PSF NATURAL RESOURCES PORTFOLIO
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Long-Term Investments — 99.1% | ||||||
| Common Stocks | ||||||
| Agricultural Products — 1.4% | ||||||
Darling Ingredients, Inc.* | 122,901 | $7,177,418 | ||||
| Aluminum — 0.8% | ||||||
Norsk Hydro ASA (Norway) | 526,042 | 3,926,073 | ||||
| Building Products — 0.6% | ||||||
Carrier Global Corp. | 70,853 | 3,241,525 | ||||
| Coal & Consumable Fuels — 0.5% | ||||||
NAC Kazatomprom JSC (Kazakhstan), GDR | 87,078 | 2,572,606 | ||||
| Construction & Engineering — 0.7% | ||||||
Quanta Services, Inc. | 22,270 | 3,711,073 | ||||
| Construction Machinery & Heavy Trucks — 2.1% | ||||||
Caterpillar, Inc. | 14,993 | 3,430,998 | ||||
Cummins, Inc. | 15,334 | 3,662,986 | ||||
Epiroc AB (Sweden)(Class B Stock) | 215,980 | 3,682,559 | ||||
| 10,776,543 | ||||||
| Construction Materials — 0.9% | ||||||
Martin Marietta Materials, Inc. | 6,031 | 2,141,367 | ||||
Vulcan Materials Co. | 15,327 | 2,629,500 | ||||
| 4,770,867 | ||||||
| Copper — 4.2% | ||||||
ERO Copper Corp. (Brazil)* | 210,944 | 3,731,906 | ||||
First Quantum Minerals Ltd. (Zambia) | 171,100 | 3,933,464 | ||||
Freeport-McMoRan, Inc. | 121,200 | 4,958,292 | ||||
Southern Copper Corp. (Mexico) | 117,432 | 8,954,190 | ||||
| 21,577,852 | ||||||
| Diversified Metals & Mining — 7.8% | ||||||
Anglo American PLC (South Africa) | 88,235 | 2,934,830 | ||||
BHP Group Ltd. (Australia) | 287,907 | 9,101,871 | ||||
Boliden AB (Sweden) | 214,612 | 8,430,862 | ||||
Grupo Mexico SAB de CV (Mexico)(Class B Stock) | 856,473 | 4,051,374 | ||||
IGO Ltd. (Australia) | 533,834 | 4,577,699 | ||||
Rio Tinto Ltd. (Australia) | 53,635 | 4,309,561 | ||||
South32 Ltd. (Australia) | 2,362,833 | 6,924,826 | ||||
| 40,331,023 | ||||||
| Electric Utilities — 4.2% | ||||||
FirstEnergy Corp. | 74,700 | 2,992,482 | ||||
Iberdrola SA (Spain) | 137,175 | 1,708,900 | ||||
NextEra Energy, Inc. | 75,755 | 5,839,195 | ||||
PG&E Corp.* | 236,300 | 3,820,971 | ||||
Southern Co. (The) | 107,514 | 7,480,824 | ||||
| 21,842,372 | ||||||
| Electrical Components & Equipment — 2.4% | ||||||
Hubbell, Inc. | 22,009 | 5,355,010 | ||||
Schneider Electric SE | 25,205 | 4,212,358 | ||||
Shoals Technologies Group, Inc. (Class A Stock)* | 112,619 | 2,566,587 | ||||
| 12,133,955 | ||||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Fertilizers & Agricultural Chemicals — 4.1% | ||||||
CF Industries Holdings, Inc. | 67,765 | $4,912,285 | ||||
FMC Corp. | 51,283 | 6,263,193 | ||||
Nutrien Ltd. (Canada) | 135,790 | 10,028,091 | ||||
| 21,203,569 | ||||||
| Forest Products — 0.7% | ||||||
Svenska Cellulosa AB SCA (Sweden)(Class B Stock) | 188,586 | 2,483,779 | ||||
West Fraser Timber Co. Ltd. (Canada) | 19,164 | 1,366,933 | ||||
| 3,850,712 | ||||||
| Gold — 3.6% | ||||||
Franco-Nevada Corp. (Canada) | 40,540 | 5,913,171 | ||||
