartanNash Co. | 13,456 | 333,709 | ||||
United Natural Foods, Inc.* | 27,700 | 729,895 | ||||
| 1,063,604 | ||||||
| Containers & Packaging — 0.4% | ||||||
O-I Glass, Inc.* | 54,000 | 1,226,340 | ||||
| Diversified Consumer Services — 0.6% | ||||||
Adtalem Global Education, Inc.* | 40,785 | 1,575,117 | ||||
| Diversified Telecommunication Services — 0.6% | ||||||
Iridium Communications, Inc. | 27,009 | 1,672,667 | ||||
| Electric Utilities — 2.2% | ||||||
ALLETE, Inc. | 34,507 | 2,221,215 | ||||
IDACORP, Inc. | 15,542 | 1,683,665 | ||||
MGE Energy, Inc. | 30,104 | 2,338,178 | ||||
| 6,243,058 | ||||||
| Electronic Equipment, Instruments & Components — 3.3% | ||||||
CTS Corp. | 23,473 | 1,160,975 | ||||
FARO Technologies, Inc.* | 33,185 | 816,683 | ||||
Itron, Inc.* | 28,603 | 1,586,036 | ||||
Knowles Corp.* | 78,952 | 1,342,184 | ||||
Rogers Corp.* | 7,740 | 1,264,948 | ||||
Sanmina Corp.* | 33,628 | 2,050,972 | ||||
TTM Technologies, Inc.* | 89,701 | 1,210,066 | ||||
| 9,431,864 | ||||||
| Energy Equipment & Services — 1.5% | ||||||
NexTier Oilfield Solutions, Inc.* | 139,211 | 1,106,727 | ||||
Noble Corp. PLC* | 38,413 | 1,516,161 | ||||
Patterson-UTI Energy, Inc. | 34,125 | 399,263 | ||||
Tidewater, Inc.* | 27,173 | 1,197,786 | ||||
| 4,219,937 | ||||||
| Financial Services — 1.5% | ||||||
Alerus Financial Corp. | 8,700 | 139,635 | ||||
MGIC Investment Corp. | 149,812 | 2,010,477 | ||||
NMI Holdings, Inc. (Class A Stock)* | 49,445 | 1,104,107 | ||||
Walker & Dunlop, Inc. | 12,030 | 916,325 | ||||
| 4,170,544 | ||||||
| Food Products — 2.4% | ||||||
Hostess Brands, Inc.* | 121,398 | 3,020,382 | ||||
Simply Good Foods Co. (The)* | 16,566 | 658,830 | ||||
TreeHouse Foods, Inc.* | 38,569 | 1,945,035 | ||||
Utz Brands, Inc.(a) | 68,903 | 1,134,832 | ||||
| 6,759,079 | ||||||
| Gas Utilities — 1.4% | ||||||
Chesapeake Utilities Corp. | 11,793 | 1,509,386 | ||||
ONE Gas, Inc.(a) | 30,644 | 2,427,924 | ||||
| 3,937,310 | ||||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Ground Transportation — 0.7% | ||||||
ArcBest Corp. | 7,877 | $727,992 | ||||
Saia, Inc.* | 5,014 | 1,364,209 | ||||
| 2,092,201 | ||||||
| Health Care Equipment & Supplies — 3.0% | ||||||
Avanos Medical, Inc.* | 52,293 | 1,555,194 | ||||
CONMED Corp.(a) | 12,129 | 1,259,718 | ||||
Enovis Corp.* | 26,769 | 1,431,874 | ||||
LivaNova PLC* | 20,142 | 877,788 | ||||
NuVasive, Inc.* | 30,092 | 1,243,100 | ||||
QuidelOrtho Corp.*(a) | 23,140 | 2,061,543 | ||||
| 8,429,217 | ||||||
| Health Care Providers & Services — 1.2% | ||||||
Acadia Healthcare Co., Inc.* | 13,970 | 1,009,333 | ||||
NeoGenomics, Inc.* | 119,040 | 2,072,486 | ||||
Owens & Minor, Inc.* | 20,705 | 301,258 | ||||
| 3,383,077 | ||||||
| Health Care REITs — 1.4% | ||||||
Physicians Realty Trust(a) | 258,014 | 3,852,149 | ||||
| Health Care Technology — 0.7% | ||||||
Health Catalyst, Inc.* | 45,354 | 529,281 | ||||
Veradigm, Inc.* | 107,632 | 1,404,598 | ||||
| 1,933,879 | ||||||
| Hotel & Resort REITs — 2.4% | ||||||
Pebblebrook Hotel Trust(a) | 120,066 | 1,685,727 | ||||
RLJ Lodging Trust | 225,558 | 2,390,915 | ||||
Ryman Hospitality Properties, Inc. | 31,073 | 2,788,180 | ||||
| 6,864,822 | ||||||
| Hotels, Restaurants & Leisure — 2.4% | ||||||
Boyd Gaming Corp. | 23,265 | 1,491,752 | ||||
International Game Technology PLC | 76,574 | 2,052,183 | ||||