Newcrest Mining Ltd. (Australia) | 153,518 | 2,740,357 | ||||
Newmont Corp. | 58,800 | 2,882,376 | ||||
Northern Star Resources Ltd. (Australia) | 566,020 | 4,641,453 | ||||
Perseus Mining Ltd. (Australia) | 1,588,094 | 2,520,821 | ||||
| 18,698,178 | ||||||
| Industrial Gases — 3.9% | ||||||
Air Products & Chemicals, Inc. | 19,443 | 5,584,223 | ||||
Linde PLC | 40,331 | 14,335,251 | ||||
| 19,919,474 | ||||||
| Industrial Machinery — 1.4% | ||||||
Sandvik AB (Sweden) | 214,963 | 4,562,761 | ||||
Weir Group PLC (The) (United Kingdom) | 116,738 | 2,678,140 | ||||
| 7,240,901 | ||||||
| Integrated Oil & Gas — 20.1% | ||||||
BP PLC (United Kingdom), ADR | 274,200 | 10,403,148 | ||||
Chevron Corp. | 88,521 | 14,443,086 | ||||
Equinor ASA (Norway) | 452,272 | 12,857,379 | ||||
Exxon Mobil Corp. | 138,800 | 15,220,808 | ||||
Galp Energia SGPS SA (Portugal) | 551,393 | 6,239,165 | ||||
OMV AG (Austria) | 58,665 | 2,694,082 | ||||
Shell PLC (Netherlands) | 381,007 | 10,858,167 | ||||
Suncor Energy, Inc. (Canada) | 343,300 | 10,658,430 | ||||
TotalEnergies SE (France) | 349,058 | 20,581,760 | ||||
| 103,956,025 | ||||||
| Metal & Glass Containers — 1.5% | ||||||
Ball Corp. | 84,781 | 4,672,281 | ||||
Verallia SA (France), 144A | 72,059 | 3,068,747 | ||||
| 7,741,028 | ||||||
| Multi-Utilities — 3.0% | ||||||
Ameren Corp. | 51,803 | 4,475,261 | ||||
CMS Energy Corp. | 52,111 | 3,198,573 | ||||
Dominion Energy, Inc. | 58,142 | 3,250,720 | ||||
DTE Energy Co. | 18,200 | 1,993,628 | ||||
Sempra Energy | 16,744 | 2,531,023 | ||||
| 15,449,205 | ||||||
A1
PSF NATURAL RESOURCES PORTFOLIO (continued)
| SCHEDULE OF INVESTMENTS | as of March 31, 2023 (unaudited) |
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Oil & Gas Equipment & Services — 5.5% | ||||||
Baker Hughes Co. | 113,269 | $3,268,943 | ||||
Cactus, Inc. (Class A Stock) | 50,643 | 2,088,011 | ||||
ChampionX Corp. | 119,628 | 3,245,508 | ||||
Halliburton Co. | 73,268 | 2,318,199 | ||||
Schlumberger NV | 140,900 | 6,918,190 | ||||
TechnipFMC PLC (United Kingdom)* | 490,258 | 6,692,022 | ||||
TGS ASA (Norway) | 202,160 | 3,637,690 | ||||
| 28,168,563 | ||||||
| Oil & Gas Exploration & Production — 15.2% | ||||||
Canadian Natural Resources Ltd. (Canada) | 145,257 | 8,038,306 | ||||
Chesapeake Energy Corp. | 86,700 | 6,592,668 | ||||
ConocoPhillips | 155,671 | 15,444,120 | ||||
Coterra Energy, Inc. | 95,599 | 2,346,000 | ||||
EOG Resources, Inc. | 103,718 | 11,889,194 | ||||
Hess Corp. | 99,063 | 13,109,998 | ||||
Kosmos Energy Ltd. (Ghana)* | 615,800 | 4,581,552 | ||||
Magnolia Oil & Gas Corp. (Class A Stock) | 173,806 | 3,802,875 | ||||
Pioneer Natural Resources Co. | 29,043 | 5,931,742 | ||||
Southwestern Energy Co.* | 457,900 | 2,289,500 | ||||
Tourmaline Oil Corp. (Canada) | 44,877 | 1,870,124 | ||||
Whitecap Resources, Inc. (Canada) | 361,700 | 2,796,719 | ||||
| 78,692,798 | ||||||
| Oil & Gas Refining & Marketing — 2.8% | ||||||
Marathon Petroleum Corp. | 53,000 | 7,145,990 | ||||
Valero Energy Corp. | 53,500 | 7,468,600 | ||||
| 14,614,590 | ||||||
| Oil & Gas Storage & Transportation — 0.7% | ||||||
TC Energy Corp. (Canada) | 95,130 | 3,701,508 | ||||
| Packaged Foods & Meats — 1.0% | ||||||
Bakkafrost P/F (Faroe Islands) | 78,784 | 5,086,254 | ||||
| Paper Packaging — 1.8% | ||||||
Avery Dennison Corp. | 15,372 | 2,750,512 | ||||
Packaging Corp. of America | 35,854 | 4,977,611 | ||||
Westrock Co. | 50,961 | 1,552,781 | ||||
| 9,280,904 | ||||||
| Paper Products — 0.8% | ||||||
UPM-Kymmene OYJ (Finland) | 117,267 | 3,938,763 | ||||
| Precious Metals & Minerals — 0.0% | ||||||
Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (original cost $1,102,975; purchased 11/27/07)*^(f) | 129,100 | 20,704 | ||||
| Railroads — 1.0% | ||||||
Norfolk Southern Corp. | 9,917 | 2,102,404 | ||||
Union Pacific Corp. | 14,246 | 2,867,150 | ||||
| 4,969,554 | ||||||
| Shares | Value | |||||
| Common Stocks (continued) | ||||||
| Semiconductor Equipment — 0.6% | ||||||
SolarEdge Technologies, Inc.* | 10,200 | $3,100,290 | ||||
| Specialized REITs — 1.2% | ||||||
PotlatchDeltic Corp. | 68,300 | 3,380,850 | ||||
Rayonier, Inc. | 91,666 | 3,048,811 | ||||
| 6,429,661 | ||||||
| Specialty Chemicals — 3.9% | ||||||
Akzo Nobel NV (Netherlands) | 50,150 | 3,922,465 | ||||
Covestro AG (Germany), 144A | 71,752 | 2,971,490 | ||||
RPM International, Inc. | 55,771 | 4,865,462 | ||||
Sherwin-Williams Co. (The) | 28,214 | 6,341,661 | ||||
Shin-Etsu Chemical Co. Ltd. (Japan) | 66,500 | 2,158,659 | ||||
| 20,259,737 | ||||||
| Steel — 0.7% | ||||||
Reliance Steel & Aluminum Co. | 14,558 | 3,737,621 | ||||
Total Long-Term Investments (cost $447,132,216) | 512,121,346 | |||||
| Short-Term Investment — 0.7% | ||||||
| Affiliated Mutual Fund | ||||||
PGIM Core Ultra Short Bond Fund (cost $3,615,730)(wb) | 3,615,730 | 3,615,730 | ||||
TOTAL INVESTMENTS—99.8% (cost $450,747,946) | 515,737,076 | |||||
Other assets in excess of liabilities — 0.2% | 1,277,940 | |||||
Net Assets — 100.0% | $517,015,016 | |||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: | |
| 144A | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| REITs | Real Estate Investment Trust |
| * | Non-income producing security. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $20,704 and 0.0% of net assets. |
| (f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the original cost of such security is $1,102,975. The value of $20,704 is 0.0% of net assets. |
| (wb) | PGIM Investments LLC, the manager of the Portfolio, also serves as manager of the PGIM Core Ultra Short Bond Fund. |
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).
A2