Krispy Kreme, Inc.(a) | 48,240 | 750,132 | ||||
Red Rock Resorts, Inc. (Class A Stock)(a) | 23,284 | 1,037,768 | ||||
SeaWorld Entertainment, Inc.* | 24,927 | 1,528,274 | ||||
| 6,860,109 | ||||||
| Household Durables — 1.9% | ||||||
Century Communities, Inc. | 22,134 | 1,414,806 | ||||
Installed Building Products, Inc.(a) | 8,776 | 1,000,727 | ||||
Meritage Homes Corp. | 25,625 | 2,991,975 | ||||
| 5,407,508 | ||||||
| Independent Power & Renewable Electricity Producers — 0.4% | ||||||
NextEra Energy Partners LP(a) | 18,427 | 1,119,440 | ||||
| Industrial REITs — 2.3% | ||||||
STAG Industrial, Inc.(a) | 96,964 | 3,279,323 | ||||
Terreno Realty Corp. | 49,042 | 3,168,113 | ||||
| 6,447,436 | ||||||
| Insurance — 2.9% | ||||||
AMERISAFE, Inc. | 13,381 | 655,000 | ||||
CNO Financial Group, Inc. | 57,928 | 1,285,422 | ||||
A2
PSF SMALL-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Insurance (cont’d.) | ||||||
Enstar Group Ltd.* | 6,545 | $1,517,066 | ||||
Hanover Insurance Group, Inc. (The) | 5,843 | 750,825 | ||||
RLI Corp. | 6,480 | 861,257 | ||||
Selective Insurance Group, Inc. | 32,645 | 3,112,048 | ||||
| 8,181,618 | ||||||
| Interactive Media & Services — 0.3% | ||||||
Bumble, Inc. (Class A Stock)* | 44,733 | 874,530 | ||||
| Leisure Products — 0.6% | ||||||
Topgolf Callaway Brands Corp.* | 72,206 | 1,561,094 | ||||
| Life Sciences Tools & Services — 0.3% | ||||||
Pacific Biosciences of California, Inc.*(a) | 69,464 | 804,393 | ||||
| Machinery — 4.9% | ||||||
Columbus McKinnon Corp. | 43,656 | 1,622,257 | ||||
EnPro Industries, Inc. | 17,866 | 1,856,099 | ||||
ESCO Technologies, Inc. | 26,249 | 2,505,467 | ||||
Federal Signal Corp. | 37,090 | 2,010,649 | ||||
SPX Technologies, Inc.* | 29,704 | 2,096,508 | ||||
Standex International Corp. | 14,608 | 1,788,604 | ||||
Terex Corp. | 42,682 | 2,064,955 | ||||
| 13,944,539 | ||||||
| Media — 1.7% | ||||||
Entravision Communications Corp. (Class A Stock) | 125,241 | 757,708 | ||||
iHeartMedia, Inc. (Class A Stock)* | 35,447 | 138,243 | ||||
John Wiley & Sons, Inc. (Class A Stock) | 31,003 | 1,201,986 | ||||
Nexstar Media Group, Inc. | 7,811 | 1,348,647 | ||||
TEGNA, Inc. | 80,263 | 1,357,248 | ||||
| 4,803,832 | ||||||
| Metals & Mining — 2.9% | ||||||
ATI, Inc.* | 54,129 | 2,135,930 | ||||
Carpenter Technology Corp. | 25,525 | 1,142,499 | ||||
Commercial Metals Co. | 44,653 | 2,183,532 | ||||
Constellium SE* | 86,651 | 1,324,027 | ||||
Hecla Mining Co. | 228,559 | 1,446,779 | ||||
| 8,232,767 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) — 1.3% | ||||||
Ladder Capital Corp. | 74,876 | 707,578 | ||||
PennyMac Mortgage Investment Trust(a) | 142,879 | 1,761,698 | ||||
TPG RE Finance Trust, Inc. | 161,267 | 1,170,799 | ||||
| 3,640,075 | ||||||
| Oil, Gas & Consumable Fuels — 4.0% | ||||||
DHT Holdings, Inc. | 135,100 | 1,460,431 | ||||
Golar LNG Ltd. (Cameroon)* | 58,082 | 1,254,571 | ||||
Green Plains, Inc.*(a) | 22,775 | 705,797 | ||||
Murphy Oil Corp. | 55,991 | 2,070,547 | ||||
PBF Energy, Inc. (Class A Stock) | 25,158 | 1,090,851 | ||||
Peabody Energy Corp.*(a) | 23,289 | 596,199 | ||||
Scorpio Tankers, Inc. (Monaco) | 35,204 | 1,982,337 | ||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Oil, Gas & Consumable Fuels (cont’d.) | ||||||
Sitio Royalties Corp. (Class A Stock)(a) | 54,912 | $1,241,011 | ||||
SM Energy Co. | 33,815 | 952,231 | ||||
| 11,353,975 | ||||||
| Passenger Airlines — 0.3% | ||||||
Spirit Airlines, Inc.(a) | 41,778 | 717,328 | ||||
| Professional Services — 3.1% | ||||||
Alight, Inc. (Class A Stock)* | 175,682 | 1,618,031 | ||||
ASGN, Inc.* | 21,561 | 1,782,448 | ||||
First Advantage Corp.* | 43,448 | 606,534 | ||||
ICF International, Inc. | 15,034 | 1,649,230 | ||||
KBR, Inc. | 55,321 | 3,045,421 | ||||
| 8,701,664 | ||||||
| Real Estate Management & Development — 0.6% | ||||||
Kennedy-Wilson Holdings, Inc.(a) | 107,424 | 1,782,164 | ||||
| Retail REITs — 2.3% | ||||||
Acadia Realty Trust | 162,250 | 2,263,387 | ||||
Agree Realty Corp.(a) | 30,521 | 2,094,046 | ||||
SITE Centers Corp. | 179,390 | 2,202,909 | ||||
| 6,560,342 | ||||||
| Semiconductors & Semiconductor Equipment — 1.7% | ||||||
Cohu, Inc.* | 52,201 | 2,003,997 | ||||
MACOM Technology Solutions Holdings, Inc.* | 19,323 | 1,368,841 | ||||
Onto Innovation, Inc.* | 9,435 | 829,148 | ||||
Synaptics, Inc.* | 5,161 | 573,645 | ||||
| 4,775,631 | ||||||
| Software — 1.6% | ||||||
JFrog Ltd. (Israel)* | 47,567 | 937,070 | ||||
LiveRamp Holdings, Inc.* | 36,867 | 808,493 | ||||
Smartsheet, Inc. (Class A Stock)* | 24,429 | 1,167,706 | ||||
Tenable Holdings, Inc.* | 33,651 | 1,598,759 | ||||
| 4,512,028 | ||||||
| Specialty Retail — 3.4% | ||||||
Academy Sports & Outdoors, Inc.(a) | 41,630 | 2,716,358 | ||||
American Eagle Outfitters, Inc. | 31,761 | 426,868 | ||||
Asbury Automotive Group, Inc.* | 7,311 | 1,535,310 | ||||
Foot Locker, Inc.(a) | 47,300 | 1,877,337 | ||||
Group 1 Automotive, Inc. | 11,571 | 2,619,906 | ||||
Signet Jewelers Ltd.(a) | 4,712 | 366,499 | ||||
| 9,542,278 | ||||||
| Textiles, Apparel & Luxury Goods — 0.8% | ||||||
Capri Holdings Ltd.* | 32,605 | 1,532,435 | ||||
Carter’s, Inc.(a) | 11,426 | 821,758 | ||||
| 2,354,193 | ||||||
| Trading Companies & Distributors — 1.0% | ||||||
Beacon Roofing Supply, Inc.* | 25,715 | 1,513,328 | ||||
Herc Holdings, Inc. | 11,478 | 1,307,344 | ||||
| 2,820,672 | ||||||
A3
PSF SMALL-CAP VALUE PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Water Utilities — 0.4% | ||||||
SJW Group | 13,799 | $1,050,518 | ||||
Total Common Stocks (cost $251,919,295) | 276,181,157 | |||||
| Exchange-Traded Fund — 1.5% | ||||||
iShares Russell 2000 Value ETF(a) | 30,110 | 4,125,672 | ||||
| (cost $4,134,739) | ||||||
Total Long-Term Investments (cost $256,054,034) | 280,306,829 | |||||
| Short-Term Investments — 15.8% | ||||||
| Affiliated Mutual Funds | ||||||
PGIM Core Ultra Short Bond Fund(wa) | 2,228,087 | 2,228,087 | ||||
PGIM Institutional Money Market Fund (cost $42,383,984; includes $42,228,469 of cash collateral for securities on loan)(b)(wa) | 42,421,223 | 42,400,012 | ||||
Total Short-Term Investments (cost $44,612,071) | 44,628,099 | |||||
TOTAL INVESTMENTS—115.2% (cost $300,666,105) | 324,934,928 | |||||
Liabilities in excess of other assets — (15.2)% | (42,921,508) | |||||
Net Assets — 100.0% | $282,013,420 | |||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| REITs | Real Estate Investment Trust |
| * | Non-income producing security. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $42,032,256; cash collateral of $42,228,469 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (wa) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
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).
A4